Realty Associates Florida Properties
Scott A. Field, MBA, REALTOR®
 

Short Sale, Foreclosure, and Distressed Property Information for Buyers

 

Which is better for a Buyer: Short Sale, Foreclosure, or Motivated Conventional Sellers?

 

This is a great time to be a buyer in South Florida! No doubt, you've been reading about foreclosures and short sales in Florida in the newspaper and hearing about them in the news. There are many motivated sellers and distressed sellers in South Florida right now. We have the knowledge and experience, resources, the network, and the research skills to find you the best deal available on whatever property you're seeking, whether it's for your own personal use or as an investment property. Contact us and we'll get right to work for you!

 

There is no way around it, short sales are less certain and more likely to take longer than other sales. Long delays in responses from the Lender are common, for initial offers and subsequent negotiation.

 

Many Buyers and Realtors prefer to stay away from short sales for this reason. Any Buyer considering a short sale should expect delays in the negotiation and often the closing, along with extra paperwork.

 

This is not to say that a Buyer should rule out these listings, as long as they have plenty of patience. Many short sales are sold to investors who don't mind waiting a long time for a closing to happen.  

 

Foreclosures are typically more straightforward than short sales,

because the Buyer is dealing directly with the Seller, who is usually the Lender or the loan servicer. There is inevitably more paperwork than in a conventional sale, but usually not as much as in a short sale. There are often delays in response time, but again, rarely as long as in a short sale. Lenders are not in the business of owning property, and do not want to carry the expenses any longer than necessary. They will often price their inventory, known as REOs (Real Estate Owned), at prices that are lower than comparable properties on the market.

 

The lower prices and the common belief that foreclosures are great deals often leads to multiple offers, with desirable foreclosure properties often selling at the full asking price or higher.

 

Motivated Conventional Sellers are owners who feel they have to sell, and have enough equity or personal capital to sell their property at an aggressive price. Of course, many Sellers who are hoping for a short sale are motivated, and so are Lenders, but we’re talking about conventional sales here, where Lenders are not involved on the Seller side. Life events usually drive the motivation, including job relocation, health issues, estate sales, and divorce.

 

 These Sellers usually respond quickly, the sales normally require standard contracts, and closings can occur in a normal timeline.   

 

Question: “We offered full price for a short sale, and the offer was refused! How can this happen?”

 

Answer: All short sales are subject to the approval of the Lender, who may not approve the amount they will receive even if a Buyer offers the full asking price in the listing

 

 Because Sellers are motivated to sell before the Lender forecloses, they reduce their asking price until the property gets shown and hopefully, offers come in. Experienced Realtors who are knowledgeable in the short sale process offer very valuable assistance in the pricing strategy that will be acceptable to the Lender and that will bring potential Buyers in the least time.

 

Often, Buyers will seek short sale properties that have already had an offer refused, so they can find out what amount was acceptable to the Lender if a counteroffer was made. 

 

If you're seeking assistance with finding and negotiating a great deal on a short sale, foreclosure, or other distressed property, I welcome you to contact me for a free consultation.  

 

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What my clients are saying  

Scott was very helpful and helped me get through and also coordinate the buying of a new home and selling of a home I had for 23 years. He was always available and worked with the other brokers. He knew exactly what I wanted in a new home and helped find it.

 

~ ruthieinboca

It is a distinct pleasure to comment on the service provided by Scott Field in our recent search for a house. Though new to this region,my wife and I have bought/sold eleven homes,and interacted with some dozen realtors. Accordingly,our joint review ought to be viewed from that perspective. Our experience strongly suggests that Scott Field is an extraordinarly gifted professional. Scott always offered unvarnished assessments of the numerous properties.One learns quickly to listen carefully to his words of wisdom and experience. In fact, he was more like a brother or cousin sharing his expertise. We found Scott to always be direct,honest,and insightful. He is low-key;calm;and patient professional.Clearly,Scott was always working for Us as his top priority. Sincerely, Dr. David G

 

~ Dr. David G.

I do not know a more dedicated, honest, thorough, reliable and skilled market professional than Scott. In my dealings with him, he has been insightful, analytical, resourceful, knowledgeable, keenly aware of market conditions, outstanding negotiating skills and pro active for his clients. Without hesitation I commend Scott to anyone seeking a A++ Rated Realtor.

 

~ Rabbi Mitchell F

Scott is awesome! He helped us to find the best 3 places to live since we have being working with him. First of all, he has an eye for a right place :)), what I mean is he actually picked up a house for us to rent while we were in Europe, we came back and we arrived straight into a new house, everything was done by Scott for us while we were abroad. We trust his judgement, he is educated, sensitive to customer needs realtor and a super great person to deal with! He does excellent research homework and doesn't waste your time. Choose Scott and be happy :))

 

~ Eyal E.

We bought our condo thru Scott several years ago. We were unsure exactly what we wanted and exactly where we wanted to be. Scott was very patient and informative. I felt as though he really had our best interests in mind. It was a pleasure to work with him. I have recommended him to several friends who have also had great success in finding the right property.

 

~ Ronna S

There are few other agents that are as experienced and educated and professional as Scott Field. He has a MBA and extra education in handling distressed properties. He goes to great lengths to make sure his clients are well informed on all steps along the way and all options available to them, and clients are well served with his high attention to detail and never-ending energy. He works very hard for his clients.

 

~ Susan S

Scott was my real estate agent on a short sale family home purchase. He was extremely professional, experienced, friendly and accommodating. He spent time to understand what I was looking for within my budget. Scott invested time to show us properties that met our specifications. The home we wanted and liked the best was a short sale. Scott was very informative and articulate about the short sale process. The home was encumbered with two liens which makes it twice as difficult to get acceptance. Scott held our hands and assured everything appeared promising during the entire four months. Further, Scott as an experienced professional had great insight on which mortgage broker would get me approved within the hard deadline set by the lien holders. We had 20 days to close and it happened. Without Scott's dedication, the short sale transaction may have not been a success. I would highly recommend Scott.

 

~ Michael S

Totally honest/trustworthy - very smart and capable - hardworking - personable - great to work with.

 

~ Janyce S.

Best Realtor in west palm to work with we can't thank him enough for finding. us the perfect home.

 

~ Steven B.

Scott and I serve on the Board of Directors of the Realtors Commercial Alliance of the Realtors Association of the Palm Beaches. As president for 2012, I appreciate Scott for his thoughtful and thorough approach to the issues we deal with in attempting to navigate the association throught these troublous times. Scott takes his function of the Board seriously, which means that he applies his own experience and intelligence to our affairs. He is not a seat-warmer, but someone who truly brings an often fresh perspective to our discussions. Not only does he serve on the Board, but serves the Association in several other capacities as well. You can tell a lot about a person by how they approach a voluntary task. Scott takes his relationship with the Association seriously, and serves from the heart. You really cannot ask or expect more than that from a person: he is there for us. I value my relationship with him because of his excellent spirit in our professional and personal interactions.

 

~ John S.

If you're looking for an Agent with outstanding insight into the "big picture" of purchasing a home, Scott Field is the right choice. Not only was he able to locate exactly what I was looking for, he properly advised me on making the right offer, not too high, not too low, so I wouldn't lose what I wanted. He's great! Spot on!

 

~ chd33432

Very knowledgable of the market and helpful in all real estate transactions

 

~ Huff2000

At the time I met Scott I was about to get married. I wanted to short sell my house and my husband was buying us a new house. Scott gingerly walked us through everything we needed to do. His expertise and patience enabled us to get everything done timely and professionally. I have since recommended Scott to a friend and she too had a totally great experience with him. If you are looking for a man of integrity, Scott is the real deal. It doesn't matter if your spending $100K or a million plus. He treats each client like they are his only client.

 

~ Gfarrar717

I worked with Scott most of this year looking for a home in West Palm Beach County. All I can say to sum him up is "he is the best". Always there for any questions I had and he tolerated my many phone calls & e-mails. He was successful in finding me a home that was within my budget and continues to be there for me if I need anything even after I closed on the house. I now even consider him my friend and would gladly recommend him to anyone. You won't regret it!

 

~ cbrie303

I first met Scot Field when I sold a tri-plex where he was the realtor for the buyer-I was very impressed that he & his partner cold called me to see if I'd be interested in selling-his buyer was very specific about what he wanted to buy & where. Early in 2010 I found myself very interested in buying a multifamily investmentment property specifically in Coral Springs that was in foreclosure. He was great-only showed me exactly what I was looking for-I'd definitely recommend him.

 

~ Joseph A

Scott Field takes the time to educate clients to understand the specifics involved to make the most educated decisions on what most importantly is the outcome clients want. He will listen, take the time and deliver what you are searching for. He seems to go a bit more on the personal level to assist his client, made me feel very comfortable. I feel that he is working for me rather than just doing a job, to see me succeed at my goals. Thank you Scott, Sincerely, Daniel P. Boca Raton FL.

 

~ Daniel P.

Scott Field is our first choice in Real Estate Professionals. He had assisted us in locating a beautiful rental home in 2006. Then happily, a purchase this week. Scott is extremely knowledgable of the area, and understood our priorities. Any questions that I had were quickly and professionally answered. His experience and knowledge were insturmental in locating our new home !

 

~ Tiffanie T.

Scott was extremely helpful in helping us find our ideal home. He was very patient through the process and always available at our every need. I highly reccomend him to anyone looking for a real estate purchase.

 

~ Gloria W.

Scott was one of the best professors I had during my academic career. His strong communication skills and professionalism set a great example for everyone in the classes. Since graduating Scott has advised me on a number of business and career choices with incredible insight. Scott is an asset to any organization!

 

~ Adam P

I have worked closely with Scott on a number of projects over two decades, and his performance always exceeds expectations. Scott's relentless pursuit of solutions, marked by an ability to think outside the box as others are tied to conventional thinking, makes him an invaluable team member in any consulting situation. He blends - better than most - his academic intelligence and actual work experience, which generally means achievable results for clients. Scott is a great collaborator, possessing the qualities of a good leader and a good team player at the same time. My expectations have always been high with Scott, and yet he always meets and generally exceeds them. In countless situations, he has left organizations better than he found them. And ultimately, the best recommendation is that if I were to assemble a team of a half dozen people with whom I might work indefinitely, he would be a member of that outstanding group. I recommend him unequivocally.

 

~ Don Thompson

Gail and I can’t thank you enough for the superior service you provided us on the sale of our mom’s home in Delray Beach. We were very impressed with your ability to price the home appropriately, as well as take care of the property since we both live in Jacksonville. We also appreciate the regular updates on the showings of the home, as well as the real estate activity in the Delray Beach area. It was a pleasure working with very dedicated and sincere realtors who made a difficult task less stressful and thorough. We wish you the best of success and will certainly refer others to you. Have a wonderful and safe summer! Sincerely, Sherrie M

 

~ Sherrie M

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