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!

Ask me anything: I want to get pre-approved by a mortgage lender. What documents will my lender need from me?

If you wish to buy a home and need a loan, a mortgage lender's preapproval is pretty essential.  You'll need that preapproval in writing before you make a purchase offer.  Most lenders need the following:

- 2 most recent pay stubs

- Last 2 years' w-2s and/or 1099's

- Last 2 years' federal tax return with all pages and corporate returns

- 2 most recent consecutive months' bank statements for all asset bank accounts

- For borrowers with corporations, a "profit and loss" statement for the business

This seems like a lot, I know. But that's because a) you are borrowing hundreds of thousands of dollars, and b) you probably have this paperwork scattered all over your house.  So, if you're thinking of buying in the near future, now -- especially since it's tax time anyway -- is a good time to assemble your paperwork.

Our mortgage lender had us attest to our motivation

...for buying a new primary residence. I said it is because we need a new abbatoir.

The Realtor buys a home, chapter 2

We are getting a full-documentation loan. Gathering all the financial documentation to give to the lender is a big pain in the neck.  Necessary, but not fun, especially when your records are in different places all over your house.  How do you buyers do it?

News of the week: Tacos, government regulation, 737 N. Catalina, and mortgage lending

Say it ain't so: the much-beloved Henry's Tacos in Studio City/Tujunga Village may have to close! Nooooo! Apparently, the landlord wants to do something else with the property.  There will be a taco eat-in on Sunday to protest and we'll be there.

Seen 737 N. Catalina in Burbank yet? The adorable, unspoiled 2+1 for $425,000? It's not my listing, but I'm taking bets on how many offers it will receive.  I showed it last night, and there were so many other showings around the same time that it was like an open house.

Government regulation or lack thereof: the Department of Real Estate in California is going away next year.  Instead, regulatory matters and law enforcement will be handled by a new branch of the California Consumer Affairs division.  I don't know how this will work, but the DRE was understaffed, so perhaps this will be an improvement.

Learned today: Forget getting credits through escrow for repairs on the house you're buying.  If the house needs repairs, and you're getting a loan, your lender may require the repairs to be made before close of escrow by the seller.  Yup, they're tightening up on that, too.

Lots of "flips" in the San Fernando Valley - what you need to know

If you're a local San Fernando Valley home buyer, you've no doubt noticed a lot of "flipped" properties for sale lately. (A flip is a property that somebody bought cheaply, fixed up and is now selling for a profit.) Buying an already-fixed up home can be a great choice, especially if you don't have the time, money or talent to do any fixing up yourself.  Trust me, remodeling is nowhere near as fast or easy as it looks on HGtv.

However, here are some things to be aware of, if you'd like to purchase a flipped home. First, not all lenders will fund a loan on a flipped purchase.  Second, loan approval may take a little while longer than normal.  Underwriters usually scrutinize the chain of title, especially if the house was previously a foreclosure.  And lenders will also want to see proof of the cost of the upgrades over the previous purchase price.  Third, the flipped properties still have to appraise to market value and can't be priced considerably over similar recent neighborhood sales (this is good news for buyers).  Finally, even if the house looks great, get a professional inspection.  As an old colleague of mine used to say, "A coat of paint can hide a world of sin." You'll want to know that corners weren't cut on home systems that you can't readily see, like plumbing, foundation or HVAC.  Along those lines, professional contractor-flippers usually do better with repairs and upgrades than individuals.  Happy hunting.