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.

Get In Touch

Local Expert Updates

Brooke Jones

Cell: 641.420.2172

Janie Eick

Cell: 712.339.0574

Community Updates

Lake Park Public Pool

Lake Park Public Pool in Lake Park

Lake Park is one of the few cities around the Iowa Great Lakes that has an outdoor public swimming pool. It offers some great rates for annual memberships. 2016 family membership was $100 and an individual membership was only $65. They also offer swimming lessons, starting as early as infants and toddlers. Specific evenings also offer classes for adults. The pool's normal hours of operation in the summer are 1PM to 8PM.

Real Estate and MLS Homes For Sale in Lake Park

The Boonedocks

The Boonedocks in Arnolds Park

The Boonedocks is your one-stop-shop! They have it all. Full selection of beer, wine, grocery items, and of course gasoline. Located right in Arnolds Park!

Real Estate and MLS Homes For Sale in Arnolds Park

The Studio Yoga & Barre

The Studio Yoga & Barre in Spirit Lake

Come to one of the two locations: Spencer or Spirit Lake @ Allure & Co. to experience a community of people seeking to live healthier lives through exercising the body and mind.
The Studio Yoga & Barre offers a variety of yoga, barre, cycling and paddle-board classes for different levels of experience.
They also offer yoga and exercise apparel, as well as oils and health supplements.

Real Estate and MLS Homes For Sale in Spirit Lake

Subscribe To Our Newsletter