Russell Dunn, Serving Greater LA (Douglas Elliman)

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Rainmaker
1,177,959
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
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
1,596,476
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Never had any experience with this one.

Jun 21, 2019 10:21 AM
Rainmaker
3,910,908
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have no experience whatsoever with Ally Bank. Sorry.

Jun 21, 2019 07:57 AM
Rainmaker
3,960,505
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
1,698,098
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg 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
868,874
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
5,218,910
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - 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
1,624,372
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, 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
3,876,015
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
5,370,890
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
Rainmaker
1,707,347
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
2,062,259
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
502,396
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

No experience with Ally Bank here.

Jun 21, 2019 01:56 PM
Rainmaker
1,838,802
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
1,800,983
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

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
1,362,248
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
468,389
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
1,725,205
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
303,791
Caroline Gerardo
Sun West Mortgage Corporation - 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
4,495,265
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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

Jun 21, 2019 08:20 PM
Rainmaker
967,303
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Ally Bank? Never heard of them

Jun 22, 2019 09:35 AM
Ambassador
3,002,274
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I have no experience with that bank.

Jun 22, 2019 09:21 AM
Rainmaker
1,093,167
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
4,093,103
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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
4,023,936
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
4,739,728
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
6,374,050
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

No recent experience.

Jun 25, 2019 05:43 PM
Rainmaker
3,840,932
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Never use them.

 

Jun 23, 2019 10:02 AM