RWA iBuyer

To make a decentralized public good, you need an immutable process that uses incentives together to hold it together long after you walk away from the process.

Enter Theopetra's iBuyer, a way for the protocol to not only purchase Real Estate to accomplish our mission, but to make it permissionless. This assembly line relies upon agents, inspectors, optimistic oracles, and economic incentives.

The iBuyer begins with someone submitting a bid for a certain amount within the treasury, and finding a property for sale.

Working with a Real Estate Agent, the user submits an opening packet, a requested amount, a YIMBY bid, and a bond for the optimistic oracle. Once they submit a bid, a 24 hour clock begins for someone to outcompete the user for a greater amount of funds from the treasury provided there is not enough for both bids.

The bid is submitted to UMA's optimistic oracle for a 72 hour verification period. If the bid is not disputed, an offer is presented to the seller, who can sign or counter, which would enter a 24 hour oracle period to verify the new offer doesn't violate the requirements of the protocol.

Once the seller signs, 1-3% of the purchase price is sent to escorw, and the due diligence process begins. This includes inspections, appraisals, HOA verification - everything within the closing packet.

Once finalized, the closing packet is submitted to the oracle to verify that it matches the protocol's requirements, and if approved, the rest of the funds transfer to escrow and the property is purchased.

The BORG statutory supervisor will then sign for any repairs and any closing documents.

The submitting user can then rent out the property, or it will open up to the YIMBY Bidding process if vacant.

The iBuyer engages government-regulated, licensed real estate agents as part of the purchasing process to verify the information submitted is correct. Appraisers and inspectors are similarly liable and held to account for false information. This approach not only safeguards the protocol against unscrupulous actors but also utilizes a framework that professionals are already well-versed in, thereby streamlining the acquisition and management process.

Moreover, these professionals are easily verifiable and are bound by their respective regulatory frameworks, significantly reducing the risk of fraudulent activities. Their involvement in the network’s processes not only assures adherence to legal and ethical standards but also enhances the predictability and reliability of the real estate transactions.

Theopetra Network State has set forth specific requirements for different roles within its real estate transaction framework, ensuring that all parties involved adhere to a high standard of professionalism and integrity. These requirements are tailored to each role, and are integral to maintaining the efficiency and security of the deal flow. Below are the criteria to underwrite the real estate & criteria for every party involved to be verified and approved.

Summary of Section

Standard Housing Underwriting Guidelines - Our standards for Real Estate in the Network

Party Requirements - Requirements for any Party in the process

2 Point Data Approval System - What data is fed to Optimistic Oracles

Deal Underwriting Flow - Read about the process our deals are done

Deal Verification - Confirm the data given to the oracles is accurate

Documents - View and download samples of all our packet documents

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