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What’s the difference between a Fort Walton Beach Bank Owned, Foreclosed, REO, and Repo home?

April 26, 2017difference foreclosed Home REO repo

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What’s the difference between a Fort Walton Beach Bank Owned, Foreclosed, REO, and Repo home?

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