Posted by OR on 6/1/07 1:39am
Msg #193095

Is abstracting worth checking into? n/m

Reply by Kevin/Ct on 6/1/07 4:16am
Msg #193097

Re: Is abstracting worth checking into?

Don't waste your time with it...constant pressure to reduce your prices ...declining volumes of work...outsourcing of work to India, China and the Phillipines.

Reply by Lee/AR on 6/1/07 4:19am
Msg #193098

Re: Is abstracting worth checking into?

Right on, Kevin. Also, not unless you actually have hands-on training; not a $69.95 course. The risks & liability are much greater than NSAing.

Reply by Loretta Reed on 6/1/07 7:36am
Msg #193111

Re: Is abstracting worth checking into?

I have been abstracting for 11 years in MD. If you think that the notary business is saturated, title business is 10 times worse. I have one title company that wants me to travel 1 1/2 hours (one way) to the courthouse to do a search for a whopping $35. If you miss a mortgage on a title search, let's say $1.5million and your e&o is for $500,000 or $1m, you have to come up with the difference. You can lose your home over the title business but I don't see that happening in the notary business (unless you are grossly neglectful).

Reply by NCLisa on 6/1/07 7:36am
Msg #193112

Re: Is abstracting worth checking into?

Abstracting is an art, and if not done correctly can create so many issues. Unless you have someone willing to spend 6 months to a year to train you and have someone you can go to when you run into an issue, stay away from it.

At least once every couple weeks, I run into something in a chain of title that I need to discuss with another abstractor or a very experienced attorney.

Abstracting also does not pay as well as usual, and companies are requiring crazy turn around times. They don't understand that here in NC, I do actually have to go the the courthouse and get information, it is not all available online.

Reply by Loretta Reed on 6/1/07 8:49am
Msg #193125

Re: Is abstracting worth checking into?

I also have to go the courthouse and do a search. I can get copies of deeds and mortgages online but I cannot do judgment searches. I still have to pull books and some of them are handwritten so it makes it even more difficult.