Another AMC Folds
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Transcontinental Valuations has gone out of business and stated that it can pay only 25% of the amount owed to each appraiser.
VaCAP has been forwarded the following email from the North Carolina Appraisal Board.
Please use this as a reminder to watch your receivables. No appraiser should go unpaid for their work!
From: NCAppraisal Board [mailto:n…@ncab.org]
Sent: Friday, September 15, 2017 10:20 AM
Subject: Transcontinental Valuations (NC-1174)
On August 23, 2017, we sent out an email letting you know that Transcontinental Valuations has gone out of business. Since then, the Board received a cancellation notice from the bond company for Transcontinental Valuations notifying the Board that they have cancelled the bond effective December 4, 2017. So if you have a claim, you need to submit it as soon as possible. The original email is below and the information on how to file a claim is attached.
If you have done appraisals for Transcontinental Valuations, you may have received an email stating that the company has recently gone out of business. The email stated that the company can pay only 25% of the amount owed to each appraiser.
If you have received one of these emails and have not received full payment from them, you can file a claim against their bond. Attached you will find information on how to do so. We urge you to file a claim as soon as possible as the bond is only for $25,000, and once that limit is reached no more claims will be paid. In addition, you may want to contact the lender for the assignment to see if they might be willing to pay the rest of the invoice.
Please contact Appraisal Board staff if you have any questions.
NC Appraisal Board
5830 Six Forks Road
Raleigh, NC 27609
Phone (919) 870-4854
Fax (919) 870-4859