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The title company makes something like, 1500?
What the fuck does the title conpany do that makes them worth their exhorbitant fees
It's not really what the title company does now, but what the title company did several years ago. They went through the property records to determine chain of title a while ago. Now, they offer insurance based on that research.
Nonetheless, there is likely market failure here because the existing companies are likely entrenched into what is an inefficient property recording system in the modern world. They are able to make out-sized profits due to these inefficiencies.
As a counterpoint, if you didn't have title insurance, you'd probably have to spend 5 grand on a lawyer to sort out chain of title, but again that's because the recording system is inefficient.
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My friend (who's in auto sales) is defending their commission-based wages. I compared it to Realtors, who he promptly defended. I told him that Realtors are parasites but wondered what you guys thought? :)
What would you tell a friend who thinks Realtors add value?
#housing