Vision Realty

What Is An REO vs Short Sale?

Whats the difference between a short sale and REO property?

Short Sale:

When an owner owes more on the mortgage than the house is currently worth and the bank agrees to sell it 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 in your current market as you view properties online or with your agent. Short sales can be complicated.

REO Property:

An REO property has already gone through the foreclosure process and is currently owned by the bank. 

 

TIP

Buying foreclosures is not a get-rich-quick scenario despite what you hear on TV. REOs can offer you a way to buy property  in your area at below-market prices, but the process is different than a normal home sale.

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Local Expert Updates

Karen Schuiteman Office Assistant (Real Estate Agent)

Karen Schuiteman

Office Assistant

712.722.0045


Darla Van't Hul Sales Associate (Real Estate Agent)

Darla Van't Hul

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712.578.9621

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Kristin De Jong Office Assistant (Real Estate Agent)

Kristin De Jong

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Rachel Hoogeveen Sales Associate (Real Estate Agent)

Rachel Hoogeveen

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712.441.5100

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Kimberly Dekkers Sales Associate (Real Estate Agent)

Kimberly Dekkers

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605.610.5138

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Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

donnadw@mtcnet.net

Sioux Center Public Library

Sioux Center

Welcome! We hope you enjoy visiting the Sioux Center Public Library! Our mission is “to fuel Sioux Center’s passion for reading, personal growth, and learning.” We hope that is exactly what we are

Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

donnadw@mtcnet.net

Sioux Center Health

Sioux Center

Sioux Center Health is a faith-based, not-for-profit health ministry committed to providing the comprehensive health care and health related services in Northwest Iowa. Since its establishment in

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Kimberly Dekkers Sales Associate (Real Estate Agent)

Kimberly Dekkers

Sales Associate

605.610.5138

kadekkers@icloud.com

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Hawarden

Now that you’ve found your dream home, here’s how to breeze through the buying process. Get detailed instructions: How to Buy a House

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