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

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

Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

 712.229.9809

 charlie@sellboji.com

Family, Fishing, Fun

Lake Minnewashta

If you are looking for a place to catch a bunch of fish in a short period of time, the dock in Minnewashta right off of Sawmill Park in Arnolds Park is the place. Fish with a worm or throw a crank

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Salon M Spa

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,

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Spirit Lake Municipal Airport

Okoboji

Spirit Lake Municipal Aiport For those of you not familiar with the area, wondering what the story is behind the runway in Okoboji, here is a little information for you. At the corner of

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