What Is An REO?
“What’s the difference between a repo, an REO, a bank-owned home, and a foreclosure?”
***ANSWER:
A “repo” (repossession), REO (real estate owned by a bank), and a bank-owned home are all the same thing.
The term “foreclosure: could refer to any of the 3 stages of foreclosure:
1. When the owner is behind on payments and a Notice of Default has been filed
2. The foreclosure auction on the courthouse steps
3. After the auction if the bank ends up with the property (REO)