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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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Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

712.339.0574

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

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Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

 641.420.2172

 brooke@sellboji.com

The Waterfront

Arnolds Park

This place is amazing! From the views, atmosphere, service and food you can't go wrong. The biggest beer and drink selection at the lakes. On Sundays you can enjoy one of the largest bloody mary bars

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Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

 712.339.0574

 janie@sellboji.com

Winther Stave & Co

Spencer

At Winther, Stave & Co., LLP we use a team approach. You have a team of accounting professionals at your disposal, not just one person. With specialists in many different areas, we can draw on that

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Animal House

Arnolds Park

Animal House of Okoboji, themed after the movie, is a young men's and women's clothing store, offering surf brands, and trendy clothes perfect for summer! They have a never ending array of shoes and

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