20th August 2013

US Appraisal Group – about to go bankrupt?

posted in Appraiser News |

Dianna Stieri the prior owner of US Appraisal Group sets the record straight.

After posting that a possible bankruptcy was looming for US Appraisal Group, I received calls from the prior owner and their Legal team in regards to my post. Dianna has advised that there is pending litigation in regards to the information that has been sent out.

She also stated that Appraisers have been contacted due to a billing dispute between a couple clients with US Appraisal Group and that appraisers were being requested to negotiate instant payment or set up a payment plan to receive payment.

She also stated most appraisers were owed between $250 – $400 each and that the total amount owed was not in the millions. (I didn’t ask a specific $).

At this time the company has been acquired by another AMC and all inquiries are being forwarded to their accounting department.

Bryan Knowlton
http://www.appraiserincome.com

There are currently 8 responses to “US Appraisal Group – about to go bankrupt?”

Why not let us know what you think by adding your own comment! Your opinion is as valid as anyone elses, so come on... let us know what you think.

  1. 1 /*On August 20th, 2013*/, Jeff Hamric said:

    Well……..that is the same thing JVI was telling me and we all know what happened there. I wonder why an AMC would have a ‘billing dispute’with multiple clients in the first place, let alone one that impacted their appraisers? I thought that one of the benefits of an AMC is that the appraiser did not have to deal with the client.

  2. 2 /*On August 20th, 2013*/, sandiegohelp said:

    Yeah, I have to agree with you. Not sure why an appraiser would have to deal with a billing dispute of any sort.

  3. 3 /*On August 20th, 2013*/, darioush baboosh said:

    I am owed $650 and will not take a settlement that is ridiculous that they can move forward under new ownership and pay 1/4 to 1/2 of what is owed. I would take a greater pleasure in pursuing AimLoan in court and/or then turning to the owners for payment.

  4. 4 /*On August 20th, 2013*/, Steven Schwartz said:

    Don’t they, the AMC, get paid upfront, the borrower gives credit card info to the lender, lender gives to AMC, they make interest on the money for a month, offer us low fees, keep the difference, then pay us a month later. Isnt this how it is supposed to work for them. It appears they are co-mingling funds, is this not a RESPA violation? We are now paid as if it is a commission. I can see waiting a month or more for a big commission, like a realtor, yet our piece of the pie is so small, waiting a month is ridiculous and then when they pay late, or not at all, our finances are distrupted, our bills get paid late or not at all, late fees, overdraft fees, eat up what is left. This industry method killed our business model, bankrupt our profession, created debtors of us appraisers and they still want us to be a professional while treating us like a loser in the deal. No wonder we are all bitter about AMC work. I am hearing daily from borrowers, why is the appraisal fee $500 or $700 or more for what they used to pay at the door $350-400. When you tell them they are be extorted by their bank so the middle man AMC can take the difference after offering us lowball fees, they get real pissed off. I tell them to complain to their lender. Send a letter to CFPB and complain. If ever there was a need to STRIKE, work slow down, etc., it is NOW. Unions do this all the time to get a better contract, it starts negotiation and works, most of the time. I cant see a viable business with AMC’s in the future, “other then lender work” is also slow and has its drawbacks. I can train a newby, but cant pay them on time or at all anymore. I get less and less help to deliver reports, clients want faster and faster turntimes with lower then typical & reasonable fees. What a loser business model Dodd-Frank act has created for our industry. Of course we are bitter, pissed off, etc. And the CFPB is no help, they cant get their act together. We have nowhere to turn for help. I cant see this as a viable business much longer.
    This month is my 20th anniversary in this business, what I used to love about it, I now hate about it. Longer hours, less pay, more complaints and revisions, most over frivolous stuff, more inquiries for status(time consuming on our part), etc. WTF Im working on a PLAN B…to get the F**k out of this loser business model that I used to love and thrive with.. Its too bad the best & brightest have to move on, it will create a ripple throughout the industry that will cause negative results…They don’t get it! or maybe they do and this is is their mission to rid the industry of good appraisers, keep the new ones and start over. I guess there is a motive to their madness… we come out the losers in their new business model. We should strike first and see what happens, could not be much worse then it is now. Any comments??

  5. 5 /*On August 20th, 2013*/, Silvio A. Cinquino said:

    I am owed money from US Appraisal Group. What should I do to get paid?

  6. 6 /*On August 21st, 2013*/, Steve Sokol said:

    It’s called greed and deceptive work practice. There is simply no excuse. Let’s call it what it is… criminal.

  7. 7 /*On August 21st, 2013*/, Silvio A. Cinquino said:

    I am not sure where she is getting her numbers, but I am owed over $3,000; and they won’t take my calls. Instead they hire a third party vendor from NJ to negotiate fees, basically amounting to 1/3 of the amount owed or a 28 month payout. I’m not quite understanding what the dispute is. The appraisals were ordered, the borrowers were expecting my visit to their homes, I completed the assignment, and I should be compensated. What is the dispute?

  8. 8 /*On September 4th, 2013*/, Renee said:

    They made 5.4 million in 2012 & they can’t pay us for fees they collected up front. GREED!! http://www.inc.com/profile/us-appraisal-group

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