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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Yesterdays

Yesterdays in Arnolds Park

Yesterdays Restaurant has been an Okoboji favorite and is only opened seasonally. Yesterdays has a complete dinner menu that features nightly specials. They have a wonderful martini menu that will not disappoint. Make sure to also make reservations in the Japanese Teppanyaki Room. Watch as asian inspired meals are prepared and served by your personal chef.

Real Estate and MLS Homes For Sale in Arnolds Park

Burger & Company

Burger & Company in Spirit Lake

Gourmet Burgers, Spicy Chicken Thigh Sandwiches, Lobster Rolls on Friday & Saturday, Cubans, Hot Tots, Rosemary Sea Salt Fries, Beer Battered Cheese Curds, Scrumptious Milk Shakes, Crisp Salads, Huge Cookies & More!

Real Estate and MLS Homes For Sale in Spirit Lake

Okoboji Commons

Okoboji Commons in Okoboji

Check out Okoboji's newest urban metro hotel, the Okoboji Commons. Featuring 71 guest rooms, a meeting room that can hold up to 125 people. Conveniently located next to the bike trail, Brooks Golf Course, Okoboji Summer Theatre, and many Okoboji attractions. The hotel grounds are immaculate featuring gas fire pits, a gazebo, a large deck overlooking East Lake, a sand beach with hammocks, fire pits and a new dock to tie up your boat. Check out Okoboji Commons next time you are vacationing in Okoboji, you will not be disappointed!

Real Estate and MLS Homes For Sale in Okoboji

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