What is blockchain?
A blockchain (as it relates to a real estate purchase/sale) is a digital ledger in which smart contracts are recorded both publicly and chronologically–the transactions can be token based (crypto-currency) or token-less. Our blockchain app uses tokens, but you don’t need crypto-currency in order to place an offer.
How does the offer process work?
The buyer or buyer’s agent (if the buyer is represented) would click on the Offer Now widget. A pop-up box will appear and all the fields for the offer will need to be completed in order to start the offer process. The offer process and all negotiations would be completed on the blockchain–if parties come to an agreement, all terms would need to be printed on our standard digital real estate contract and related forms.
Does it cost anything extra to offer through the blockchain app?
No–it won’t cost you anything extra to make an offer using our blockchain app. The idea is to cut costs by saving all parties valuable time during the offer and counter offer process.
Do I need an agent to submit an offer via blockchain?
If you don’t have a buyer’s agent, you may make an offer on our site for any MLS listed property using our blockchain app. If the property is listed by our firm, we must first have both buyer and seller sign a Limited Consent to Dual Representation form. If you are making an offer on a property not listed with our firm, then the dual representation form is not needed.
Why use blockchain for a home purchase?
Purchasing a home using blockchain technology can help simplify the purchase process while providing a more efficient, secure and transparent process for all parties involved.
Do I have to make a home purchase using the blockchain app?
No–using our Shelter Zoom blockchain app is not required. We believe block chain will play a major role in the real estate industry and our goal is to always be on the cutting edge of technology.
Do I need Bitcoin for my home purchase?
No– while the blockchain technology we offer is token-based, no cryptocurrency is needed–you will still pay for your new home using either cash or lender financing.