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.
If you're looking for great interior or exterior paint check out The Last Touch Benjamin Moore Paint Store at 2230 33rd Street, Suite 1, in Spirit Lake. They have a great selection of authentic colors and have been ranked highest in interior paint by JD Power and Associates for several years running. The staff is extremely knowledgeable and always ready to help whether it's with a free estimate or a color consultation. They also offer cleaning services for new construction, remodels, top-down or general cleaning plus janitorial services. You can reach them at 712-336-4475 or visit their website at www.lasttouchllc.com. When you're ready for your next project give The Last Touch a try! You won't be disappointed!
Boulders Inn and Suites promises to make your Okoboji vacation comfortable and relaxing. This new hotel just south of Emerald Hills golf course between Milford and Arnolds Park offers 40 rooms with suites to meet your individual needs. One of the best things about Boulders Inn is that it is within walking distance of the Taco House. For some of you, I know that can be a big deal!
Check out Okoboji's newest urban metro hotel, the Okoboji Commons. Featuring 71 guest rooms, a meeting room that can hold up to 125 people. Conveniently located next to the bike trail, Brooks Golf Course, Okoboji Summer Theatre, and many Okoboji attractions. The hotel grounds are immaculate featuring gas fire pits, a gazebo, a large deck overlooking East Lake, a sand beach with hammocks, fire pits and a new dock to tie up your boat. Check out Okoboji Commons next time you are vacationing in Okoboji, you will not be disappointed!
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