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

Janie Eick

Cell: 712.339.0574

Greg Sheeler

Cell: 712.330.1573

Leah Hilpipre

Cell: 712.832.0051

Brooke Jones

Cell: 641.420.2172

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

The Gardens

The Gardens in 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 Central Emporium in Arnolds Park the Gardens puts you in the middle of all the summer action. Make sure to stop in and enjoy one of the best bars in the area!

Real Estate and MLS Homes For Sale in Arnolds Park

Snooks of Okoboji

Snooks of Okoboji in Okoboji

Snook’s of Okoboji started primarily as a retail flooring store. After a transfer of ownership, the new owner, Bill Adams, has transformed our store into a one-stop home store. We now not only retail flooring, but also offer a wide selection of furniture, bedding, window treatments, decor and outdoor living. With the ability to purchase from the floor or order custom, we’ll make sure you get what you’re looking for to suit your space. Let our family help your’s.
Stop by today or shop online at snooksofokoboji.com.

Real Estate and MLS Homes For Sale in Okoboji

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