Portland, OR (KPTV) – Prospective buyers looking to enter the competitive Portland housing market now have the option of offering to buy cash through a company currently doing business in the Portland market. .
The Orchard business offers buyers the opportunity to buy their next home before selling it.
“You get pre-approved, not only for a mortgage, but also to become a cash buyer through Orchard Home Loans. And when you bid on that house, you’re backed by Orchard’s money,” said Orchard CEO Court Cunningham.
Orchard essentially buys the home for cash and then resells it to the interested buyer once they have sold their existing home.
“In the old world, which most people are going through today, you first have to sell your old house, put your things away and find temporary housing because you have to do that to unlock the equity in your home. what you need to buy the new house, then you buy the new house. We reverse the order,” Cunningham said.
Orchard claims to provide this service at no additional cost, just 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 customers suggesting Orchard was unmotivated to get them the top price on their existing home, leaving them with an offer” warranty” less than the market value.
“Any time you have someone on both sides of a transaction, they may not necessarily have the best interests of the seller in mind,” said Trevor Salas, a real estate consultant who also buys. houses for cash in the Portland area. “My biggest caveat would be just because the first thing you look at looks good, don’t necessarily make up your mind right away. Do your homework, talk to some people, and figure out, based on my unique situation, what is in my best interest for this transaction.
Orchard clients work directly with local real estate agents, who are also Orchard employees.
The company is also offering what it describes as “light repairs” to existing homes for potential buyers, on the condition that they will have to repay the company once the house is sold.
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