"What would you do if I sang out of tune"

Too bad that is how I sing!

Recently I read an article on MSN by Scott Burns about Madoff. Hopefully you all know who he is and what he has done. Mr. Madoff has made 50 billion of other people’s money disappear. Now that is a lot of milk money. Mr. Burns suggested that we revert to medieval times and declare Mr. Madoff an outlaw and the punishment would be he forfeit all his property and if anyone found him they could kill him on sight. Mr. Burns doesn’t think this would cruel and unusual punishment. Now I have my doubts that this would not be cruel and unusual but as yet I am not homeless so my opinion could change any minute.

Parallel universe

My wife showed property this weekend to some dear folks who are looking to relocate to Cocoa Beach. They already have a short sale contract in on a nice condo on the ocean. We suggested they continue looking since you never know the outcome on a short sale. They went to several complexes built by the same builder on the river and on the ocean. They look very well built with great views. The thing that bothers us is that even though the builder says a lot of units are sold when we search county tax records nothing shows up as changed as far as owners. The builder still controls the association since the percentage has not been met for sold properties.

Doubts

At Walker Bagwell we have always been cautious with buyers when they approach a complex we are not sure of the solidity of the complex or management of the complex. I spoke with my wife and my partner about being too cautious. We decided what we have done in our time of business is to advise our friends and clients in a way that doesn’t have anything to do with commission but everything to do with protecting their interests. We feel good about every deal we have advised against going to closing. No money made but when the turn comes the clients will still know where to go to when they want to buy their dream. If you think about the agents that didn’t see the downturn of the market and advised their clients to buy pre-construction and are now in foreclosure or short sale situations, it is mind boggling what commission was made and what money was lost. Fortunes were made or lost in the last 3 years.

Conclusion

What we have lost in commissions we have made up in trust and goodwill. I do believe we will continue what has worked.

Jim Bagwell