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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Brooke Jones

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Tracy Evans

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Community Updates

The District

The District in Spirit Lake

Where muscles burn, skin sweats and community happens!
The District is a boutique fitness studio offering classes including indoor cycling, TRX® and more. The District strives to create community while encouraging and motivating all levels of fitness. Whether you're looking to PR your next race or just coming to workout with your friend, consider The District in your daily routine.

Real Estate and MLS Homes For Sale in Spirit Lake

Pirate's Cove Adventure Golf

Pirate's Cove Adventure Golf in Arnolds Park

X marks the spot for this family fun pirate themed mini golf! Pirate's Cove is located in Arnolds Park right next to the amusement park. The kids will love this summer activity. They will be able to putt their way through caves, over bridges, and under waterfalls. Being right in the middle of all the summer action you are also walking distance everything that downtown Arnolds Park offers.

Real Estate and MLS Homes For Sale in Arnolds Park

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

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