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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Community Updates

Walleye Weekend

Walleye Weekend in East Lake Okoboji

Its almost here!!! Walleye Weekend marks the beginning of another great summer here in the Okoboji Area. Anglers from all over come to try and catch the prize fish. Our local DNR tag and release specific Walleyes while they are gillnetting in the Spring. Whether you are fishing from shore or by boat, you cannot go wrong. It is a great time to get the season started and check out the local restaurants. Maybe you will catch the big one. For more information about Walleye Weekend you can go to http://okobojichamber.com/events-calendar/iowa-great-lakes-walleye-weekend/

Real Estate and MLS Homes For Sale in East Lake Okoboji

"The Tressle"

"The Tressle" bridge used to carry the old railroad that traversed the area. Now the tressle is home to some of the areas best fishing. Served as a hot spot for fisherman, and a trail for walkers and bikers, the tressle is a classic structure of the Okobojis. We spent days jumping off of the tressle doing cannonballs, preachers, flips and the like. I know in my life my friends and I have caught literally tens of thousands of crappie and blue gill off the tressle bridge.

Real Estate and MLS Homes For Sale in East Lake Okoboji

The Waterfront

The Waterfront in Arnolds Park

This place is amazing! From the views, atmosphere, service and food you can't go wrong. The biggest beer and drink selection at the lakes. On Sundays you can enjoy one of the largest bloody mary bars in the area. Their menu consists of a variety of steaks, seafood, and flatbreads. The Waterfront is a great addition to the lakes area!

Real Estate and MLS Homes For Sale in Arnolds Park

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