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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The Three Sons in Milford

The Three Sons

Browse Milford Real Estate

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.

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Bridges Bay Resort in East Lake Okoboji

Bridges Bay Resort

Browse East Lake Okoboji Real Estate

Bridges Bay Resort is built on the land purchased a few years prior which used to be owned by the Nielsen family of Arnolds Park. This huge complex consists of a hotel, 3 condo buildings (a 4th is under construction), and over 100 vacation cabins. A popular part of the resort is the indoor waterpark that cabin and condo owners have access to, but also, so does the public for a fee. Braccos is a fantastic summertime restaurant and bar which is frequented by boat, by car, and by foot, especially from the owners of the condos and cabins. All of the units at Bridges Bay have an opportunity for a boat hoist, and it is an extremely popular destination for out of towners looking for a vacation spot in Okoboji. Because Bridges Bay is not within the city limits, many owners utilize property management companies to help them rent their units by the day, week, and month. I've personally sold and shown many condo and cabin units and would be delighted to help.

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AmericInn in Okoboji

AmericInn

Browse Okoboji Real Estate

AmericInn Lodge & Suites is centrally located in Okoboji on beautiful Brooks National Golf Course. This hotel offers 61 guest rooms all with 32' flat screen televisions and plush top beds. There are a variety of different room types are available.....fireplace, whirlpool tub, patio or balcony. They offer a free hot home-style breakfast such as waffles, sausage, eggs or biscuits and gravy, fresh fruit, yogurt and more! Enjoy the heated swimming pool, whirlpool, sauna or soak up the sun on one of the three patios. AmericInn offers an affordable option to tourists, especially in the summer. It is also conveniently located just off the trail system in Okoboji.

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