Resale does refer to previously occupied, just as Holly stated.
REO (real estate owned) refers to bank/lender owned properties. This means the bank has gained completed title and ownership to the property as a result of either a foreclosure or the prior owner signed over the deed in lieu of foreclosure. (Sometimes owners simply sign over rather than go through a foreclosure.)
Generally foreclosed property is offered for sale by banks, HUD, or FannieMae. You can find everyone of these homes through a qualified real estate professional such as myself. If you have any further questions, you are welcome to post them here or contact me directly.
Broker / Consultant
Keller Williams Realty
Greater Cleveland West