Bank Owned One family home for sale in Garden City. Bedrooms: 3, Bathrooms: 1.00, Living space: 958, Land area: 50w x 140d, Yr build: 1955. Reo or REO is a term used in the United States to describe a class of property owned by a lender - typically a bank, government agency, or government loan insurer - after an unsuccessful sale at a foreclosure auction.