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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

Janie Eick  (Real Estate Agent)

Janie Eick

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Buchanan Park

Milford

Buchanan Park Located a block East from Hwy 71 on 13th Street in Milford and a half block South on P Ave, this is a surprisingly nice and quiet little park that my kids enjoy frequenting. We like

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

First Presbyterian Church

Spirit Lake

First Presbyterian Church 3501 Hill Ave Spirit Lake, IA 51360 Services Sunday at 8:50 a.m. (Tune in on KUOO) Sunday at 11:15 a.m.

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Melanders

Milford

Melanders-downtown Milford 922 Okoboji Ave Milford, IA 51351 New and used kitchen appliances, great selection, wide variety of the top brands. Local, helpful service.

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