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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Local Expert Updates

Brooke Jones

Cell: 641.420.2172

Aaron Jones

Cell: 712.320.9442

Leah Hilpipre

Cell: 712.832.0051

Community Updates

The Studio Yoga & Barre

The Studio Yoga & Barre in Spencer

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

Real Estate and MLS Homes For Sale in Spencer

Los Lagos

Los Lagos in Spirit Lake

Calling all Mexican food lovers! Los Lagos has a wide variety of authentic Mexican food to choose from. Come in and sit down in the large, open dining room with a full-service bar. They offer happy hour drink and food specials that are sure to please!

Real Estate and MLS Homes For Sale in Spirit Lake

Estherville Veterinary Clinic

Estherville Veterinary Clinic in

Estherville Veterinary Clinic is a locally owned vet clinic that provides first-class veterinary services to Estherville, IA and surrounding communities. From vaccination and flea and tick treatment to heart worm prevention and pain management, Estherville Veterinary Clinic can help. Your livestock medical needs will be served by on-farm visits with the mobile unit. Extensive in-house pharmacy, walk-ins are welcome, and after-hour emergency services. The clinic is located at 121 W. Central Avenue, Estherville, IA

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