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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Janie Eick

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Brooke Jones

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Community Updates

Big Spirit Lake, Small Town Feel

Big Spirit Lake, Small Town Feel in Big Spirit Lake

Separated from the rest of the Iowa Great Lakes, Big Spirit has a lot to offer. Big Spirit is actually located in Iowa and in Minnesota. This quiet setting offers a number of different lake views as well as access to fantastic fishing. While your are there, stop at the Spirit Lake Fish Hatchery. Every year they use gillnetting to catch and release walleye, muskie and pike using each fish to help breed a new batch of fish for the year. Often times the DNR catches very large fish and put them on display in one of their many fish tanks. The DNR professionals harvest fish eggs and release them after they hatch. Stop by and see the in the Spring, you will not be disappointed.

Real Estate and MLS Homes For Sale in Big Spirit Lake

The Studio Yoga & Barre

The Studio Yoga & Barre in Spirit Lake

Come to one of the two locations: Spencer or Spirit Lake @ Allure & Co. to experience a community of people seeking to live healthier lives through exercising the body and mind.
The Studio Yoga & Barre offers a variety of yoga, barre, cycling and paddle-board classes for different levels of experience.
They also offer yoga and exercise apparel, as well as oils and health supplements.

Real Estate and MLS Homes For Sale in Spirit Lake

Walleye Weekend

Walleye Weekend in East Lake Okoboji

Its almost here!!! Walleye Weekend marks the beginning of another great summer here in the Okoboji Area. Anglers from all over come to try and catch the prize fish. Our local DNR tag and release specific Walleyes while they are gillnetting in the Spring. Whether you are fishing from shore or by boat, you cannot go wrong. It is a great time to get the season started and check out the local restaurants. Maybe you will catch the big one. For more information about Walleye Weekend you can go to http://okobojichamber.com/events-calendar/iowa-great-lakes-walleye-weekend/

Real Estate and MLS Homes For Sale in East Lake Okoboji

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