PORTLAND, OR (KPTV) – Prospective home buyers looking to get into Portland’s competitive housing market now have the option of offering to buy with cash through a company that trades in the Portland market.
Orchard, the company, offers home buyers the opportunity to purchase their next home before they sell.
“Not only do you get pre-approved for a mortgage, but you get pre-approved to be a cash buyer through Orchard Home Loans. And when you make an offer on that home, you’re backed by Orchard Cash,” said Orchard CEO Court Cunningham.
Orchard basically buys the home for cash, then sells it to an interested buyer after they sell their existing home.
“In the old world, what most people are going through today, you have to sell the old house first, put your stuff in storage, and get a temporary home, because that’s what you need to do to unlock the home equity you need. To buy the new house and then buy the new house. We’re going to change the order,” Cunningham said.
Orchard says it offers this service at no extra charge, with only the standard brokerage, title and mortgage fees the company handles in-house.
The company has an A+ rating with the Better Business Bureau, but online reviews are mixed, with some customers saying Orchard isn’t motivated to get the highest price on their current home and asking for a “guaranteed” offer below market value.
“When you have someone on both sides of a transaction, chances are they don’t necessarily have the seller’s best interests in mind,” says Trevor Salas, owner of PDX Home Buyers, which buys homes for cash in the Portland area. . “My biggest word of caution is don’t make up your mind about things you look at first just because they look good. Do your homework, talk to some people, and figure out what’s best for me for this transaction based on my unique situation.
Orchard clients work directly with local realtors, who are Orchard employees.
The company offers what it describes as “light repairs” on buyers’ existing homes, paying the company back after the home is sold.
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