All Blog Entries by Krystal Thompson

Found 43 blog entries published by Krystal Thompson.

Or does it?

To be honest, there just isn’t a mortgage or real estate term that starts with the letter X, but you are going to see the letter throughout the process around 100 times or more.  The letter X followed by a long line typically signifies that a signature is required.  From getting pre-approved to purchase real estate all the way through to the closing table, you will be requested to sign multiple disclosures and contracts to get the deal done. Simple enough right? For the most part, yes, but please read those contract and disclosures before signing... some restrict your rights while others protect them.  

According to Investopedia there are a few more X words but I’d say they are reaching a bit.  Either way, here are the ones they

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If you are about to embark on the wonderful journey of home buying or selling this weeks topic is for YOU! 

There are a few times during the transaction that someone may decide it's easier to wire their funds to the title company or that the seller would like their proceeds wired directly into their account.  This makes complete sense!  After all its 2019 and who wants to take a check to the bank when the money can be swiftly sent to its destination?  No one.  Although, its best to use extreme caution.  In the past few years we have seen a rise in wire fraud.  So let's discuss what wire fraud is, shall we?

The basic definition of wire fraud given to us by the almighty Google is “financial fraud involving the use of telecommunications or information

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This weeks topic is one of my favorite mortgage terms: VA Loan!  

I know, VA Loan doesn't sound very entertaining... but it really is one of the coolest montage products out there and you'd be surprised to learn how many people don't know about it!  I thought this would be  perfect opportunity to bring in guest writer that could break down all of the facets of this amazing product. Tim Tacl is not only an extraordinary Mortgage Loan Officer at Spire Financial, but he is also a Veteran.  This should come in pretty handy since the VA in VA Loan stands for Veteran Affairs!  The United States Department of Veterans Affairs is the government entity that guarantees these mortgage loans in the United States.  

Take it away Tim!

"The VA Home Loan

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Going under contract is a very exciting moment in the home buying process.

CONGRATULATIONS! It means you have found a home you love, have made an offer that the sellers found acceptable and now you can start the remaining process of buying a home. Being under contract does not mean that the home is yours, not yet at least.  It means that all of the cogs in the wheel are now turning; your mortgage company finalizing financing, you order and inspection and/or appraisal on the home, or the title company is finalizing the deed etc.  It also means that the seller cannot accept any other offers.  They can however accept back up offers incase your deal falls apart).

You’re probably wondering how to go under contract on your dream home when inventory is

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Life insurance, car insurance, health insurance, and title insurance… wait, what? 

What is title insurance and why do you need it? Great questions!  We all know that insurances as a whole are intended to protect you if something unfortunate happens.  Title insurance is issued to protect both the lender and the buyer from loss or damages in the purchase of real estate.  There is a section in the Colorado Real Estate contracts that is specifically for title insurance.  It addresses who chooses the title company, who is paying the fees associated with the title and title insurance and finally the coverage that is requested on the property.  The most common type of title insurance is lenders title insurance, meaning that the borrower purchases

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I hate to break it to you but we are not discussing how much you and your roommate have in common.

 Leave it to the real estate world to use the common term "tenant", normally referring to someone renting or leasing a property, to explain how much ownership you have of a property when you purchase it.  How you are placed on title when purchasing a property is extremely important.  Its good to review all of the options so that if  something happened you would be covered.  Think about it a bit like insurance, except this isn’t title insurance, this is more like which insurance policy you pick.  You have a few options; Joint Tenancy, in Severalty, or Tenants in Common are the most popular, if you will.  A few months ago we covered Joint Tenancy in

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During the home buying process you should be asked if you want to get an ILC (Improvement Location Certificate) or Survey of the land. 

It always seems to shock people that this questions is asked by their Realtor, and understandably so. In fact, the state of Colorado finds an ILC or Survey so important that they have put an entire section in your contract to buy and sell real estate.  This is a good thing, its there to protect you.  The home you are trying to purchase may already have a fence up, and that seems like a logical indication of a property line: but is it accurate?  You are about to spend/borrow a substantial amount of money and the lender likes to be 100% sure that the property lines haven’t been impeded on.  

If you visit the City

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Plus a few Staging Tips and Tricks-

If you are ready to put your home on the market, you already know that how it looks can make a significant difference in the sales price. If you don’t know how much the look of your home can affect your sales price then this is the blog for you!

Home staging is the process of preparing a your home for sale.  Wikipedia state that “the goal of staging is to make a home appealing to the highest number of potential buyers, thereby selling a property more swiftly and for more money. Staging techniques focus on improving a property's appeal by transforming it into a welcoming, attractive product that anyone might want.”

According to the 2018 National Association of Realtors News Release:

  • Forty percent of
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So what is REALTOR® anyway?

Have you ever wondered why Real Estate Agents are commonly referred to as REALTORS®?  There are many terms used to identify a Real Estate Agent that can add some confusion; managing broker, a broker associate, exclusive buyers agent etc.  First and foremost a Real Estate Agent can be a REALTOR®, a managing broker, a broker associate and an exclusive buyers agent, but not all can be called a REALTOR®.   In order to be a REALTOR® the agent must be a member of a NAR- National Association of REALTOR® (notice the trademark?) and subscribe to the REALTOR® Code of Ethics. It pays to know the difference when you decide to hire someone to assist you in buying or selling a home.  

The REALTOR® Code of Ethics, which includes 17

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WAIT, It's a Quick Claim Deed right?

It would seem like finding a real estate vocabulary word that starts with “Q” would be a bit difficult.  Good news!  It was the easiest one so far as there is only one that is important enough to cover. Have you ever been the grantor or the grantee in a quitclaim deed?  Funny thing, most people call it a quick claim deed. Its quit, not quick.  I assume its confused often because it is a quick way to change a title document, or maybe its because people don’t enunciate it well enough.  Either way, lets dive in.

Its called a quitclaim deed because the owner/grantor terminates (“quits”) any right and claim to the property, as a result the right or claim to transfer to the recipient/grantee.

Due to the lack of

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