5 What are your options?

The current real estate market situation has put you as the prospective buyer in a very fortuitous position. At this point the buyer is integral to the market and so the market is being tailored to meet his requirements.

Due to the subprime mess it has become increasingly hard to get a loan. Even if you have a good credit history; you may have to put down a larger down payment than usual.

In a slow real estate market an agent or builder might want to, or need to, increase their cash flow in the short term. This means they are looking for buyers that meet certain conditions or qualifications. If you're looking to take advantage of an incentive offered by a builder or seller then you need to be prepared to be decisive and move quickly.

• Start by planning ahead; get a preapproval letter to show the builder that you have the required financing as builders are looking for buyers that are pre-qualified or have already obtained pre-approval letters of financing.

• Sign a contract to buy a home without any contingencies. For example, the purchase of a home must not be contingent upon the sale of a home the buyer already owns.

• Buy a finished home or an inventory home as the builder or agent will be eager to sell. An inventory home is a finished home model that the builder has constructed and needs to sell.

• Try and complete the home buying process within 30 days as builders likes to close a deal before the next bank payment is due.

• As you check out different lenders that meet your requirements, ask them for an estimate of closing costs.

• Check if the builder has a preferred lender. They may be more willing to work with you.

• Always ensure that you compare and contrast prices between at least a dozen lenders before you settle on one.