What Is Foreclosure And REO?

You can use our website to search foreclosures and contact us to set up a time to take a look or have us research some info for you. We are members of RealtyTrac which is the leading provider of foreclosure information.
The most common type of foreclosure property you'll encounter in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed and are now owned by the bank.

REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases.  An REO property is one that's been foreclosed on and is now owned by the bank.
 
REO properties fall into two categories:
Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly.
Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs.
Where can you find REOs for sale? I have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's. 
 
Just contact us.  Oddly enough, it isn't as easy as you think to spot and buy an REO.  Most banks and other mortgage institutions do a poor job of marketing these properties. 

 
Pros of buying REOs:

• Often, you'll pay a below-market price for the property.
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.
 
Cons of buying REOs:
 
• Many banks will require an "as-is" purchase, and if there are problems or necessary repairs, paying for them is your responsibility.
• The process can take longer than a regular home sale.

 

Get In Touch

Local Expert Updates

Greg Sheeler

Cell: 712.330.1573

Matt Lippon

Cell: 712.330.0604

Brooke Jones

Cell: 641.420.2172

Community Updates

Spirit Lake Noon Kiwanis PAPER DRIVE

Spirit Lake Noon Kiwanis PAPER DRIVE in Spirit Lake

If you are looking for a way to get rid of paper and don't want to throw it in the garbage, the Spirit Lake Noon Kiwanis Group offers a great solution. In addition to being eco-friendly you are helping this Kiwanis Group raise money to help children and the community out in other ways.

A couple time of month the local group will go out and pick up paper from your curb side, contact the group for their schedule.
OR
Just South of Faraway and just North of Kiwanis Park, is parked a semi trailer with a sign "Spirit Lake Noon Kiwanis Paper Drive" At any time you can take your paper to this trailer.

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

SUNNYVILLE BAKERY

Real Estate and MLS Homes For Sale in SunnyvilleAgent Insight on the Sunnyville Bakery in Sunnyville City

Real Estate and MLS Homes For Sale in Algona Find more about Algona

Dry Dock

Dry Dock in Restaurants of the Iowa Great Lakes

The Dry Dock, connected to Four Season's Resort offers a simplified menu, but consistent delicious food. One of the few restaurants on West Lake Okoboji, the Dry Dock offers up legendary breakfasts, great lunches and dinners, and the local favorite Friday Night Fish Fry. Sit inside or out after arriving by foot, car, or boat.

Find more about Restaurants of the Iowa Great Lakes

Subscribe To Our Newsletter