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

Greg Sheeler

Cell: 712.330.1573

Alex Parker

Cell: 998.765.4312

Aaron Jones

Cell: 712.336.4967

Brooke Jones

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Community Updates

Bedell Family YMCA

Bedell Family YMCA in Spirit Lake

The Bedell Family YMCA offers many programs to kids and adults alike. Children can get their first experiences with various sports, and continue their interests as they grow into specific programs. Adults also are offered many sports, health, and wellness programs at the Y, they even provide childcare while you attend your program, or work out. The Bedell Family YMCA is also the creator of Camp Foster, an amazing camp for kids in the summer.

Real Estate and MLS Homes For Sale in Spirit Lake

Boji Tan

Boji Tan in Spirit Lake

Boji Tan is a great tanning salon located in Spirit Lake. They offer different types of beds that are four different levels. This local business is very clean and the staff is always friendly and provides you with great service. At Boji Tan they don't only offer tanning but you are able to purchase AdvoCare products also. If you are going on a trip and want to get a base tan before you leave or if you just want to warm up on those cold summer days make sure to stop at Boji Tan!

Real Estate and MLS Homes For Sale in Spirit Lake

The Ritz

The Ritz in Arnolds Park

I grew up watching Cheers, if you want that same vibe at the lake, hit The Ritz just south of the bridge. Let alone, Taylor and her staff are the salt of the earth kind of people, the food is amazing! You can tell that a lot of thought has gone into the presentation and you can taste the love in the recipes. Did I mention, they know how to mix a good cocktail as well…..Okoboji style for those who know what I mean! Cold beers, huge glasses of wine, fun kids desserts and the famous Ritz fish bowl. You gotta try it!

Real Estate and MLS Homes For Sale in Arnolds Park

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