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

254 Benton Avenue

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3361 sq ft
  • $649,900

1150 Hollybrook Drive

Wayzata, MN

  • 2 Beds
  • 4 Baths
  • 3147 sq ft
  • $424,000

1118 Hollybrook Drive

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 1982 sq ft
  • $349,900

105 E. Lake Street, Unit 209

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1400 sq ft
  • $735,000

540 Far Hill Road

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 3868 sq ft
  • $3,800

341 Ramsey Road W

Wayzata, MN

  • 6 Beds
  • 8 Baths
  • 12939 sq ft
  • $3,195,000

105 E. Lake Street, Unit 107

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1430 sq ft
  • $725,000

259 E Lake Street, Unit 307

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 1872 sq ft
  • $1,299,900

415 Waycliffe Drive S

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3264 sq ft
  • $645,000

190 Westwood Lane

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $795,000

358 Central Avenue S

Wayzata, MN

  • Beds
  • 6 Baths
  • 1322 sq ft
  • $1,800,000

338 Waycliffe Drive N

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3265 sq ft
  • $899,900

502 Shoreline Drive

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 4039 sq ft
  • $785,000

215 Barry Avenue S, Unit 209

Wayzata, MN

  • 1 Beds
  • 1 Baths
  • 724 sq ft
  • $200,000

105 E. Lake Street, Unit 305

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 2220 sq ft
  • $1,350,000

675 Hillside Drive

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 5453 sq ft
  • $899,000

105 E. Lake Street, Unit 203

Wayzata, MN

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

105 E. Lake Street, Unit 202

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2270 sq ft
  • $1,135,000

105 E. Lake Street, Unit 301

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 4160 sq ft
  • $2,399,000

105 E. Lake Street, Unit 101

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3000 sq ft
  • $1,390,000

398 Waycliffe Drive N

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3638 sq ft
  • $835,000

972 E Shady Lane

Wayzata, MN

  • 5 Beds
  • 7 Baths
  • 7374 sq ft
  • $10,000

348 Waycliffe Drive N

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3719 sq ft
  • $950,000

935 E Lake Street, Unit 202

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 1998 sq ft
  • $1,399,000

259 E Lake Street, Unit 304

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 3172 sq ft
  • $2,399,900

875 Lake Street N, Unit 201

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2370 sq ft
  • $1,395,000

1607 Holdridge Terrace

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $400,000

816 Park Street E

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 1666 sq ft
  • $498,000

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

875 Lake Street N, Unit 408

Wayzata, MN

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

155 Wooddale Avenue

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 5354 sq ft
  • $949,800

240 Minnetonka Ave, Unit 102

Wayzata, MN

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

214 Byrondale Avenue N

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3561 sq ft
  • $965,000

540 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3601 sq ft
  • $1,500,000

1406 Holdridge Lane

Wayzata, MN

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

460 Highcroft Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $1,749,900

686 Ferndale Road W

Wayzata, MN

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

259 E Lake Street, Unit 208

Wayzata, MN

  • 1 Beds
  • 2 Baths
  • 1207 sq ft
  • $599,900