A listing agent will make recommendations, but the bank has the last word. $40,000 in 4 weeks is quite a price reduction, though. It could be that a defect or repair issue was uncovered in the property. Perhaps, a previous buyer did an inspection and found repairs were needed. Ask your realtor to speak with the listing agent. If there was a previous inspection done, the listing agent should share the negative findings with your realtor.
If you don't have a realtor, considering consulting a one for assistance. Trulia would be a great place to start.
Best of luck to you!