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[-] REO Titles slow pay - Tamara Henderson/GA (4 replies)
9/25/2006 7:17:21 AM (2727 views)
Re: REO Titles slow pay - Scott Perry/PA
9/25/2006 8:20:04 AM (3471 views)
Re: REO Titles slow pay - Ricky Farrow/FL
9/27/2006 7:53:02 PM (3231 views)
Re: REO Titles slow pay - Robert Franco/OH
9/28/2006 11:11:32 AM (3227 views)

I have done some work in Ohio for the federal government on properties that they have seized.  I actually did the whole thing... search, title insurance, closing, etc.  I routinely did the searches when they initiated their federal forfeiture suit and I didn't get paid on anything until they closed.  Some of them took more than three years!

Since these were scattered all over the state, I used contacts on Source of Title to do many of the searches for me.  Even though I didn't get paid until the closing, I still paid the examiner when I got their bill (within 30 days). 

It is certainly not the examiner's fault that these files take so long to close, nor is it the examiner's fault that their client agreed to take the work knowing that they wouldn't be paid until the closing.  Paying for the searches is a cost of doing business - if they have to wait until they get paid to pay you, then they are under capitalized and should not be doing the work to begin with.

In my opinion, that is no excuse to not pay the examiner in a timely manner.  They took the work knowing the situation, they ordered the searches knowing the examiner's billing terms.  Now it would be different if they offered a substantially higher fee and the examiner agreed to wait for the closing to get it.  After all, that is why I took those jobs that I knew I wouldn't get paid on for three years - I was able to charge what I felt was a good enough fee to make it worth while.

Best,
Robert A. Franco
SOURCE OF TITLE

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Re: REO Titles slow pay - Tamara Henderson/GA
9/29/2006 4:01:14 PM (3164 views)

[+] BEWARE OHIO ABSTRACTORS - Pete Kisan/OH (12 replies)
9/25/2006 6:44:08 AM (2795 views)

[+] How to get paid . . . - Michaela Urban/OH (3 replies)
9/24/2006 6:25:30 PM (2728 views)

Start up - Paul  /MI
9/24/2006 1:46:39 PM (2105 views)

[+] DocEdge.com - DF/NV (1 reply)
9/22/2006 5:37:31 PM (3277 views)




[+] MY FIRST NON PAYMENT COMPANY - LAWANDA  MCMILLIAN/AR (1 reply)
9/21/2006 9:29:21 PM (2886 views)

[+] Another Non Payer - Heather Arndt/MN (2 replies)
9/21/2006 3:47:11 PM (2681 views)

[+] Copy Fees - Kim Cowles/WI (15 replies)
9/21/2006 8:11:33 AM (2836 views)

[+] Meddler - Tammy Knight/MO (9 replies)
9/20/2006 11:47:24 PM (2901 views)

[+] What about.... - mason haas/NY (9 replies)
9/19/2006 7:27:30 PM (2800 views)

The Bertrum Group - Annette Dorty/PA
9/19/2006 6:46:56 PM (2084 views)

Land Title U.S.A Agency, Inc. - Annette Dorty/PA
9/19/2006 6:45:48 PM (2251 views)

[+] The Real Threat to Title Examiners - Jarrod Clabaugh/OH (7 replies)
9/19/2006 3:41:17 PM (2918 views)

[+] TRANSUNION - Paul Hughes/RI (9 replies)
9/19/2006 3:07:40 PM (2794 views)

[+] Clear Title - Another non payer!! - Kurt deVries/FL (7 replies)
9/19/2006 2:32:57 PM (2831 views)


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