I recently closed my first real estate wholesaling transaction. Really all I did was play the middle-man (connecting a buyer to a seller) on a wholesale property. The property was paid all cash and closed on the 26th of April, then it took 4 days for funds to clear from the title company to the bank, and finally my finders fee is processed from the bank through PayPal.
The problem with this is that PayPal can hold funds for up to 21 days without a tracking number for a product or a "confirmation of service delivered" from the buyer. It's been 8 days and my client couldn't find an email to confirm the delivered service, which would reduce the hold from 21 days to 1 day, but when trying to re-send a confirmation to my client through PayPal...
So, if my client cannot confirm that my service was completed, the total time to be paid is 25 days! I honestly don't know of any other industry that could take so long to payout due to an overlooked/ lost email. The real estate industry desperately needs crypto integration, and I've heard of a real estate transaction being done in Ether before, so the ball is rolling, but why not STEEM?
Payments through STEEM are instantaneous and fee-less, and there are escrow services to verify accounts and funds. If a title company or property lawyer allowed a transaction to be made in STEEM, the seller and any party involved with the sale of the property would be paid in minutes, the property address and parcel # could be added to the 'memo' line of the transaction for a record, and all that would need to change is how the property sale is listed in the public records.
I dunno... Maybe it's a bit more complicated than I'm thinking it is, but all I know is that dealing with hold after hold, after hold is frustrating me to the point of wanting a solution from the crypto world. Real estate transactions would be so much more efficient if they were done in crypto.
