"Hello Mike Shedlock:
As former Florida residents, Mike Morgan's reports usually
catch our eye. Your removal of his piece published over the weekend really caught our eye.
This is just a heads up on a piece which went up this
evening (Monday). It's part of an on-going "Myths" series, this time referencing Mike Morgan's published,
then de-published, report repeatedly using the term "priced right."
I assume we are much smaller & less widely-read than
you or Mike Morgan but if anyone has a rebuttal, we'd be interested to read it.
Regards,
View From Silicon Valley"
* * * * * * * *
Today we
received replies from both Mike Shedlock and from Mike Morgan.
Mike Shedlock wrote,
"Mike Morgan is one of the good guys and is most assuredly giving his real estate
clients and newsletter clients the same information.
Morgan
tried to talk them out of buying but they wanted to buy, believing the NAR that prices have bottomed. Following is a sentence
that was in what Morgan sent me but was inadvertently edited out from what I posted on my blog.
This deal was so tight with cash down and financing, that I finally gave up my commission to make the deal work.
It was a 2% commission so I kicked in $5,000 to put them in this house.
He did this to make the deal work for
his client and down the road figures that a happy client will get him enough free word of mouth advertising to make it up.
Perhaps it will and perhaps it won't but how
many real estate agents would give up their full commission to a client?
Thus the idea that he took this deal simply to make a commission is obviously untrue (given
new information that you did not have) as is the idea that he is giving two sets of information to two different sets of clients.
I would appreciate it if you would post this reply as an addendum to to your article.
Thanks
Mish
* * * * *
A few hours later we also heard from Mike Morgan:
"Comments from Mike Morgan in red.
I
do not make most of my income as a real estate agent. I am a consultant to hedge fund managers, analysts and high net
worth individuals. I also own an Internet Marketing company that represents a healthy chunk of his income.
I am consistent with
information, and have been so for two years now. I have been recommending that all of my clients rent, and look to buy
as prices continue to drop. I would be better off saying nothing and taking the commission now, as not all of the people
that decide to rent will return to me to buy. If you had the pleasure of reading my updates and published pieces, you'd
see that I remain consistent and dedicated to both my retail and institutional clients.
Mike Morgan"
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