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.

Get In Touch

Local Expert Updates

Aaron Jones

Cell: 123.475.4564

Janie Eick

Cell: 712.339.0574

Brooke Jones

Cell: 641.420.2172

Community Updates

Sunset Travel Agency

Sunset Travel Agency in Milford

Start planning now for all of your fall and winter getaways. We are specialists in all inclusives, cruises, family reunions, honeymoons and destination weddings. In specific areas we are specialists in Mexico, Disney, cruises and hotels. You can have confidence is Sunset Travel Agency with over 35 years of experience in the travel industry.

Real Estate and MLS Homes For Sale in Milford

Ruthven Meat Locker

Ruthven Meat Locker in Ruthven

Ruthven Meat Locker is a local family owned business. Ruthven Locker at the Lakes is their 2nd retail store (with the original Meat Processing plant being a staple in the small town of Ruthven, Iowa). They are a full service meat shop providing their customers with excellent high quality cuts of beef & pork. Also provided are smoked meat snacks which they make right on site in Ruthven. Sure to please even the pickiest of palates! Ruthven Meat Locker prides themselves on promoting other local small businesses by selling them in our Spirit Lake store. You find everything from fine wood pieces to local honey, microgreens, baked goods, and delicious cheesecake. The Butcher’s Wife is always available to answer your questions and take special orders. Come on in and you’ll soon see that the rumors are true!

Real Estate and MLS Homes For Sale in Ruthven

Los Pueblos

Los Pueblos in Arnolds Park

Los Pueblos is a family owned business known for serving some of the best food around with a very festive atmosphere. Enjoy one of their famous margaritas while you munch on some chips and salsa. Whether you are in the mood for enchiladas, burritos, fajitas, or fish tacos, they have something the whole family can enjoy!

Real Estate and MLS Homes For Sale in Arnolds Park

Subscribe To Our Newsletter