Russell Dunn, Serving Greater LA (Media West Realty)

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Rainmaker
916,487
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

That's a violation of the contract #1 The seller could cancel for the breach...unless you got the change approved in advance by the seller?

Never heard of the bank #2

Jun 21, 2019 07:57 AM
Rainmaker
1,066,602
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Never had any experience with this one.

Jun 21, 2019 10:21 AM
Rainmaker
3,017,440
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I have no experience whatsoever with Ally Bank. Sorry.

Jun 21, 2019 07:57 AM
Rainmaker
3,272,306
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

No experience with this bank. Lessons are learned every day.  Is this an example or are there others you can share?

Jun 21, 2019 07:56 AM
Rainmaker
1,517,838
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

None whatsoever. They just arrived here in my Midwest area only recently. They started out as internet only I think.

Jun 21, 2019 08:40 AM
Rainmaker
661,441
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am going to disagree with Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D 

 

The California contract sets down terms for a loan that will be obtained by the buyer. It does not mention a specific lender and does not obligate a buyer to use a specific lender. Sure, the loan approval comes from a specific lender but there is no contractual obligation to use that lender.

Changing lenders in mid-transaction can cause other problems as it is in the scenario set out by Russell Dunn. Now, the buyer may not be able to close on time which could lead to a demand by the seller to close and possible cancellation of the contract.  

Jun 21, 2019 08:24 AM
Ambassador
4,111,045
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Sorry to hear this, hope it all works out well.

Jun 21, 2019 09:53 AM
Rainmaker
1,529,544
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

No experience, but would apprecciate a follow-up on your experience. Good luck!

Jun 21, 2019 09:38 AM
Rainmaker
2,936,511
Richard Weeks
Dallas, TX
REALTOR®, Broker

Never heard of them.  I don't think they are in my area.

Jun 21, 2019 08:38 AM
Rainmaker
4,358,946
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Russell,

No experience, but the members have chimed in and given you great answers.All the best to you. A

Jun 21, 2019 08:36 AM
Ambassador
1,624,525
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Never heard of them.

Jun 21, 2019 08:05 AM
Rainmaker
1,493,598
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

I don't know that bank

Jun 22, 2019 05:06 AM
Rainmaker
360,401
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

No experience with Ally Bank here.

Jun 21, 2019 01:56 PM
Rainmaker
1,579,441
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I never used them as a Realtor Russell Dunn but I think I had one closing as a mobile notary years ago. I believe all went well.

Jun 21, 2019 11:44 AM
Ambassador
1,630,188
Alan May
Coldwell Banker Residential - Evanston, IL
Helping you find your way home.

I have no experience with Ally Bank, but if all they need is an add'l 5 days, consider yourself fortunate.

Jun 21, 2019 10:40 AM
Rainmaker
1,220,602
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I've never experienced Ally bank, though I've seen their commercials.  In California the buyer would be in breach of the contract.  As a listing agent I would advise my clients to:

  1. Give them the 5 days but charge them $1,000 or something equally significant for it.
  2. I'd also put in a per diem for any days past the new 5 days.

Per diems are possible, so long as they're disclosed to the lender ahead of time.  Since it's doubtful a CD has gone out yet, you should still be able to make it happen.

 

I did have a situation last month where we ended up doing both the fee and the per diem.

Jun 21, 2019 08:49 AM
Rainmaker
398,906
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Again - not much help here with Ally Bank. But in general switching lenders mid stream here w/o seller approval would put the seller in the driver's seat. If I were the listing agent I would be asking for release of EM or possibly even an increase of em and it's release to the seller. I would want the buyer to "buy" his extension. Since he decided to change lenders to save himself a few bucks - the seller should get some gingle is his pocket for going along with the change.

Jun 21, 2019 08:40 AM
Rainmaker
1,046,463
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not had any experience with Ally Bank.

Jun 21, 2019 09:04 PM
Rainer
226,564
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

 You likely are dealing with call center in Utah or North Carolina. I would ask the buyer to pay per dium for late close. Is the CD out yet? 

Jun 21, 2019 12:02 PM
Ambassador
3,939,329
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

No experience at all and haven't heard of them.

Jun 21, 2019 08:20 PM
Rainmaker
748,440
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Ally Bank? Never heard of them

Jun 22, 2019 09:35 AM
Rainmaker
2,773,515
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I have no experience with that bank.

Jun 22, 2019 09:21 AM
Rainmaker
990,791
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Only one Ally closing under my belt, nothing remarkable to note Russell.

Jun 22, 2019 09:15 AM
Ambassador
3,232,785
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I've had great outcomes with Ally - always Close on time, without a hitch. I would say it may be the loan officer or, perhaps, the delay in getting started on the loan?

Jun 22, 2019 08:39 AM
Rainmaker
3,204,037
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

They were not a factor when I was active, so no experience 

Jun 22, 2019 03:43 AM
Rainmaker
4,041,657
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Never heard of them.

Jul 12, 2019 12:12 PM
Rainmaker
5,310,483
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

No recent experience.

Jun 25, 2019 05:43 PM
Rainmaker
3,104,529
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Never use them.

 

Jun 23, 2019 10:02 AM
Rainmaker
1,004,078
Corinne Guest
Corinne Guest, REALTOR® | Barrington Realty Company - Barrington, IL
Barrington Lifestyles

Love them for personal banking. No experience as a mortgage lender. I could live with 5 days but I assume you are early in process or it would be a lot longer. I've done this for buyer clients and met deadlines, they saved $$$ and were very thankful.

Jun 22, 2019 02:17 PM