If there is a huge interest in investing in foreclosure properties—as many experts say there is—little evidence was visible on it Saturday at a foreclosure seminar. Only seven people were present at the opening of the free seminar in the auditorium at Woodbridge Senior High School. Five panelists were present to educate those in attendance on the pros and cons of purchasing a foreclosure property now at a low price and turning it into a profit in the future.
Attorney Paul Nichols opened the seminar and told the gathering that he and the other speakers would outline the necessary steps in obtaining a foreclosure. "It may sound simple but it is a very complex process. Unlike obtaining a bank loan to buy a house where you normally only deal with one person, in the foreclosure process you deal with many … and some may be as far away as California. Fortunately, up until the last two years or so, banks never had to deal with very many foreclosure and now they are being swamped and many don't know how to deal with it," said Nichols.
Realtor Ryan Lynch with Coldwell Bankers, sponsors of the seminar, said he has heard estimates that as many as 100,000 homes may come under foreclosure in the next two years in Northern Virginia "and many of them will continue to be in Prince William County which has one of the highest foreclosure rates in the country." "Many of those potential foreclosure investors don't have a clue as how complex it can become. We are here today to educate them. We want to give back to the community so we won't have to go through such a crisis again in the future," said Jason Andrzejewski, mortgage consultant with WestStar Mortgage Inc.
Also on the panel were Nate Siegel, personal insurance agent with Liberty Mutual Group, and Paul Nichols Jr., settlement agent. Interviews with some of those in attendance revealed that they were there to get information on what was involved in securing a foreclosure property now that prices are down and interests rates fairly low. Helliosise Buzoianu of Lake Ridge said she is thinking about purchasing a foreclosure but has had difficulty in finding information about how to go about it. "I'm here to get as much information as I can. You certainly can't have too much information. Too little will certainly hurt you. I'm looking to invest in a property anywhere in the county." Patrick Mulcahy of Montclair said he was hopeful of purchasing two homes at reduced prices for his two sons but was not optimistic on finding any. "Just in case a good deal comes up, I'm here at the seminar to get as much information as I can," he said.
Janet Woessner of Woodbridge said "You can read many books on how to go about investing in a foreclosure property, but only through seeking answers as such seminars can you really learn a lot—and that's why I'm here today." Linh Vo of Dale City said back in April she purchased a town house for investment that was in foreclosure and is now renting it. "I'm looking to add more properties and I came today to learn more about how to go about it," she said. The five panelists said other seminars are in the planning stage and hopefully more interested people will come out. "I think we can really be of help to them in solving problems," Lynch concluded, particularly with the changes coming up in measures dealing with foreclosures.
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Home foreclosure filings more than doubled in the second quarter of 2008 from a year ago, according to real estate data released Friday by RealtyTrac Inc. Nationwide, 739,714 households — one in every 171 — received at least one foreclosure-related notice from April to June, as soft housing sales, declining home values, tighter lending standards and a sluggish U.S. economy left many homeowners with few options. Nevada, California, Arizona and Florida continued to have the highest foreclosure rates. One in every 43 Nevada households received a filing during the quarter.
