Friday, 30 November 2018

How to buy a house with Bitcoin?

With everyone going cryptocurrency crazy and the value of a single Bitcoin having skyrocketed as high as $19,000, there's two things guaranteed when you work at a real estate startup:

1.    Your parents and non-tech savvy family members will ask you to explain what the hell it is over and over again
2.    Tech-savvy buyers who've mined their way to Bitcoin and other crypto riches will want to know if there is a way for them to buy a house using Bitcoin

For these questions, we say: "It's like internet money, Mom." and "Yes, it's totally possible to buy a house with Bitcoin."

How buying a house with Bitcoin works

If you're serious about purchasing a house with Bitcoin, there are a few factors that come into play:

The seller has to be down
First, you have to find a seller who is willing to accept Bitcoin as payment for the house. You can use Open Listings search to look for the words "Bitcoin" or "Ethereum" or whatever your cryptocurrency of choice happens to be to find potential property matches.

Once you have an accepted offer, the title and escrow companies have to agree to handle the transaction
Even if you are able to find a seller that's willing to accept your offer in Bitcoin, it can be tricky to find title insurance and escrow companies who feel comfortable handling virtual currency transactions. To take on your home purchase, they may require you to cash out your Bitcoin so that your transaction can be treated more like a traditional house purchase.

The future is here
Still have those Bitcoin homebuying dreams? Here are a few of our favorite properties for sale in California and Washington that'll accept your cryptocurrency:

6023 W Beachwood Ln. Los Angeles, CA 90038

6023 W Beachwood Ln bitcoin house for sale

This Hollywood Hills new construction is smart home ready & highly walkable. Listing price is $1,190,000. If you buy it with Open Listings, you'll get $11,900 back. View Listing

1338 Orchard Ave. Wenatchee, WA 98801

1338 Orchard Ave house for sale bitcoin

This charming & Wenatchee home could make a great investment for the right Bitcoin buyer with its big corner lot and full apartment above the garage. Listing price is $399,900. As of writing this, that's about 25 Bitcoins. View Listing

1301 Duhig Rd Napa, CA 94559

Buy Napa California land for sale with Bitcoin

This may only be the bird's eye view of this 10 acre plot in Napa County, but it's ready and waiting for you with 3 bedrooms, 2 bathrooms, a hot tub, and some of Napa Valley's finest wineries as your neighbors. Pretty, pretty, pretty good. Listing price is $2,900,000. Buy it with Open Listings, and get $36,250 back. View Listing

On the hunt to buy more homes with that Bitcoin? House hunt for free with Open Listings, find matches the moment they hit the market, and save thousands in unnecessary fees.

This article originally appeared on OpenListings.

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