Thursday 3/11/10 in movie theaters across the nation, Wells Fargo sponsored an event called Meeting The Market Challenge in 2010. Helping Homebuyers Make Informed Decisions.

I attended the one at the Cinemark 16 in Mesa Arizona where Wells Fargo provided lunch from Quiznos and 2 hours of beneficial information.

The program provided video feed interviews with Jeremy Conaway (RECON Intelligence Service), Mary Coffin (WFHM Executive Vice President, Servicing), Brad Blackwell (WFHM Executive Vice President, Retail National Sales Manager) and featured Brain Buffini (National coach and trainer for real estate professionals).

In discussing the current state of the real estate market one was made to feel that Wells Fargo wanted the attending real estate agents to be aware that were are in a new market with new opportunities to serve qualified home Buyers.  Wells Fargo staff were present both before and after the video presentation to explain the loan programs they have to help improve the dark cloudy real estate market we are currently experiencing and help us to a brighter day by understanding there are new opportunities in today’s market.

Mary Coffin strongly asserted that Wells Fargo does not want to, nor is encouraged to foreclose on home owners.  She also stated they are not holding property back.  That the bank would be held accountable to their investors if they did and the market was to continue to decline.  She explained the “Shadow Inventory” are those homes from the homeowners that are in default or not qualifying for loan modifications – these would be the properties that could become short sales or possibly REO’s.

Brian Buffini’s remarks were filled with optimism and encouraging advice for Realtors as he discussed the perfect opportunity storm:

1.  First time homebuyers will comprise 47% of the home Buyers this year – over 50% up this year.

2.  He explained why he believed that fewer new developments over the past few years would contribute to a housing shortage in the next 18 months.

3.  The Baby Boomer’s children are the Echo Boomers and there are 80 million who in the near future will become prospective home buyers.

4.   Brian stressed the importance for Realtors of being courageous, committed  and  strong.  He  emphasized maintaining contact with past clients and how important it is to be disciplined and have systems in place for building a data base.  Realtors must be Proactive in staying in touch with past clients as they are our best source for referrals and new business.

The event was well prepared and well attended and it was evident to all who came that Wells Fargo wants to be recognized as a serious contributor to lending solutions to assist in helping current and future home owners.

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