Second Orlando Foreclosures Expo cancelled due to current economic situation
For Immediate Release
Second Orlando Foreclosures Expo cancelled due to current economic situation
The inaugural expo, held Feb. 7-8, generated so much business for exhibitors that founder Phil Peachey planned an expanded event slated for June 6-7. That has now been cancelled due to the economy.
Orlando – Angela and Frank Schifano were excited about their presence at the inaugural Orlando Foreclosures Expo because it gave them the chance to showcase the new business, the Orlando Foreclosure Trolley, a rolling classroom that takes real estate investors on a tour of bank-owned properties in central Florida. The Schifanos sold several tickets to upcoming trolley tours, but the husband-and-wife real estate agent team also wrote five contracts for foreclosure listings they featured at the event.
“We were confident that the Expo would be an ideal forum for creating awareness about the trolley, but we didn’t expect to sell so many homes,” Angela Schifano said. “We are a prime example of why an event like this is needed. There is no other way for so many buyers and sellers of bank-owned properties to gather at the same place at the same time.”
Many other exhibitors at the Expo echoed Schifano’s sentiments. Phil Peachey, who is founder and organizer of the event, received such a tremendous response that he had set the dates for the second Orlando Foreclosures Expo. It was to be held on June 6-7 at the Double Tree Resort on Kirkman Road. This second Expo is now not proceeding and is cancelled due to the lack of funds available to Realtors and people within the industry in general. People want to be involved but it’s a catch 22-situation say’s Peachey. You need to be in front of potential clients to do business, but if you have not had any closings for over a year and your brokerage is not doing any marketing and advertising, what can these people do. They know we can get people in front of them but they are so short of money, they cannot afford to purchase booths at the Expo. Most Realtors are simply listing properties on the MLS and hoping to sell them by default or using free web sites like Craig’s list. It’s all they have right now. The way this whole Foreclosure situation is being handled is back to front Peachey explains, the banks refuse to let home owners refinance, they Foreclose on the house and end up selling it at auction or on the court steps for less that the original owners were willing to pay. The banks are giving the Bank owned properties to the wrong people, your average agent has no money to market these properties. It’s completely backwards Peachey feels.
Even major players in the industry are backing away from Sponsorship of events like this Peachey explains. You would think that company’s like RealtyTrac or RES.net who handle all of Wachovia’s Foreclosures would have seized upon the opportunity to market their thousands of bank owned homes to people under one roof, but the arrogance and refusal to communicate is something I have never come across before in many years of selling property. You just can not get to the right people in these organizations say’s Peachey as it’s not personal and these people on the end of a phone get paid whether they help you or not. These faceless people in these company’s like RES.net and RealtyTrac have missed out on a huge opportunity to move some of this backlog of bank owned properties.
ORRA (Orlando Regional Realtors Association) also failed miserably in helping its members who pay them thousands of dollars each year in fees by refusing to support an event that puts money in its member’s pockets, Peachey say’s. One would think ORRA would get behind anything that helps its local members in these tough times.
There is no end in sight to the Foreclosures crisis, and the volume of bank-owned properties continues to escalate. Economic experts agree that the real estate market will not rebound until the inventory of available properties decreases. Peachey created the Orlando Foreclosures Expo to help people facing foreclosure learn about their options and to link 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. The Expo was a success and there is so much interest for more events because it breaks down barriers, Peachey believes. Exhibitors agree, and many of them found the Expo a perfect venue for education. We will look at the situation next year with a view to doing it again but its been tough to get people to understand just how much work goes into an event like this, it takes months of planning and unless people get on board early, it does not work.
“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 learn 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 at the first Expo, 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, 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, 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.” We are disappointed the second Expo is not going ahead.
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Second Orlando Foreclosures Expo cancelled due to current economic situation
The inaugural expo, held Feb. 7-8, generated so much business for exhibitors that founder Phil Peachey planned an expanded event slated for June 6-7. That has now been cancelled due to the economy.
Orlando – Angela and Frank Schifano were excited about their presence at the inaugural Orlando Foreclosures Expo because it gave them the chance to showcase the new business, the Orlando Foreclosure Trolley, a rolling classroom that takes real estate investors on a tour of bank-owned properties in central Florida. The Schifanos sold several tickets to upcoming trolley tours, but the husband-and-wife real estate agent team also wrote five contracts for foreclosure listings they featured at the event.
“We were confident that the Expo would be an ideal forum for creating awareness about the trolley, but we didn’t expect to sell so many homes,” Angela Schifano said. “We are a prime example of why an event like this is needed. There is no other way for so many buyers and sellers of bank-owned properties to gather at the same place at the same time.”
Many other exhibitors at the Expo echoed Schifano’s sentiments. Phil Peachey, who is founder and organizer of the event, received such a tremendous response that he had set the dates for the second Orlando Foreclosures Expo. It was to be held on June 6-7 at the Double Tree Resort on Kirkman Road. This second Expo is now not proceeding and is cancelled due to the lack of funds available to Realtors and people within the industry in general. People want to be involved but it’s a catch 22-situation say’s Peachey. You need to be in front of potential clients to do business, but if you have not had any closings for over a year and your brokerage is not doing any marketing and advertising, what can these people do. They know we can get people in front of them but they are so short of money, they cannot afford to purchase booths at the Expo. Most Realtors are simply listing properties on the MLS and hoping to sell them by default or using free web sites like Craig’s list. It’s all they have right now. The way this whole Foreclosure situation is being handled is back to front Peachey explains, the banks refuse to let home owners refinance, they Foreclose on the house and end up selling it at auction or on the court steps for less that the original owners were willing to pay. The banks are giving the Bank owned properties to the wrong people, your average agent has no money to market these properties. It’s completely backwards Peachey feels.
Even major players in the industry are backing away from Sponsorship of events like this Peachey explains. You would think that company’s like RealtyTrac or RES.net who handle all of Wachovia’s Foreclosures would have seized upon the opportunity to market their thousands of bank owned homes to people under one roof, but the arrogance and refusal to communicate is something I have never come across before in many years of selling property. You just can not get to the right people in these organizations say’s Peachey as it’s not personal and these people on the end of a phone get paid whether they help you or not. These faceless people in these company’s like RES.net and RealtyTrac have missed out on a huge opportunity to move some of this backlog of bank owned properties.
ORRA (Orlando Regional Realtors Association) also failed miserably in helping its members who pay them thousands of dollars each year in fees by refusing to support an event that puts money in its member’s pockets, Peachey say’s. One would think ORRA would get behind anything that helps its local members in these tough times.
There is no end in sight to the Foreclosures crisis, and the volume of bank-owned properties continues to escalate. Economic experts agree that the real estate market will not rebound until the inventory of available properties decreases. Peachey created the Orlando Foreclosures Expo to help people facing foreclosure learn about their options and to link 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. The Expo was a success and there is so much interest for more events because it breaks down barriers, Peachey believes. Exhibitors agree, and many of them found the Expo a perfect venue for education. We will look at the situation next year with a view to doing it again but its been tough to get people to understand just how much work goes into an event like this, it takes months of planning and unless people get on board early, it does not work.
“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 learn 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 at the first Expo, 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, 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, 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.” We are disappointed the second Expo is not going ahead.
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posted by Totally Florida Staff at
8:43 AM
