If you ask your parents for the money, most boards will require a gift letter. Are your parents willing to say that the moeny is a gift. How will your siblings feel about this?
To add to Ralph's comments, I would also suggest that you discuss this with your accountant or tax professional, to fully understand the tax benefits for your specific situation. I do understand your position on not wanting the additional burden of paying a mortgage and also the monthly maitainence. If you decide to purchase a Coop all cash, you will still get to deduct a portion on your maintainence (apprx. 30% - 50%). You should also hire a buyers agent to represent you (it does not cost you anything) and you have a professional that can advise you in terms of offers and recent sales / listings.
If you have any additional question, please give me a call.
Good luck on your home search.
Licensed Real Estate Agent
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
In The Top 2% of Century 21 Agents Nationwide!
You will need the services of an Attorney in New York to purchase real estate. Get referrals from friends, neighbors, family and Realtors and their sites. The process could close after accepted offer within 30 days or so. I do also agree that you should have the property appraised before signing any contract of sale. This is standard with a financed loan but not mandatory for a cash sale. I'm sure your Attorney would insist on it so, do it anyway as a safeguard.
Even though the real estate market is showing current signs of good stabilization in prices, it may be a few years before you see any real appreciation. The best bet may be to buy in now, get a best price and consider any appreciated value of a longer period of time. You'll never have a mortgage hanging over your head.
If you need the services of a real estate professional, please feel to contact me.
Best to you.
Joseph C. Hastings
Prudenatil Douglas Elliman real estate.