Despite several months to adjust to federal lending reforms and a recent relaxation in appraisal guidelines, unpredictable underwriting standards and picky buyers are keeping it tough to get to the closing table, real estate agents say.

The recalcitrance of buyers and banks could make for a tough autumn in a market where sales volume is already dropping following the end of the tax credit. Though many expected that the end of the credit would lead to a decrease in sales, early signs suggest that the drop-off could be steeper than anticipated, making buyers even more jittery and driving inventory up.

“I’ve been in the business 25 years and I’ve never experienced as many fall-throughs as we’ve had in the past year,” said Annie Blatz, branch executive at the Kinlin Grover Real Estate offices in Brewster and Yarmouth Port. Financing difficulties and low appraisals are the primary causes she said she sees for deals falling apart.

Buyers Being Wary

Though statewide numbers are not yet available, last week the Chelmsford-based Northeast Association of Realtors, which represents 1,200 Realtors in the Lawrence and Lowell areas, reported a 33 percent decrease in closed sales of single-family homes in July and a 39 percent decline in closed condo sales, compared to July of last year.

Buyers appear to be aware of their increased power.

“In the past, I would want to give [buyers] an analysis, as a buyer agent, and some people would say, ‘oh, no, I’m satisfied, this is the value of the property,’” said Pam Cote, an agent at RE/MAX Advantage in Beverly. But nowadays, she said, that’s no longer the case. “[Now], a buyer really needs to know that what they’re purchasing has the value that they’re purchasing at. That’s very important to them, and it has to be proved to them more than ever.”

The prevalence of short sales, which often require several rounds of negotiation with banks and are subject to last-minute cancellations, is still affecting the market. And with new Fannie Mae guidelines introduced this spring requiring a second credit check shortly before closing, even standard deals seem to be taking longer and are at higher risk of being derailed at the last minute, real estate professionals say.

“There’s so many short sales that even if you’re an agent who hasn’t done short sales in the past, you’re doing them now,” said Angela Harkins, broker/owner of Angela Harkins & Assoc. Real Estate in Westford and president of the Northeast Association of Realtors. “And if you don’t know all the components that go into making them happen, they can fall apart at any point in time.”

Cote said she is in the middle of just such an ordeal. A buyer she represents interested in a short sale made an offer six months ago, but the deal has yet to go through.

Midway through the process, the bank informed the buyer he would no longer qualify for a standard loan and would instead have to use an FHA loan, “which delayed our closing by a few weeks,” Cote complained. “If we don’t close by Friday, we have been told that the seller’s lender won’t extend any longer.”

Close, But No Cigar

Lowball appraisals by appraisers lacking thorough market expertise also remain a problem, many said, despite recently announced changes to federal lending guidelines restoring some autonomy to appraisers.

“It’s not so much inexperienced appraisers, but a lot of them are not familiar with the market area,” said Blatz. On the Cape, the majority of the properties are listed only on the Cape and Islands MLS, and Blatz said she is still running into appraisers who don’t have access to that system.

If an appraisal comes in low, it can raise an insurmountable obstacle.

“I have been amazed at how people will be very close to each other on the negotiation after the appraisal, and still not be able to come together,” Blatz said. “When an appraiser puts a value on a property, it’s really hard for a buyer to want to pay more than that value.”

Real estate agents acknowledge that it’s far from every deal which is plagued by such challenges. And in markets where values have held up, some expressed more confidence that things would soon return to normal.

“In some markets, if you price it competitively, we’re seeing multiple offers,” said Harkins.