Buyer Guides, Seller Guides

What Happens After Your Offer Is Accepted in Minnesota? A Step-by-Step 2026 Guide

Posted on by Brett Doshan
Purchase agreement marked offer accepted with an earnest money envelope, home inspection checklist, house keys, and calendar

You did it — the seller said yes. That rush of relief is real, but here’s the part nobody tells you at the open house: what happens after your offer is accepted is where most of the actual work of buying a home gets done. In Minnesota, the stretch between “accepted” and “here are your keys” usually runs 30 to 45 days, and it’s packed with deadlines that can make or break the deal. This guide walks you through each step in order, with the Twin Cities-specific details that generic checklists skip.

A Quick Timeline: What Happens After Your Offer Is Accepted

Every purchase agreement sets its own dates, so treat this as a typical roadmap rather than a rulebook. Your agent and lender will give you the exact deadlines for your deal.

Typical Minnesota Timeline (30–45 Days)

Days 1–2: Deliver earnest money and finalize your mortgage application

Days 1–10: Home inspection, radon test, and repair negotiations

Weeks 2–4: Appraisal, loan underwriting, title work, and homeowners insurance

3+ days before closing: Review your Closing Disclosure

Closing week: Final walk-through, wire funds, sign, and get keys

After closing: File for homestead, change locks, set up utilities

Week One: Earnest Money, Inspections, and the Contingency Clock

Earnest money comes first. Most Minnesota purchase agreements require your earnest money deposit — commonly 1% to 2% of the price in the Twin Cities — within a couple of business days of final acceptance. It’s held in a trust account by the listing brokerage or title company and gets credited toward your down payment and closing costs at the end. Miss that deadline and you hand the seller an easy reason to walk.

Lock in your loan. If you were preapproved, your lender now needs the signed purchase agreement to open the full application. Expect a Loan Estimate within three business days, and talk with your lender about whether to lock your rate now or float it.

Schedule the inspection immediately. Inspection contingency windows in Minnesota often run 7 to 10 days, and good inspectors book up fast — especially in spring and early fall. Add a radon test while you’re at it; Minnesota has some of the highest radon levels in the country, and a 48-hour test can usually run alongside the inspection. If the home is in Minneapolis, Bloomington, Richfield, or another city with a point-of-sale requirement, ask your agent for the city inspection report, too. Once results are in, you’ll decide whether to accept the home as-is, ask for repairs or a credit, or cancel within your contingency period.

Weeks Two to Four: Appraisal, Underwriting, and Minnesota Title Work

The appraisal. Your lender orders an appraisal to confirm the home is worth what you’re paying. If it comes in low, you typically have three options: renegotiate the price, cover the gap with extra cash, or use your financing contingency to exit. In competitive pockets like Edina and South Minneapolis, it’s worth knowing ahead of time how much of a gap you could handle.

Underwriting — and why you should stay boring. This is when the lender verifies everything: income, assets, debts, and credit. The golden rule after your offer is accepted? Don’t change jobs, open new credit cards, finance a new truck, or buy a living room set on a store card. Even a small change to your debt-to-income ratio can delay or derail your approval. Answer your lender’s document requests the same day if you can.

Title work, Minnesota-style. The title company researches the property’s ownership history to make sure the seller can legally transfer it free of liens or claims. Minnesota is unusual here: properties are recorded either under the traditional abstract system or the Torrens system, and Hennepin and Ramsey counties have a large share of Torrens property. Your title company handles the difference, but it can affect timing and paperwork. You’ll also decide on an owner’s title insurance policy during this stage.

Homeowners insurance. Your lender will require proof of coverage before closing. With hail and wind claims pushing Minnesota premiums higher, shop for quotes early in this window — not the week before closing.

Closing Week in Minnesota: Walk-Through, Wires, and Signing

Review your Closing Disclosure. Federal rules require your lender to deliver your Closing Disclosure at least three business days before closing. Compare it line by line with your Loan Estimate. Expect Minnesota-specific items like the mortgage registration tax, which runs about 0.24% of your loan amount and is typically paid by the buyer.

Protect your wire. Wire fraud targeting homebuyers is real. Before sending your down payment, call your title company at a phone number you’ve verified independently — never one from an email — to confirm the wiring instructions.

Do the final walk-through. Usually within 24 hours of closing, you’ll confirm agreed-upon repairs were made, included items are still there, and nothing new has broken. For a fall or winter closing, run the furnace, check the water heater, and look at the ceilings for signs of leaks. It’s your last chance to raise an issue before you sign.

Sign and get your keys. Twin Cities closings usually happen at the title company’s office and take about an hour. Bring a government-issued photo ID. In most Minnesota transactions, possession transfers at closing, so you can often head straight to your new place.

After Closing: The Minnesota To-Do List Most Buyers Miss

The paperwork doesn’t quite end at the closing table. A few Minnesota-specific tasks can save you real money and headaches:

  • File for homestead. If the home is your primary residence, apply for homestead classification with your county. It can lower your property taxes, and the deadline is December 15 for the credit to start next year. Hennepin County’s homestead page explains the process; other counties work similarly. Closing this fall? Put it on your calendar now.
  • Change the locks and garage codes. You don’t know how many keys are floating around.
  • Transfer utilities. Set up electric and gas service (Xcel Energy or CenterPoint in much of the metro), plus water, trash, and internet.
  • Check your alarms. Minnesota law requires carbon monoxide alarms within 10 feet of sleeping rooms, so test every smoke and CO alarm on move-in day.
  • Keep your closing packet. Store your settlement statement and deed somewhere safe — you’ll want them at tax time and when you sell someday.

First-time buyer using down payment assistance? Minnesota Housing loan programs may have their own requirements to keep on track, so check in with your lender. You can find more step-by-step help on our buyers page and in our resource library.

Frequently Asked Questions

How long does it take to close after your offer is accepted in Minnesota?

Most financed purchases in the Twin Cities close in about 30 to 45 days. Cash deals can close in as little as one to two weeks, depending on how quickly title work and any inspections wrap up.

Can a seller back out after accepting an offer in Minnesota?

Once a purchase agreement is fully signed, it’s a binding contract. A seller generally can only cancel if a contingency in the agreement allows it — for example, if the deal depends on the seller finding their next home. Talk to your agent or a real estate attorney about your specific agreement.

Do I get my earnest money back if the deal falls through?

If you cancel within a valid contingency — like inspection or financing — and follow the agreement’s notice requirements, your earnest money is typically refunded. If you walk away without a contractual reason, you may forfeit it.

The Right Agent Makes the Next 30 Days Easier

Getting to “accepted” is a milestone, but the weeks that follow are where a great agent earns their keep — tracking every deadline, coordinating inspectors and lenders, and catching problems before they cost you. If you’re starting your search and want someone who knows Minnesota’s process inside and out, MinnMatch can help. We personally match you with a vetted local agent who fits your neighborhood, price range, and style — at no cost to you. Find your Twin Cities agent today.

Buyer Guides, Seller Guides

Seller-Paid Rate Buydowns in Minnesota 2026: How Buyers Can Lower Their Monthly Payment This Fall

Posted on by Brett Doshan
Purchase agreement listing a seller credit and a rate buydown, beside two model houses, descending wooden blocks, house keys and fall leaves

With the 30-year mortgage rate climbing back above 7% this fall, a lot of Twin Cities buyers are running the numbers and wincing. Here’s the good news: one of the most effective tools for lowering your monthly payment isn’t a lower price at all. It’s a seller-paid rate buydown, where the seller puts money toward reducing your interest rate instead of (or alongside) knocking a few thousand off the price. In a market where homes are sitting a little longer and sellers are more willing to negotiate, this is one of the smartest asks a Minnesota buyer can make in 2026.

What Is a Seller-Paid Rate Buydown?

A seller-paid rate buydown is exactly what it sounds like: the seller pays your lender an upfront fee at closing, and in exchange, your interest rate goes down. It’s handled as a seller concession, the same bucket as seller-paid closing costs, so it’s written into your purchase agreement rather than negotiated separately.

There are two main flavors:

  • Temporary buydown (most often a 2-1): Your rate is 2 percentage points lower in year one, 1 point lower in year two, then settles at the full note rate for the rest of the loan. The seller’s money sits in an escrow account and covers the difference each month.
  • Permanent buydown (discount points): The seller pays for “points” that lower your rate for the entire life of the loan. One point equals 1% of the loan amount, and each point typically trims your rate by somewhere around a quarter of a percentage point, though lender pricing varies day to day.

Either way, the seller is spending money to make your monthly payment smaller. The question is which structure gives you the most value for the dollars on the table.

Why Fall 2026 Is Buydown Season in the Twin Cities

Two things are happening at once. Rates have jumped: Freddie Mac’s weekly survey showed the 30-year fixed averaging 7.28% as of October 1, up from 6.71% in early September and about 6.34% a year ago. And the local market has loosened up. According to Minnesota Realtors’ monthly housing reports, statewide inventory is at a seven-year high and August was the most balanced August for Minnesota buyers and sellers since 2017.

Fall 2026 Snapshot

7.28%

Avg. 30-year fixed rate (Oct 1)

$408,000

Twin Cities median sales price (July)

40 days

Median cumulative days on market, metro (July)

99.1%

Share of list price received, metro (July)

Sources: Freddie Mac Primary Mortgage Market Survey; Minnesota Realtors July 2026 residential market activity (16-county Twin Cities region).

Translation: sellers still get close to asking price, but they’re waiting longer and facing more competition from other listings. That’s the sweet spot for a buydown request. A seller who would bristle at a $15,000 price cut is often more comfortable with a concession that keeps their sale price intact, and as fall turns into the slower November and December stretch, motivation tends to grow. You can follow the latest local numbers on our market insights page.

2-1 Buydown vs. Permanent Buydown: Running the Real Numbers

Let’s use a realistic Twin Cities example: a $410,000 home with 10% down, for a $369,000 loan at a 7.25% note rate. Principal and interest comes to about $2,517 a month. Now imagine the seller agrees to roughly $8,700 in concessions. Here’s what that same money buys three different ways:

How the ~$8,700 is used Monthly P&I Monthly savings
Price cut (loan drops about $7,800) ~$2,464 ~$53 for the life of the loan
2-1 temporary buydown (5.25% → 6.25% → 7.25%) ~$2,038 yr 1 / ~$2,272 yr 2 ~$480/mo yr 1, ~$245/mo yr 2
Permanent buydown (about 2 points, roughly 6.75%) ~$2,393 ~$124 for the life of the loan

The price cut is the weakest option for your monthly budget by a wide margin. Between the two buydowns, the right pick depends on your plans:

  • Choose a 2-1 if you expect rates to come down and plan to refinance within a couple of years, or if you need breathing room early on while you furnish the house, finish the basement, or wait for a raise to kick in.
  • Choose a permanent buydown if you plan to stay put and keep the loan long term. In our example, the break-even on points lands around five years, and every month after that is pure savings.

These figures are illustrative, so have your lender price both options on the actual day you write your offer.

How Much Can a Seller Contribute? Know Your Loan’s Limits

Every loan program caps how much a seller can put toward your costs, and a buydown counts against that cap along with any seller-paid closing costs. Asking for more than your loan allows is a common way deals hit snags late in the process. General guidelines:

  • Conventional loans: Under Fannie Mae’s interested-party contribution rules, the limit is 3% of the price with less than 10% down, 6% with 10% to 25% down, and 9% with more than 25% down (2% for investment properties).
  • FHA loans: Up to 6% of the sales price.
  • VA loans: Concessions are generally capped at 4%, with normal closing costs handled separately.

One more important detail: with a 2-1 temporary buydown on a conventional loan, you still qualify at the full note rate, not the year-one teaser rate. A buydown makes the payment easier to live with; it doesn’t stretch your approval amount. If you’re using a Minnesota Housing first-time buyer program or down payment assistance, check with your lender on how a seller concession fits alongside it. Our buyer resources walk through more of the financing basics.

How to Ask for a Seller-Paid Rate Buydown in Your Offer

Getting a seller-paid rate buydown approved is part strategy, part paperwork. A few things that make a real difference in Minnesota deals:

  • Talk to your lender first. Get both a 2-1 and a points quote before you write, so the dollar amount you request matches exactly what the buydown costs.
  • Ask for a dollar amount, not a vague favor. Your agent will write it into the purchase agreement as a seller contribution toward buyer costs, which your lender then applies to the buydown.
  • Target the right listings. Homes past 30 days on market, listings with a recent price reduction, and new construction are the likeliest candidates. Many Twin Cities builders are already advertising buydown incentives through their preferred lenders.
  • Mind the appraisal. If you offer full price plus a concession, the home still has to appraise at that price. A good agent will gauge whether the comps support it.
  • Show sellers the math. Framing it as “keep your list price and help me with the rate” often lands better than a straight price reduction.

This is where your agent earns their keep. Knowing which sellers are open to it, and how to structure the ask so it doesn’t spook the other side, comes from local experience. If you’re on the selling side, it’s worth knowing that offering a buydown upfront can make your listing stand out to payment-conscious buyers. See our seller resources for more.

Frequently Asked Questions

What happens to a 2-1 buydown if I refinance early?

With most conventional loans, any unused buydown funds left in escrow aren’t lost. They’re typically applied toward your loan balance when you refinance or sell. Confirm the specifics with your lender before closing, since handling can vary by loan program.

Is a rate buydown better than a price reduction?

For lowering your monthly payment, usually yes. The same dollars spent on a buydown typically save you several times more per month than a matching price cut. A price reduction does lower your property taxes and the amount you borrow, so it can make sense if you’re paying cash or plan to sell soon.

Will sellers in Minnesota actually agree to pay for a buydown?

Many will in today’s market, especially on homes that have been listed a few weeks or have seen a price drop. Rising inventory and longer market times across the Twin Cities this fall have given buyers more room to negotiate concessions than they’ve had in years.

Make Your Monthly Payment Work for You This Fall

A 7% rate doesn’t have to mean a 7% payment. A well-structured seller-paid rate buydown can save you hundreds a month in the early years, or meaningful money for as long as you own the home, all without the seller giving up their list price. The key is pairing the right lender quote with an agent who knows how to negotiate it in today’s Twin Cities market.

That’s where MinnMatch comes in. We personally match buyers with vetted local agents who know which neighborhoods, listings, and sellers have room to deal this fall, at no cost to you. Get matched with a Twin Cities agent, or learn more about how MinnMatch works.

Buyer Guides, Seller Guides

Point-of-Sale Inspections in the Twin Cities in 2026: Which Cities Require Them & What Sellers and Buyers Need to Know

Posted on by Brett Doshan
Point-of-sale inspection checklist on a clipboard beside a model house, smoke detector, flashlight, and fall leaves

Selling a house in Richfield is not the same as selling one in Plymouth, and one of the biggest differences is the point-of-sale inspection. A handful of Twin Cities cities require a city-mandated evaluation before a home can be listed or shown, while most suburbs require nothing at all. Some programs force repairs before closing, some only ask for a disclosure report, and a few check nothing but the sewer line. If you’re buying or selling in 2026, here’s a plain-English rundown of which cities have these rules and how they affect your timeline and budget.

What Is a Point-of-Sale Inspection in Minnesota?

A point-of-sale inspection is a city-required evaluation of a home that happens because the property is being sold. Depending on the city, you’ll hear it called Truth-in-Sale of Housing (TISH), Truth-in-Housing, Time-of-Sale, or code compliance. They’re all the same basic idea: the city wants a licensed evaluator or city inspector to look at the home’s basic safety systems before ownership changes hands.

It is not the same as a buyer’s home inspection. A city evaluation usually takes under an hour and focuses on minimum housing standards: smoke and carbon monoxide detectors, water heater relief valves, gas piping, electrical panels, egress, and obvious structural issues. A private home inspection takes several hours and goes much deeper. Buyers still need their own inspection even when the city report comes back clean.

These programs fall into three rough buckets:

  • Repair-required programs – the report lists items that must be fixed before closing, or the buyer must formally agree to fix them afterward.
  • Disclosure-only programs – the report simply tells buyers what the evaluator observed. Repairs are generally optional.
  • Sewer-only programs – the city requires a camera inspection of the private sewer line, with corrections if it’s leaking or connected improperly.

Which Twin Cities Cities Require a Point-of-Sale Inspection in 2026?

The list has gotten shorter over the past decade as several suburbs repealed their programs, though one city added a new one. Here’s where things stand based on Structure Tech’s statewide Truth-in-Housing list, last reviewed in February 2026:

City Program type Good to know
Minneapolis TISH – repairs required Report needed before showings
St. Paul TISH – disclosure only Hard-wired smoke detector rules apply
Bloomington Time-of-sale – city inspection Covers houses, condos, townhomes
St. Louis Park Code compliance – city inspector One of the stricter programs
Richfield Point of sale All dwellings
New Hope Point of sale All dwellings
Columbia Heights Time-of-sale + sewer Newest program, started May 2024
South St. Paul Time-of-sale Includes mobile homes
Maplewood TISH – disclosure only Report needed before showings
Golden Valley, Mounds View, St. Anthony Village, West St. Paul, Orono, Tonka Bay Sewer inspection only Camera check of private sewer line

No longer required: Brooklyn Park, Crystal, Hopkins (ended January 2021), Osseo, and Robbinsdale (ended February 2024). If you bought in one of these cities years ago and remember going through a city inspection, you won’t need one when you sell.

Most of the western suburbs, including Edina, Plymouth, Minnetonka, Eden Prairie, and Wayzata, don’t appear on the list. The exception for lake buyers: Orono and Tonka Bay both require sewer inspections, so if you’re shopping around Lake Minnetonka, check which city the address actually sits in. Ordinances change, so always confirm with the city before listing.

Minneapolis vs. St. Paul: same name, very different rules

Both cities call their program TISH, but they work differently. In Minneapolis, a full Truth in Sale of Housing report is required before the home can be shown. The report lists any required repairs and stays valid for two years or one sale. If repairs aren’t done before closing, the buyer signs an agreement with the city and has 90 days after closing to complete them. That matters if you’re eyeing a bungalow in South Minneapolis.

St. Paul’s TISH program is disclosure only. The report must be available to buyers within three calendar days of listing, is good for one year and one sale, and isn’t required for sales to immediate family. Beyond smoke detector requirements, sellers generally don’t have to fix what the report flags, but buyers will see every item, and that shapes offers.

What Sellers Need to Know Before Listing

If your city requires a point-of-sale inspection, treat it as step one of your listing plan, not something you squeeze in the week photos go live. A few practical tips:

  • Schedule early. In spring, evaluators and city inspectors book up. Two to three weeks before your target list date is a comfortable cushion.
  • Knock out the easy fixes first. Missing smoke or CO detectors, a water heater without a discharge tube, loose handrails, and uncovered junction boxes show up on reports constantly. Fixing them beforehand keeps your report cleaner.
  • Budget for permits. Some required repairs, like relief valves or gas work, need a permit and a licensed contractor, which adds time.
  • Expect buyers to read it closely. Even disclosure-only reports become negotiating material. A long list of flagged items can make buyers nervous about what else is lurking.

An agent who lists regularly in your city will know which evaluators are responsive and which repairs come up most. Our seller resources walk through the rest of the prep timeline.

What Buyers Need to Know About City Inspection Reports

For buyers, the city report is a free head start, so read it before you write an offer. It can reveal an aging furnace, a sewer line that needs work, or electrical issues you’d want priced into your number.

In repair-required cities, find out whether the seller plans to complete the work or wants you to assume it. Assuming repairs can sometimes win a competitive house, but in Minneapolis it means a 90-day deadline after closing, and lenders may want funds held in escrow to cover the work. Make sure you have contractor quotes, not guesses.

And again, a clean city report doesn’t replace your own home inspection. The city checks minimum standards; your inspector checks the roof, the attic, the foundation, and everything in between. Visit our buyer resources for more on protecting yourself during the offer process.

Point-of-Sale Inspection FAQs

Who pays for a point-of-sale inspection?

The seller orders and pays for it, since it’s required before listing or showing. Fees are set by the evaluator or the city and usually land in the low hundreds of dollars. Required repairs are a separate cost.

Can I sell a house that failed its city inspection?

Usually, yes. “Failing” typically means the report lists required repairs. In cities like Minneapolis, the buyer can agree to take responsibility for those repairs after closing, often with funds held in escrow.

Does Edina or Plymouth require a point-of-sale inspection?

Neither city appears on the current list of cities with time-of-sale requirements. Still, confirm with the city before you list, since ordinances can change.

Get Local Guidance Before You List or Buy

City inspection rules are a perfect example of why hyper-local experience matters. An agent who sells in Minneapolis every month knows the TISH process cold; an agent from a suburb without a program may not. MinnMatch pairs buyers and sellers with vetted Twin Cities agents who know the rules in your specific city, and it’s free. See how it works, or get matched with a local agent who can walk you through your city’s requirements before they cost you time or money.