Animal Spirits Podcast Talk Your Book: Down with Title Insurance
Dec 4, 2021
Max Simkoff, Founder and CEO of Doma, dives into the often confusing world of title insurance and home appraisals. He shares his journey of founding Doma to tackle inefficiencies in real estate transactions. The conversation highlights innovative approaches to streamline these processes and reduce costs through technology. Simkoff also discusses the appraisal frustrations faced by consumers and the potential role of technology and blockchain in transforming the industry for better transparency and efficiency.
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Doma's Origin Story
- Max Simkoff refinanced his condo multiple times and questioned repetitive title insurance fees.
- This frustration led him to found Doma, aiming to simplify real estate transactions.
US Title Insurance
- In the US, property ownership liability falls on the buyer, unlike other developed countries.
- A Supreme Court decision from the 1890s established this "buyer beware" system.
Appraisal Discrepancies
- Michael Batnick recounts experiencing discrepancies between appraisals, highlighting potential inefficiencies.
- He advises scrutinizing appraisals and questioning inconsistencies.