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

[dobie]

Ditto to all the other posts. I lost my last client in May because I wouldn't play the game and say that a market was stable, when in fact, it was declining. The next step will be to sell the truck to get out from under the insurance payments.

I'm too old to start over (56). I really don't know what the future holds.

 

[Mountain Man]

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.

If you are fired rather than quit, don't forget about applying for unemployment. :icon_wink:

 

[Head Surfer]

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.

Tim,

Since individuals are licensed as appraisers and not corporations, won't it be the individual that gets sued based on their having an appraisal license and operating under the laws governing that license?

 

[Riick]

Since individuals are licensed as appraisers and not corporations, won't it be the individual that gets sued based on their having an appraisal license and operating under the laws governing that license?

I always heard you can't get blood from a stone.

 

[Michigan CG]

If you are fired rather than quit, don't forget about applying for unemployment. :icon_wink:

Fire myself and then close the corporation. Good idea!

 

[Michigan CG]

Tim,

Since individuals are licensed as appraisers and not corporations, won't it be the individual that gets sued based on their having an appraisal license and operating under the laws governing that license?

According to lawyer (I think) as long as I do not commit a crime they have to sue the corporation.

 

[Bearslide]

LA, I am truly sorry to see you go. I want to scream at the number of good appraisers being forced out of this business. I want to scream "stay, we need you" - but it's hard to stay when you are being driven out by skippy, greedy, unscrupulous clients and the worst plague to strike our profession - AMC's. The race to the bottom is indeed fast and furious.

On the other hand, I venture to guess that whatever your new career path may be, you will sleep better, worry less and live longer.

I truly wish you well and hope you find a good path. Be well and happy...you deserve it.

 

[Head Surfer]

I don't think anyone is "forced out" of the appraisal business. They make a decision to leave the business for various reasons. I made mine long ago, frankly I was just tired of it and wanted a change.

 

[Riick]

Fire myself and then close the corporation. Good idea!

But how does Unemployment contact HR to verify that you were not fired for cause??
Better write yourself a nice layoff letter.

 

[LA Woman]

The River of Denial that some are floating in.

I don't think anyone is "forced out" of the appraisal business. They make a decision to leave the business for various reasons. I made mine long ago, frankly I was just tired of it and wanted a change.

You are in some serious denial if you think that the good mortgage appraisers aren't being forced out of this business.

Oh wait! I can stay in this business if I play the game! You know the one, appraise how they tell me to, regardless of rules, regulations, USPAP, etc. Oh and do it for about 50% less that what I should be making.