First Multi-Family Property Contract Question

[John Mitchell]

Hi All,

My partner and I are closing on a 4Plex property that is a being built now. The total cost of the property is $415,000. 

- We have already paid $5,000 in earnest money and now the seller wants us to deliver 10% of total cost which is $41,500 of additional earnest money to the Escrow Agent.

- The seller also wants us to deliver $62,250 of cash at closing and the financing total would be $352,750.

1. For a new build is 10% total cost of earnest money standard or high for a 4plex and can I get that number down to say 5% or less?

2. I do not want to deliver any cash at closing, I want it to be all rolled up into the loan and pay the full $415,000, so I only have to pay the down payment. Is it normal for the seller to ask for cash at closing to reduce the loan amount? 

What levers can I pull to reduce the cash at closing to zero, so I only have to pay the downpayment at close.

Thanks for help,

John