Bank Owned One family home for sale in Wappingers Falls. Basement: Y, Garage: "1", Square feet: 1321, Bedrooms: 3, Bathrooms: 1.5. 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).