Real estate company offers prospective home buyers chance to ‘buy before you sell’
Portland, OR (KPTV) - Prospective homebuyers looking to get into Portland’s competitive housing market now have the option of offering to buy with cash through a company now doing business in the Portland Market.
The company, Orchard, offers homebuyers the opportunity to buy their next home before they sell.
“You get pre-approved, not just for a mortgage, but also to become a cash buyer through Orchard Home Loans. And when you go make an offer on that house, you are backed by Orchard cash,” said Orchard CEO Court Cunningham.
Orchard essentially buys the home for cash, then sells it back to the interested buyer once they sell their existing home.
“In the old world, which is what most people deal with today, you have to sell your old home first, go put your stuff in storage, and find temporary housing, because you need to do that to unlock your home equity that you need to buy the new home and then you buy the new home. We reverse the order,” said Cunningham.
Orchard claims to provide this service at no additional cost, only standard brokerage, title, and mortgage fees, which the company handles in-house.
The company has an A+ rating with the Better Business Bureau, but online reviews are mixed, with some clients suggesting Orchard wasn’t motivated to get them the highest price on their existing home, leaving them with a “guaranteed” offer below market value.
“Any time you have someone on both sides of a transaction, there’s the opportunity for them to not necessarily have the seller’s best interest in mind,” said Trevor Salas, owner of PDX Home Buyers, which also buys homes for cash in the Portland area. “My biggest word of caution would be just because the first thing you look at looks good, don’t necessarily make your decision right away. Do your homework, talk with some people and figure out, based on my unique circumstances, what is in my best interest for this transaction.”
Orchard customers work directly with local realtors, who are also Orchard employees.
The company also offers what it describes as “light repairs,” on prospective buyers’ existing homes, with the condition that they’ll have to pay the company back once the home sells.
Copyright 2022 KPTV-KPDX. All rights reserved.