What Is An REO vs Short Sale?

Here's something you might be wondering: What's the difference between an REO property and a short sale?
 An REO property is one that has already gone through foreclosure and is currently owned by the bank, which is trying to sell it to a buyer.
 A short sale is a real estate transaction that takes place when an owner owes more on the mortgage than the house is currently worth and the bank agrees to a sale for less than the full mortgage balance in order to avoid foreclosure. A property involved in a short sale is not bank-owned.
 The number of short sale transactions has increased in recent years, and you're likely to run into homes like this on the market as you view properties. As with REOs, short sales can be complicated.

 
TIP
Despite what you may hear on TV, buying foreclosures is not a get-rich-quick scenario. REOs can offer a way to buy property at below-market prices, but the process is different than an average home sale.

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Greg Sheeler

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Okoboji Boat Works

Okoboji Boat Works in West Lake Okoboji

Okoboji Boat Works is home to "The Fish Shack" and "The Inconvenience Store". Formerly a marina of thriving boat sales since 1890, OBW now offers up many different rentals, a 24 hour gas dock, excursion boats, and more. I remember the days as a child of fishing for crappie and blue gill here and along the docks of Smith's Bay. Though the scenery has changed, the outstanding fishing has not.

Real Estate and MLS Homes For Sale in West Lake Okoboji

Mother Nature's Restaurant

Mother Nature's Restaurant in Estherville

Mother Nature's is an American Restaurant Style bar/restaurant/lounge. Mother Nature's has been a local Estherville bar and grill since 1978. Stop in for the best burgers and steaks in town!

Real Estate and MLS Homes For Sale in Estherville

Jonathan Blake Interiors

Jonathan Blake Interiors in Okoboji

I have had the privilege to get know Kristi Leigh over the last few years and her eye for design is second to none. JB Interiors founded in 2002, offers specialized interior design for both residential and commercial clients. Her office located in the heart of Okoboji displays a small fraction of her talent and ideas. Showcasing unique furniture, wall decor, rugs, lighting, and many interior design accessories. Kristi takes the overwhelming and challenging aspect of interior design and creates a space exactly as you have envisioned. Take a moment out of your day to stop by the studio, or check out her design and the new Okoboji Commons Hotel.

Real Estate and MLS Homes For Sale in Okoboji

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