Why Sell Your House With Bitcoin
Buying and selling a home is an intricate, time-consuming process. Once you’ve found the home of your dreams or the right buyer for your needs, the real work begins. Making an offer, negotiating a price, applying for a loan and setting loan terms with the bank can be stressful. Wouldn’t it be great if there was a way to cut out the clutter?
Bitcoin is just that solution.
What Is Bitcoin?
Bitcoin is a decentralized digital currency that makes it easy to buy and sell almost anything, anytime, on the Internet. As the first cryptocurrency, it is the most trusted and digital currency of its kind.
With Bitcoin, there is no middleman like a bank to determine the value of a transaction. You can complete international purchases safely thanks to virtually untraceable transactions, and there are fewer limits and fees on what you spend.
People are buying pizzas, video games, and socks with this invisible virtual currency. And it has some fascinating applications for the modern real estate market as well.
Bitcoin Cuts The Hassle of Real Estate Transactions
Think about the typical process of selling a home. You must first determine its value and make any renovations to help bring up that value. Then, you may choose to hire a realtor to list your property and set up showings. Then, you wait for the right buyer to make an offer on your home.
Seems simple enough, right? Well, consider the state of the market. What if your price is too high for your area? What if no one who is local is buying?
This is the first of Bitcoin’s many advantages in the modern real estate market.
If you or your realtor accept Bitcoin as a valid form of payment, you suddenly open up your home to an entirely new market. Bitcoin investors are always seeking ways to expand its usage and to apply real-world value to the virtual currency. Now, if a buyer in France is interested in your Delaware home, they have the option to cut costs associated with exchanging currency by purchasing digitally with Bitcoin.
But, you may think, wouldn’t that be a hassle, too?
That’s where the second advantage of Bitcoin for real estate comes into play. Because Bitcoin is not managed by any single centralized entity, there is no wait time for approvals. There’s very little time for processing (up to 24 hours). The currency is deposited right into the seller’s digital wallet—which you can then exchange for US dollars immediately if you choose.
Now you’ve sold your house and been paid in full in just one day.
Remember To Protect Your Assets When Using Bitcoin
The benefits of using cryptocurrency in the sale of your home are considerable, but as with any financial endeavor, you’ll want to protect your assets. Without a bank to manage the process, you’ll be responsible for making sure you get paid what’s fair based on both the real estate and bitcoin markets.
Consider hiring a real estate attorney who is knowledgeable in the use of Bitcoin to help during the process.
Bitcoin use is on the rise, and it’s slowly changing the face of modern real estate. Will you get on board?