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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Kymm Jones

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Brooke Jones

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Community Updates

Remington's

Remington's in Spirit Lake

Remington's in Okoboji has great appetizers, salads, sandwiches, steak and much more. Remington's also has daily lunch and dinner specials. Happy Hour Mon - Fri 4pm - 6pm with free popcorn. Saturday is "Game Day" 11am - 4pm with drink and appetizer specials. Lunch and dinner reservations are taken, along with large group reservations with seating up to 150 people. Remington's offers a semi-private dining room that seats 50 people.

Real Estate and MLS Homes For Sale in Spirit Lake

Consumers Lumber Company

Consumers Lumber Company in Spencer

Consumers Lumber Company is the only locally owned and operated building center in the area. They have been proudly serving the best builders and homeowners with the best materials and services since 1906.
They have locations in Spirit Lake and Spencer Iowa with a complete line of building materials and builder’s hardware. They also have full showrooms of millwork, stone, decking and cabinetry.
Dollars spent with Consumers Lumber stay in Dickinson and Clay counties. They support all the area schools and youth organizations along with several other community charities. Consumers Lumber Company is also very proud of the fact that their 15 employees have over 200 years of combined service to our company and that they all live, shop and play here.
They offer timely and accurate project bids and drawings to better serve the areas builders and homeowners. They also provide free and fast delivery to the four county area.

Real Estate and MLS Homes For Sale in Spencer

Allure & Co

Allure & Co in Spirit Lake

What do you get when you combine four great businesses? Allure & Co. Studio 1328, Boat House Apparel, Lake Life, and House of Fleur are all of the amazing businesses in the chic space in downtown Spirit Lake. This beautiful space is also a great place to hold intimate events, birthday parties, and more. The women that make up Allure & Co. have an amazing insight to style, fashion, photography, and interior design. Be sure to check out one of the newest businesses on Hill Ave!

Real Estate and MLS Homes For Sale in Spirit Lake

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