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

Liz Sandy Real Estate & Lakeshore Expert (Real Estate Agent)

Liz Sandy

Real Estate & Lakeshore Expert

712.330.1386

712.336.4967

Community Updates

Janie Eick  (Real Estate Agent)

Janie Eick

 712.339.0574

 janie@sellboji.com

Little Swan Lake Winery Bed and Breakfast

Estherville

Little Swan Lake Winery is a family owned and operated business located 1-1/2 miles north of the small town of Superior in Northwest Iowa. The tasting room, a remodeled 1920's barn, features 35

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

OYBA

Milford

Okoboji Youth Basketball Association (OYBA) The Okoboji School system and basketball program is really blessed to have such a great nucleus of coaches and a system in place designed to really

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Downtown Church

Arnolds Park

Downtown Church 45 S Hwy 71 Arnolds Park, IA 51331 Next to Okoboji Middle School/Okoboji Bible Conference Services: Sunday evening at 5:30 p.m. Small Groups- Tuesday/Wednesday at 6:30

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