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Title companies buying appraisal shops?

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Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
There's a rumor floating around the Denver area that some larger title companies have been making offers to some of the high volume appraisal shops to buy them out. I'll fill in more details as I get the facts straight.

Anyone else hearing of this happening in their areas?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Wonder if it's first american to expand on their AVMs.

Beware if you're offered a management position with them. They will likely do as Premier (then Premise) did. You get a short term contract with a nice salary to be a slave signing all those trainees 'reports'. Also, a nice non-compete clause that's much longer than your employment contract.

Zip.... you're gone and cannot appraise in your home market.
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Uh, Mike
It is after 12:00 PM and you seem to be on the wrong thread, and your eyes are as red as mine, I think it is time for bed.


does that rhyme???
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Premier/Premise did great harm to an appraiser in Jacksonville and the court did enforce the non-compete. The only thing they couldn't take away from him was his VA assignments and the commercial work he did. They took a thriving appraisal shop, ripped it apart, and left it dead. The original owner of the biz who was ready to retire was left near bankruptcy.

Just beware..... if you want to sell your appraisal biz, don't bother staying on with the buyers and get ALL your money at closing.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Non compete clauses have been up held in court many times especially where a business is paid for by the person who creates the non compete claus. Personally I prefer the Santa Claus.
 
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
A well written non-compete agreement in enforcable here in NC. There must be compensation given to the party agreeing not to compete. In the case of the seller of a business agreeing not to compete against the buyer, enforcement is a slam dunk. Indeed, part of what the buyer is buying is the agreement of the seller not to compete against him. A more nebulous situation is where a trainee agrees not to compete against his mentor, and the compensation is training received. In this case, the party with the deepest pockets and/or best lawyer wins.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
just a quick question;

non compete clause - "Restraint of Trade" or Not :?: :?:

8)
 
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
jtrotta, perhaps it is. Restraint of trade is not not necesarily illegal if the restrained party has agreed to and been compensated for the restraint.
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Who are the companies to which the rumors are attributed to, Dee Dee?

I have not heard this rumor for this area.
 
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