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Closing on a Home in MN and Why to Hope for the Best, but Prepare for the Worst

Once your offer has been accepted, your funding has been secured and your inspections and appraisals have come back clean as a whistle (or cleaned up as needed!), the end is in sight, with closing as your final hurdle. Closing on a home in Minnesota can be an amazing experience, and when obstacles arise, you can stay ahead of most of them to keep the day positive. Some issues that can arise when closing on a home in Minnesota include:

Mortgage Mishaps

Dealing with financing when closing on a home in Minnesota is almost a guarantee for at least one of the two parties (listing and buying). Mortgage/lending issues might be…

  • Documentation errors– could range anywhere from missing pages in your paperwork to typos on the amount of the loan. Getting even the simplest errors corrected can delay closing by hours and sometimes even days
  • Poor lender time-management– Unfortunately, your lender is likely working with many other buyers, so unless you’re keeping track step by step, your file may fall by the wayside unintentionally. They may request a last minute date change, or request documents just before closing, or simply not be in diligent communication with all involved parties
  • Bank system errors– Some things can’t be helped, and technological errors in the bank’s system are one of them, and these errors can slow down or even postpone a closing. This is most often an issue with the down payment, which is why it’s your best plan to bring a cashier’s (or simply certified) check to closing (note: NO PERSONAL CHECKS)

All of these issues can be best mitigated by communicating with your lender. This responsibility will fall on you and your agent. Just like they’ve supported you throughout the process so far, they will help ensure that your lending documents, approval, timing and funds are taken care of. Contacting your lender at least weekly will keep you at the forefront of their mind and gives you the opportunity to keep track of your loan progress, helping to prepare you for a smooth closing on a home in Minnesota.

Untidy Title

When it comes to issues with a title, it’s vital to postpone closing until the title is sparkling clean.

You want to absolutely avoid complications such as:

  • Unpaid taxes
  • Liens on the property
  • Property (and title) disputed in legal battle

This is in your best interest, and your lender and agent will have your back here as well. Request (and require) a copy of your preliminary title report. Your lender or title company will be able to provide this for you. Title insurance, purchased at closing (see here for more info on closing costs) will also help here!

Flawed Final Walk-through

The final walk-through can be an exciting last look at your home before it’s all yours- but it can also be a moment of panic if the house isn’t looking too great. Sometimes the seller will leave junk behind or take fixtures that had been included in the sale. They may leave damage that wasn’t disclosed, or simply have made changes since signing the purchase agreement without consulting you. In this case, you and your agent can:

  • Establish the cost of these last-minute problems, and negotiate either a credit or portion of the seller’s proceeds to cover the amount
  • Request to have the cost of the fixes moved from the seller’s proceeds to escrow up until the issues have been resolved.

This way, your concerns will be addressed and a solution will be in place, while ideally still allowing your MN home closing to move forward as planned!

When closing on a home in Minnesota, you will ideally enjoy a positive and simple experience. The best way to set yourself up for success is to having a strong preparation plan, as well as some backup measures ready to make sure that you can close on your new home the way you planned! For more information on closing, closing costs and preparing for the process, contact our experts at The Antonov Group today!

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