Why would a lender hold and REO for over 2 years?

[Brandon Gale]

While looking at some potential flips in the Worcester, MA area, I've noticed a few REO properties that, according to records, the bank took up to, and in some cases more than, 2 years to finally list on the market. Is there any reason a bank would do this? Or is this simply just due to a bank poorly executing the foreclosure process and losing time? Could they be playing the market?

I also noticed in one property that some new plumbing and wiring had been Installed, and seemed more recent than when the previous owner handed it over to the bank. Do banks ever hire contractors to rehab an REO? Or are they always selling the property exactly as they received it?

Curious what anyone who has insight into the banks specific process thinks.

Thanks!