Seattle Archives -
Microsoft has pledged $ 500 million to address homelessness and develop affordable housing in response to the Seattle region’s widening affordability gap.
Most of the money will be aimed at increasing housing options in the Puget Sound region for low- and middle-income workers at a time when they’re…
Earl Thomas just flipped off the Seattle Seahawks — his OWN team – after suffering serious injury … and with no new contract to show for it. The All-Pro safety jacked up his leg Sunday during a defensive play against…
Mariners teammates stood and applauded and “God Bless America” played on speakers when Felix Hernandez entered Seattle’s clubhouse after becoming a U.S. citizen.
Two women in their 20s were found dead in an apartment across the street from the University of Washington campus in Seattle on Tuesday, Fox News reports. Police say building managers found a seriously wounded woman inside the apartment Tuesday morning, and responding officers arrived to find both women dead….
An Alaska Air employee stole a turboprop airliner from Seattle-Tacoma International Airport before crashing it on a nearby island, authorities and the company said.
WSJ.com: US Business
Seattle leaders on Tuesday repealed a tax on large companies such as Amazon.com and Starbucks after a backlash from businesses. It was a stark reversal from a month ago, when the City Council unanimously approved the effort to combat a growing homelessness crisis.
The council voted 7-2 after supporters…
Joel McHale says Richard Sherman will always be loved in Seattle despite signing with their hated rivals … telling TMZ Sports the dude deserves a STATUE for bringing a Super Bowl to the Seahawks!! We spoke with the ‘Hawks superfan about R.S.…
Amazon.com boss Jeff Bezos has inaugurated his striking rainforest conservatory built of glass and white steel in downtown Seattle. “The Spheres” domed structure that opened Monday is the newest headquarters building for the online retail behemoth, per the AP . Bezos and his wife, MacKenzie, were on hand to celebrate…
The mainstream adoption of cryptocurrency is continuing on pace in all different business sectors and in many economies across the world. The latest example of this featured in the press is the recent acquisition of a home using bitcoin cash.
The Bitcoin Cash House
A young aerospace design engineer has used bitcoin cash to buy a three-bedroom $ 415,000 house in Tukwila, a suburb of Seattle, Washington. The 23 year old investor, Cary Kuo, had to endure a lot of bureaucracy but was eventually able to use his cryptocurrency holdings to pay for a ten percent down-payment on the property and get a mortgage for the rest.
This is assumed to be the first time ever someone has used any cryptocurrency to acquire real estate in the regional market, according to the Seattle Times. It can also be a precedent for someone securing a traditional mortgage in the US nationally for such a transaction, as most publicized real estate for bitcoin deals have so far involved paying the sum outright without the added difficulties of getting an approval for a loan.
Fannie Mae Demands USD
The previous owners of the house, as well as the real estate agents involved, were skeptical when they first heard about the buyer using bitcoin cash or other cryptocurrencies to pay for the house. But, after doing some research and due diligence, everyone came around to accept the idea. They even found a residential loan financing company, Guild Mortgage, which was willing to back the deal.
Dealing with the public sector was a different matter however. When the loan company contacted government-sponsored Fannie Mae (Federal National Mortgage Association) to ask if cryptocurrency can be used as an asset for securing a mortgage, the agency had two terms. Kuo had to produce a full paper trail documenting how he acquired the cryptocurrency and convert the down payment sum into fiat to transfer to the seller. Local taxes for the sale also had to be paid with USD.
Oleg Tkach, the Guild Mortgage manager who helped secure the loan for Kuo, commented: “Unless something changes with cryptocurrency, I believe it’s going to become more common.”
Are you going to buy your next home with bitcoin cash? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post Aerospace Engineer Uses Bitcoin Cash to Buy $ 415,000 Home in Seattle appeared first on Bitcoin News.
An Amtrak train derailed roughly 40 miles south of Seattle Monday morning, spilling at least one car onto a busy interstate. A spokesman for the Pierce County sheriff reports three fatalities on the train, along with injuries, including to motorists, per the Seattle Times . The train derailed just before 8am…