The list price can depend on a number of factors including that bank's selling strategy, the DOM, the property condition, etc. Banks typically establish their initial list price after reviewing multiple BPOs (broker price opinions) and/or appraisals. The valuations they receive can vary significantly (by over $100k in some instances), especially if its a property in a rural area, and sometimes the realtors or appraisers providing valuations may not include essential information about the area (e.g. school district info) which can cause the bank to essentially undervalue or overvalue a property. Typically in instances where a property has been undervalued initially, the bank will receive multiple offers which may drive the price back up to market value. There is also the possibility that the condition is worse than you may be able to see from MLS photos, and the property is actually priced appropriately based on the extent of repairs needed.
If it is at 60-90+ DOM they may be having trouble selling the property (possibly due to condition) and have lowered the price significantly to get it sold ASAP. Looking at the MLS history is typically helpful in determining if it was just listed, has been on and off the market a few times (possibly due to contracts falling through), etc.
If it is an auction property (which are sometimes advertised in the MLS with instructions to go to XYZ website to bid), it may be listed low initially since they expect buyers will bid the price up to market value.
It just depends on the circumstances for that particular bank and property.
