Wayzata Real Estate & Wayzata Homes for Sale | GUSTAFSON
Dan Gustafson
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Wayzata Real Estate & Wayzata Homes for Sale | GUSTAFSON
Realtor Dan Gustafson lives/works in Wayzata, MN and provides unparalleled service to buyers & sellers at every price.

Rate lock shorter than closing window

I’m currently representing a seller in a transaction and being pressured by the selling agent and the mortgage company to have my seller close sooner than was agreed upon in the purchase agreement. It started with an email that said something to the effect of do your clients want to close early?

Lock shorter than closing window?

Of course, my client doesn’t want to move up the closing, nor is he required to do so because the purchase agreement dictates when these kinds of things occur.

I called one of my good friends who is a mortgage banker to get his take on the situation. He indicated it was a mistake for the lender to agree to lock a loan for a specific period of time that is shorter than the closing window, and that typically it can be addressed by paying a lock rate extension fee of a quarter point.

The house in question is about $300k, so this fee would be about $750.00. The lock was granted prior to the 2016 election of Donald Trump, and rates took a bit of a jump post election, so it’s easy to understand why the lender doesn’t want to try to honor the rate it had quoted before.

Solutions for compromise

My seller said he was willing to accommodate the request with a couple of week lease back so he can stay on schedule as far as locating other housing and moving all of his stuff. The buyer wasn’t thrilled, and hasn’t determined what course of action they might be willing to take outside of closing early. I’ll keep you posted as to what occurs.

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Wayzata Listings

935 E Lake Street, Unit 404

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 5000 sq ft
  • $4,900,000

3 Bushaway Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $695,000

2 Bushaway Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $650,000

110 Edgewood Court

Wayzata, MN

  • 2 Beds
  • 4 Baths
  • 2227 sq ft
  • $699,900

875 Lake Street N, Unit 408

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 2650 sq ft
  • $2,200,000

350 Highcroft Lane

Wayzata, MN

  • 5 Beds
  • 5 Baths
  • 4115 sq ft
  • $1,495,000

625 Rosswood Lane

Wayzata, MN

  • 4 Beds
  • 2 Baths
  • 1875 sq ft
  • $2,200

1107 Hollybrook Drive

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 2022 sq ft
  • $400,000

607 Gardner Street

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 1845 sq ft
  • $445,000

155 Wooddale Avenue

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 4450 sq ft
  • $885,900

240 Minnetonka Ave, Unit 102

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $176,160

240 Minnetonka Ave, Unit 103

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $262,560

325 N Barry Avenue

Wayzata, MN

  • 5 Beds
  • 3 Baths
  • 2375 sq ft
  • $399,000

460 Peavey Road

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 5160 sq ft
  • $1,850,000

875 Lake Street N, Unit 218

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1570 sq ft
  • $775,000

534 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3776 sq ft
  • $1,740,000

530 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3601 sq ft
  • $1,700,000

214 Byrondale Avenue N

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3619 sq ft
  • $885,000

399 Ridgeview Drive

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 3100 sq ft
  • $599,900

625 Locust Hills Drive

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 4973 sq ft
  • $2,495,000

191 Hunters Glen Road

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 4203 sq ft
  • $735,000

540 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3601 sq ft
  • $1,650,000

875 Lake Street N, Unit 211

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1250 sq ft
  • $750,000

105 E Lake Street, Unit 203

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2480 sq ft
  • $1,447,000

1406 Holdridge Lane

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $199,000

322 Bushaway Road

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 5879 sq ft
  • $2,350,000

110 Gleahaven Road

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 5225 sq ft
  • $1,199,900

110 S Minnetonka Avenue

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3148 sq ft
  • $849,000

524 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3646 sq ft
  • $1,679,000

520 Rice Street E

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2907 sq ft
  • $1,495,000

972 E Shady Lane

Wayzata, MN

  • 5 Beds
  • 7 Baths
  • 7374 sq ft
  • $3,249,000

875 Lake Street N, Unit 204

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2190 sq ft
  • $1,299,999

875 Lake Street N, Unit 316

Wayzata, MN

  • 1 Beds
  • 2 Baths
  • 1110 sq ft
  • $699,900

460 Highcroft Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $1,825,000

686 Ferndale Road W

Wayzata, MN

  • 4 Beds
  • 8 Baths
  • 7750 sq ft
  • $5,995,000

641 Harmony Circle

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $295,000

601 Bushaway Road

Wayzata, MN

  • 5 Beds
  • 8 Baths
  • 10016 sq ft
  • $6,250,000

295 Whitegate Lane

Wayzata, MN

  • 6 Beds
  • 5 Baths
  • 5767 sq ft
  • $1,190,000

105 E Lake Street, Unit 107

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1370 sq ft
  • $725,000

105 E Lake Street, Unit 305

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 2090 sq ft
  • $1,215,000