fiduciary: Little Understood Terms Caveat Emptor
- 09/10/13 06:00 AM
Three Little Understood Terms. Real estate has a vocabulary all it’s own, derived from the common jargon, but specific to real estate and contract law. Real estate, lending professionals and attorneys have a duty to use them properly, but often misuse them through ignorance or deliberate abuse.
Fiduciary: a duty to act in the best interest of your principal/client. It sounds simple, but many that claim or are required to act as Fiduciaries often use lengthy contracts disclaiming all fiduciary responsibilities. Still others simply ignore their fiduciary duties. Then there are those who embellish their position, believing it requires … (2 comments)
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fiduciary: Opportunity, Creativity, Fiduciary, Agency
- 08/18/13 10:06 AM
In 1974, I took a class from Carol Dana Lewis, then from Michigan now I believed in Florida, on "Buyer Brokering." "Buyer Brokering" should not be confused with our current Buyer's Agency, The class and our practice was as a true Buyers's agent, paid by the Buyer! This drastically changed our position and our fiduciary, allowing us to truly work for the Buyer's best interest, our only obligation to the seller was to be fair (From the COE and our soul, it has since been abandon in the COE.) and honest.
It was rare to truly act as … (2 comments)
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fiduciary: Forgotten Professionalism Possession Is Negotiable
- 02/20/13 05:29 AM
It’s a sad time we live in. Having lived through the boom time of the 1990's and early 2000's so many have forgotten or never learned what we once though of as basic professionalism. I don’t fault those with less than 20 years experience, I blame their brokers! Then again many maybe most of today’s brokers don’t have 20 years experience. So many agents and brokers only have 6 months experience many times over.
Least We Forget Possession Is negotiable ! When I came west from Michigan I was shocked to learn that possession is excepted to pass at closing. … (10 comments)
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fiduciary: Eclectic Advice
- 02/12/13 02:56 AM
I’m not an attorney.
I’m not a CPA.
I’m not a tax adviser.
I’m not a financial planner.
I’m not a financial adviser. Well, never deliberately anyway!
What I am is a well trained mortgage lender and REALTOR® trained by the best. I’ve been in the field since 1969.
With that understood I still find myself being ask questions that truly belong to those in more specific fields. Why would people ask their Loan Originator or Real Estate Agent such questions? Because few people in all but the highest income brackets have such individual advisers. … (14 comments)
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fiduciary: Total Reliability In A Changing World
- 11/09/12 02:58 PM
In a changing world some things, some people remain totally reliable! Tomorrow we’ll honor all our veterans, Monday we’ll take a day off, but today November tenth is special! The Few The Proud The Brave the United States Marines! Today is the two hundred and thirty seventh birthday of our Marine Corps. Now as in the beginning the Marines are always faithful.There are few things in life that compare to our Marine Corp. A more diverse group of young men and women would be hard to find. Yet for 237 years the Marines have demonstrated a singular devotion to God, … (14 comments)
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fiduciary: Respect Mutual Respect
- 11/05/12 12:13 AM
Respect mutual respect, we respect our clients. We ask/except our clients to respect us. Is it to much to ask? Is it to much to except?
It is! Respecting someone does require their or gain their respect!
It is not enough to respect the client and except respect in return. It is necessary to respect the client even sales clerks in their own way respect their customers at least superficially. But, clerks may or may not be respected.
On the other hand real estate professionals need their clients respect! Real estate professionals have clients … (4 comments)
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fiduciary: Allowed, Allowable, Not-Allowed, Ambiguity, To Thine Own Self Be True Revisited
- 10/11/12 06:47 AM
Allowed, Allowable, Not-Allowed, Ambiguity, To Thine Own Self Be True
Allowed: Following the letter of a law or regulation as it has been done acceptably before. The safest yet often costly of mistake of the uneducated and/or timid.
Allowable: Stretching the law or regulations, based on known case law and common practice. Most often a better approach, but requires an extensive knowledge of the subject.
Not-Allowed: Breaking the law or regulation the most costly mistake. It matters not your intent, ignorance is no excuse.
It is so easy for some to pass from "Allowable" to "Not-Allowed" through foolishness, ignorance, stupidly, or … (2 comments)
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fiduciary: Real Estate Catalyst
- 07/27/12 05:23 AM
Real Estate Catalyst
Are you a catalyst?
Are you a salesman?
Are you a fiduciary?
Do you deny all three?
Do you deny selling?
Little upsets me more than "agents" who disclaim sales and salesmanship. Useless people demanding fees for existing! Starting from the observation that "we don’t make decisions for our clients" these lazy cowards morphed it into the perverted "we don’t influence our client’s decisions!"
Agents, those with a legal mandate or claimed fiduciary in their client have a duty to their client to stimulate even force the client to make a decision and … (8 comments)
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fiduciary: To Fish Or Not To Fish
- 04/27/12 11:47 PM
To fish or not to fish, an exercise in free verse.
A very wise Chinese Proverb says: "Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime."
Man needs to eat everyday! Give him his need substance and you control him! Teach him to sustain himself and he controls his own destiny.
We’re real estate agents, lets consider our alternatives. Rent a man a housing and you control him. Sell a man a house and he controls his own destiny.
As lenders we too have alternatives! … (10 comments)
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fiduciary: Endangered Species: Neighborhood Expert
- 03/29/12 06:56 AM
Endangered Species: Neighborhood Expert
New, but of no sunrise, to the endangered species list "The Neighborhood Real Estate Expert" a/k/a "The Neighborhood Specialist," or locally as "Our REALTOR®," the thoroughbreds are known by their first names like "Jim or Sue."
Unlike most on the endangered list there is a growing habitat and a great need for "The Neighborhood Specialist" more than ever before the locals need their aboriginal experts.
"The Neighborhood Specialist" is falling victim to a contradictory toxin: Excessive Limited Information, ELI! ELI creates a false sense euphoria and lowered inhibitions in most and a debilitating foreboding … (4 comments)
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fiduciary: Selective Hearing
- 02/25/12 08:58 AM
Selective hearing we’re all guilty!
Selective hearing we’re all victims!
Selective hearing starts early, it’s the first symptom of the terrible two’s. It starts innocently enough when a toddler realizes there are no consequences for not hearing Mom. To a child "No" means no only when you to hearing it."
To an adolescent "No" means no only when you admit to hearing it."
God gives us 11 years of the terrible two’s to prepare parents for teenagers! It takes parents 11 years of advanced training just to prepare for their first teen.
… (8 comments)
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fiduciary: Defeating Personal Ignorance
- 02/20/12 02:12 AM
Defeating personal ignorance is not easy, but it’s far from hard!
Personal Ignorance Is An Incredible Opportunity , Only The Ignorant Can Do It!
If what we want to do is reasonable. If what we want to do is practical. If what we want to do is desirable. Chances are it’s been done! If it’s been done chances are it’s only your ignorance and poor advice from the stupid that says you can’t do it!
I was often though of as a miracle worker. I wasn’t! There are no miracles!
Remember one man’s miracle is just routine to … (4 comments)
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fiduciary: Fiduciary Expertise Attorney Licence Competency
- 02/08/12 05:30 AM
Fiduciary, expertise, attorney, licence, competency are all related, but not interchangeable. It never fails to surprise me how confusing the term "fiduciary" can be.
Many perhaps most think fiduciary requires "Expertise"
in many diverse areas. In fact you don't have to be an expert at anything to be a great fiduciary. An expert is someone with a great deal of knowledge about a particular and necessarily small subject. The smaller the subject the greater the potential expertise! Seldom does a fiduciary have the luxury of working in an area small enough to be fully covered by his personal … (2 comments)
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fiduciary: Return Of Three Minute Real Estate: Fiduciary
- 11/12/11 11:53 AM
Return Of Three Minute Real Estate, short videos presented, To promote a common understanding.
The idea is to promote real estate education one word at a time.
Real estate has it’s own jargon, it’s own colloquialisms, both industrially, locally, with-in the office and unique to the individual agents. Hopefully together we can promote a common understanding, one word at a time.
Today’s word: Fiduciary
… (4 comments)
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fiduciary: Ees Not My Job
- 10/26/11 11:47 AM
Ees not my job! It’s not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! Not my job! … (19 comments)
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fiduciary: Blinded By Passionate Illogic
- 09/09/11 12:17 PM
Are you blinded by passionate illogic?
Do you know some one that is?
Do you get distracted by passionate topics?
Do you abandon logic for passion?
Do you distract others by appealing to their passions?
Do others manipulate and distract you by appealing to your passions?
Are you blinded by passionate illogic?
I think I’m a highly passionate person.
Brenda and our kids are the only thing I’m more passionate about than logic!
It is entirely possible to be both passionate and logical. It may even be normal for most people, … (10 comments)
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fiduciary: Least We Forget Possession Is negotiable
- 08/11/11 03:01 PM
Least we forget, possession is negotiable! When I came west from Michigan twenty five years ago, I was shocked to learn that possession in Nevada and perhaps most of the West is excepted to pass on the day of closing. In my experience I knew closings get held up and sometimes blow-up! I found the idea both un-civilized and a grave violation of my view of the listing agents fiduciary to the seller. The only thing worse is possession before closing.
Many, if not most, normal sellers can't afford temporary housing until their home closes, let alone move out then have … (34 comments)
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fiduciary: What To Take To A Mortgage Application
- 04/20/11 07:15 AM
What To Take To A Mortgage Application. The day has finally come. Your over 18. You've got a good job.You've got a great spouse. You like where your at. You want a garage. You want a back yard. A patio. A BBQ. A hot tube. A pool. A garden. You want a dog. You want a kid. Your life is stable. You want a home of your own!
What To Take To A Mortgage Application, Where to start?
You're going to need a team of professional real estate people. The first step is to chose one of the two co-captains that … (4 comments)
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fiduciary: Life And Real Estate
- 03/21/11 10:16 AM
Life And Real Estate, I get allot of e-mail from old friends. Not so many letters as forwarded tripe. Welcomed not for their content, but simply because they though of me. We know each other's interest. So every once in a while real gems come through! This morning I received two of these.
The first was a collection of military snippets, many are of great relevance to real estate and life.
"If you find yourself in a fair fight, you didn't plan your mission properly." David Hackworth solider, author, columnist
What great advice for real estate salesmen in specific. There … (17 comments)
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fiduciary: Socially Repressed Anti-Professionalism
- 11/18/10 01:18 PM
Socially Repressed Anti-Professionalism or could it litigiously suppressed professionalism? Could it be professional ignorance, maybe just maybe getting paid is the sole requirement of professionalism.
Recently a blogging friend known for witty often outrageous attention getting and provocative posts suggested there were questions agents shouldn't bother asking! That's a great example Socially Repressed Anti-Professionalism! In real estate and lending there are a few questions you can't leagaly ask and a few you can't legally answer! Other than those legal issues there are no stupid questions, only foolish and stupid answers!
Many feel questions demonstrate ignorance. They are right! Ignorance is not … (10 comments)
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