Posted by Roxtar/CA on 12/18/12 4:16pm
Msg #446975

NREIS Out of business

I just got word that NREIS investors have pulled out and they gave their employees 60 days to wrap up loose ends before they close the doors.

Though I have not taken anything from National Real Estate Information Services in a very long time (they paid well at one point) they do owe me on quite a few from the past. I have been in communication with them regularly. Until today, they said they were bought out by new owner and they were "slowly getting people paid".

That is no longer true. They are now closing their doors. From what I was told, it is not bankruptcy so there is no chance of anyone getting paid. She said since she only has a couple month left to work for them she would let me know they owe tens of thousands to contractors between notaries and appraisers.

Sad that they have continued to hire new contractors even after they were not paying old ones. Sad that we would not get anything out of a law suit even if we wanted to.

I have been doing this a very long time and I am very careful not to work for questionable companies but they did an about face so fast........... they caught me off guard and I got bit.

Many may have heard this already but I wanted to share what I heard.

Reply by Donna McDaniel on 12/18/12 4:25pm
Msg #446978

Good Riddance!

Luckily, they only got me for $50. I have to say though, the signs were there early on.

Reply by Lee Angi on 12/18/12 4:53pm
Msg #446982

Re: Good Riddance!

Its always a shame when any company goes under. They did employee over 1200 people at one time. They owe us several thousands of dollars. But I feel more for there employees and families.

Reply by pat/WA on 12/18/12 6:38pm
Msg #446993

Re: Good Riddance!

Guess I should write off the $50 they have owed me since october, 2011

Reply by SReis on 12/18/12 6:43pm
Msg #446994

Wonder how this will affect the ma lawsuit against them

That was probably the nail in the coffin. The litigation has been going on for so long. Wouldn't be surprised if their attys fees bankrupted them.

Reply by MW/VA on 12/18/12 8:30pm
Msg #447005

They've been on shakey ground for quite a while. It is

still a shame to see anyone in this biz close down. It means the loss of jobs for many.
The industry is still hurting, and IMO they won't be the last the close their doors.