Foreclosing on a vacant home in Baltimore can take two to three years, according to a report in the Baltimore Sun. It’s a legally arduous process in Maryland.
Foreclosure requires city officials to wait on title searches to verify the entire ownership history of the house.
As a result of the multiple title searches required for each step in the process of acquiring, fixing up, and selling a home, you’d be lucky to get everything done in four or five months. Meanwhile, the vacant home can attract critters, crime, and hazardous conditions.
Baltimore Orders Home Real Estate Blockchain
But the city is hoping to solve this with a $225,000 blockchain project. Its spending board agreed to the contract for it in December. The Baltimore Sun reports:
“Over the three-year pilot, Medici Land Governance will input records for the city’s roughly 13,600 vacant properties into a blockchain, building a database more secure than the system currently used by the city and also more efficient.”
We współpracy z: https://cryptopotato.com/baltimore-launches-a-blockchain-solution-to-vacant-homes-problem/
