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

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Brooke Jones

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Janie Eick

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Community Updates

Ferguson's

Ferguson's in Spirit Lake

Ferguson's is arguable the most popular place to buy flowers, trees and more in the lakes area. They're a family owned business, providing flowers, trees, plants, supplies, and furniture. They also have a small gift shop inside, as well as a floral shop, with freshly cut flowers. They have amazing customer service, and are there to help with all questions regarding planting and gardening. Ferguson's seems to go above and beyond, offering to bring anything you buy from them to your front door!

Real Estate and MLS Homes For Sale in Spirit Lake

Mill Creek Restaurant & Lounge

Mill Creek Restaurant & Lounge in Milford

Mill Creek is located on the NE corner of Okoboji Ave (Hwy 71) and 9th Street in Milford. Dine in or carry out. There's something for everybody--daily and nightly specials, too! The staff is friendly and the atmosphere relaxing. Great burgers, sandwiches, pizza and appetizers. A couple of my faves are the Fried Pickle Chips and the Kentucky Bourbon Sandwich. Hours are Monday-Saturday, 11 AM - 11 PM (grill open til 10 PM) and Sunday from 5 PM - 9 PM. Have a party in the events room with family and friends. Games for the kids, too!

Real Estate and MLS Homes For Sale in Milford

"Turn-Over" Thermocline

Referred to locally as the lake turning over the thermocline is a feature of lakes with deep water. The water on the top of the lake changes temperature much more variably during the year. On West Lake, it can reach as much as 75 degrees in July while the water below, greater than 35 or 40 feet deep is relatively stable around 45 degrees. In the fall and early winter, the top strata of the lake will cool to below 45 degrees, and then because it becomes denser, it will "sink" below the lower strata, thus, displacing it and making the lake "turn-over". In the deepest part of West Lake (near the 136ft mark), no light is availble, and hence little life is known whether fish or plant. Typically questions are raised as to why the surface water gets dirty for a short period of time in the fall, this this is the standard answer.

Real Estate and MLS Homes For Sale in West Lake Okoboji

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