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Closing Real Estate with Bitcoin (Recap)

 

 

 

We just wanted to take a minute thank everyone who showed up at Bitcoin in Real Estate Seminar today.  The turn out was unprecedented! 

 

In case you missed it, here  is a quick recap of what buyers agents and listing agents should concern themselves with when using Bitcoin to close a real estate transaction.

Buyers Side

  • Find a Title Company that converts Bitcoin

  • Write contract as cash

  • Inform your buyer of conversion process

  • Fee’s associated with conversion 1-3%

  • Underwriting and Processing time to convert to cash 3 Days

  • Buyer must go thru underwriting to convert anything over 10K

  • Prepare buyer to source and season bitcoin on financed deals

  • Funds be converted 48hrs prior to close




Sellers Side

  • Bitcoin is volatile.  Get proof of funds.

  • Buyer converts to cash and goes thru underwriting

  • No Bitcoin to Bitcoin transactions

  • Typical cash transaction

  • Who Pays Title???


 

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