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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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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

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712.336.4967

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Athletic Republic Spirit

Spirit Lake

Athletic Republic Spirit 1380 Lake St Spirit Lake, IA 51360 Located behind Central Bank in Spirit Lake, just one block off of Hwy 9 and 71. 24 hour health club with free weights, machine

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Forbes Meat

Spirit Lake

Forbes Meat 2508 Enterprise Ave Spirit Lake, IA 51360 If you want to grill out tonight, this is the place. Forbes Meats offers amazing steak, pork chops, roasts and other cuts, as well as fresh

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Character Center Climbing Tower

Spirit Lake

Located at the Bedell Family YMCA in Spirit Lake. The Climbing Tower offers 5 different "courses" offering different levels of difficulty, some easy enough for my 4 year old to enjoy and some are

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