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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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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

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Kymm Jones Real Estate Professional (Real Estate Agent)

Kymm Jones

Real Estate Professional

712.320.6737

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Dawn's Dance Connection

Spirit Lake

Dawn’s Dance Connection 3140 18th St Spirit Lake, IA 51360 Dawn's Dance Connection is a dance studio that has been located in Spirit Lake, Iowa, for the past 25 years. They teach children ages

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

BonBon Frozen Yogurt

Arnolds Park

As the only frozen yogurt place in the Lakes Area, BonBon has made quite the name for itself! We wait for the day it opens, and try to go weekly throughout the summer. This self serve froyo shop is

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Sawmill Bridge-Park

Arnolds Park

Sawmill Park/Bridge Located at 314 Rohr Street in Arnolds Park sits a great family park, with newer playground equipment, a basketball hoop and a shelter area. Also located here is the Sawmill

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