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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Brooke Jones

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Janie Eick

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Community Updates

Arrowood Resort

Arrowood Resort in Okoboji

Arrowood is a year-round conference center and hotel with over 100 guest rooms, whirlpool suites and a "Great Room" for hosting group events and hospitality suites. Formerly known as Village East, the resort offers an outdoor pool, deck, playground, volleyball and croquet courts and a heated indoor pool area. Hotel goers can also enjoy an on-site salon, Minervas Bar and Eatery and lit parking. Located on Brooks National Golf Course, Arrowwood Resort offers some of the finest lodging around. Years ago, Brooks Golf Course clubhouse was actually housed on the rear side of Arrowood, but since then, the course has been converted to 27 holes with a a new separate clubhouse. Also, the Racquet Club was a part of the facility, offering workout facilities, racquet ball, and tennis. However, with the addition of the YMCA, the racquet club was unsustainable and converted into retail.

Real Estate and MLS Homes For Sale in Okoboji

EAST Algona

Real Estate and MLS Homes For Sale in Lakes Agent Insight Description of East Lake Rush Lake in the Lake Section of the Area Category.

Real Estate and MLS Homes For Sale in Algona

Central Emporium

Central Emporium in Arnolds Park

The Central Emporium is the best variety of shops and attractions, all under one roof! This location features shops for swimsuits, sweatshirts, jewelry, decorations for your home and some things that are just for fun. Find sweet treats at the candy store, enjoy a lakeside lunch or cocktail at the lower level patio bar, or have dinner with an amazing view of West Lake. Make sure to stop at the Central Emporium on your next Okoboji summer vacation.

Real Estate and MLS Homes For Sale in Arnolds Park

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