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

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

John Calsbeek Real Estate Expert (Real Estate Agent)

John Calsbeek

Real Estate Expert

 712.330.2943

 john@sellboji.com

Gunderson's Pub

Lake Park

Local celebrities flock to Gunderson's Pub on Main Street in Lake Park, Iowa. Gunderson's is a bar and pub with a laid back atmosphere for you to get a few drinks and catch up with old friends or

More Info
Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Great Lakes Guide Service

Outdoors

If you like to fish but don’t know the area or if you think you’d like to try fishing but don’t know where to start, give Great Lakes Guide Service a call. Shane is an avid fisherman. With over 20

More Info
Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Dickinson County Nature Center

Okoboji

A place for all ages, the Dickinson County Nature Center is a place that provides learning about nature, animals, and the environment. With many events for the community throughout the year, locals

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

×