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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Alex Parker


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Community Updates

Arrowood Resort

Arrowood Resort in Okoboji

Arrowood is a year-round conference center and hotel with over 100 guest rooms, whirlpool suites and a "Great Room" for hosting group events and hospitality suites. Formerly known as Village East, the resort offers an outdoor pool, deck, playground, volleyball and croquet courts and a heated indoor pool area. Hotel goers can also enjoy an on-site salon, Minervas Bar and Eatery and lit parking. Located on Brooks National Golf Course, Arrowwood Resort offers some of the finest lodging around. Years ago, Brooks Golf Course clubhouse was actually housed on the rear side of Arrowood, but since then, the course has been converted to 27 holes with a a new separate clubhouse. Also, the Racquet Club was a part of the facility, offering workout facilities, racquet ball, and tennis. However, with the addition of the YMCA, the racquet club was unsustainable and converted into retail.

Real Estate and MLS Homes For Sale in Okoboji

The Three Sons

The Three Sons in Milford

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.

Real Estate and MLS Homes For Sale in Milford

The Waterfront

The Waterfront in Arnolds Park

This place is amazing! From the views, atmosphere, service and food you can't go wrong. The biggest beer and drink selection at the lakes. On Sundays you can enjoy one of the largest bloody mary bars in the area. Their menu consists of a variety of steaks, seafood, and flatbreads. The Waterfront is a great addition to the lakes area!

Real Estate and MLS Homes For Sale in Arnolds Park

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