A further complication appears to be that escrow companies require payment to be made in what they call "good funds" which, among other things, requires immediate availability. Because it would take over a week to move these funds into the USD, meeting that requirement may not be possible.
So there may, in fact, have to be two escrow processes. The first would be with an escrow processor who is familiar with bitcoin who could take us the stage where the second escrow company (the local one) would not have to see bitcoin.
Ditto for the title company. They don't know what bitcoin is and they don't want to think about it.
So, if anyone is game to get into all that, so am I.
Topic: 5.7 acres for sale in Southern California (Read 809 times)
This is turning out to be a bit of a struggle. I feel it's necessary to work through a local escrow company that normally handles real estate transactions. However so far I've only met with fear.
It's also clear to me now that it would take at least 10 days to move the money into USD, because of the amount. I think that's something that needs to be done through the escrow process, with some accounting to manage risk in both directions.
I think I understand how this should work. But I'm struggling to find an escrow company that'll go along. Would love suggestions if anyone knows a good company in Southern California.
I will update this thread as I learn more.
Thanks.
It's also clear to me now that it would take at least 10 days to move the money into USD, because of the amount. I think that's something that needs to be done through the escrow process, with some accounting to manage risk in both directions.
I think I understand how this should work. But I'm struggling to find an escrow company that'll go along. Would love suggestions if anyone knows a good company in Southern California.
I will update this thread as I learn more.
Thanks.
Certainly, I think an escrow process is totally appropriate.
I'd like to talk to my broker more about the specifics, so I will post another reply when I've done that. Since it's Friday it'll have to wait until next week. Thanks.
I'd like to talk to my broker more about the specifics, so I will post another reply when I've done that. Since it's Friday it'll have to wait until next week. Thanks.
Would you be willing to provide escrow for a deal like this? Also how would it work for someone who resides outside of the country? Like Canada for example?
Thanks!
Thanks!
Yes of course I'm selling it. As you can see it's listed with a realtor.
But at the same time I'm wondering out loud if being able to transact in bitcoin actually adds convenience for anyone, because it's not quite clear to me why that would be the case.
But at the same time I'm wondering out loud if being able to transact in bitcoin actually adds convenience for anyone, because it's not quite clear to me why that would be the case.
are you selling it ?
or just seeing if anyone is offering to buy it ?
your post is confusing, or i have trouble comprehending.. perhaps a little from column a a little from column b.
hmmm i wonder if an AU can buy land in USA...
or just seeing if anyone is offering to buy it ?
your post is confusing, or i have trouble comprehending.. perhaps a little from column a a little from column b.
hmmm i wonder if an AU can buy land in USA...
Here's a link to the listing.
http://widget.proxiopro.com/CRMLS/PropertyDetails.aspx?id=29338404&AGENT=&OFFICE=SSP301&PropertyId=28054352&CountryId=1&RegionId=-1&RegionName=--Select--&CityId=-1&CityName=&PostCode=&CurrencyId=490&GarageCount=-1&BedRoomCount=-1&BathRoomCount=-1&yearBuilt=0&yearBuiltTo=0&MinPrice=0&MaxPrice=0&ClassId=-1&AreaUnit=1&page=1
The land is very much in the path of development with good frontage and other qualities that make it attractive. The real estate listing has complete details.
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I'm offering it here because I'd be perfectly happy to take bitcoin as payment, but I really would like to get some feedback on this as well because I'm not exactly sure what the advantage to the buyer would be over converting bitcoin to dollars in order to make the purchase. Even if it were an overseas buyer he or she would still have to take title of the property, which if anything is more effort than converting the currency.
Since the IRS considers bitcoin to be property, maybe it's not even a sale. Maybe it's a trade. Does that simplify things?
Anyway, I'd love to hear any thoughts on this.
http://widget.proxiopro.com/CRMLS/PropertyDetails.aspx?id=29338404&AGENT=&OFFICE=SSP301&PropertyId=28054352&CountryId=1&RegionId=-1&RegionName=--Select--&CityId=-1&CityName=&PostCode=&CurrencyId=490&GarageCount=-1&BedRoomCount=-1&BathRoomCount=-1&yearBuilt=0&yearBuiltTo=0&MinPrice=0&MaxPrice=0&ClassId=-1&AreaUnit=1&page=1
The land is very much in the path of development with good frontage and other qualities that make it attractive. The real estate listing has complete details.
-------
I'm offering it here because I'd be perfectly happy to take bitcoin as payment, but I really would like to get some feedback on this as well because I'm not exactly sure what the advantage to the buyer would be over converting bitcoin to dollars in order to make the purchase. Even if it were an overseas buyer he or she would still have to take title of the property, which if anything is more effort than converting the currency.
Since the IRS considers bitcoin to be property, maybe it's not even a sale. Maybe it's a trade. Does that simplify things?
Anyway, I'd love to hear any thoughts on this.
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