sellboji

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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Local Expert Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

712.336.4967

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

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

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Janie Eick  (Real Estate Agent)

Janie Eick

 712.339.0574

 janie@sellboji.com

Deli on the Ave

Spirit Lake

Serving fresh deli sandwiches, grilled paninis, salads, sweet treats, specialty coffee and much more! Feel free to dine in and enjoy the atmosphere this unique deli provides, or order and take out.

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Milford Communications

Milford

Milford Communications 906 Okoboji Ave Milford, IA 51351 Milford Communications offers Cable Television, High Speed Internet, Telephone Service and different bundled packages. I speak from my

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Spirit Lake Noon Kiwanis PAPER DRIVE

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

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