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

Cell: 712.330.0604

Janie Eick

Cell: 712.339.0574

Aaron Jones

Cell: 712.336.4967

Brooke Jones

Cell: 641.420.2172

Community Updates

Ries Eyecare

Ries Eyecare in Milford

Ries Eyecare
2213 Okoboji Ave
Milford, IA 51351
Another eyecare option in the Iowa Great Lakes area is conveniently located in Milford on Hwy 71 next door to Ingwersen Chiropractic and Healthy Living Program Center.

Services provided:
Exams- Comprehensive, Contact Lens, Medical for Glaucoma, etc, Foreign Body Removal, Red Eye and Emergencies and Post- operative Care

Real Estate and MLS Homes For Sale in Milford

Lisa's Bake Shop

Lisa's Bake Shop in Spirit Lake

Located in Spirit Lake Lisa's Bake Shop offers a large selection of bakery items along with to-go deli items. If you are looking for something specific you certainly can call ahead and order a personalized cake or cheesecake or just stop in a grab some of their famous cinnamon rolls and caramel rolls. If you cant decide what to have for lunch or dinner stop in and check out their large selection of take and bake meals and soups. You will not be disappointed!

Real Estate and MLS Homes For Sale in Spirit Lake

Taco House

Taco House in Milford

A home town favorite! The Taco House is a hidden gem in the Great Lakes area. If your looking for delicious Mexican food give this a try. Taco House is not open during the winter months but you are able to put in a freezer order before they close to satisfy your craving on those cold days. Whatever you decide to order don't forget the Taco House hot sauce, you won't be disappointed.

Real Estate and MLS Homes For Sale in Milford

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