MURFREESBORO, Tenn. (WTVF) – In today’s real estate market, money is still king, according to local real estate agent Derek Trainer.
“Since I’ve been there it’s probably the hottest market I’ve ever seen,” he said.
But that wasn’t the case when he got a call from another agent about a million dollar house he was recently selling. “He called me for ‘hey out of curiosity before showing this property, will your seller accept Bitcoin as a form of payment?'”
Bitcoin is a type of cryptocurrency or a “digital currency that usually only exists electronically”. Its value can fluctuate at any time.
“The value of crypto is based on other people who think it has value, right? So if I didn’t think crypto had value for this transaction, that would never be happened, “said Eric Hensley, home salesperson and trainer’s client. “Tons of Bitcoin transactions took place in all kinds of things – why not in real estate? And I was pretty comfortable knowing that.”
So how do you sell a house using Bitcoin? “There is a section in the contract that allows you to put in the currency that you will use to buy the house,” Trainer said. “Usually in this section you’re going to get money,” but for this deal, the currency was crypto.
“Now for the buyer it’s very risky, exceptionally risky,” Hensley said. “So, as an individual, would you fire me $ 1 million straight for a property? You don’t know who I am, you don’t know what I did, you don’t know any of that. “
Trainer said it was the largest Bitcoin transaction in Middle Tennessee to date. “If it’s as simple as it has been, and because the crypto is becoming what it is becoming, and the number of followings of that crypto, it’s going to keep happening and I think it’s a growing trend for sure, ”he said.
Not everything could be paid for in Bitcoin – the buyer and seller agreed to transfer a portion in cash which was then used to pay for costs like realtor and brokerage fees.