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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Brooke Jones

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Janie Eick

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Community Updates

Haywards Bay

Haywards Bay in West Lake Okoboji

Haywards Bay on West Lake Okoboji boasts low approaches and one of the few areas on West Lake to offer sand beaches. Renowned for the "bay of the flags", you will know you are in Haywards bay because of the all the American flags on the end of the docks. Fishing is great in Haywards Bay and the sunsets are one in a million. To get to Haywards Bay by car, one would drive the east side of the lake on Lakeshore Dr.

Real Estate and MLS Homes For Sale in West Lake Okoboji Find more about West Lake Okoboji Learn More Here

Bomgaars Building Center

Bomgaars Building Center in Spirit Lake

Bomgaars
2201 Hwy 71
Spirit Lake, IA 51360

Bomgaars offers a great selection and a convenient location in Spirit Lake. Open at 7 am Monday through Saturday and 10 am on Sunday.

Bomgaars is great for pretty much any of your home improvement projects.

Real Estate and MLS Homes For Sale in Spirit Lake Find more about Spirit Lake Learn More Here

Pioneer Theatre

Pioneer Theatre in Milford

The Pioneer Theatre is one of the area's best-kept secrets. As the owners point out on their website, The Pioneer Theatre is an "historic downtown movie theater with modern recliner seating and family-friendly prices." Checkout the website at milfordpoineertheatre.com for movies and showtimes. You may also buy your tickets and reserve your seats online! Located in Downtown Milford, Iowa--just another great reason to come to Milford!

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