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

Greg Sheeler

Cell: 712.330.1573

Janie Eick

Cell: 712.339.0574

Liz Sandy

Cell: 712.330.1386

Will Kretsinger

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Community Updates

The Ritz

The Ritz in Arnolds Park

Best pizza in town with an amazing view! Dock the boat and stop in the Ritz for a pizza and cold beverages. They offer live bands in the summer and during winter games! The Ritz offers a breakfast buffet and an amazing bloody mary bar on Sundays! Make sure to stop in when you are in town.

Real Estate and MLS Homes For Sale in Arnolds Park

Healthy Smiles Family Dentistry

Healthy Smiles Family Dentistry in Spirit Lake

We understand the importance of good dental hygiene and oral care and are committed to providing you the best care in a fun, pleasant environment. Using the latest technology, our experienced staff works together as a team to give you exceptional quality treatment from the time you walk in for your initial visit.

Real Estate and MLS Homes For Sale in Spirit Lake

Humane Society of NW Iowa

Humane Society of NW Iowa in Milford

The Humane Society of NW Iowa is an amazing non-profit organization in the lakes area. They are a no-kill shelter, run on donations from locals, and special events in the area throughout the year. The facility has started "PAWS with a Cause," a program that gives back to the community, by bringing animals to care facilities in the area, as well as provide a program for the youth in the area to teach them about how to be a responsible pet owner.

Real Estate and MLS Homes For Sale in Milford

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