Topic: Is bitcointalk ready yet for another attempt at a property auction? (Read 1295 times)

Had a look; not really an auction site.  Thanks though.

Not sure on the property value on what you are wanting to auction, but I would start checking at the site https://www.bitpremier.com

Most people seem to post their ferraris or other luxury items on there.

Hopefully you get some result from there?

Hello again welshy,

This is what I am trying to do here with a discussion thread, to see who would be interested in principle in a property auction and what kind of terms and conditions they would expect to see in place. No point me trying to do the whole thing again if no-one wants to play ball with my terms.

Catch 22 is if I don't answer questions, even the stupid ones, then I look disinterested, if questions are asked privately then I end up in an ebay-esque situation where you get the same old questions asked over and over again, at least in public they are answered for all to see. Better to get the questions out now and see what people have to say.

I'm sure there will be a few people interested in it and will take it seriously, others will probably be themselves and try to ruin it. You could have a discussion thread like you had before, and try not to answer anyone who is trying to derail the auction itself. Although, as you are looking to sell with Bitcoin I would have people who have concerns to ask questions privately or within the discussion thread outside the auction thread. Ideally you would want the auction thread just to have bids and the discussion thread to have everything else related to the property, therefore the auction thread doesn't get messy and you people who are interested will think it's unprofessional and messy.

I think legal issues, taxes, exchange rate etc. slow things down.

What are the reasons you think it will take 3-6 months to complete? I would have thought using BTC would speed the process up considerably?

BUMP

Any suggestions? Opinions?

I will start an auction soon with those terms and conditions, I really dont want the auction itself to turn into a massive debate, so I'd love to hammer out what people think are sensible terms on a real estate listing.

I am wondering if the bitcoin market has matured enough for another property auction....if so I am tempted to try and sell off another of my properties here. Maybe we could discuss what people think are sensible terms and conditions before I start an actual auction, so there is no bickering during the auction process.

Things to be considered, that made it complicated last time;

PAYMENT.

Last time I tried this bitcoin was $100 each. property sales take 3-6 months to complete. We have seen a 6 month spread in bitcoin of from $100-$1000 and almost back again before settling round $500. No one really knows what the future holds. My position always was the seller have direct access to the bitcoin funds within 24 hours of the bid acceptance. Why? The seller takes a huge risk offering things worth 10s of 1000s of dollars for a virtual currency. This risk is his to bear- however its a much larger risk to take a currency and then not be able to decide to use it/cash it out/hedge it in another VC if you so choose, for 6 months in a market which is largely untested.

Of course, the buyer crys 'how to protect my money' well this is something that needs discussion also. My suggestion to this would be to issue a binding and legal 'certificate of funds received' notarised by a lawyer and sent to the buyer, basicallyin as many words an 'IOU 1 property signed mr seller' so that he has proof of payment in full for the property and this can be used in a court of law to prove ownership.

As a compromise, if the buyer chose, the seller could send a notarised property deed, copy of their passport and certificate of funds received, to an escrow, the buyer sends the BTC to the escrow holder, and then the escrow holder forwards the BTC to the seller ad the documents to the buyer ensuring all sides are protected.

Would like some comments and suggestions on that idea?

LEGALITIES FOR TAXES AND REAL WORLD COSTS ETC

No matter what, the government will not take transfer taxes and lawyers wont usually agree to be paid in bitcoin- yet. so there are real world expenses. The property can be declared at any fiat price IE $1000 or 5000 euros etc because bitcoin has no legal standing it is technically a property swap. But no matter what there are costs usually borne by the buyer, anywhere for 500 euros to 5000. does that make property purchases prohibative for most bitcoiners?


THE 'ANONYMOUS' NATURE OF BITCOIN

this was a big one raised last time how bitcoiners like to be anonymous. Thing is with property, it all gets registered to someone somewhere. However nothing is to stop someone registering their property in the name of a company- but at some stage some ID card is going to have to be seen by a lawyer, to ensure identity of the transferee. So the transfer will never be 100% anon. as some people would like. How do people feel about that?


And the big overall question as I ask- is the bitcoin community mature enough for a complex transaction such as this, or is it still too early? I have been pretty much absent for the best part of a year doing other things but am ready to give it a go and see if things have changed somewhat.

Comments and suggestions welcome!