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Orchard is a real estate company that aims to simplify the home-buying and selling process. Unlike traditional real estate brokerages, Orchard offers a unique approach that allows homeowners to buy their next home before selling their current one. This “Move First” program addresses a common pain point in the housing market: the logistical and financial challenges of navigating two major transactions simultaneously.
The “Move First” Program: A Key Differentiator
At the heart of Orchard’s offering is its “Move First” program. This program provides homeowners with an equity advance, allowing them to make a non-contingent offer on their desired home without the pressure of selling their current residence first. This can be a significant advantage in competitive markets where contingent offers are often overlooked.
- How it Works: Homeowners partner with Orchard, who provides an equity advance based on an appraisal of their current home. This advance can be used towards the down payment and closing costs of the new home.
- Reduced Stress: By eliminating the traditional “contingency” on the sale of the current home, homeowners can navigate the buying process with greater confidence and less stress.
- Increased Negotiating Power: Making a non-contingent offer can significantly increase a buyer’s chances of having their offer accepted in a competitive market.
Orchard’s Services Beyond “Move First”
While the “Move First” program is a cornerstone of Orchard’s offering, the company provides a range of other services to support its clients throughout the buying and selling process:
- Full-Service Brokerage: Orchard employs licensed real estate agents who guide clients through the entire process, from property searching and negotiations to closing.
- Home Preparation Services: Orchard offers services to help homeowners prepare their current home for sale, such as staging and minor repairs.
- Guaranteed Sale Program: Orchard guarantees the sale of the client’s current home within a specific timeframe, providing peace of mind and reducing uncertainty.
Potential Benefits for Homeowners
The Orchard model offers several potential benefits for homeowners:
- Reduced Stress and Anxiety: By eliminating the traditional “contingency” on the sale of their current home, homeowners can experience a less stressful and more predictable home-buying process.
- Increased Flexibility: The “Move First” program provides greater flexibility and control over the timing of their move.
- Access to Competitive Markets: Making non-contingent offers can give homeowners a significant advantage in competitive housing markets.
Considerations for Homeowners
It’s important to note that Orchard’s services come at a cost. In addition to traditional real estate commissions, homeowners typically pay a program fee for the “Move First” service.
- Cost Analysis: Homeowners should carefully weigh the costs associated with Orchard’s services against the potential benefits and compare them with traditional real estate brokerage options.
- Eligibility Criteria: There may be specific eligibility criteria for the “Move First” program, such as minimum credit scores and property values.