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How To Not Get Sucker Punched Like the NY Jets QB, When It Comes to Buying a Home

indexIn case you haven’t heard, the NY Jets lost their starting quarterback, Geno Smith, for 6-10 weeks with a broken jaw because a teammate sucker punched him in the locker room after practice.  Pretty hard to believe that teammates would deliberately inflict harm on one another, but that is exactly what happened.

Can you imagine getting hit so hard in the face that it breaks your jaw – especially when you aren’t expecting it.  Maybe you’ve never been sucker punched, perhaps you’ve been in a car accident or accidentally been hit without expecting it.  It’s a terrifying feeling for sure.  Only after the initial shock has subsided can you begin to gather your wits and access the situation.

I recently heard from someone who had this sucker punch feeling from a home purchase they had made ten years ago.  They had been pushed into an interest only loan that afforded them some lower payments while they established themselves financially, but now the interest only portion expired and they were about to be paying triple the amount each month just to keep their home.

I can’t say that this person isn’t without blame, because the terms where there for them to read.  However, if you’ve ever purchased a home you know what a whirlwind it is with signing papers, hearing terms you aren’t familiar with, getting inspections, talking to attorneys, mortgage bankers, realtors, etc, etc, etc.  It can be a very intimidating process.  The good news is they had been diligent to pay more than the interest every month so a refinanced loan was going to be well within their ability to keep things fairly normal.

Maybe you’ve heard of stories like this or perhaps this has even happened to you.  Maybe it’s not a loan nightmare but an unexpected problem with your newly purchased home that wasn’t caught in the inspection.  Maybe it’s just a situation of buying a home in an area that you weren’t familiar with and now you are regretting it.

With home purchases there’s always going to be some issues whether they be minor bumps in the road or major life adjusting events.  The best way to not get “sucker punched” when buying a new home is to partner with an experienced local realtor.  A knowledgeable realtor is so much more than a facilitator of a deal.  They are an advisor, a forecaster, a resource, an asset, a sounding board, an advocate, a strategist, a friend, and so much more.  They aren’t perfect, but they are your best chance at not getting “sucker punched”.

If you are looking for a trusted agent to help you in buying or selling a home, we’d love to be a resource for you.

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