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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Consumers Lumber Company
Consumers Lumber Company is the only locally owned and operated building center in the area. They have been proudly serving the best builders and homeowners with the best materials and services since 1906.
They have locations in Spirit Lake and Spencer Iowa with a complete line of building materials and builder’s hardware. They also have full showrooms of millwork, stone, decking and cabinetry.
Dollars spent with Consumers Lumber stay in Dickinson and Clay counties. They support all the area schools and youth organizations along with several other community charities. Consumers Lumber Company is also very proud of the fact that their 15 employees have over 200 years of combined service to our company and that they all live, shop and play here.
They offer timely and accurate project bids and drawings to better serve the areas builders and homeowners. They also provide free and fast delivery to the four county area.
Pub 19 Bar & Grill
Established in 2005, renovated in 2016, Pub19 Bar & Grill is your premier destination for great food and drink, and a superb dining experience. With an expansive menu and beautiful facilities, we’re certain you’ll enjoy your meal and your time spent with us. Indoor and outdoor seating is available!
Nautical Bar & Grill
This Bar/Restaurant has an amazing selection of beers on tap and bottled to suit any beer drinkers needs. Nautical serves lunch & dinner and be sure to try the wings, which are made with homemade sauces and cooked to a crisp perfection. A great atmosphere in the heart of Arnolds Park.
