Any insight on why a desirable REO property would sit for months?

[Crystal Em]

Hello BP, 

I'm currently in the "research" phase of my journey to investing, but hope to get to the "action" part later this year. 

The market in my area is super hot, and usually in my research when I notice a good deal, it's snapped up within days (if not hours). 

However, I've watched this one particular REO house sit on the market for nearly 6 months. It's almost 3000 sq ft and priced at $115k in a neighborhood where rehabbed houses of that size can go for 200k-215k.

By my calculations, this house should have been snapped up 5 months and 29 days ago. 

There's no evidence of any pending sale/relisted cycle that would signal the house is scaring off investors due to needing lots of work.

 As far as I can tell, no one has made an offer on this house. 

Anyone have any ideas why this would happen? Is it an issue with the bank? Are they holding this property for some reason and not accepting offers? Or is the house potentially in legal limbo? And if so, why has it remained listed?

Curiosity has really got the better of me here. It's like watching people avoid an unattended stack of money and I just cannot understand it. 

Any knowledge or insight on this to further my education would be greatly appreciated.