google-site-verification: googled2b52e05c6f8f2ec.html Buyer's can use Bitcoin to buy Florida real estate!

Buyer's can use Bitcoin to buy Florida real estate!

 

 I learn most of life's lessons the hard way,  including if we should accept Bitcoin or not.  Recently we received a contract for 1.5 million dollars where the buyer wanted to use Bitcoin as his method of payment.  This prompted us to do a lot of research on accepting Bitcoin. 

 

 Our first phone call was to our underwriter,  who told us no,  they wouldn't insure a bitcoin transaction.  About a week later I read an article from ALTA that talked about Title Companies accepting bitcoin and it prompted me to research it further. 

 

  I went about searching Google and really didn't find a lot of information.  In the process we learned how to accept Bitcoin and convert it to cash before closing.  In a nutshell,  the problem of accepting Bitcoin was solved.  We are now signed up with a company that converts Bitcoin to cash.

 

 So, as a real estate agent what do you need to know about this process?  Essentially nothing.  You can write your contract as you normally would.  If the buyer is getting a mortgage,  we can convert escrow deposits and down payments before closing and provide verification to mortgage lender.  I would prepare for a longer than usual underwriting time from your mortgage lender.  Sourcing and Seasoning Bitcoin might be a challenge for some lenders.  Other than that, it's a simple cash transaction.

 

The only thing really important to note,   the buyer will have to have their Bitcoin converted 2 days prior to closing and disbursement of funds.

 

If you have questions,  give us a call at 239-334-3321 or send us an email at orders@closewithsun.com  We will see you at the closing table!

 

 

 

 

 

 

 

 

 

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