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 Johnson

Cell: 712.320.6737

Greg Harvey

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Community Updates

Midwest Modern Furniture

Midwest Modern Furniture in Spirit Lake

Talk about a fun place to shop--this is one of the best! The owners and staff (including Britt, the furniture dog) are so personable and welcoming that you'll find yourself hanging out in their store because it's so much like home (or what you'd like your home to be)! They have great furniture, rugs, lighting to fit any budget. They also sell vi... ntage pieces which don't last long in the store! And plants, yes, they even have plants! Plan to spend some time when you come here because there's so much to see! Located at 3520 Hwy 71 South, Spirit Lake or go to midwestmodernfurniture.com.  Show More

Real Estate and MLS Homes For Sale in Spirit Lake

Matuska Taxidermy

Matuska Taxidermy in Spirit Lake

Matuska Taxidermy
3735 Hwy 71
Spirit Lake, IA 51360

Another neat experience you don’t get to see every day. Stop in and check out the amazing display of work done by Tom Matuska and Matuska Taxidermy. On display you will find all kinds of animals and fish.

Also offered is the Northwest Iowa School of Taxidermy which i... s a 9 week course offered two times a year designed to get you started on a successful career in taxidermy.  Show More

Real Estate and MLS Homes For Sale in Spirit Lake

Kiwanis Park

Kiwanis Park in Spirit Lake

Kiwanis Park
1100 23rd St
Spirit Lake, IA 51360

Close to the schools, Fareway Grocery and the bike trails, Kiwanis park offers a Shelter house, access to the bike trail system, good playground equipment, especially for younger kids, grills, park benches, picnic tables and has handicap-accessible restroomsKiwanis Park
1100 23rd ... St
Spirit Lake, IA 51360

Close to the schools, Fareway Grocery and the bike trails, Kiwanis park offers a Shelter house, access to the bike trail system, good playground equipment, especially for younger kids, grills, park benches, picnic tables and has handicap-accessible restrooms
  Show More

Real Estate and MLS Homes For Sale in Spirit Lake

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