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Thread: DDN closed!

  1. #1
    Join Date
    Mar 2007
    Location
    Garland, TX
    Posts
    622

    Default DDN closed!

    This was in my mail today...never did biz with them but thought others may want to know...

    To all Inspectors/Builders:
    Due to the continuing decline of the construction markets, government intervention in the foreclosure process, and frivolous lawsuits filed against the company, DDN Services has ceased operations effective today. We no longer have any staff to accept your calls.

    We have been operating using a line of credit since April and that line of credit has now been exhausted and we have no further funds on which to operate. The December 15th and December 30th inspector payables cannot be released or mailed for this reason. We regret this occurring, but have made every effort to develop new business for the last 2 years and have exhausted our financial resources. We do not anticipate being able to make further payments to inspectors.

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  2. #2
    Join Date
    Mar 2007
    Location
    Spring Hill (Nashville), TN
    Posts
    5,847

    Default Re: DDN closed!

    Quote Originally Posted by BARRY ADAIR View Post
    This was in my mail today...never did biz with them but thought others may want to know...

    To all Inspectors/Builders:
    Due to the continuing decline of the construction markets, government intervention in the foreclosure process, and frivolous lawsuits filed against the company, DDN Services has ceased operations effective today. We no longer have any staff to accept your calls.

    We have been operating using a line of credit since April and that line of credit has now been exhausted and we have no further funds on which to operate. The December 15th and December 30th inspector payables cannot be released or mailed for this reason. We regret this occurring, but have made every effort to develop new business for the last 2 years and have exhausted our financial resources. We do not anticipate being able to make further payments to inspectors.
    Yep, I got the same email. I'm into them for a few dollars, they have been slow with work. They were great to deal with and had an easy website to upload everything. Fast and easy, too bad they could not survive. Maybe one of the other jobbers will pick up their work. I think I had around 3-4 sites that were fairly new draws, each will have another 6-8 more draws before they are done! Oh well....

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  3. #3
    Join Date
    Jul 2008
    Location
    Snowbird (this means I'm retired and migrate between locations), FL/MI
    Posts
    4,086

    Default Re: DDN closed!

    Wonder what that says about the rest of the REO Alliance group . DDN's web site doesn't appear to have an update announcement either.

    Another one bites the dust.


  4. #4
    Don Burbach's Avatar
    Don Burbach Guest

    Default Re: DDN closed!

    I've received a couple of email solicitations fro DDN regarding a new program for E&O insurance, the last was on 12/12/2009. Anybody sign up, or get further details?

    I've done a couple of DDN draw inspection in the last few years, but they were always on the very,very low end of the pay scale, not enough to be other then ''as long as I was just passing by''..... jobs. I feel for the people who will lose their revenue and may have lost the last month or so of draw fees.


  5. #5
    Jody Humbert's Avatar
    Jody Humbert Guest

    Default Re: DDN closed!

    I have done business with DDN for about 3 1/2 years now. Great people to work with, easy site to navigate and load report and photo info. Draw inspections had become extinct since the mtg. crash but they had picked up another type of inspection called an FHA REO inspection. They paid between $70-$100 for these which took an average of 20-40 minutes onsite and another 15-20 on the computer. It looks like I'm out about $280-$300 for 4 inspections already performed and uploaded. Appraisers appear to have the lion's share of draw inspections in this area. I have always wondered what qualifies an appraiser to inspect and report on if a project is being completed per schedule and if things are being done correctly. I had a national lender call me to finish up a draw schedule on a million dollar property. It seems that the appraiser who was doing the draws gave the builder credit for $88,000 worth of stone for the veneer and patios/walkways. The only problem was that the stone hadn't even left the distributor yet. The appraiser appeared to greenlight whatever this particular builder asked for.


  6. #6
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: DDN closed!

    One of the many reason I am just an inspector now and got out of construction altogether years ago.

    That reason being. I get paid at or before every inspection and am never chasing money. Keeping track of how much who owes for where is not a pleasant memory. I always got my money but what a pain in the rear.

    If someone cannot afford a project with out a banker sitting in the back ground waiting to maybe get around to paying you is to much of a headache.

    Thats funny that they were working on a line of credit. It wasn't evn there own money they were passing out. I always had a line of credit but had the money to back it. The last thing anyone ever had to worry about was getting money from me. They worked, I paid. Cannot get much simpler than that.


  7. #7
    Dick Moran's Avatar
    Dick Moran Guest

    Default Re: DDN closed!

    I signed up with their E&O shortly before they closed up shop. Notified the agent and was told not to worry that the insurance was in force directly with the insurance company.
    I worked for them since April of 08. Great bunch of guys and gals. Only hint of a problem was last summer they went from 30 to 45 days for payment. The Dec 1st check did not come till the 15th and now nothing...
    I am out about $2,300. I was on the way to a DDN inspection in DC Monday morning and was called by NLI to tell me the bad news. I did the inspection anyway and the next day NLI sent the same inspection to my que. Pics were still in the camera. A number of DDN clients have already moved to NLI. I beleive that one large bank on the East Coast used DDN and Trinity.
    It's part time stuff for me but it does suck right before Christmas.

    Dick Moran
    True Blue Home Inspections
    A Div of RAM2, LLC.
    Clarksville, MD
    240-832-6838
    MD HI License 29927


  8. #8
    Join Date
    Jan 2009
    Location
    Odessa, TX.
    Posts
    5

    Default Re: DDN closed!

    I done quite a few Draw inspections for DDN over the last 3 years. Always seemed like a nice group of folks to work with. Still in the end, DDN owed me for a few inspections. Would like to keep doing a few draws since the work seemed to be quick and the fees put a little extra gas money in my pocket. You make reference that NLI may get a lot of DDN clients. If I might ask, who is NLI and and do they have a web site.
    Thanks in advance.

    Weldon Langley
    Odessa,TX.


  9. #9
    Dick Moran's Avatar
    Dick Moran Guest

    Default Re: DDN closed!

    Here is their web site:

    Nationwide Loan Inspections

    Dick Moran


  10. #10
    Join Date
    Jan 2009
    Location
    Odessa, TX.
    Posts
    5

    Default Re: DDN closed!

    Thanks, I appreciate your reply.


  11. #11
    darryl washington's Avatar
    darryl washington Guest

    Default Re: DDN closed!

    I was just wondering why I have not heard from them in a couple of months. I have been doing inspections for them for about 6 years! Great people to work with and a fast upload site. I have been some inspections for NLI and they are good to work with.


  12. #12
    Join Date
    May 2007
    Location
    Tyler, TX
    Posts
    719

    Default Re: DDN closed!

    Just rec'd. Sounds like he's trying......

    I am writing to update you on our efforts here at DDN regarding the payment of inspectors and contractors for work performed. I understand the impact that DDN’s inability to pay has caused for you and your families, and I am aware of the hardship it has caused. I deeply apologize for this pain. The few of us still working here on your behalf without compensation face similar hardships; and I personally face the possibility of declaring bankruptcy in the future.

    As I previously indicated, I regret that our bank was unable to clear funds to cover the December 15th and January 1st payments. DDN’s bank credit line was abruptly cut off without prior warning that would have allowed us to plan for and cover your payment(s). In addition, some un-cashed checks from the prior payables batches also were not cleared by the bank. All checks that we sent to you were written and processed when our credit line was up and running. They were sent out in good faith and would have cleared if they had been presented for deposit prior to the bank cutting off the line. At no time did we ever knowingly mail a check to any of our service providers that we thought would not be cleared by the bank.

    As you know, DDN systems tracked the services rendered by, and the associated amounts owed to, its inspectors and contractors. The company has record of the services provided by each of you. So there is no need to send invoices to the company as there is no one here to process them. For the payments that were not cleared by the bank, DDN has added those amounts back to the amount owed to you. This information is being kept for any future settlement payments made. As a result, the Forms 1099 that the company processes for calendar year 2009 will not include any amounts that were not cleared by the bank.

    Under the direction of our bank, a few remaining members of the management team are now working long hours every day to collect outstanding invoices from clients and to try to liquidate the company assets so that we can satisfy the bank’s claim and pay as much of our obligations to both inspectors, contractors, and all other unsecured creditors. Despite these best efforts, we do not anticipate being able to pay our remaining debts in-full. Under direction from the bank, we must repay the secured creditors (including the bank) first before we will be allowed to pay the balance of the unsecured creditors, including inspectors and contractors, as required by law and contract.

    I know that several of our competitors are still working in the construction inspection industry including Granite Loan Management, Trinity Inspections, and Northwest Construction Control. Some of our old clients have moved their business to those providers. I believe they all have web-based ways for you to apply to provide inspection services for their clients.

    I will provide another update of our progress on February 15th or before.

    Doug Stuart
    DDN
    P.O. Box 708146
    Sandy, UT 84070-8146

    Bruce Thompson, Lic. #9199
    www.TylerHomeInspector.com
    Home Inspections in the Tyler and East Texas area

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