As promised, here's the second half of the advice:

6)  Don't take anyone's word!   Get it in writing. The rate lock, the home inspection, disclosures, the contract. Always. Should a dispute arise, you've got the details documented.  In Virginia and DC, everything has to be in writing to be enforceable. 

7) Don't skip the fine print.  Understand what's really in any document before picking up a pen. Get documents in advance, take time to read them and ask questions. Get copies of your mortgage and closing papers a few days ahead of closing if you can.

8)  Don't forget about resale!  You never want to be the most expensive house on the block.  As we've seen, you can't always count on the market improving.

9) Don't waive the appraisal contingency.  Even though bidding wars are back in the Metro DC area, I would not suggest to a client that waiving this contingency is a good idea, even if they had the cash to back up a low appraisal.  Why would you want to go into a deal with negative equity?

10) Probably the most important of all, Don't waive the home inspection!