Author Topic: family member makes offer on house with cryptocurrency (offer rejected)  (Read 2277 times)

clarkfan1979

  • Handlebar Stache
  • *****
  • Posts: 2142
  • Age: 41
  • Location: Pueblo West, CO
Family member "A" made an offer on a house with crypto as payment. No loan contingency. They wanted the entire transaction to be crypto. When their offer was rejected their response was, "people just don't understand crypto." I suggested that they sell the "crypto", get real money and then make the offer on the house with real money. Subject was quickly changed.

I think they were scammed and bought fake "crypto" that has zero value. The seller is telling them that it's worth something, but they can't actually sell it to get their money back.

This family member also believes that the Iraqi Dinar is going to increase in value 100 to 1 in the "next few months" They have been saying that for 3 years and have been buying it over the last 7 years. They give it to us for our birthdays telling us that it will be worth millions.

ixtap

  • Handlebar Stache
  • *****
  • Posts: 2434
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #1 on: September 18, 2020, 06:53:12 PM »
*Somebody* doesn't understand crypto...

JAYSLOL

  • Handlebar Stache
  • *****
  • Posts: 1384
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #2 on: September 18, 2020, 09:16:42 PM »
Thatís a shame.  What crypto was it?  Thereís lots of scams out there, I know a few people that have been sucked in

Adventine

  • Handlebar Stache
  • *****
  • Posts: 1317
  • Age: 31
  • Location: Manila, Philippines
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #3 on: September 18, 2020, 09:38:51 PM »
That's funny and horrible at the same time.

Approximately how much does this person think their crypto is worth, in a currency other people can understand?

Paul der Krake

  • Walrus Stache
  • *******
  • Posts: 5080
  • Age: 12
  • Location: UTC-10:00
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #4 on: September 18, 2020, 10:07:22 PM »
Is that even possible? Letís say you sell me your house for 200 coins, because you and I agree thatís a fair price.

How recognized do the coins have to be for the sale to be valid And run afoul of arms length transaction rules? Who determines that?

marty998

  • Walrus Stache
  • *******
  • Posts: 7038
  • Location: Sydney, Oz
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #5 on: September 18, 2020, 11:09:19 PM »
Is that even possible? Letís say you sell me your house for 200 coins, because you and I agree thatís a fair price.

How recognized do the coins have to be for the sale to be valid And run afoul of arms length transaction rules? Who determines that?

And how much tax is paid given the volatility of the Ďcoiní?

Travis

  • Magnum Stache
  • ******
  • Posts: 3179
  • Location: South Korea
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #6 on: September 19, 2020, 01:02:06 AM »
This family member also believes that the Iraqi Dinar is going to increase in value 100 to 1 in the "next few months" They have been saying that for 3 years and have been buying it over the last 7 years. They give it to us for our birthdays telling us that it will be worth millions.

I've been hearing that one since early 2004 when I first arrived in Iraq. US contractors were going to Iraqi banks and walking out with duffel bags of Dinar talking about how it'll go up in value exponentially once the war was over.

six-car-habit

  • Bristles
  • ***
  • Posts: 373
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #7 on: September 19, 2020, 02:33:18 AM »
 Base the tax value / assesment of the house , on either current assessment or updated county assessment in US dollars or whatever the national currency is.

 On houses i've bought in my state, the title / conveyance paperwork always says something along the lines of - " In consideration of $10 and other valuable assets, Seller conveys title to xyz address to buyer ".

Sibley

  • Magnum Stache
  • ******
  • Posts: 4575
  • Location: Northwest Indiana
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #8 on: September 21, 2020, 01:48:08 PM »
Base the tax value / assesment of the house , on either current assessment or updated county assessment in US dollars or whatever the national currency is.

 On houses i've bought in my state, the title / conveyance paperwork always says something along the lines of - " In consideration of $10 and other valuable assets, Seller conveys title to xyz address to buyer ".

Yeah, but if the seller doesn't care to accept your valuable assets, you're stuck.

talltexan

  • Magnum Stache
  • ******
  • Posts: 3889
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #9 on: September 23, 2020, 01:21:46 PM »
If this is in United States, there would still have to be a closing handled by an attorney. That person may well have to follow certain standards about what value can-/cannot be conveyed in exchange for the property.

calimom

  • Handlebar Stache
  • *****
  • Posts: 1147
  • Location: Northern California
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #10 on: September 23, 2020, 02:50:09 PM »
Family  member sounds  like Jack, of the Beanstalk fame, living in 2020.

GuitarStv

  • Senior Mustachian
  • ********
  • Posts: 16584
  • Age: 39
  • Location: Toronto, Ontario, Canada
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #11 on: September 23, 2020, 05:25:23 PM »
*Somebody* doesn't understand crypto...

ROFL

Simpli-Fi

  • Stubble
  • **
  • Posts: 194
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #12 on: September 23, 2020, 06:29:33 PM »
The Iraqi dinar(Arabic: دينار, is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils, although inflation has rendered the fils obsolete since 1990.


Oooops

SwordGuy

  • Walrus Stache
  • *******
  • Posts: 7250
  • Location: Fayetteville, NC
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #13 on: September 23, 2020, 07:52:45 PM »
If this is in United States, there would still have to be a closing handled by an attorney. That person may well have to follow certain standards about what value can-/cannot be conveyed in exchange for the property.

That is not necessarily true.  Some jurisdictions may allow a title agent to handle the transaction.

Sibley

  • Magnum Stache
  • ******
  • Posts: 4575
  • Location: Northwest Indiana
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #14 on: September 24, 2020, 11:54:46 AM »
If this is in United States, there would still have to be a closing handled by an attorney. That person may well have to follow certain standards about what value can-/cannot be conveyed in exchange for the property.

That is not necessarily true.  Some jurisdictions may allow a title agent to handle the transaction.

*Raises hand* Northwest Indiana. I didn't need a lawyer to close. Was handled by title company.

joleran

  • Bristles
  • ***
  • Posts: 305
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #15 on: September 24, 2020, 09:19:10 PM »
*Raises hand* Northwest Indiana. I didn't need a lawyer to close. Was handled by title company.

DW and I are considering moving, would even be closer to family too.  The mass exodus of people from Illinois and particularly Chicago though have led to what appears to be a crazy hot real estate market.  Any suggestions for areas around there where commute doesn't matter but we might eventually be able to catch a train into the city for culture stuff?

Would DM and don't mean to threadjack but thought others might be interested.

talltexan

  • Magnum Stache
  • ******
  • Posts: 3889
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #16 on: September 25, 2020, 07:54:12 AM »
@joleran , sounds like you'd better fire up your hard drive and check that those wallet hash keys are all good to go with that hot real estate market. You don't want your offer to be tied down by those pesky *checks notes* conditions.

Sibley

  • Magnum Stache
  • ******
  • Posts: 4575
  • Location: Northwest Indiana
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #17 on: September 25, 2020, 08:37:27 AM »
*Raises hand* Northwest Indiana. I didn't need a lawyer to close. Was handled by title company.

DW and I are considering moving, would even be closer to family too.  The mass exodus of people from Illinois and particularly Chicago though have led to what appears to be a crazy hot real estate market.  Any suggestions for areas around there where commute doesn't matter but we might eventually be able to catch a train into the city for culture stuff?

Would DM and don't mean to threadjack but thought others might be interested.

Anything along the South Shore line is the easy answer, so pick your commute distance to the train. It goes all the way to South Bend, IN, though that's a long ride. Feel free to DM me for more.

But yeah, IL is a mess and people are getting fed up. That's why I moved here - didn't want to pay IL property taxes.

clarkfan1979

  • Handlebar Stache
  • *****
  • Posts: 2142
  • Age: 41
  • Location: Pueblo West, CO
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #18 on: September 25, 2020, 12:12:29 PM »
I am originally from the NW suburbs of Chicago. I left in 1998 at the age of 18 and never moved back. My parents were struggling to pay their property taxes and I made plans to live elsewhere. 

The closest I ever got to going back to the Midwest was SW Michigan. I had interviewed for one job in St. Joe, MI (1.5 hours to Chicago) and Kalamazoo, MI (2.5 hours to Chicago). Both cities have a train that takes a direct path to Chicago. It's probably quicker than driving, when factoring in traffic. 

sherr

  • Handlebar Stache
  • *****
  • Posts: 1273
  • Age: 35
  • Location: North Carolina, USA
Re: family member makes offer on house with cryptocurrency (offer rejected)
« Reply #19 on: September 25, 2020, 02:48:59 PM »
The Iraqi dinar(Arabic: دينار, is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils, although inflation has rendered the fils obsolete since 1990.


Oooops

I mean pennies are already obsolete due to inflation too, we just continue to use them for some inexplicable reason.