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 West Lake "Tie Up"
For most leisure boaters in the Iowa Great Lakes, there are 2 main hot spots to go throw an anchor, sit back, and just relax. Sometimes this will result in numerous boats tying up to one another (you may not even know your neighbor), and sometimes it results in a little more privacy where you can chill just by yourself. Every weekend, boaters make the trek across the deepest parts of West Lake to either Gull Point (North AND South side) and Miller's Bay. Thought there are many other great areas to throw an anchor, relax, and swim, these are the two hot spots. If you aren't sure where to go on a Saturday afternoon or wonder where your friends might be, these two spots would be a good start.
"The Bridge"
"The Bridge" has been referred to by the Wharf Bridge, the Kentucky Fried Chicken Bridge, the bridge connecting East and West, among other names. In the good old days, this was actually a draw bridge converted to the current permanent structure. In the 90's when the 3 lane was installed, there was talk about removing the bridge and making some drastic changes. All in all, the base of the bridge remained, and the upper structure was improved. I remember as a kid jumping off the bridge, and fishing on and under the bridge. In fact, an unforgettable memory I have is when I was fishing with my cousin and I casted out trying to reach the opposite corner of the bridge with my lure. In mid air, a pigeon flew and the timing was so great that my line wrapped around the pigeon, and the pigeon went into the water. I reeled it up and had caught a pigeon. My cousin then decided to hold this pigeon inside the front of his coat. We went to show people at Okoboji Boats what we had caught. When we got there, he opened his jacket, and the pigeon had pooped all over his white shirt.
Nashlo Captains Getaway
Captains Getaway in Arnolds Park is the spot for the best live music entertainment in Okoboji. Highlighting the talent rolling through the lakes is the Nashlo Series of talented up and coming performers along with artists we have all heard of. Captains Getaway in Arnolds Park is the spot to be in Okoboji for the best live music!
