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.

Get In Touch

Local Expert Updates

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

712.330.0604

712.336.4967

Liz Sandy Real Estate & Lakeshore Expert (Real Estate Agent)

Liz Sandy

Real Estate & Lakeshore Expert

712.330.1386

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Fisherman's Factory Outlet

Spirit Lake

Fisherman’s Factory Outlet 1803 18th St (Hwy 9 & 71) Spirit Lake, IA 51360 Located across the street from Pure Fishing, the Fisherman’s Factory Outlet is a must stop for avid fishermen. This

More Info
Aaron Jones RE/MAX Hall of Fame (Real Estate Agent)

Aaron Jones

RE/MAX Hall of Fame

 712.320.9442

 aaron@bojihomes.com

"The Harbor"

West Lake Okoboji

The harbor is a man made inlet located on the north end of West Lake. A board walk surrounds the harbor and this is one of the most tranquil parts of the lake. Homeowners in the harbor have a more

More Info
Liz Sandy Real Estate & Lakeshore Expert (Real Estate Agent)

Liz Sandy

Real Estate & Lakeshore Expert

 712.330.1386

 liz@okobojipropertygroup.com

Bombazi Salon

Arnolds Park

Bombazi, by definition, means of the highest quality. Bombazi Salon is located in Arnolds Park, IA along the broadway strip. They offer hair care, pedicures, manicures, and waxing. All of our services

More Info

Subscribe To Our Newsletter

The newsletter is sent periodically and will updated you on the latest real estate news and offers.

Your browser is out-of-date!

Update your browser to view this website correctly.

Update my browser now

×