First time home buyers...what can I say other than they are an interesting bunch. I love them I really do. But here are just a few scenarios that I have found to hang some buyers up. 
Buyer #1: Decides mid-escrow to buy that tangerine colored Sears side-by-side washer and dryer with all of the bells and whistles to put in the laundry room. Did I mention they got a new charge account at Sears to do it? And yes I counseled them about starting any new charge accounts and using current credit cards. I even had it in red print right above the signature line of the Buyer's Protocols and Guidelines I had them sign.
Buyer #2: Can't get passed the cosmetic updates that many great homes need in their price range so they chase that elusive completely remodeled home that gets over 20+ multiple offers that they can't compete with. They are so picky that months have passed by, home prices have jumped and now they can't even afford the worse neighborhood they originally scoffed at.
Buyer #3: Has goo-gobs of money in their proof of funds statements submitted in their offer package, yet still insist on asking seller to pay their closing costs, termite, and their child's first year of college tuition in a SELLER's market. Sellers are looking at multiple offers and among many other crucial items, they are looking for the offer that will bring them the highest net with the least amount of concessions, if any.
Buyer #4 (a distant cousin of Buyer #3): Is so consumed with the seller's net because they bought the home in 1978 and never refinanced that they do not offer a price that respects the current value of the home. A value that the seller can easily get, again in a seller's market.
Buyer# 5: Rebuts your sound advice on more than one occasion with "but on HGTV" or "but on Zillow...". With every utterance of one of those phrases it becomes increasingly tempting to refer this buyer.
Buyer #6: Can't get passed the home that "got away." It cripples them to the point that no matter what great home you show them they bring up the other home. Meanwhile, the new homeowners have already had a great house-warming party and their kids Timmy and Rebecca have hosted several sleepovers. Get over it. I've actually told buyers this. We've gotten a good laugh out of it, but the visuals the statement provokes usually gets the point across...usually.
Buyer #7: Thinks Realtors and sellers should be impressed with the $300K cash they have to offer. Most Realtors and sellers would be more impressed if they added another $150K to bring it in the vicinity of the actual asking price of the homes they insist on going after. A lowball offer is a lowball offer no matter what form it comes in.
Buyer #8 *JUST ADDED* - After reading Lenn Harley's blog, I had to add the buyer that feels they missed the boat when interest rates went up to 4.75% from 3.50. Really? In the 90s people thought they got a deal with 7% interest rates because the friends and family that bought in the 80s paid a whopping 10-14%! Interest rates are still considered to be extremely low. Many will be kicking themselves for not having bought now.
Those are just a few examples. I can't speak for any other market but my own. It is a SELLER'S market. I have worked both buyer and listing sides and saw the above. Shop and submit your offers accordingly. Do not get hung up on non-factors, non-related issues or conditions that are not within your control that decrease your chances of finding a great home and closing.
[This has been a public service annuncement brought to you First Time Home Buyer Real Estate serving the Greater Los Angeles, Long Beach, Lakewood, and surrounding cities.]
Chicken noose photo by flickr Creative commons license.
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