Buy REO Properties for Sale statewide Up To 50% Below Market Value. Search & SAVE Big Now! Find Updated Listings of Seattle bank owned homes here. REO stands for real estate owned, which means the property was foreclosed on and taken back by the bank. This can happen via a deed in lieu of foreclosure or a trustee's sale at which the bank takes the property back at an auction without a successful private bidder. The property is subsequently assigned to an REO agent (real estate broker) who lists the property for sale on their perspective local multiple listing service for the public to access. Feel free to search as often as you wish and contact us with any questions you may have and remember to use the advanced search option to search for foreclosed homes in your area.