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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Aaron Jones

Cell: 712.320.9442

Leah Hilpipre Huse

Cell: 712.832.0051

Community Updates

Bridges Bay Resort

Bridges Bay Resort in East Lake Okoboji

Bridges Bay Resort is built on the land purchased a few years prior which used to be owned by the Nielsen family of Arnolds Park. This huge complex consists of a hotel, 3 condo buildings (a 4th is under construction), and over 100 vacation cabins. A popular part of the resort is the indoor waterpark that cabin and condo owners have access to, but also, so does the public for a fee. Braccos is a fantastic summertime restaurant and bar which is frequented by boat, by car, and by foot, especially from the owners of the condos and cabins. All of the units at Bridges Bay have an opportunity for a boat hoist, and it is an extremely popular destination for out of towners looking for a vacation spot in Okoboji. Because Bridges Bay is not within the city limits, many owners utilize property management companies to help them rent their units by the day, week, and month. I've personally sold and shown many condo and cabin units and would be delighted to help.

Real Estate and MLS Homes For Sale in East Lake Okoboji

"The Harbor"

The harbor is a man made inlet located on the north end of West Lake. A board walk surrounds the harbor and this is one of the most tranquil parts of the lake. Homeowners in the harbor have a more affordable way to have access to West Lake, and still get to enjoy the clean waters West Lake has to offer. Homes in the Harbor typically range from about $350k to as much as $700k.

Real Estate and MLS Homes For Sale in West Lake Okoboji

Weasy’s Lounge & Grill

Weasy’s Lounge & Grill in Spencer

Known locally as the Home of the “Weaser pleaser” you’ll find a full menu with a little something for everyone. The dunker burger, fried pickles, breaded cauliflower, and the crab rangoons come fully recommended. I’ve never had a meal or appetizer I wouldn’t recommend. Friendly staff and servers all inside a fun, clean, and inviting atmosphere! Located right on Grand Avenue in Spencer, Iowa they cover all your catering needs. Dine in, carry-out, reserve a party room, or stop in for Happy Hour!!

Real Estate and MLS Homes For Sale in Spencer

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