Asking The Seller For Help.
Would it be a wise decision to ask the seller of a property if he could raise the property value by 10,000 so I could use the money for the closing and use my money for the down, instead of getting 100% financing? The only reason I asked is because he is a friend with a lot of money and 10,000 won't matter to him. How would this transaction take place and what are the pro's and Con's If he says Yes?
A lot would depend if the property would appraise at that much. If he's willing to do it go for it. I did it for 5K when I barely knew the seller.
All you do is list the prop for 10K more and state in the contract that the seller would provide 10K for home improvements.
Keep in mind if you friend is paying taxes on the sale then he would pay cap gain taxes on this 10K too.