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

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Kymm Jones

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Los Lagos

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!

Los Lagos in Spirit Lake

Hibachi 88

Spirit Lake

Hibachi 88 is a great place to enjoy Chinese food and sushi! They have a large dinner menu and also have a separate lunch menu. If you don't feel like going out or cooking at home call for take out there is something for everyone. If you are a sushi fan make sure to try the Boston roll it is one of my favorites!

Hibachi 88 in Spirit Lake

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