There are a number of books, courses, websites and publications dedicated to the first-time homebuyer. In the current real estate environment, the term first-time home buyer should include anyone that has not purchased a home in the past five years.

The playing field has been leveled as home buying and home selling are significantly different from the not-so-distant past.

Fortunately for sellers, properties are actually selling again, spawning more confidence among consumers. The denial period has passed, and homeowners realize the recession was neither fleeting nor void of carnage. Residual effects remain.

In a market on the mend, with prices rising in many areas, the comparative market analysis is more important than ever, and properties with sales pending and those under contract should receive more weight than closed sales six months ago in order to determine value.

In a recent transaction, the listing agent listed a home for $419,000 and received 10 offers in a 24-hour period. The home sold for $500,425. The buyers feel that they were recipients of a great deal, the seller was elated and the home appraised. So, all is well. The market will determine the price, even if the listing is underpriced.

The enormous amount of interest in the property speaks to the fact that there exist an abundant, inordinate number of buyers, and with the inventory so low, that number is disproportionate. Yet, they feel it is a buyer’s market, and perception is reality even in realty. They have the money so they have the clout.

However, if they have not experienced the scrutiny of the modern-day loan process, they will lose their collective bravado and swagger in a few strokes of the underwriters’ keypads. Buyers must have outstanding credit scores, cash with a clean trail, and job stability in order to be considered for financing.

The origin of the cash must be documented in as much detail as the birth of Jesus, yet without the inconsistencies of the authors of the Gospels. That includes how the cash was acquired and how it transferred from account A to account B and any and all stops between.

Cash deposits on or around a birthday are suspect and could require a letter from the relative that innocently sent cash. The donor must cite how they came upon these monies and provide documentation that this was a gift, not a loan.

Then there is the inspection. Having endured the arrows and spears of the underwriters, the buyers have the psychological need to extract blood from someone or something. The sellers and the house are easy-enough targets.

After having been made to feel as though they are not worthy to own the property by the lender, the inspector tells them the property is not worthy of being owned by anyone. It is crawling with defects, many that could prove fatal to anyone that crosses the threshold.

So the buyer demands money from the seller. But alas, the seller can give no money for repairs. That’s against the rules, so the seller pays closing costs instead. The only problem is that with human nature being as it is, the repairs are rarely made.

Then there’s the closing with a closing date of whatever. Take your pick. It doesn’t matter because, three days before, a laundry list of requirements spew forth from the underwriter:

Let the buyers and sellers beware. Low interest rates come at a cost. And sellers, it ain’t over till it’s over.

Richard Courtney is the author of Buyers Are Liars and Sellers Are Too (Simon and Schuster, 2006) and is a real estate broker with French, Christianson, Patterson and Associates. He can be reached at [email protected].