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.

Get In Touch

Local Expert Updates

Alex Parker

Cell: 998.765.4312

Janie Eick

Cell: 712.339.0574

Greg Sheeler

Cell: 712.330.1573

Community Updates

Ace Hardware

Ace Hardware in Estherville

As your local Ace Hardware, we are one of 5,000+ Ace stores locally owned and operated across the globe. But we are not just about numbers. We are about helping neighbors, because each one of our stores is a part of your community. We are all committed to being "the Helpful Place" by offering our customers personal service, quality products and a convenient shopping experience from the local experts who know you best. As the helpful hardware folks in your neighborhood, we promise that helping you is the most important thing we have to do today.

Real Estate and MLS Homes For Sale in Estherville

Pike's Point State Park

Pike's Point State Park in West Lake Okoboji

Pike's Point is located at 15973 213th Ave, Spirit Lake, IA on beautiful West Lake Okoboji. It is one of the largest parks in the Iowa Great Lakes, and provides for all kinds of activities including fishing, swimming, bird watching etc. This park also has a rest room, and a beach. If coming by boat, one wants to be careful as the point extends far into the lake, and there is a warning buoy roughly 300 feet from the point of shore. In 2010, many trees here were uprooted because of some severe straight line winds during the storm that reaked havoc through the Iowa Great Lakes.

Real Estate and MLS Homes For Sale in West Lake Okoboji

The Three Sons

The Three Sons in Milford

The Three Sons is your go to University of Okoboji shop!! They offer everything you need for the family from name brand items to your local Okoboji gear. The Three Sons has been a family owned and operated business since the summer of 1960. You will feel like family while you are shopping here. If you are on the boat in the summer don't forget you can also shop their inventory on the Arnolds Park Boardwalk! University of Okoboji gear is one of our favorite ways to represent Lake Okoboji on a vacation!

Real Estate and MLS Homes For Sale in Milford

Subscribe To Our Newsletter