Want to buy a house with Bitcoin? Here’s what you need to know.
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 our 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.
This article was previously published on OpenListings.com