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

Aaron Jones

Cell: 234.234.2342

Brooke Johnson

Cell: 641.420.2172

Matt Rogers

Cell: 712.330.0604

Greg Harvey

Cell: 712.330.1573

Community Updates

Arnolds Perk Coffee House

Arnolds Perk Coffee House in Arnolds Park

You can't come to the Lakes Area, and not go to Arnolds Perk. This whimiscal little coffee shops is always very busy in the summers, and rightfully so; their coffee is amazing! They also have breakfast, lunch, and their ever famous cupcakes, along with their coffee drinks. Located just across the street from the Arnolds Park amusement park, its the perfect place to stop at on your vacation in the mornings!

Real Estate and MLS Homes For Sale in Arnolds Park

The Lost Gypsy Boutique

The Lost Gypsy Boutique in Arnolds Park

Look What’s new In Arnolds Park:
The Lost Gypsy Boutique offers fun and nicely priced apparel that will be perfect for your Okoboji wardrobe! Hats, shoes, purses, and unique fashions in the latest colors will have everyone asking “where did you get that!”. Located just east of Table 316 in the former Dragon Palace restaurant. CHECK IT OUT!

Real Estate and MLS Homes For Sale in Arnolds Park

Athletic Republic Spirit

Athletic Republic Spirit in Spirit Lake

Athletic Republic Spirit
1380 Lake St
Spirit Lake, IA 51360

Located behind Central Bank in Spirit Lake, just one block off of Hwy 9 and 71.

24 hour health club with free weights, machine weights, cardio machines, as well as kettle balls, battle ropes and more.

Athletic Republic and Levi Markwardt have developed a great reputation throughout the Iowa Great Lakes area for Adult personal training and Performance training for athletes.

Call for more info at 712-336-4040

Real Estate and MLS Homes For Sale in Spirit Lake

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