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Settlement Cost. - Wyatt Bell/FL
7/20/2011 1:42:12 PM (3497 views)

[+] Embedded Images: Watermarks on Copies - William Pattison /CA (5 replies)
7/20/2011 12:35:52 PM (3031 views)

[+] Prestige Title Specialists INFO - Kym/NJ (3 replies)
7/18/2011 1:24:27 PM (5007 views)

[+] Unbelievable! - Celia Franklin/GA (6 replies)
7/18/2011 9:13:15 AM (3478 views)

[+] Updates when you didn't do orig. order - Alix Ott/MI (10 replies)
7/18/2011 8:58:42 AM (3411 views)




[+] VA loans and fees charged by title agents - CHARLENE  PERRY/MD (3 replies)
7/16/2011 2:32:38 PM (3167 views)

[+] Houses Made of Sticks & Stones - Leigh Attridge/MA (1 reply)
7/15/2011 6:49:50 AM (4121 views)

[+] Comment on "ALTA: More Transparency Needed in Mortgage Disclosures" - Source of Title/OH (1 reply)
7/14/2011 2:28:54 PM (3201 views)

[+] INFIOSYS, LLC - Amy Haynes/KY (29 replies)
7/13/2011 1:37:58 PM (3761 views)

Failed Bank - Kansas - 1936 - colorized version - Leigh Attridge/MA
7/13/2011 9:45:56 AM (3881 views)

Packard Fire Squad ca 1911 - colorized version - Leigh Attridge/MA
7/13/2011 9:02:49 AM (3489 views)

Atlantic City, NJ ca 1912 - colorized version - Leigh Attridge/MA
7/13/2011 8:58:46 AM (3430 views)

Steeplechase Park (Coney Island) ca 1904 - colorized version - Leigh Attridge/MA
7/13/2011 8:55:45 AM (3458 views)

Downtown Atlanta 1864 - colorized version - Leigh Attridge/MA
7/13/2011 8:51:03 AM (3567 views)

[-] Example of a Professional - K C/NJ (6 replies)
7/12/2011 5:38:53 PM (3655 views)
Re: Example of a Professional - Leigh Attridge/MA
7/12/2011 6:36:34 PM (4634 views)
Re: Example of a Professional - Carrin Reeves/TX
7/13/2011 2:46:58 PM (4647 views)
Re: Example of a Professional - Alix Ott/MI
7/18/2011 8:10:28 AM (4423 views)
Re: Example of a Professional - William Pattison /CA
7/20/2011 12:17:32 PM (4333 views)
Re: Example of a Professional - TLA/PA
7/18/2011 7:06:19 PM (4472 views)
Professionals and Standards Reviewed - William Pattison /CA
7/19/2011 12:55:35 PM (4475 views)

I have long had a problem with firms that "farm out" research projects in this  manner.  While it is an expected competitive outgrowth, it has a few potential pitfalls.

 To illustrate one problematic area, let's use this example:

Homeowner pays ABC Abstract $250 for a title report, since he's seeking a zoning variance for an addition to his home (his city requires a title report to grant the permit).

ABC sends the order to XYZ Research for $150.  XYZ Research has offered researchers in Abbazaba County, Arkansas a bulk contract at $40 per lot for 60-year work.

The end client who is the Homeowner is not getting $250 in research work.  He is getting $40 worth of research work down-line.

 This situation is part and parcel to the reason that India's data firms are getting traction in our  market;  we've created a middle-management industry that takes a "cut" at each level.  The economies of scale and internet-age technology allows us to create these middlemen firms.

 I've ranted against these sorts of contracts before.  I prefer to deal with the end client directly and I do not let my firm become involved in such projects.  The only exceptions to this are "friends" in the industry whom I will take a quick project from and do it for free to help them out.  Otherwise, the time in travel, cost of documents, and amount of time spent billing $40 for a project that would cost me $70 to do is insane economics which don't add up.

 

 

 

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