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 (www.foreclosuresexpo.com) last
weekend. The inaugural event, which was held at the International Plaza Resort
and Spa, drew such a positive response that founder and organizer 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. “Real estate 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 real estate 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. “Real
estate 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, 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 organize 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.”