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

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

712.336.4967

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

712.339.0574

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Community Updates

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

 641.420.2172

 brooke@sellboji.com

Hibachi 88

Spirit Lake

Hibachi 88 is a great place to enjoy Chinese food and sushi! They have a large dinner menu and also have a separate lunch menu. If you don't feel like going out or cooking at home call for take out

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Memorial Park Milford

Milford

Memorial Park Milford Located on the Northern side of Milford, Memorial Park offers not only playground equipment for the kids but several softball/baseball fields. The fields not only house

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Liz Sandy Real Estate & Lakeshore Expert (Real Estate Agent)

Liz Sandy

Real Estate & Lakeshore Expert

 712.330.1386

 liz@okobojipropertygroup.com

Studio 1328

Spirit Lake

Looking for a photographer for your wedding or event in Okoboji? Need to update your family photos? What about branding or marketing assistance with your business? Studio 1328 offers it all! They are

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