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

Aaron Jones

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Kymm Jones

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Community Updates

"The Harbor"

The harbor is a man made inlet located on the north end of West Lake. A board walk surrounds the harbor and this is one of the most tranquil parts of the lake. Homeowners in the harbor have a more affordable way to have access to West Lake, and still get to enjoy the clean waters West Lake has to offer. Homes in the Harbor typically range from about $350k to as much as $700k.

Real Estate and MLS Homes For Sale in West Lake Okoboji

Lake Park Public Pool

Lake Park Public Pool in Lake Park

Lake Park is one of the few cities around the Iowa Great Lakes that has an outdoor public swimming pool. It offers some great rates for annual memberships. 2016 family membership was $100 and an individual membership was only $65. They also offer swimming lessons, starting as early as infants and toddlers. Specific evenings also offer classes for adults. The pool's normal hours of operation in the summer are 1PM to 8PM.

Real Estate and MLS Homes For Sale in Lake Park

Los Pueblos

Los Pueblos in Arnolds Park

Los Pueblos is a family owned business known for serving some of the best food around with a very festive atmosphere. Enjoy one of their famous margaritas while you munch on some chips and salsa. Whether you are in the mood for enchiladas, burritos, fajitas, or fish tacos, they have something the whole family can enjoy!

Real Estate and MLS Homes For Sale in Arnolds Park

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