sellboji

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

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

712.339.0574

712.336.4967

Community Updates

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

The Barefoot Bar

Okoboji

Arguably the most iconic spot in all of the lakes area, Barefoot Bar is the one place you must visit when you're here for the summer. They have the best blended drinks, as well as every other cocktail

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Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

 712.229.9809

 charlie@sellboji.com

Captains Getaway

Arnolds Park

Whether you want to sit and enjoy great live music or eat a juicy steak with a lobster tail, this is a great place to spend some time. They have great ownership accompanied by a great staff. You just

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

AFLAC

Milford

Your local agent providing the Aflac benefit and service is Adam Roos (Milford). Aflac offers protection to families with a goal of reducing financial stress through income-loss and asset-loss

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