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

Kimberly Dekkers Sales Associate (Real Estate Agent)

Kimberly Dekkers

Sales Associate

605.610.5138

712.722.0045


Rachel Hoogeveen Sales Associate (Real Estate Agent)

Rachel Hoogeveen

Sales Associate

712.441.5100

712.722.0045


Karen Schuiteman Office Assistant (Real Estate Agent)

Karen Schuiteman

Office Assistant

712.722.0045


Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

712.722.0045


Kristin De Jong  (Real Estate Agent)

Kristin De Jong

712.722.0045


Community Updates

Kimberly Dekkers Sales Associate (Real Estate Agent)

Kimberly Dekkers

Sales Associate

605.610.5138

kadekkers@icloud.com

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712.578.9621

darlamaevh@gmail.com

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darlamaevh@gmail.com

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The mission of Western Christian High School is to provide God-centered secondary education to young men and women using the Bible and its principles as the foundation for the total curriculum.

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