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

Brooke Jones

Cell: 641.420.2172

Greg Sheeler

Cell: 712.330.1573

Janie Eick

Cell: 712.339.0574

Kymm Jones

Cell: 712.320.6737

Community Updates

Big Spirit Lake, Small Town Feel

Big Spirit Lake, Small Town Feel in

Separated from the rest of the Iowa Great Lakes, Big Spirit has a lot to offer. Big Spirit is actually located in Iowa and in Minnesota. This quiet setting offers a number of different lake views as well as access to fantastic fishing. While your are there, stop at the Spirit Lake Fish Hatchery. Every year they use gillnetting to catch and release walleye, muskie and pike using each fish to help breed a new batch of fish for the year. Often times the DNR catches very large fish and put them on display in one of their many fish tanks. The DNR professionals harvest fish eggs and release them after they hatch. Stop by and see the in the Spring, you will not be disappointed.

Terrace Park

Terrace Park is located in Brown's Bay on West Lake, Okoboji. It is one of the largest public beaches on West Lake and has entertained beach goers for many years. Next to Terrace Park is Boys Town out of Omaha, Nebraska. I remember as a kid spending entire days at terrace park, either riding bicycle or taking a moped (yes a moped) down to meet with friends and playing king on the dock. In 2010, the morning after "the storm", Terrace Park was carnage. Boat were stacked on top of each other. Trees were uprooted, and hoists were tossed around. Boats and other water craft were found in Terrace Park that belonged to owners on the North end of West Lake.

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

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