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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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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

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

712.336.4967

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

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

712.336.4967

Community Updates

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

 641.420.2172

 brooke@sellboji.com

The Boonedocks

Arnolds Park

The Boonedocks is your one-stop-shop! They have it all. Full selection of beer, wine, grocery items, and of course gasoline. Located right in Arnolds Park!

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Amber Oberman  (Real Estate Agent)

Amber Oberman

 773.308.5177

 amber@sellboji.com

The Outrigger

Okoboji

The Outrigger is an Okoboji staple open year-round for dinner. You are always s greeted with a smile and fast friendly service. Some favorites on the menu are prime rib, Light House chislic, and

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Kymm Jones Real Estate Professional (Real Estate Agent)

Kymm Jones

Real Estate Professional

 712.320.6737

 kymm@sellboji.com

Mill Creek Restaurant & Lounge

Milford

Mill Creek is located on the NE corner of Okoboji Ave (Hwy 71) and 9th Street in Milford. Dine in or carry out. There's something for everybody--daily and nightly specials, too! The staff is

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