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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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Local Expert Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

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

Aaron Jones

RE/MAX Hall of Fame & Lifetime Achievement

712.320.9442

712.336.4967

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

712.339.0574

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Athletic Republic Spirit

Spirit Lake

Athletic Republic Spirit 1380 Lake St Spirit Lake, IA 51360 Located behind Central Bank in Spirit Lake, just one block off of Hwy 9 and 71. 24 hour health club with free weights, machine

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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

St. Patrick's Day!

Emmetsburg

Check out Emmetsburg for your St. Patrick's Day celebration! You may just be surprised what a great location this is for some fun. It was even featured among the 10 most surprising places to

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Table 316

Arnolds Park

16 cent beers, need I say more? Make sure you're here at exactly 3:16 pm, and you'll get your fill of 16 cent beers for a whole hour! Then, they go up $1 every hour after that. Table 316 also has

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