Devoted to interest rates, loans, and lending institutions

Right now, there are a lot of bargains on the housing market. With the housing market down across most of the country, and foreclosures continuing to rise, there are plently of bargains to be had.

The problem is that you are probably not the only person looking for a good deal when buying a home. That is why it is important to be prepared before you start looking seriously. You want to make sure that when you see the right deal for you, some other bargain hunter doesn't swoop in and take it. To this end, Investopedia offers these 5 things you can do to make sure you have the upper hand when buying a home in a down housing market:

1. Research. You want to make sure that you are getting the right deal for the area. Each locality has a different housing market, and you want to make sure that your bargain is at (or below!) current market value. Another thing you want to make sure of is that the home is in a desirable location to begin with.
2. Get everything ready with your mortgage loan. Have pre-approval for your mortgage loan, and have someone standing by who can handle the closing paperwork. This will move the process along faster, and ensure that you are ready to go. Many bargain hunters have lost "their" homes due to a lack of preparation.
3. Look for motivated sellers. Try to find sellers that have reason to sell. Maybe foreclosure is threatening, or a new job is in the offing. Finding these motivated sellers increases your ability to bargain, and it can leader to a faster transaction.
4. Negotiate Realtor commission. One of the items that can influence price is commission -- even though you are a buyer. It is true that the seller pays even the buyer agent commission, but that just means the listing agent has probably put the price a little higher so that the seller gets a better profit. By negotiating a lower commission with your Realtor, you can also get a lower price on the house.
5. Check for a clear title. Watch out for titles that have liens. Double check to make sure that your bargain truly is one. Check to make sure that the title is unencumbered and that there aren't problems that will come back to haunt you. This is especially important in cases where foreclosure is threatening.