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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

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

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

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Boji Tattoo & Piercing

Arnolds Park

Boji Tattoo is a very welcoming tattoo place in the Lakes Area. Offering very competitive pricing for tattoos and piercings, Boji Tattoo is a great place for your next piece of ink. You can rest

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

Aaron Jones

RE/MAX Hall of Fame

 712.320.9442

 aaron@bojihomes.com

"The Bridge"

West Lake Okoboji

"The Bridge" has been referred to by the Wharf Bridge, the Kentucky Fried Chicken Bridge, the bridge connecting East and West, among other names. In the good old days, this was actually a draw bridge

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