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

Greg Sheeler

Phone: 712.336.4967
Cell: 712.330.1573

Matt Lippon - Broker Associate

Matt Lippon

Phone: 712.336.4967
Cell: 712.330.0604

Community Updates

Minervas Restaurant & Bar

Minervas Restaurant & Bar in Okoboji

Minervas is located in the Arrowwood Resort in Okoboji. Their menu offers a little of everything! From classic pastas and aged steaks to seafood everyone will leave satisfied. They offer a great "Pick Two" option for lunch and the atmosphere is excellent. They also do a pasta night that seems to be a staple in the community. Getting to pick your sauce and everything that goes into your pasta which is then made right in front of you is certainly a treat for the whole family!

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Allure & Co.

Allure & Co. in Spirit Lake

Allure & Co. is a great one stop shop with many businesses all in one building! Home decor, rugs, furniture, lighting, a yoga studio, photographer, hair salon, massage and a coffee shop all under one roof! They offer so many great brands to provide some great shopping in the lakes area. The staff is very friendly which makes it a fun place to shop.

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Lisa's Bake Shop

Lisa's Bake Shop in Spirit Lake

Located in Spirit Lake Lisa's Bake Shop offers a large selection of bakery items along with to-go deli items. If you are looking for something specific you certainly can call ahead and order a personalized cake or cheesecake or just stop in a grab some of their famous cinnamon rolls and caramel rolls. If you cant decide what to have for lunch or dinner stop in and check out their large selection of take and bake meals and soups. You will not be disappointed!

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