PORTLAND, Ore. (KOIN) — A new house-flipping company from San Francisco may soon start buying houses in the Portland area.
The Oregonian reports the company, Open Door, may begin operating in the region soon.
On its website, Open Door says it is the first company to put the rest of the home shopping process in the buyer’s hands by allowing buyers to find an Open Door home on its website, see the home in person, and buy the home with a simple online process.
If it comes to Portland, Open Door would be coming to one of the strongest housing markets in the nation — with some neighborhoods prices rising 15% last year.
Brian Allen of Windemere Real Estate told KOIN 6 News Open Door would likely try to buy homes at a discount, fix them up, and sell them. All the competition to buy homes has made it frustrating for some buyers.
“I hear the stories regularly about a buyer who has written on 5, 10, or even 15 homes and never being a successful buyer,” Allen said.
Allen’s checklist of things for buyers to do: clean up credit problems, get pre-approved for a loan, then get ready to compete with a more crowded field of buyers — many of whom will be paying cash.
But mortgage rates are still low, and buyers can still succeed.
Allen said buying can be frustrating, and with potentially another big pool of money coming to Portland paying cash for houses, the frustrations buyers have might not end anytime soon.