Possibly selling a house for BTC

[achillez]

Currently have a house for sale on the real estate market. Some details:

 - 2700 sqft
 - 4 bedrooms + den
 - great area in Washington County, OR
 - Currently for sale for ~$450k

I'm a big proponent of bitcoins and evaluating if it's possible to sell this for equivalent BTC. Assuming this would take 15-30 days to close paperwork, etc., then the BTC price would be set on the day of sale (to be fair for the buyer and seller). Like any other house purchase, earnest BTC would need to be provided upfront to lock in the purchase, and proceed with paperwork. The earnest BTC price would be set once delivered.

As an example, assuming BTC is $500/coin, the following steps would be taken:

1) interested buyer would provide 9 BTC to my address (or escrow if preferred).
2) buyer has inspection, secures finances, etc...
- If the buyer wants to decline the purchase due to issues with (2), then I'll immediately return the 9 BTC.
3) once closed buyer provides remaining 891 BTC (or equivalent number for current BTC price) to finalize closing, work with title company etc. 
- For this last step we may need to convert some BTC to $ to pay the title company. 
- I also need to confirm if there any special taxes related to BTC transactions. Assume no, but if yes this may need to be split between seller/buyer. 
4) Buyer then has a great house, and Seller has a bunch of BTC

If anyone is "seriously" interested please send me a PM.

[AlexM]

I would suggest firstly to create a marketing page with all the house photos, floor plans, location map, local area amenities etc or at least a link to a website with these details. Secondly I would ask for the 9B only when someone wants to purchase and has asked to take the house of the market. I can't see anyone purchasing a house without visiting it, I can't see anyone handing over 9B before visiting the house.

Good luck. I am presuming an overseas investor could purchase the house without having to pay tax on the capital gains of the Bitcoins as the money nor the asset would ever be in the country of there tax. However a local would surely have to pay capital gains tax on the Bitcoins. I can see a lot of holiday home being sold with Bitcoins in the future.

[Welsh]

Would you be willing to supply sufficient images showing all the rooms & the land which comes with the property? Or, would you only disclose this information through PM? 

[achillez]

Thanks all very much for the input.

@Welsh: I do have the house up on Zillow and can send the link with details to any interested parties. I'd prefer to do this via PM for right now. Later, if the sale goes through I would be more than happy to post full details on how the sale went, links to pics, etc..  to help promote Bitcoin.

@AlexM: good point. Yes, I would only require the 9B as part of the earnest money agreement after the buyer has at the place, and they would like to proceed with inspection, and related paperwork. If the inspection is unsatisfactory then the exact earnest money amount in BTC would be returned. The process would be identical to what one would do if purchasing a property using $, the difference is BTC is used here instead.

[achillez]

Looks like no interest thus far

[achillez]

Thanks I sent the PM (sry for the delay).  I've had a few PMs on the house but nothing serious thus far.

[quone17]

This is a cool idea.  Have you thought about taxes though?  or will this be "off the grid?"  I guess I don't expect a formal answer but something to think about.  Also, might be hard because of the volatile nature of BTC - what if the price goes up or down like 30% in a day?  no one will want to take that risk I dont think.

[achillez]

Yes this will be above board - full real-estate, and tax compliant. Taxes (I believe) only apply once you sell the asset. If it goes up then I'll pay the difference upon acquiring BTC and then selling. Likewise if it falls then I can deduct the deficit from my incoming. Hopefully it's straightforward.

[achillez]

Had some interested parties, but house back on the market for anyone that is interested. Have inspection reports, and all other typical real estate paperwork.  Likely would drop price slightly for anyone that wants to buy in Bitcoin.  Quick calculation @ 712/BTC = 632 Bitcoins, and you get a great home or investment vehicle 

If anyone seriously interested pls PM me.

[achillez]

thanks

[rkdms]

As an Arizona Realtor, I love seeing this.

There are a ton of great investment opportunities, duplexes and triplexes are my favorite investments currently. Multi units generally have a good return.