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
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???