Real estate startup Orchard recently launched a program designed to provide first-time buyers a competitive advantage when placing an offer on a home.
The program, Buy with Orchard, gives first-time buyers the power of a cash offer to appeal to sellers and make homeownership more attainable, according to a press release.
Buy with Orchard is the company’s first product targeted at first-time buyers, who will use Orchard as their buying agent. The seller pays the company’s commission; buyers do not pay additional fees to use Orchard’s cash.
According to the National Association of Realtors, cash buyers made up 28% of all purchases in March, highlighting how crucial it is for buyers to offer cash when possible, the release noted. Working with Orchard, buyers will be able to present sellers with a competitive offer backed by the company’s funds and guarantee to close.
“It has never been more difficult for first-time buyers to purchase a home. People are dealing with soaring interest rates and low inventory of affordable homes for sale, and competing with equity-rich homeowners and investors vying for the same properties,” said Court Cunningham, CEO and co-founder of Orchard. “By helping first-time buyers to make a cash-backed offer, Orchard can level the playing field and get more buyers into their dream homes.”
The program is currently available in Denver and four Texas markets: Houston, Austin, Dallas-Fort Worth and San Antonio. Orchard plans to expand its services to other markets in the coming months.