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

206 Manitoba Avenue

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 1836 sq ft
  • $525,000

117 Walker Avenue N

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 1503 sq ft
  • $2,500

540 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3776 sq ft
  • $1,995,000

875 Lake Street N, Unit 211

Wayzata, MN

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

247 Lake Street W

Wayzata, MN

  • 3 Beds
  • 5 Baths
  • 4210 sq ft
  • $997,000

105 E Lake Street, Unit 203

Wayzata, MN

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

1112 Hollybrook Drive

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3062 sq ft
  • $389,900

1430 La Salle Street

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3384 sq ft
  • $874,900

1406 Holdridge Lane

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $229,000

1700 Holdridge Circle

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 2340 sq ft
  • $459,900

205 Barry Avenue S, Unit 111

Wayzata, MN

  • 1 Beds
  • 1 Baths
  • 724 sq ft
  • $157,500

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

520 Indian Mound Street, Unit 3B

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1300 sq ft
  • $699,000

110 S Minnetonka Avenue

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3148 sq ft
  • $925,000

250 Bushaway Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $1,560,000

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

1058 E Circle Drive

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 3300 sq ft
  • $1,450,000

1052 E Circle Drive

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $435,000

972 E Shady Lane

Wayzata, MN

  • 5 Beds
  • 7 Baths
  • 7374 sq ft
  • $3,495,000

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
  • $725,000

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

1414 Holdridge Circle

Wayzata, MN

  • 5 Beds
  • 2 Baths
  • 2578 sq ft
  • $649,999

601 Bushaway Road

Wayzata, MN

  • 5 Beds
  • 8 Baths
  • 10016 sq ft
  • $6,750,000

295 Whitegate Lane

Wayzata, MN

  • 6 Beds
  • 5 Baths
  • 5767 sq ft
  • $1,225,000

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

105 E Lake Street, Unit 102

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2250 sq ft
  • $990,000

259 E Lake Street, Unit 208

Wayzata, MN

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

875 Lake Street, Unit 203

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 1880 sq ft
  • $1,099,000

955 Wayzata Boulevard W

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 3588 sq ft
  • $569,900

1239 La Salle Street

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3259 sq ft
  • $1,375,000

184 Westwood Lane

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $895,000

510 Locust Hills Drive

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 4095 sq ft
  • $1,950,000

370 Ferndale Road W

Wayzata, MN

  • 4 Beds
  • 6 Baths
  • 5516 sq ft
  • $3,649,000

105 E Lake Street, Unit 301

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 4000 sq ft
  • $2,399,000