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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Greg Sheeler

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Aaron Jones

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Community Updates

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

Okoboji Brewing Company

Okoboji Brewing Company in Spirit Lake

Okoboji Brewing Company is proudly locally owned and brewed. They brew high quality craft beer, from IPA's, Stouts, Ales, Porters, and more. They have an extensive beer menu in their taproom, which is a comfortable spot to enjoy a brew, watch TV, and get food delivered from your favorite spot in the area. You can sometimes find a local food truck parked outside, to pair with your favorite Okoboji Brewing company craft beer.

Real Estate and MLS Homes For Sale in Spirit Lake

Bridges Bay Resort

Bridges Bay Resort in Arnolds Park

Choose from a variety of luxurious condominiums and hotel-style guest rooms. Bridges Bay Resort features the area's only indoor waterpark 'Boji Splash, featuring the Cantina which serves a variety of delicious food and beverages. Bring the boat in the summer and enjoy being right on the water or get away for the weekend in the winter months and let the kids enjoy the indoor waterpark!

Real Estate and MLS Homes For Sale in Arnolds Park

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