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

Matt Lippon

Cell: 712.330.0604

Alex Parker

Cell: 998.765.4312

Community Updates

Kozy Heat

Kozy Heat in Arnolds Park

The Kozy Heat Fireplaces Gallery is a fireplace dealership located just off of Highway 71 in Arnolds Park, IA. The gallery is an authorized dealer of the following items: gas fireplaces, wood fireplaces, electric fireplaces, outdoor fireplaces, pellet grills, gas grills, smokers, charcoal grills, and ceramic grills. The Kozy Heat Gallery also offers all the tools, amenities, and gear you could possibly dream of to outfit your patio or grilling station to make your house the best hangout spot in the neighborhood. Most importantly, the Kozy Heat Gallery's mission is to assist in outfitting your home or business with the best fireplaces, grills, or accessories out there for each and every customer. With a high standard for customer satisfaction, the superb staff are always excited to accommodate your every need.

Real Estate and MLS Homes For Sale in Arnolds Park

Arrowwood Resort

Arrowwood  Resort in West Lake Okoboji

Arrowwood Resort, next to beautiful Brooks Golf Course is one of Okoboji's most well-known hotel/resort. Featuring an indoor and outdoor pool, numerous convention/meeting rooms, and a restaurant, companies and individuals flock to Arrowwood for their consistency of great stays.

Real Estate and MLS Homes For Sale in West Lake Okoboji

Matuska Taxidermy

Matuska Taxidermy in Spirit Lake

Matuska Taxidermy
3735 Hwy 71
Spirit Lake, IA 51360

Another neat experience you don’t get to see every day. Stop in and check out the amazing display of work done by Tom Matuska and Matuska Taxidermy. On display you will find all kinds of animals and fish.

Also offered is the Northwest Iowa School of Taxidermy which is a 9 week course offered two times a year designed to get you started on a successful career in taxidermy.

Real Estate and MLS Homes For Sale in Spirit Lake

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