Some sellers may be willing to take Bitcoin from homebuyers, but, for now at least, real estate transactions in the digital currency are likely to be all-cash deals.
Just thinking about a Bitcoin mortgage will make your head spin, a report by National Mortgage News makes clear. The value of Bitcoins is notoriously unstable — just one issue that would complicate the task of translating closing documents and loan disclosures to work with denominations other than dollars.
Lawyer Brian Levy says that even if the Consumer Financial Protection Bureau modified its regulations, there’s too much risk for lenders to make Bitcoin-denominated mortgages feasible. Source: nationalmortgagenews.com.
