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HousingWire Magazine: December 2021/ January 2022

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EXCLUSIVE: CoesterVMS shuts down

Did the AMC close it doors for good?

The office furniture is sold. The website is down. No one answers the phone. Everyone stateside is now laid off. The chief executive officer is currently focused on a new line of work.

For all intents and purposes, CoesterVMS, once one of the nation's largest appraisal management companies, is now out of business.

Recently, CEO Brian Coester told HousingWire that the company was doing well, despite what he called a mix-up in financing at the company’s bank.

Coester's last communication was via text on Dec. 13, 2018, when pressed on the health of his company: “Monday will have an update on a resolution now and have several in process that will workout well,” Coester said.

Contact then stopped, despite repeated requests for comment via telephone and text. Appraisers continue to tell HousingWire that they still aren't getting paid for valuation services they provided to the firm.

On his private social media, Coester appears to be engaged in starting a new line of business, albeit outside of the mortgage finance space.

Despite several lawsuits and surety bond claims, in addition to the facts stated above, there is a possibility that CoesterVMS may be on life support, though one former employee warned against ordering appraisals through the company.

“There is no one stateside who is still working for him, that I know,” said a source close to the matter. “No one should be sending him any business even if he is in business!!”

The real nail in the coffin, sources tell us, is Facebook posts of what they claim is the last of CoesterVMS’ office supplies being put up for sale. The post states that the office in question is moving, but if the images below are anything to go by, CoesterVMS has closed its doors for good.

This article will be updated should Coester or anyone at CoesterVMS respond to repeated attempts for comment.

Facebook photo of Coester office supplies for sale

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