Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What’s the difference between a Bank Owned, Forclosed, REO, and Repo?

April 26, 2017Bank difference forclosed REO repo

0

Posted

What’s the difference between a Bank Owned, Forclosed, REO, and Repo?

1 Answer

0

Posted

They are all essentially the same thing. When a home goes into default, the bank takes ownership of it and then the bank puts the home on the market. REO is the official term used by people in the industry and stands for Real Estate Owned (Repo stands for Repossesed).