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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Local Expert Updates

Janie Eick

Cell: 712.339.0574

Matt Lippon

Cell: 712.330.0604

Aaron Jones

Cell: 712.320.9442

Greg Sheeler

Cell: 712.330.1573

Brooke Jones

Cell: 641.420.2172

Community Updates

OYBA

OYBA in Milford

Okoboji Youth Basketball Association (OYBA)

The Okoboji School system and basketball program is really blessed to have such a great nucleus of coaches and a system in place designed to really build the children through team work and skill building. OYBA has put together a board and a mission that is really great for the kids and is designed to develop the kids to prepare them for High School Basketball.

Each winter, OYBA puts out teams ranging from 3rd grade up to 8th grade, both girls teams and boys teams.
I am one of the coaches for the 5th grade girls team, we have 24 kids out for basketball, for such a small class, those numbers are amazing.
We put together 3 traveling teams and each of our teams is signed up for 5 tournaments this winter season, the kids love it.

Whether you are new to town or have been here for a long time, if you have kids going to the Okoboji School system and want to play some ball, check out the website, call one of the board members or give me a call and I'll point you in the right direction.

Real Estate and MLS Homes For Sale in Milford

Creative Spirits

Creative Spirits in Spirit Lake

Creative Spirits is the only one of its kind in the Okoboji area, and a blast at that! You bring your own beer or wine, and paint a beautiful masterpiece with step by step instructions from one of the great instructors! They offer public classes, and private classes. Which means its the perfect night out with girlfriends, for a birthday party, or a fun family event. They have an extensive list of various paintings to choose from, so your masterpiece will look great with any home decor! Definitely something to check out!

Real Estate and MLS Homes For Sale in Spirit Lake

Dixon Family Chiropractic

Dixon Family Chiropractic in Spirit Lake

Dixon Family Chiropractic is a clinic located on Hwy 9, east of Walmart, next to Pizza Ranch and has convenient hours.....open 6 days a week at 7:30 am, evenings and Saturdays. Formerly in the convenient health care building south of the 4 way stop in Spirit Lake, Wade and Adalee offer a friendly staff and professional services.

Real Estate and MLS Homes For Sale in Spirit Lake

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