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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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Local Expert Updates

Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

712.229.9809

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Okoboji Store

Okoboji

Bringing back the old Okoboji general store from 1884, the Okoboji Store has made a huge name for itself since it opened in 2015. The Okoboji Store is nearly always busy, thanks to their amazing food

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Aaron Jones RE/MAX Hall of Fame (Real Estate Agent)

Aaron Jones

RE/MAX Hall of Fame

 712.320.9442

 aaron@bojihomes.com

Dry Dock

Restaurants of the Iowa Great Lakes

The Dry Dock, connected to Four Season's Resort offers a simplified menu, but consistent delicious food. One of the few restaurants on West Lake Okoboji, the Dry Dock offers up legendary breakfasts,

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Janie Eick  (Real Estate Agent)

Janie Eick

 712.339.0574

 janie@sellboji.com

Little Swan Lake Winery Bed and Breakfast

Estherville

Little Swan Lake Winery is a family owned and operated business located 1-1/2 miles north of the small town of Superior in Northwest Iowa. The tasting room, a remodeled 1920's barn, features 35

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