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I Love The F Word!

Oye

The F word is the most important word in the world of real estate transactions. The F word will help you tremendously. The F word is your friend.

From the very beginning of your real estate journey...before you look at homes, before you talk to a lender, before you do ANYTHING more than browsing around the internet, you should be thinking about the F word. Why? Because the F word can save your A**!

The F Word = Fiduciary

"The fiduciary duty is a legal relationship of confidence or trust between two or more parties, most commonly a fiduciary or trustee and a principal or beneficiary...In a fiduciary relation one person justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.

"A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence."

A fiduciary duty is the highest standard of care at either equity or law. A fiduciary (abbreviation fid) is expected to be extremely loyal to the person to whom he owes the duty (the "principal"): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents...."  ~ Wikipedia definition of fiduciary duty

There is only one party in the real estate transaction who is legally obligated to work in your best interest, who owes you Fiduciary Duty. Yes, the lender, the home inspector, the title agent and all the people you work with will (probably) be smiling and nice to you and all, and will probably even do the right thing by you. But they do not owe you fiduciary duty. The only person well-versed in the F word in your real estate transaction and legally bound to your best interests (aside from your attorney, who usually gets involved AFTER you find 'the house' and after several critical decisions are already made) is your Buyer's Agent.

This is huge. This means that the first thing you need to do, before doing ANYTHING in regards to your upcoming real estate transaction, is to locate, interview and hire a professional Buyer's Agent. This may or may not involve a fee, but the peace of mind and savings you will realize in costs, stress and heartache are priceless.

The F Word. Enough said.

For more information on the F Word, Buyer Agency and/or anything real estate in the Pocono Mountains area, contact me at info@lisasanderson.com, via toll free phone 888.794.5589 ext. 103, or IM PoconoBuyersRep

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Comments

Melanie

As to whether a Buyer's Agent is essential or not, I would hazard a guess that that depends on the level of confidence you have in your abilities to do the necessary due diligence when purchasing a property. I would think that as long as you knew that the property was priced correctly, in sound order and had no hidden defects, you would be pretty safe.

What I am suggesting is get a thorough structural check done by a qualified structural engineer, do the general electrical and pest tests and you should be pretty secure that the house is structurally sound.

Doing a comparative market analysis which any good Realtor should be able to assist you with will soothe any concerns about price.

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