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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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Aaron Jones RE/MAX Hall of Fame & Lifetime Achievement (Real Estate Agent)

Aaron Jones

RE/MAX Hall of Fame & Lifetime Achievement

712.320.9442

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Kymm Jones Real Estate Professional (Real Estate Agent)

Kymm Jones

Real Estate Professional

712.320.6737

712.336.4967

Community Updates

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

 712.339.0574

 janie@sellboji.com

Goodies

Spirit Lake

Goodies Handmade Candies is a small family-run business located in Spirit Lake, Iowa. Goodies has become a "must stop" place when visiting the area. Goodies offers handmade candies, ice cream,

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Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

 712.339.0574

 janie@sellboji.com

Okoboji Mattress Co.

Spirit Lake

Okoboji Mattress Co. is a Sleep Specialty Store located .7 miles west of the junction of 9 and 71 in Spirit Lake, IA. We are a locally owned Sleep Boutique featuring Serta and Simmons Mattresses and

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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

Bobs in Arnolds Park

Arnolds Park

Bobs in Anrolds Park is famous for the Bobs dog. This is a place the whole family will enjoy. You will be able to enjoy an old fashion maid rite, hot dog, and don't forget the amazing shakes! Located

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