More and more real estate transactions are being made with bitcoin payments, including right here in California. Glen Oaks Escrow, one of Southern California’s largest independent escrow companies announced just a few months ago that they closed their second bitcoin transaction last year.
Glen Oaks shared with news outlets that the homebuyer contacted the company at their office in San Diego to ask questions about paying for escrow services using bitcoin after hearing about the first bitcoin transaction made through the company.
Glen Oaks Escrow made the decision to start accepting bitcoin as an acceptable payment currency for escrow services in 2018. They have been happy with this decision as it has been a success in two real estate transactions with the company. They believe that bitcoin is still a young technology but expect it to grow and become a large part of the real estate market in the years to come. Joe Curtis, the COO of Glen Oaks Escrow shared that the company is proud to be at the forefront of offering this service to customers. Some experts are predicting that real estate, gold, and bitcoin are going to perform strongly over the long-term.
Glen Oaks Escrow uses BitPay to accept bitcoin payments, they act as the payment processor in a bitcoin transaction to verify funds. Glen Oaks Escrow then sends out an invoice to the home buyers that is similar to wire instructions in a flat currency transaction. The buyer then has a pre-set amount of time to submit their payment via bitcoin or another cryptocurrency.
Once the cryptocurrency funds are received into escrow, processed through BitPay, and converted to cash by BitPay, the money is wired in US dollars to the escrow account. BitPay assists Glen Oaks escrow by converting the cryptocurrency of the homebuyer into cash and then Glen Oaks holds that cash in the escrow account until all of the sale terms are met. The escrow payment is then released as US cash dollars to the home seller once the terms of escrow have been met. This means that the seller never actually sees the bitcoin payment, only the cash.
Glen Oaks Escrow is providing more ways for buyers to be able to purchase homes by extending their services to accept more forms of payment. There are other real estate companies around the country also currently accepting cryptocurrency payments and experts believe this will grow with time.
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Additional Resources for Home Buyers:
- Buying and Selling Luxury Real Estate in Los Angeles
- 5 Useful Tips for Buying Luxury Real Estate in Los Angeles
- Buying Guide: How to Buy the Perfect Luxury Home in LA
- Common Mistakes to Avoid When You Are Buying a Luxury Hollywood Hills House
- 7 Brilliant Tips for Buying the Best Condo in the Wilshire Corridor
- 7 Things You Need to Know When Buying a Home in L.A.