Purchasing the real estate using bitcoin or its ilks will soon stop being just a dream. For example, not long ago the trans-border property marketplace Propy implemented an initial version of it instrument, which functions thanks to the blockchain. This tool is expected to allow all the bitcoin proponents to purchase and vend real estate in California, US, using this coin.
However, some people might find waiting for the adoption of the similar tools quite exhaustive, so they decide not to stand idly by because of it. One young aerospace engineer in the US has already made a step forward in the development of purchase-and-sale property industry.
A Revolution Has Begun: a $415,000 House Crypto Purchase Near Seattle
According to The Seattle Times, a 23-year old Cary Kuo recently purchased a three-bedroom house in the Seattle area – suburban city Tukwila – using Bitcoin Cash and other altcoins. Firstly, he made a 10% down payment with the money that he cashed out from his crypto investments, and, secondly, he used the rest of the cashed out assets to secure a conditional mortgage for the rest of the sum.
It means that before the deal Kuo converted his bitcoin cash and other altcoins investments in public US currency as it was demanded by the seller of the house and in order to pay taxes properly. The Seattle media have already assumed that this is the first case when real-estate in the area have been purchased thanks to crypto assets.
A Long Path
Kuo, a recently graduated design engineer in the field of aerospace, took his time to collect the money. He covered the 10% down payment for the house with the crypto gains he received since June 2017. Kuo told the newspaper that he piles all his extra revenues into cryptos and in his initial investment was just $4,500.
The young investor also said that he is aware of all the risks that cryptocurrencies carry and assured he wouldn’t regret losing the money otherwise.
“I put in a lot of money but I’m well aware of the risks, and I’d be fine with losing the majority of it, due to my age and I’m still single. If I were to lose a year’s worth of profits, I’d be OK. It’s just one of the natures of the game,” explained Kuo.
But the investment stage did not seem the toughest one. Before the sale closed, Kuo had to live through the headache of red tape. It was not that easy to receive an ultimate affirmation from his mortgage lender. Kuo had to back all his bitcoin cash and other altcoins investments with paper documents. Nevertheless, everything went well, finally.
The Exotica of the Purchase
Nobody, who participated in the sale, has ever experienced the purchase of properties for cryptos before. Neither both of the real-estate brokers nor the mortgage-loan manager has had. Moreover, at first, they were even incredulous about it, when the sellers, barely acquainted with the world of cryptocurrency, were not even sure whether Kuo indeed had the money. However, the young engineer even managed to win the race for the house on the par with the other four potential acquirers.