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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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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

712.339.0574

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Liz Sandy Real Estate & Lakeshore Expert (Real Estate Agent)

Liz Sandy

Real Estate & Lakeshore Expert

712.330.1386

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

Aaron Jones

RE/MAX Hall of Fame & Lifetime Achievement

712.320.9442

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Community Updates

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Great Lakes Cinema 7

Spirit Lake

If you're in the mood for a movie, this is the place to go! They've recently updated all of their seating, so its comfier than ever to enjoy a movie here! They offer daily snack and drink specials, as

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Liz Sandy Real Estate & Lakeshore Expert (Real Estate Agent)

Liz Sandy

Real Estate & Lakeshore Expert

 712.330.1386

 liz@okobojipropertygroup.com

Lisa's Bakery

Spirit Lake

New to Spirit Lake is Lisa's Bakery. We have heard wonderful reviews of her caramel and cinnamon rolls and has a variety of other bakery goods. Set up for convenience, Lisa’s Bakery also offers a

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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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