Below is general information on how the HomeJab NFT marketplace works.
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It’s actually quite simple. You search the marketplace for available homes, the same as you would any traditional listing site (MLS, Zillow, etc.). When you locate your home, simply click Buy Now. You will be asked to connect your wallet to complete the purchase. We use MetaMask. If you do not have a digital wallet, please create one. MetaMask is simple and easy to use. Once your wallet is set up and connected, you simply complete the transaction. The price you pay is your full offer. That offer is immediately sent to a third party title company and held in escrow. If the seller of the property accepts your offer, then you go through with the transaction. If the seller declines the offer, then your funds are fully returned to your digital wallet (including all platform fees).
All purchases must be reviewed by the seller within 48 hours. If a purchase goes unreviewed, then the transaction is nullified and all funds are returned to the buyer (including all platform fees).
The platform fee is 1% of the NFT listing price, and is paid by the seller. All gas fees are paid by both buyer and seller. However, we are ‘lazy minting’, so you will not be paying any gas fees until the NFT is actually purchased. We are using Ethereum for our transactions.
Yes, all purchased NFT property listings are still required to be serviced through all traditional channels for official title holding and municipality purposes (deed, taxes, etc.).
This all depends on how you choose to go about completing your transaction. If the property you are purchasing is signed up with a traditional real estate agent then you will still have to close the home with them and they will receive the fees outlined in their listing agreement, paid by the seller of course. If you do not have a buyer agent representing you, then the seller can save on that commission upon closing, making your offer even more attractive. Whatever the case, all real estate commissions are still paid by the seller.
Optionality with your finances gives you strength against the competition. We strongly believe this. Being able to instantly purchase a home, using cryptocurrency, with full funds supported can only strengthen your chances of winning the home of your dreams. In this climate of rising interest rates and growing competition from all cash investment buyers, NFT property listings gives all buyers another option for home ownership. Please keep in mind, the NFT listing marketplace is not looking to replace any current platforms. Our only goal is to increase your opportunities for success.