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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Aaron Jones

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Janie Eick

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Community Updates

Bombazi Salon

Bombazi Salon in Arnolds Park

Bombazi, by definition, means of the highest quality. Bombazi Salon is located in Arnolds Park, IA along the broadway strip. They offer hair care, pedicures, manicures, and waxing. All of our services are available for weddings and other parties. Tammy and her staff will take great care of you! Click below to view their webpage.

Real Estate and MLS Homes For Sale in Arnolds Park

Beer Can Alley

Beer Can Alley in Arnolds Park

The ever popular country bar in Des Moines is now a staple bar in the Okoboji area. The only bar of its kind in the area is always a good time in the summer. Their rustic country feel, and country music always blasting on the TV's is sure to create a good time for anyone visiting the area. With a huge bar, and great indoor/outdoor atmosphere, this is one bar you don't want to miss!

Real Estate and MLS Homes For Sale in Arnolds Park

Getting's Garden

Getting's Garden in Sanborn

Getting's Garden is a strawberry farm where you can pick delicious Iowa berries. You can also purchase already picked berries at our Market. Stop and get a fresh strawberry shake or slushy.This is a great family outing, so bring your kids along!!!

Real Estate and MLS Homes For Sale in Sanborn

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