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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Matt Lippon - Broker Associate

Matt Lippon

Phone: 712.336.4967
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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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Ruthven Meat Locker

Ruthven Meat Locker in Spirit Lake

Ruthven Meat Locker located downtown Spirit Lake. They offer a wide variety of quality fresh and award-winning smokes retail meats along with seasoning rubs and cheeses. You cant go wrong with the "locker trash" it definitely makes the best boat snack!

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Cafe Esteam

Cafe Esteam in Spirit Lake

This new coffee shop is located in the Allure & Co. downtown Spirit Lake. They offer amazing coffee, smoothies and homemade baked goods. This is a great addition to the community!

Real Estate and MLS Homes For Sale in Spirit Lake Find more about Spirit Lake

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