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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Janie Eick

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Comfortec Heating, Cooling & Plumbing

Comfortec Heating, Cooling & Plumbing in Estherville

Comfortec has trained and licensed technicians who can handle the job whether you have no heat or a loud noise coming from your equipment. We are a Carrier, Ruud and Lennox dealer giving us an advantage when it comes to working with different types of furnaces. We carry a wide variety of parts and can service any brand of furnace or AC. When it comes to needing someone to come handle your heating or cooling issue, we get there fast and get the job done right anywhere in our service region. Additionally, we provide emergency service 24 hours a day, 7 days a week because problems with your heating and cooling systems or plumbing rarely only occur during a normal workday.

Real Estate and MLS Homes For Sale in Estherville

Consumers Lumber Company

Consumers Lumber Company in Spirit Lake

Consumers Lumber Company is the only locally owned and operated building center in the area. They have been proudly serving the best builders and homeowners with the best materials and services since 1906.
They have locations in Spirit Lake and Spencer Iowa with a complete line of building materials and builder’s hardware. They also have full showrooms of millwork, stone, decking and cabinetry.
Dollars spent with Consumers Lumber stay in Dickinson and Clay counties. They support all the area schools and youth organizations along with several other community charities. Consumers Lumber Company is also very proud of the fact that their 15 employees have over 200 years of combined service to our company and that they all live, shop and play here.
They offer timely and accurate project bids and drawings to better serve the areas builders and homeowners. They also provide free and fast delivery to the four county area.

Real Estate and MLS Homes For Sale in Spirit Lake

Rolling Oaks Barn

Rolling Oaks Barn in Spirit Lake

The Rolling Oaks Barn is an authentic barn that has been restored. This century old barn is available for rent for all of your event needs. The upper level is the events area where the lower level is a full service bar and is open weekly and on the weekends.

Real Estate and MLS Homes For Sale in Spirit Lake

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