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

April 26, 2017Bank difference forclosed Home orange county REO repo

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

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They are all essentially the same thing. When a Orange County home goes into default, the bank takes ownership of it and then the bank puts the Orange County 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).