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

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

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

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

712.336.4967

Community Updates

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Trappers Bay State Park Silver Lake

Lake Park

Trappers Bay is nestled along the north shore of Silver Lake. It is a nice quiet little spot to take the family for a weekend picnic or a day of fishing. Silver Lake is one of the few area lakes that

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Janie Eick  (Real Estate Agent)

Janie Eick

 712.339.0574

 janie@sellboji.com

The Outrigger

Okoboji

One of the area's best! The Outrigger serves fine food with an elegant, charming atmosphere. The menu has a variety of food options, but the Outrigger is well-known for their steak and seafood.

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Kurio Kastle

Spirit Lake

This place is one of the most fun businesses in the lakes area for kids, or adults who are creative, and likes to paint! Kurio Kastle is a pottery painting "palace," for anyone and everyone! You pick

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