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

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

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

712.336.4967

Janie Eick  (Real Estate Agent)

Janie Eick

712.339.0574

712.336.4967

Amber Oberman  (Real Estate Agent)

Amber Oberman

773.308.5177

712.336.4967

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

 641.420.2172

 brooke@sellboji.com

The Gardens

Arnolds Park

Great food, fantastic lake views, and amazing service. The Gardens has it all. Stop in and have a cold beverage on the deck and listen to some of the best live music in the area. Located in the

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

Aaron Jones

RE/MAX Hall of Fame

 712.320.9442

 aaron@bojihomes.com

Boulders Inn

Milford

Boulders Inn and Suites promises to make your Okoboji vacation comfortable and relaxing. This new hotel just south of Emerald Hills golf course between Milford and Arnolds Park offers 40 rooms with

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Immanuel Lutheran Church

Spirit Lake

Immanuel Lutheran Church 2300 27th St Spirit Lake, IA 51360 Services Saturday at 6 p.m. Sunday at 9 a.m.

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