We are excited to share with you that Glen Oaks Escrow recently closed yet another Bitcoin transaction – one with a unique set of circumstances. While this isn’t the first time one of our brands has facilitated a real estate transaction that used Bitcoin as the form of payment, this transaction was unique since it was a refinance in which the lender used Bitcoin as the source of funds for the loan.
Since we are able to provide services in other regions outside of San Diego, Escrow Officer Doreen Tirres, successfully supported the client with the transaction.
Here is what our COO Joe Curtis had to say:
“This was an exciting transaction to be a part of, given that the scenario was a first for our organization. Prior to this, Glen Oaks Escrow had only facilitated transactions in which the buyer used Bitcoin as the form of payment. Seeing a lender use cryptocurrency for a refinance shows us that this payment method is continuing to grow in how it’s used and who it’s used by.”
Our company started accepting Bitcoin payments in 2018, which has proven to be a wise decision, given that consumers have turned to it on several occasions for their preferred payment method.
Considering we have now seen a party other than the home buyer using Bitcoin in a real estate transaction, it tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry. We look forward to supporting many more cryptocurrency transactions in the future and are very proud that we’ve pioneered the way to implement systems and processes that allow us to accept it.
If you have any questions about using Bitcoin in a real estate transaction, please contact us. Our experienced team is here to help you in any way that we can.