AppraiserLoft closure leaves $3M in unpaid appraisal invoices
Appraisers hired by now-defunct AppraiserLoft are owed more than $3 million for property valuations they invoiced, but didn't get paid for, according to two people familiar with the operations of the San Diego-based appraisal management company. The AMC shut its doors Oct. 10 after months of speculation that it was having problems paying its appraisers in a timely fashion. Real estate settlement firm, SettlementOne is in discussions with AppraiserLoft to acquire certain assets of the company, but not its liabilities. SettlementOne Chief Operating Officer Bill Thompson confirms those talks will likely be finalized shortly. "Additionally, SettlementOne is working with AppraiserLoft's customers to ensure their new business going forward will be managed," Thompson said. "While our discussions do not include the assumption of any current debt or obligations, SettlementOne is confident we can provide a seamless transition for AppraiserLoft's customers to be serviced by our world class team." One of the sources explains that lenders who commissioned AppraiserLoft for the appraisals may be liable for the firm's accounts payable, despite already paying the AMC for the service. The source said appraisers who feel they are owed money from AppraiserLoft should contact the mortgage lenders directly. A voicemail at AppraiserLoft instructs appraisers to email the firm with their claim to a stock "help" electronic address. Former AppraiserLoft CEO Aman Makkar did not return emails or phone calls seeking comment. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.