I can't stress this enough- GET PRE-APPROVED!

Now more than ever, it is important, as a buyer, to get yourselves pre-approved. This is not the same as pre-qualified where you tell a mortgage broker what you make and what your debts are and he tells you what caliber home you can shop in. You must show your mortgage broker certain paperwork- paystubs, W2s and tax returns- to prove you make what you say you make and what your other debts are (car, credit cards, alimony, etc...).

In light of what has been happening in the last month, as far as I'm concerned, there should be no buyer out there right now who is walking the streets without some sort of letter from their lender saying they are APPROVED for $XXX,XXX.

Insofar as this is a buyers market, that doesn't mean you can come to the negotiating table and make the seller do all the work. Hardy sellers are just as scared of you not being able to consummate the offer as you may be of getting a good deal on a home and affording it.

Save some money for a decent downpayment. Avoid PMI if you can. Maybe forego the Starbucks everyday. Be prepared to bring some money to the closing table, despite the fact that you've asked the seller for expenses- be prepared that the seller may not want to pay your way!

People- karma is a tough-cookie. If you are nice to the seller, the seller will generally be nice to you. I can say the following because I am in my mid-30s: young people- get a grip on reality! Do you realize that there was a time where interest rates were in the teens? Those of us born in the early 70s and maybe even the late 60s have no concept of this! We bought our first homes when interest rates dropped to 5-6%!

A person can go a long way with some charm and sensibility. If you get pre-approved, you look waaaay more appealing to your sellers and they will be confident they won't get the run-around during the closing process.