How Long to Keep E&O After Quiting this Business?

[LA Woman]

My friend and I were talking about our plans to exit this business and we keep coming back to the E&O.

How long after we quit appraising should we keep the E&O? 5 years after last appraisal? I really have no clue.

I thought I saw a discussion about this but can't find it on the forum.

I've come to really hate this business in the past couple of years. And can't believe that the fox is still guarding the hen house. And I know that it won't change.

 

[Rich Heyn]

If you quit appraising you can get what's called "tail coverage" that effectively extends the "tail end" of your current policy. Won't cover any new appraisal activity after a given date, but will provide coverage for previous appraisals. The policy premium is less than standard coverage but most companies will only go about 3 years or so on a tail coverage policy. Check with your carrier.

 

[DTB]

My friend and I were talking about our plans to exit this business and we keep coming back to the E&O. A lot cheaper to put your assets in another entity, perhaps L.A. Man?

How long after we quit appraising should we keep the E&O? 5 years after last appraisal? I really have no clue. IF you are no longer an appraiser, the 5 year file retention period would not apply to you, we've all been reminded in many current threads that USPAP ONLY applys to appraisers

I thought I saw a discussion about this but can't find it on the forum.

I've come to really hate this business in the past couple of years. And can't believe that the fox is still guarding the hen house. And I know that it won't change.

Don't overthink it. :Emoticon_hug:

 

[Truett Neathery]

Insurance

My friend and I were talking about our plans to exit this business and we keep coming back to the E&O.

How long after we quit appraising should we keep the E&O? 5 years after last appraisal? I really have no clue.

I thought I saw a discussion about this but can't find it on the forum.

I've come to really hate this business in the past couple of years. And can't believe that the fox is still guarding the hen house. And I know that it won't change.

How about just offloading your findable assets and turning in your license?
I've thought about it, as well.

TN

 

[LA Woman]

I've done it! I'm quitting this Business!

I finally made the decision last night to QUIT appraising. It took me about 2 years to really figure out that I can no longer make it in this business (took all of my savings and my house too).

And I no longer want to be in this business for all of the reasons that we know....AMCs, pressure, turn times, low fees, skippy getting all the work, AMCs.

It was an extremely hard decision, but in the end I think it is the right one. I've devoted that past 16 years of my life to doing this job to the utmost best of my abilities, only to find out that "they" don't want the job done right, just fast, cheap and hitting the value.

I've always survived the markets, good, bad and in-between. But I can not compete with the $175 URAR, or $45 BPO's.

I hope that Pam continues to fight the good fight, but have doubts that it will lead anywhere for any of us in this industry.

Skippy Appraisers and Skippy AMC's and Skippy Banks/Lenders/Loan Agents/Mortgage Brokders are KING. And I am not, and do not want to be in the same bed as those alligators.

I will be meeting with a career counselor this Friday to get my new Resume together. I may have to end up taking a low paying job to get back into corporate america, but I guess god has decided that I still have more dues to pay. (you'd think that 16 years in this business would be enough!)

Thanks to all the wonderful appraisers out there that I have met on this forum. I have made several good friends and who knows, we may even end up in a business venture together!

Good luck to everyone, even you guys that have tons of business and have never had to work for an AMC or take fee cuts. We all need good luck in this economy.

Looking forward to the day I can come on here and say "this appraiser has left the building".

 

[Dee Dee]

Looking forward to the day I can come on here and say "this appraiser has left the building".

Good luck to you, LA!

I can tell you from experience that life doesn't end after appraising, and it sure as heck doesn't mean that you're a failure.

 

[Pamela Crowley (Florida)]

I finally made the decision last night to QUIT appraising. It took me about 2 years to really figure out that I can no longer make it in this business (took all of my savings and my house too).

And I no longer want to be in this business for all of the reasons that we know....AMCs, pressure, turn times, low fees, skippy getting all the work, AMCs.

It was an extremely hard decision, but in the end I think it is the right one. I've devoted that past 16 years of my life to doing this job to the utmost best of my abilities, only to find out that "they" don't want the job done right, just fast, cheap and hitting the value.

I've always survived the markets, good, bad and in-between. But I can not compete with the $175 URAR, or $45 BPO's.

I hope that Pam continues to fight the good fight, but have doubts that it will lead anywhere for any of us in this industry.

Skippy Appraisers and Skippy AMC's and Skippy Banks/Lenders/Loan Agents/Mortgage Brokders are KING. And I am not, and do not want to be in the same bed as those alligators.

I will be meeting with a career counselor this Friday to get my new Resume together. I may have to end up taking a low paying job to get back into corporate america, but I guess god has decided that I still have more dues to pay. (you'd think that 16 years in this business would be enough!)

Thanks to all the wonderful appraisers out there that I have met on this forum. I have made several good friends and who knows, we may even end up in a business venture together!

Good luck to everyone, even you guys that have tons of business and have never had to work for an AMC or take fee cuts. We all need good luck in this economy.

Looking forward to the day I can come on here and say "this appraiser has left the building".

Thank you for your courage in posting this! I hear from so many way too regularly, and more and more often, saying the same. It breaks my heart.

 

[LA Woman]

I'm Quiting Appraising!

Thank you Dee Dee.

I'm hoping that my life will begin again after I leave this business, as it seems all I have done for the past 10+ years is work, work, work.

 

[Michigan CG]

I am incorporated, when I quit the corporation will have no assets and will come to a halt. Anyone wants to sue can sue the non existent corporation.

 

[Riick]

I am incorporated, when I quit the corporation will have no assets and will come to a halt. Anyone wants to sue can sue the non existent corporation.

^^^
Pay no attention to the man behind the curtain

_________________________________________________________________

Sorry to see you go LA Woman..
I know that if the AMCs get in control in January,
I will also be gone, as well as numerous friends who
literaly can't afford to stay in this once proud profession.

As far as public perception, appraisers are getting on a par with used car salesmen.
As far as income, it's a race to the bottom.