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

Brooke Jones

Cell: 641.420.2172

Aaron Jones

Cell: 712.320.9442

Community Updates

Salon M Spa

Salon M Spa in Spencer

Salon M Spa is an Aveda concept salon in Spencer. Located in the Southpark Mall, this upscale salon is sure to exceed your expectations. Salon M Spa's services include hair cuts, colors, highlights, updo's, and even extensions. They also offer waxing, manicures, pedicures, and spray tanning. As an Aveda salon, their mission is to be environmental leaders, by creating environmentally friendly products, and be environmentally conscious in the beauty world. Another cool thing about this salon, is that they are 99.9% paperless, which means you'll be handed an iPad, instead of a book or magazine. You can even bring your own ear buds to watch Netflix while you're getting your services done.

Real Estate and MLS Homes For Sale in Spencer

Silver Lake Campgrounds

Silver Lake Campgrounds in Lake Park

Lake Park has a couple choices to choose from when deciding to camp on Silver Lake. Both campground are on the lake and offer daily, weekly, monthly or even seasonal rates. The one "in town" is a great spot located near the public pool, ball fields, the city park, public fishing dock, and the dam that flows out of Silver Lake. The camping season runs from April 15 to October 15 each year. Click the link to find more information as well as their camping rates.

Real Estate and MLS Homes For Sale in Lake Park

Subscribe To Our Newsletter