Bank Owned One family home for sale in Bridgeport. Parking: 0 space||Exterior material: Other, Roof type: Asphalt, Room count: 7, Stories: 2, Structure type: Colonial. Bank owned or REAL ESTATE OWNED happens when a homeowner defaults on the loan secured for the purchase of the home, at which point ownership transfers to the lender per the terms of the mortgage. The lender then attempts to sell the real estate to the general public in an attempt to recover some or all of the losses incurred as a result of the foreclosure.