What Is Foreclosure And REO?

You can use our website to search foreclosures and contact us to set up a time to take a look or have us research some info for you. We are members of RealtyTrac which is the leading provider of foreclosure information.

The most common type of foreclosure property you'll encounter in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed and are now owned by the bank.

REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases. An REO property is one that's been foreclosed on and is now owned by the bank.

REO properties fall into two categories:

Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly.

Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs.

Where can you find REOs for sale? I have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's.

Just contact us. Oddly enough, it isn't as easy as you think to spot and buy an REO. Most banks and other mortgage institutions do a poor job of marketing these properties.

Pros of buying REOs:

• Often, you'll pay a below-market price for the property.
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.

Cons of buying REOs:

• Many banks will require an "as-is" purchase, and if there are problems or necessary repairs, paying for them is your responsibility.
• The process can take longer than a regular home sale.

Get In Touch

Local Expert Updates

Janie Eick

Cell: 712.339.0574

Will Kretsinger

Cell: 712.301.4040

Aaron Jones

Cell: 712.320.9442

Liz Sandy

Cell: 712.330.1386

Community Updates

Jimmy John's

Jimmy John's slices our all-natural meats and fresh veggies in-house every day. Our fresh-baked bread is made right here where you can see it, and our house-made tuna salad is fresh every day. The flavor of a ripe tomato, crisp shredded lettuce, combined with fresh-baked bread, fresh-sliced meat and real Hellmann's mayo - that's when the magic happens. Made with love every single day since 1983. That's Jimmy Fresh!

Real Estate and MLS Homes For Sale in Spencer

About Spencer

Lake Life

Lake Life is a local magazine, that highlights some of the best businesses in the Okoboji area. They share events, news, and all things great about this little lake town. The magazine is always free to locals, while subscriptions are available to those out of the area. With 5 magazine distributions per year, never miss out on what the Okoboji area has to offer!

Real Estate and MLS Homes For Sale in Spirit Lake

About Spirit Lake Learn More

Burger & Company

Gourmet Burgers, Spicy Chicken Thigh Sandwiches, Lobster Rolls on Friday & Saturday, Cubans, Hot Tots, Rosemary Sea Salt Fries, Beer Battered Cheese Curds, Scrumptious Milk Shakes, Crisp Salads, Huge Cookies & More!