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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Community Updates

The Three Sons

The Three Sons in Milford

Founded in 1960, the Three Sons has been a staple of Milford, IA retail. From Herman and Emil Richter, owners, was born the University of Okoboji, a ficticious university that calls the entire Iowa Great Lakes the campus of the U of O. Part of the experience of shopping the three sons, if walking the old battered floors, and taking a trip upstairs for half price, plus a buck. Brands you would expect in Milford Iowa are abundant, such as Patagonia, Oakley, Under Armour, Tommy Bahama, and more. There are currently 2 other stores; one at the amusement park, and another near the Regal Beagle called the bridge store. No self-respecting visitor to Okoboji leaves without visiting one of their stores.

Real Estate and MLS Homes For Sale in Milford

Emerald Hills

Emerald Hills in Arnolds Park

Emerald Hills Golf Course is one of the premier golf courses in the Iowa Great Lakes. Golfers throughout Okoboji will tell you that compared to the rest of the golf courses around, Emerald Hills is probably the most challenging. When I grew up as a kid, we lived just a half block from the back side of the course. We would sneak on with a couple short little clubs and balls we found walking the course and sometimes spent more time being chased by the sprinklers than trying to hit golf balls. Emerald Hills was owned by Gordy and Bette Benit many years ago and they can be credited with growing this course into the masterpiece it has become. Later purchased by Randy Rohlfsen and a few others, Emerald has flourished as one of the best courses around. If memory serves me right, Randy has been there since the early 1990's and has always had a strong conviction to help young golfers. He has taught and coached numerous high school teams, and they also put on a 5 day junior camp every year which has been a tremendous hit. I grew up on this course and can honestly say, you better be hitting the ball straight!

Real Estate and MLS Homes For Sale in Arnolds Park

The Coffee Shop

This quaint coffee shop in downtown Milford, IA is the talk of the town. You must stop in for a hot or cold drink and enjoy the atmosphere of this eclectic cafe. Locals and visitors alike enjoy meeting at this town favorite.

Real Estate and MLS Homes For Sale in Milford

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