If you are not working with an agent consider the idea, or consult with an attorney who specializes in real estate; generally the offer should state the purchase price, downpayment amount, any inspection, approximate contract sign date and closing date, etc.... more
I am a seller who's buyer is going through SONYMA. Everyone involved is at their wits end as we were supposed to close on 8/9 & it is now 8/27 & we are still waiting for their approval. I wouldn't have accepted the offer if I knew more about SONYMA....Be wary has it takes a lot longer to process than they claim.
Good Luck.... more
A Mortgage Credit Certificate (MCC) Program is an alternative
way for SONYMA to assist first-time homebuyers. Federal law
prohibits SONYMA from combining MCCs with its own mortgages.
However, MCCs can be used with other fixed-rate mortgages as ext. FHA loans.
If your daughter buys a home she would have to sell it and would
need to wait about 3 years to qualify again for a frist time homeowner loan.... more
In our area (I see you're in Queens and this applies to downstate New York where we generally use attorneys to close transactions), you only need the real estate attorney once you have an accepted offer, because contracts will be prepared by the seller's attorney and sent to your attorney. That said, I highly recommend you know who you will be using by the time you make your offer. That way the seller and his/her agent will know that if they accept your offer there's nothing stopping them from getting the contracts over to your attorney.
I'd also suggest that you speak with your REALTOR and maybe friends that have recently purchased about attorneys they might recommend. As an agent, I can tell you that sometimes the wrong attorney can very easily jeapordize or kill a deal unintentionally. If they are too slow to respond, take a long time to get the deal in contract, or are difficult for the REALTORS to interface with you may lose the deal - even if it's a great deal for both you and the seller(s). If your agent is really good, consider using an attorney he/she recommends. If you're not too comfortable with the agent, consider finding an attorney on your own, so if there's a problem down the line you know that there's no correlation.
Hope that helps! Feel free to contact me directly if I can be of further assistance - I'm happy to help.
Diallo J. Stevens, REALTORÂ®, CRS, GRI, SRES, RECS, e-PRO