All Blog Entries by Krystal Thompson

Found 21 blog entries published by Krystal Thompson.


A few weeks ago I wrote a blog on Covenants, Conditions + Restrictions, Im sure you remember everything I covered. Either way, Ill try not to take offense.  However, it does relate to this weeks topic so I think a quick review would be fair as many people do not know the difference between the CC&R’s and the HOA. Interestingly enough the original rules are not made by the HOA, but enforced by them.  

According to Attorney, Amy Loftsgordon, “the Declaration of CC&Rs is the legal document that lays out the guidelines for the planned community. The CC&Rs are recorded in the county records in the county where the property is located and are legally binding. This means that when you purchase a lot or a home in a planned community, for example, you

84 Views, 0 Comments

There is this theory that people buy a house in order to achieve the life long adult accomplishment of obtaining “The American Dream.” 

Robert Kiyosaki said "Real estate investing even a very small scale, remains a tried and true means of building an individual's cash flow and wealth." Suze Orman was also quoted stating that "owning home is a keystone of wealth, both financial affluence and emotional security."   Then there was Andrew Carnegies' bold statistic "ninety percent of all millionaires become so through owning real estate." Ok, ok, enough of the quotes, I think you catch my drift.  Sometimes people are patient and wait for this wealth to develop over time, and sometimes people go in with a strategy that helps them leverage their equity

104 Views, 0 Comments

Not everyone likes to go out and shop for gifts for people but almost everyone loves getting gifts. Some people love getting very thoughtful gifts and some prefer money.  This weeks Real Vocabulary topic is a bit more complex than receiving the average everyday gift. The good news is that its not too complicated. There are just a few things you will want to be aware of so that receiving said monies doesn’t affect your chances of getting approved for a loan.  

If you are planning to buy a home and your favorite Aunt or Grandparents decide they would just looove to contribute to your future home!  Exciting isn't it?  But first, you're going to want to stop, collaborate + listen.    Number #1: make sure that the funds can be verified.  In some cases

101 Views, 0 Comments

In 1968, one week after the assassination of Martin Luther King Jr., President Lyndon B. Johnson approved the civil rights campaign against housing discrimination in the US.  Part of this Civil Rights Act of 1968 included the Fair Housing Act.  The United States Department of Housing and Urban Development enforces the Fair Housing Act which was created to protected a buyer or renter from being a victim of seller or landlord discrimination. The Fair Housing Act originally prohibited discrimination of race, color, religion, and national origin.  In 1974 sex was added as an additional protected attribute. Disability, family status (presence of children under 18 in a household) were added in 1988. These protected characteristics can come into play during

90 Views, 0 Comments

Yup.  You read that right. You’re probably pondering what circumstance requires flood insurance. Great question!  The answer: getting a home loan.  More specifically though during the lending process you will be getting home owners insurance and they will let you know if flood insurance is required on that particular property. If you already own a home it is probably a wise idea to check with your insurance agent to see if you have coverage.  While it's not required at this point you may want to consider it.  You don't want to wait until a large storm to call or you may not get approved as there is a 30-day waiting period.  Better late than never.  

Where can floods happen in Colorado? They can happen in more places than you would think.  Some new

154 Views, 0 Comments

If I had a dollar for every-time someone said that they would never get an FHA loan or accept an offer (as a seller) from a buyer that had an FHA loan, I would be a millionaire. Seriously though, where do people get these opinions from?  Typically, their parents, Real Estate Agents (sadly) and Financial Advisors, to name a few.  Why would these people advise anyone to not get or accept an FHA loan? Put simply; because people have the wrong idea.  My personal favorite misconception is that FHA stands for First Time Homebuyer. Close, but no cigar.  FHA actually stands for the Federal Housing Administration.  

Let's go straight to the source for some legitimate details.  Wikipedia explains that “The FHA sets standards for construction and underwriting

310 Views, 0 Comments

Most people don’t realize that when they go to hire a Realtor what exactly is involved in that process or contract.  The state of Colorado creates the contract that Realtors use and leaves room for the Realtor to fill in the exact terms.  This contract is very important and should always be understood so that you know your rights and you understand what the agents job and responsibilities are to you.  After all, you are paying them to sell your home.  So lets go over the some of the basic sections shall we?

Section 1.  Agreement:  States that this is a real contract and is irrevocable.

Section 2. Broker and Brokerage Firm:  Explains if the agent is with a multiple person firm or works alone (meaning they would be solely responsible).  The agent

190 Views, 0 Comments

This weeks topic may not apply to everyone, however, unless you have taken a good hard look at the title work associated with your property you may not be aware if it applies to you or not.  Most of the time when people think of and easement (I mean, I don’t know about you but I stay up at night thinking about mine) they think “I don’t own land in a rural area so I’m not concerned with easements.”  Newsflash:  An easement can be in rural, or urban areas.  I live in Denver, Colorado and my two neighbors and I share an easement.  Before I get ahead of myself lets get the legal definition of an easement and then I will shed some more light on the topic.

This definition comes to you from the FindLaw website: An easement is a property right that gives

196 Views, 0 Comments

This is exciting!  Earnest Money is the first step in your contract that gets executed and it means that you are under contract! Whoop Whoop! But what does Earnest money mean and how does its affect you as a buyer or seller?

Investopedia comes to the rescue again to give us the technical explanation:

Earnest money is a deposit made to a seller indicating the buyer's good faith in an arrangement. Often used in real estate transactions, earnest money allows the buyer additional time when seeking financing. Earnest money is typically held jointly by the seller and buyer in a trust or escrow account.

On a more relatable, real life level, Earnest Money is a buyer putting some skin in the game. 

Once your offer is accepted you will be asked to

196 Views, 0 Comments

In the Colorado Contract to Buy and Sell Real Estate there is a section with all of your Dates + Deadlines. This is probably one of the most cumbersome sections while under contract on a home because it is what guides the Lender, Title, Agents, Seller + Buyer through all pertinent steps of the transaction. These dates are important to each party for different reasons so here are some of the highlights:

  • Lender: The lender has many people that work on your file and these dates and deadlines keep the file moving (typically) seamlessly from the processor through underwriting then to the closer. 
  • Title:  The dates notify the Title company how long they have to get your Title Commitment prepared, HOA docs, and it provides them with the closing
202 Views, 0 Comments

Have a Question?

Contact Us

Follow Us