IN NH our sales agreements have a specific timeframe for getting an inspection report & results to the seller. The buyer agent will advise the buyer on an addendum for asking for certain things to be fixed by the seller. And of course, all contingencies should have a time frame and consequences.
In my area (White Mtns of NH) the banks are dropping the price by 5-10% every 30 days for the foreclosed properties. I recommend 5-10% to my clients every 45-60 days, depending on the season. We're in a resort town with a lot of vacation homes so July - October is the busy season. Ask your agent about your area.