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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Janie Eick

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Community Updates

Trappers Bay State Park Silver Lake

Trappers Bay State Park Silver Lake in Lake Park

Trappers Bay is nestled along the north shore of Silver Lake. It is a nice quiet little spot to take the family for a weekend picnic or a day of fishing. Silver Lake is one of the few area lakes that has a walleye season year around. Before the big Walleye opener on the Iowa Great Lakes, you will find Trappers Bay lined with fishing the entire length, trying to land a big walleye. Trappers has many fishing spots to choose from, however, on either side of the bridge usually produces the best fishing. Make sure to get there early, or you will likely not get an ideal spot in the early spring. Try casting a twister tail, ripple shad, or use a floating jig tipped with a minnow or leach. Good Luck!

Real Estate and MLS Homes For Sale in Lake Park

Main Street Bar & Grill

Main Street Bar & Grill in Terril

Main Street Bar and Grill is a longstanding bar/pub/lounge that also has a great selection of food. Wednesday nights they offer a wonderful steak menu. Great cocktails and great food in small-town Terril, Iowa.

Real Estate and MLS Homes For Sale in Terril

Cutting Edge Lawn Service

Cutting Edge Lawn Service in Spirit Lake

Cutting Edge Lawn Service has been proudly serving the Iowa Great Lakes Area for many years. They take pride in their impeccable customer service, and maintain strong relationships with customers, just ask your neighbors! To them, your lawn is theirs, and they want to keep it looking its absolute best. Cutting Edge's rates are competitive on all of their services, and top notch service as well. They are fully trained lawn care specialists that give 100% every time.
Their services include: Lawn Mowing, Lawn Aeration,Trimming,Spring & Fall Clean Up, De-thatching, Hedge Trimming, Raking, Weed Control, Gutter Clean Out, Landscaping, and Power Washing.

Real Estate and MLS Homes For Sale in Spirit Lake

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