Bank Owned One family home for sale in Howell. Finished basement, 1800 square feet, Pool, Wired||Exterior material: Metal, Vinyl, Roof type: Other, Room count: 6, Structure type: Ranch. Bank owned becomes when the home failed to sell at an auction, and the lien holders of the home are paid off through private mortgage insurance or end up taking a loss on the investment. These homes are also known as REOs (reo).