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.

Get In Touch

Local Expert Updates

Janie Eick

Cell: 712.339.0574

Kymm Jones

Cell: 712.320.6737

Aaron Jones

Cell: 712.336.4967

Community Updates

Estherville Veterinary Clinic

Estherville Veterinary Clinic in Estherville

Estherville Veterinary Clinic is a locally owned vet clinic that provides first-class veterinary services to Estherville, IA and surrounding communities. From vaccination and flea and tick treatment to heart worm prevention and pain management, Estherville Veterinary Clinic can help. Your livestock medical needs will be served by on-farm visits with the mobile unit. Extensive in-house pharmacy, walk-ins are welcome, and after-hour emergency services. The clinic is located at 121 W. Central Avenue, Estherville, IA

Real Estate and MLS Homes For Sale in Estherville

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

Hidden Gem

Hidden Gem in Ayrshire

Beautiful views and living on the lake without all the other commotion. Silver Lake in Ayrshire is a great place to find tranquility with every day life. Boating, fishing and friendly neighbors is what you will find in this hidden gem.

Real Estate and MLS Homes For Sale in Ayrshire

Subscribe To Our Newsletter