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


Cell: 712.336.4967

Matt Lippon


Cell: 712.330.0604

Greg Sheeler


Cell: 712.330.1573

Janie Eick


Cell: 712.339.0574

Community Updates

Tom's Plumbing & Heating

Tom's Plumbing & Heating in Arnolds Park

Located in the heart of the Iowa Great Lakes Area, Tom's Plumbing and Heating has been offering you local Plumbing/ HVAC services for MANY years.

Call Tom's Plumbing for your Plumbing / HVAC needs, whether you are doing new construction, a current homeowner needing service, a business owner or whatever your needs may be.

The Ritzer family has owned and operated Tom's Plumbing for MANY years and provide great experience and knowledge of the industry.

Located at

172 Hwy 71 N

Arnolds Park, IA 51331

or call them at 712-332-2426

Real Estate and MLS Homes For Sale in Arnolds Park

Silver Lake Campgrounds

Silver Lake Campgrounds in Lake Park

Lake Park has a couple choices to choose from when deciding to camp on Silver Lake. Both campground are on the lake and offer daily, weekly, monthly or even seasonal rates. The one "in town" is a great spot located near the public pool, ball fields, the city park, public fishing dock, and the dam that flows out of Silver Lake. The camping season runs from April 15 to October 15 each year. Click the link to find more information as well as their camping rates.

Real Estate and MLS Homes For Sale in Lake Park

St. Albin's Episcopal Church

St. Albin's Episcopal Church in Spirit Lake

St Alban’s Episcopal Church
23rd St & Zenith Ave
Spirit Lake, IA 51360

Services
Sunday at 10 a.m.
Tuesday at 9 a. m. (Holy Eucharist-no music)

Real Estate and MLS Homes For Sale in Spirit Lake

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