Bank Owned One family home for sale in Woodleaf. Flooring: Carpet, Linoleum / Vinyl, Parking: three spaces||Exterior material: Vinyl, Roof type: Other, Stories: 1, Structure type: Other. 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.