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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WEST Algona

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

Real Estate and MLS Homes For Sale in Algona

First Presbyterian Church

First Presbyterian Church in Spirit Lake

First Presbyterian Church
3501 Hill Ave
Spirit Lake, IA 51360

Services
Sunday at 8:50 a.m. (Tune in on KUOO)
Sunday at 11:15 a.m.

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Cafe Esteam

Cafe Esteam in Spirit Lake

This new coffee shop is located in the Allure & Co. downtown Spirit Lake. They offer amazing coffee, smoothies and homemade baked goods. This is a great addition to the community!

Real Estate and MLS Homes For Sale in Spirit Lake

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