Strong response to Orlando Foreclosures Expo

Country: United States

10 February 2009

Homeowners facing foreclosure, renters looking to buy a home and first-time investors and seasoned investors searching for deals were among those who converged on the Orlando Foreclosures Expo last weekend.

The inaugural event, which was held at the International Plaza Resort and Spa, drew such a positive response that founder and organiser Phil Peachey is already planning a larger event on June 6-7 at the same venue.

“A lot of people didn’t grasp what we were trying to achieve until they actually experienced the expo. Now that exhibitors understand how many people they can reach under one roof, they are excited about the next expo,” Peachey said. “Property industry professionals, people facing foreclosure and investors alike were at the event for different purposes, and they were all able to find answers from the broad range of exhibitors who are experts at what they do.”

Typically, people facing foreclosure often do not know all of their options. Many investors interested in buying bank-owned properties do not have access to foreclosure listings or to the people who regularly buy and sell them. The Orlando Foreclosures Expo served as a forum to break down those barriers.

“There is a thirst for information from first-time homebuyers and investors. They want to understand the property market and they value the information they need to make a smart decision,” said Mary Abrams, who is a sales executive with Stirling Sotheby’s International Realty in Orlando and a certified short sale specialist and foreclosures expert. “Property is still a sound investment. Like any investment, it is important to understand how to proceed. This is why the expo was such a valuable forum because it features resources and expert guidance for buyers, sellers and homeowners.”

Tobi Moyle, who is a regional vice president of the mortgage division for Wachovia, said that there was a mix of individuals who visited the bank’s booth, from renters and first-time homebuyers wanting to get pre-qualified for mortgages to homebuyers and investors searching for bank-owned homes.

“I receive multiple calls every day from clients interested in buying foreclosures. Real estate agents and independent buyers want information about bank-owned homes,” Moyle said. “The expo was a great place to reach these people. It was a one-stop shop for consumers and industry professionals that resulted in connections that will lead to future business.”

In addition to helping people facing foreclosure, the Orlando Foreclosures Expo was a forum for real estate industry companies that deal with foreclosures to educate visitors and fellow exhibitors about what they do. Southeast Professional Title, which is based in Winter Park, received an abundance of inquiries about land trusts. The company was also able to inform visitors about its menu of services.

“For us, the expo was a place where we were able to give numerous initial consultations,” said Deborah Farnell, who is president of Southeast Professional Title. “Many people don’t know the role of a title company. We were able to inform consumers and industry professionals of our services who were not previously aware of everything we can do for them.”

A majority of the expo attendees who talked to Christina Rordam were homeowners looking to avoid foreclosure and investors inquiring about purchasing distressed properties.

“Many of the homeowners who were facing foreclosure wanted information on making a short sale,” said Rordam, who is a Realtor with Exit Realty Central Florida, the agency that staffed the foreclosures help desk at the expo. “People are facing a difficult situation, and they want to talk to professionals who can give them sound advice.”

Chuck Mahoney understands the foreclosures crisis first-hand. When he founded the National Opportunities for Affordable Housing Foundation (N.O.A.H.) in 2001, it focused on helping home buyers find down payment assistance programs. That is still an integral part of the organization’s mission, but now it is helping homeowners who are struggling either remain in their home or sell so they can preserve their credit and be in position to buy again in the short term.

“At the expo, we talked to a lot of homeowners who have lost their jobs and want to get out of their home before foreclosure,” Mahoney said. “Loan modifications aren’t always the answer. In many cases, the new payment is higher than the one the homeowner could no longer afford, and about 40 percent of loan modifications go back to foreclosure and short sale.

“We help homeowners short sale their home so they can retain their credit and are able to reenter the real estate market. They bought their home in a seller’s market, and now they are trying to sell it in a buyer’s market,” he added. “In a short sale, we negotiate with the lender and the homeowner is able to get out of their situation. The foundation buys the home and then sells it, in most cases to a first-time homebuyer, helping them with down payment assistance. We help one person avoid foreclosure and help another homeowner buy a property.”

That reflects the theme of the Orlando Foreclosures Expo, Peachey says. Peachey plans to organise similar events across Florida in areas like Tampa/St. Petersburg, Miami, Jacksonville and Tallahassee. The second Orlando Foreclosures Expo, slated for June 6-7 at the International Plaza, will feature even more exhibitors and speakers.

“The response we received this weekend from consumers and real estate industry professionals indicates there is a continued need for an event like this,” Peachey said. “It benefits every professional associated with the foreclosure industry, and it helps those people who are trying to avoid foreclosure. That is our ultimate objective.”

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