I am one of the few agents that loves working with first time buyers.  I pride myself in working hard to make sure that they are comfortable with the entire process but most importantly that they understand it.  As soon as I see that "Deer in the headlights" look, I stop and explain things slowly and make sure that they understand what I am saying.  In today's real estate market things change on a daily basis.  It is important for us Realtors to stay up to date on things. 

One of the challenges that we are facing these days is the fact that lenders are requesting secondary appraisals and full underwriting review late during the escrow period after contingencies are removed.  What if the lender decides to lower the value of the property?   How do I protect my buyer?  There are a couple of ways but the main thing is to negotiate up-front before we get to this point.  In other words agents need to make sure that their buyer be entitled to a return of their deposit if the lender decided not to honor the original approval. 

Sound confusing??  Buying or selling a home is not as simple as you might think, which is why you need a knowledgeable agent working for you!