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Seattle leaders on Tuesday repealed a tax on large companies such as Amazon.com and Starbucks after a backlash from businesses.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…
Anna Faris and her new boyfriend are getting more comfortable with PDA … we got the couple sipping wine and holding hands on a romantic lunch date. Anna and Michael Barrett — a cinematographer she met on set of her upcoming movie “Overboard” –…
Cal Thomas: Students at Seattle Law School are being denied a well-rounded education by the free speech policeOctober 12, 2017 | dailybusinessnews
If it were a plague, the government would rush to quarantine the infected, as occurred during Europe’s Black Death in the 14th century.
Amazon’s decision to establish a second headquarters is going to make some North American city very happy once the online retail giant announces its choice next year. But it will likely be bad news for its current hometown.
WSJ.com: US Business
A man wearing a swastika armband was knocked out cold on the streets of Seattle Sunday after reportedly instigating fights in the city’s downtown area. Police say they were on the scene within minutes of the fights being reported, but arrived to find the man already unconscious on the ground,…
The pepper spray is already flying in Seattle as protesters have started to clash with police the day after chaos in Charlottesville … and it seems to have been initiated by silly string. The scene in #Seattle. @MSNBC @NBCNews @NBCNightlyNews…