Woodbury, Minn. – September 17, 2026 -- Homebuyers in Woodbury, Minnesota, risk losing their earnest money deposit and key legal protections if they miss contingency deadlines built into a standard purchase agreement, according to a HelloNation article examining local real estate transactions.
Inspection windows close in five to ten days
Buyers typically have five to ten days from an accepted offer to complete a professional home inspection in the current Woodbury market. If problems surface, buyers can request repairs, negotiate a lower price, or cancel the deal. Once that deadline passes without a formal response, the article notes, this protection is generally lost.
Financing contingencies protect buyers until days before closing
The financing contingency allows buyers to cancel without penalty if their lender fails to approve the mortgage under agreed terms. This protection usually stays active through most of the transaction, ending only a few days before closing. The article warns that buyers who waive this contingency to compete for a home take on significant financial risk if their loan falls through.
Appraisal gaps leave buyers on the hook without protection
If a home appraises below the agreed purchase price, lenders will typically fund only up to that appraised value, creating a gap the buyer must cover. Without an appraisal contingency, buyers remain obligated to close at the full agreed price regardless of the appraisal outcome.
Closing typically takes 30 to 45 days in Woodbury
Closing timelines in Woodbury generally run 30 to 45 days from an accepted offer, though loan type and title complexity can extend that window. VA and FHA loans sometimes require additional time due to program-specific appraisal and inspection standards, the article notes.
Earnest money deposits run one to two percent of purchase price
Earnest money deposits in Minnesota are held in trust and commonly range from one to two percent of the purchase price in the Woodbury market. Lisa Olien, a Real Estate Expert in Woodbury featured in the HelloNation article, and colleagues at RE/MAX Results recommend buyers discuss the risks of waiving any contingency directly with their agent before agreeing to shortened windows that some sellers request in competitive situations.