Decoding Asset Searches
In the realm of investigations, one common question that surfaces often pertains to asset searches. How many types are there, and do different scenarios demand distinct approaches? This blog post aims to unravel the complexities surrounding asset searches, exploring the various types, scenarios, and the considerations involved in choosing the right one for your needs.
The Spectrum of Asset Searches: From Affordable to Extensive
Asset searches come in a spectrum, ranging from affordable online services costing $30 to $40 to comprehensive investigations that can run into thousands of dollars. The choice between them depends on your specific requirements and the purpose of the search. Whether you’re an attorney conducting due diligence on a corporation or an individual seeking a quick electronic snapshot of potential assets, there’s a search tailored to your needs.
Understanding Asset Classes: 14 Types of Assets
Asset searches involve delving into 14 different classes of assets, each requiring a distinct approach. These include bank accounts, real estate, vehicles, corporate assets, intellectual property, and more. Knowing which classes you need to investigate is crucial, as the source for each type of asset record differs. A thorough asset search often means exploring multiple locations for records.
Source Diversity: The Complexity of Asset Search Records
The source of asset records is as diverse as the asset classes themselves. Real estate records, for instance, are found at the County recorder, while corporate assets demand records from the Secretary of State. Bank accounts may require delving into Swift Code records, check verification records, and oscent records. Understanding where to find specific records is fundamental to a successful asset search.
Third-Party Databases: A Double-Edged Sword
While third-party aggregators like Lexus Nexus offer a convenient one-stop-shop for various records, they come with limitations. These databases might not be 100% accurate, may lack certain records, and often have delays in updating information. Opting for partial electronic records might be suitable for some, but those seeking comprehensive and up-to-date information may prefer a direct approach.
DIY Asset Searches: Empowering Consumers
Contrary to popular belief, asset searches aren’t exclusive to private investigators. With the right knowledge and effort, consumers can conduct their own asset searches. By familiarizing themselves with the process, understanding where to extract records, and being aware of potential pitfalls, individuals can save on investigation costs. While investigators offer convenience, there’s nothing they can do that a diligent consumer can’t achieve with the proper guidance.
Tailoring Your Asset Search: Balancing Cost and Precision
The key to a successful asset search lies in tailoring it to your specific needs. Whether you require court-admissible results or are conducting a preliminary search for personal use, understanding the nuances of your situation is paramount. Consultation with an investigator or a deep dive into your particular scenario will help you determine the class of asset search you need, balancing cost and precision.
A Strategic Approach to Asset Searches
In the realm of asset searches, there’s no one-size-fits-all solution. The variety of asset classes, the diversity of sources, and the flexibility in approach demand a strategic mindset. By aligning your asset search with your objectives, whether legal, personal, or financial, you can navigate the maze of choices and emerge with the information you need. Remember, the key is not just in finding assets but in finding the right assets for your unique situation.