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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

Broker Associate

712.330.0604

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

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Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

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Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Healthy Living Program Center Milford

Milford

Healthy Living Program Center -MILFORD 2207 US 71 Milford, IA 51351 One of the many convenient locations offered by the Bedell Family YMCA is conveniently located in Milford, on the North end of

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Duck and Goose Hunting

Outdoors

For the outdoorsmen who like to hunt ducks and geese, you have come to the right place. NW Iowa has a wide array of wetlands and great habitat and conditions to attract a large number of migratory

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Pheasant Hunting

Outdoors

For the outdoorsmen that like to go track a pheasant, once again, you’ve come to the right place. The conditions and habitat in this area allow upland game populations to thrive. There is a vast

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