sellboji

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

Kymm Jones Real Estate Professional (Real Estate Agent)

Kymm Jones

Real Estate Professional

712.320.6737

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

712.339.0574

712.336.4967

Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

712.229.9809

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

The Inn of Okoboji

Okoboji

3301 Lakeshore Drive Okoboji, IA 51355 WEBSITE For a little History of The Inn dating back to the 1890's CLICK HERE The Inn at Okoboji offers so much to do and so much history. Located

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Silver Lake Campgrounds

Lake Park

Lake Park has a couple choices to choose from when deciding to camp on Silver Lake. Both campground are on the lake and offer daily, weekly, monthly or even seasonal rates. The one "in town" is a

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

The Lost Gypsy Boutique

Arnolds Park

Look What’s new In Arnolds Park: The Lost Gypsy Boutique offers fun and nicely priced apparel that will be perfect for your Okoboji wardrobe! Hats, shoes, purses, and unique fashions in the latest

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