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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Saint Mary's Catholic Church

Spirit Lake

Saint Mary’s Catholic Church
1005 Hill Ave
Spirit Lake, IA 51360

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The Bear

Spencer

The Bear is an eclectic little coffeehouse and wine bar nestled in Spencer. The bear serves amazing breakfast, lunch and dinner year round, as well as beer, wine, and of course, the finest coffee. It has a casual, comfortable setting, sure to keep you coming back for more. Its also great for meetings, work events, or just a nice spot to meet friends. They host events, local live entertainment, and more; they're very involved in their community.

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