If you are looking for a new home, but aren’t sure which one to choose, here are a few Orchard real estate reviews to help you make an informed decision. You can start by reading the following article, which discusses Orchard’s Move First program. You’ll also learn about the company’s commission-based model and loan origination fees.
Orchard’s Move First program
Orchard’s Move First program helps people buy homes in competitive markets. If your offer is not accepted, you can opt to receive cash from Orchard, a service similar to trade-in services. This service can be beneficial if you need to move quickly but don’t want to go through the hassle of selling your current home.
The program works in select markets, including Denver and Texas. In addition, the company’s Move First service lets you buy a new home before you sell your current one, as they front the money to make your offer. While Orchard’s Move First program is unavailable in every market, most customers were happy with the service. The company’s average rating is 4.8, and customers appreciate how Orchard is transparent with fees.
In addition to moving your old home, Orchard will handle all the details of buying a new one. They’ll handle the mortgage payments, repairs, and staging and transfer the title to the new home. In addition, you won’t have to worry about carrying two mortgages and having to worry about blackouts.
Its commission-based model
Compared to traditional real estate agents, Orchard’s services are commission-based, meaning they charge a fee based on how much the home sells. In the case of its ‘Buy First’ service, this commission is around 6% of the home’s value. There are no upfront fees for the services, which include home preparation and closing costs.
The commission is split between the listing agent and the buyer’s agent. The listing agent’s fee is 6% of the gross selling price of the home, while the buyer agent gets 2.5-3%. In addition to commissions, Orchard also charges a convenience fee of about 1% of the total sales price. This can add up to around $54,000 for a $600,000 home.
Orchard is also known for its guaranteed backup offer. It claims that 95% of its listings sell for more than its cash offers. A sale will charge a convenience fee if it doesn’t go through. Orchard also makes money by reselling the home.
Its lack of professionalism
While Orchard has several positive features, some people find the company’s service lacking. For example, Ryan complained that he had trouble communicating with Orchard, and the company turned off his utilities while he was still living in his home. Another customer, Esperanza, had trouble with the lack of communication and the slow showings. On the other hand, Shannon complained about poor marketing and inaccuracies in the paperwork.
Orchard, real estate reviews, are mixed, but most have a negative tone. Many of these reviews cite poor communication, lack of marketing expertise, and poor customer service. One customer, for instance, felt that she would have gotten more for her home if the agent had been more familiar with the local market. This led her to back out of the contract with Orchard and find a different agent with a better experience.
Orchard is a real estate company that specializes in buying and selling homes. Their “Move First” program helps buyers buy their new homes before they sell their old ones. The company can also help sellers market their property and make a competitive offer. They are a great choice if you need to sell a home fast, but be aware that Orchard does not operate nationwide. In addition, the company can charge a higher commission than other real estate agents.
Its high loan origination fees
If you are considering purchasing a new home in Orchard, you may be wondering about loan origination fees. Orchard’s “Move First” program enables you to leverage your existing home equity to purchase your new home. The company purchases your current home before you close, then rolls over the equity into your new home. This way, you won’t have to worry about making two mortgage payments.
To qualify for the program, you must submit certain information about the house you wish to purchase. This information is gathered through a guided virtual tour, and the company then uses it to calculate the amount of equity you have in your home. This includes equity built through your mortgage payments and the house’s market value.
You don’t have the highest credit score to qualify for the program. Orchard also offers a “cash offer” option for homes. You pay a convenience fee of 1%, and the company guarantees the sale of your old home. To make this offer, your home must be built after 1920 and meet minimum valuation requirements.