Exhibitors rush to get booth space at the Orlando Foreclosures Expo

Orlando – Foreclosure numbers are staggering nationwide
By: Phil Peachey
 
Jan. 17, 2009 - PRLog -- Exhibitors rush to get booth space
at the Orlando Foreclosures Expo

Orlando – Foreclosure numbers are staggering nationwide, but they are especially eye-opening in central Florida, where the foreclosure rate almost tripled in 2008 compared to 2007. According to RealtyTrac Inc., metro Orlando experienced the country’s seventh highest foreclosure rate last year. It appears that now is the right time for the first-ever Orlando Foreclosures Expo.

When the inaugural Expo is held at the International Plaza Resort & Spa in Orlando on February 7-8, 2009, it will serve as a forum where everyone from real estate agents and brokers, real estate attorneys and REO department representatives from banks to lenders, investors, wholesalers, builders and others in the foreclosure industry can gather under one roof to exchange ideas, offer guidance and conduct business. There will also be a help desk where people facing foreclosure can talk to real estate professionals about their options.

“There is such a lack of information among real estate professionals about foreclosures – how to find foreclosures properties for sale, how to get involved if you are an investor, people to network with.” said Mike Kane, who is CEO of ForeclosuresDaily.com, a subscription web site that provides foreclosure information listings throughout Florida. “This event brings a wide range of people that deal with foreclosures and short sales in one place at the same time.

The Orlando Foreclosures Expo (www.foreclosuresexpo) is drawing so much interest from exhibitors that booth space is almost sold out. The interest reinforces founder and organizer Phil Peachey’s belief that it was time for an event like this.

“The Orlando Foreclosures Expo was born out of the need for people in the real estate industry to promote their services to the public,” Peachey explains. “This will be the first event of its kind where real estate industry professionals and the public can learn about the foreclosure industry, network and links buyers and sellers of foreclosed properties.

“Most people, even real estate professionals, do not have access to foreclosure listings or to the people who regularly buy and sell them. Wholesalers typically offer their foreclosure properties to a very select few. Also, most REO (Real Estate Owned) departments of banks will not deal with the general public,” Peachey adds. “The foreclosure industry has been more like a private club where the public cannot obtain a membership. The Orlando Foreclosures Expo will break down those barriers.”  

Kane said that every person who attends the Orlando Foreclosures Expo will receive a complimentary trial subscription to ForeclosuresDaily.com, which tracks foreclosures data in all 67 Florida counties. Kane’s company will have a booth at the Expo, too.

“Forecasts indicate that there is no end in sight for the foreclosures crisis. Our objective is to give real estate professionals and investors information they need to help folks in foreclosure and let them know about their options,” Kane said. “Our investors purchase properties in pre-foreclosure so the homeowners can preserve their credit.

“A growing number of consumers looking to buy real estate are interested in foreclosures because there is a vast inventory of homes at below-market prices,” Kane said. “Investors are not our only customers. We are also seeing an increasing number of people who live in the homes they buy.”

Husband-and-wife real estate agents Frank and Angela Schifano have received so many inquiries about foreclosures since they arrived in central Florida late last year that they create the Orlando Foreclosure Trolley (www.orlandoforeclosuretrolley.com), which is a trolley-like mobile that transports ticketholders to bank-owned properties in Orange and Osceola counties, and West Palm Beach.

The Schifanos are not new to the foreclosure trolley idea. The longtime Boston residents were real estate agents in that city, and they operated a trolley with success. The couple decided to leave Massachusetts to be closer to their investment properties in Florida and work in real estate in the Orlando area, where they are co-founders of Home and Living Real Estate in Windermere. They are excited about the potential of the foreclosure trolley here.

The excursion takes guests on a tour of 15-20 bank-owned homes. A light breakfast and lunch are served during the trip, which lasts between four to five hours. A mortgage broker who specializes in REO properties is on board every tour, educating guests about the lending process. At times, Schifano says, a home inspector will also give a presentation, and the Schifanos will discuss the process of buying foreclosed homes  

“We call it a rolling classroom,” Angela Schifano said. “It is a tour where you make new friends and contacts, and sometimes there are bids offered and contracts written right on the trolley.”

As an expert about selling bank-owned properties, Schifano believes there is a need for the Orlando Foreclosures Expo.

“Many people don’t know how to find bank-owned homes, and many people also are not familiar about the process of buying and selling foreclosures, so the Expo will be a valuable forum for education and information,” said Schifano, whose company will have a booth at the event. “I am looking forward to the contacts we will make, but I am also interested in increasing my knowledge as well.”


Media Contact:

Jeff Louderback
407-474-6149
jlouderback@cfl.rr.com
End
Source:Phil Peachey
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Tags:Orlando, Foreclosures, Expo, Reposession, Mortgage, Shortsale, Florida
Industry:Real Estate
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