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

Cutting Edge Lawn Service

Cutting Edge Lawn Service in Spirit Lake

Cutting Edge Lawn Service has been proudly serving the Iowa Great Lakes Area for many years. They take pride in their impeccable customer service, and maintain strong relationships with customers, just ask your neighbors! To them, your lawn is theirs, and they want to keep it looking its absolute best. Cutting Edge's rates are competitive on all of their services, and top notch service as well. They are fully trained lawn care specialists that give 100% every time.
Their services include: Lawn Mowing, Lawn Aeration,Trimming,Spring & Fall Clean Up, De-thatching, Hedge Trimming, Raking, Weed Control, Gutter Clean Out, Landscaping, and Power Washing.

Real Estate and MLS Homes For Sale in Spirit Lake Find more about Spirit Lake Learn More Here

Humane Society of NW Iowa

Humane Society of NW Iowa in Milford

The Humane Society of NW Iowa is an amazing non-profit organization in the lakes area. They are a no-kill shelter, run on donations from locals, and special events in the area throughout the year. The facility has started "PAWS with a Cause," a program that gives back to the community, by bringing animals to care facilities in the area, as well as provide a program for the youth in the area to teach them about how to be a responsible pet owner.

Real Estate and MLS Homes For Sale in Milford Find more about Milford Learn More Here

Disc Golf in Lake Park

Disc Golf in Lake Park in Lake Park

In 2012, thanks to many local sponsors the city of Lake Park was able to build and design a 9 hole disc golf course. Nestled around the city park, pool, campground, and football field, the disc golf course offers some great challenging holes. The course was designed by Lake Park disc golf enthusiasts Nicholas Hemphill and Tristam Nebelsick. Disc Golfing offers a family friendly opportunity get out and enjoy the outdoors.

Real Estate and MLS Homes For Sale in Lake Park Find more about Lake Park Learn More Here

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