Thursday, July 23, 2015

3rd time's the charm: 5227 Denny #101 in North Hollywood has sold. With a VA loan, no less.

After three times on the market, this North Hollywood Arts District condo sold on Monday.  5227 Denny #101 was first on the market two years ago. And was listed for the second time a few months later. We had lots of interest, but because of lending restrictions on certain types of condos and home owner associations, we couldn't sell it to anything but cash buyers, and it never sold.

Mortgage lending has changed and loosened up in the last two years on condo units like this.  The unit sold this time to a buyer with a Veterans' Administration loan.  The VA part itself amazes me.  Most lenders, myself included, will run like hell away from offers with VA loans.  No shade to veterans, but VA loans have always been exceedingly restrictive, have taken a long time to close, and have required lots of extra stuff from both sellers and buyers. But this isn't your father's VA loan program -- it went through without any problems (well, okay, the appraisal took a long time) and closed on time.  Thank you to the buyer's excellent agent Adam Martinez for talking us into taking his buyer's offer!

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