Good morning, all;
I’m currently going through the process of working with Open Door in getting a final offer established. So far, I don’t have many complaints. So let me provide a little context:
Why Open Door and not List?
My wife and I are looking to move up closer to our jobs as we currently are in South Carolina. Also, the value of our home has risen significantly over the past 2 years, especially since the Carolina Panthers are building their training facilities and offices within a mile or our neighborhood. Secondly, our neighborhood has always been a hot one since it’s situated between several major roadways. There’s a lot a motivating for Open Door to buy. Plus, our neighbors next door sold to Open Door as well as the one’s semi-across-the-street. They also have several other homes for sale in the neighborhood and they generally don’t stay on the market very long.
Thirdly, my wife bought the house back in 2013 from a motivated seller. We currently owe a little under $100k on the home.
Lastly, my wife never really settled into this home. What I mean by that is, after I moved in with her, we have closets full of boxes of things we just need to purge. Our dining room downstairs is essentially a storage room. This would give us the opportunity to purge items we no longer need.
Where are We in the Process?
About a month ago I got an initial offer after putting in some basic information about the house. Based on comps in our area, Open Door came back with an offer in the high 200’s. We decided a few weeks later to go ahead and schedule the virtual walkthrough which we did this past weekend. Previously I had read where there was 2 parts to the process – the virtual indoor walkthrough and then there was an in-person outdoor inspection. The virtual walkthrough we did covered both aspects.
Here is a breakdown of this process (for those of you who may be interested in going this route). This was all done via Zoom mobile:
They began with some basic questions. Things like “why are you looking to move”, “do you have pets”, “anyone smoke in the house”, and asked about our timeline. They also ask if all appliances work. One important question that was asked was our offer floor – the least we would take for it. I’m assuming this is key in configuring their offer when it comes to needed repairs. Once the initial questions were answered, we began the walkthrough. Essentially you begin at your front foyer, scan the entire room, and talk about your home. You go room to room. I’m not sure what questions they would ask as I may have answered most of them by being detailed in my review (age of flooring, etc). They asked to see the piping underneath the sink. Once we went through the house, we then went outside to show the exterior. First came the front of the house. I was asked the age of the roof, asked to show the electric/gas meters. Then it was off to the back yard to show the back of the house. They also wanted to see the AC condenser, but since that was in our attic, they said there was no need to look at it. After this was completed, we wrapped up and was given the opportunity to ask questions. After this, the walkthrough was completed. It took about 20-30 minutes to complete.
Next will come our final offer which we should have within the next few days.
If we like it, we may go ahead and move forward. We’re kinda tired of where we live and want to get out. We’re actually touring a home that’s coming on the market soon this coming weekend. What has us in a good spot is the fact we owe what we owe on the home. Even if they attempt to low-ball and come in close to the floor I gave them, we’re still getting a lot of net proceeds which gives us wiggle room to offer on multiple homes we like as well as use some to furnish the new home.
Some other things to note:
Open Door’s fee is 5% of the offer amount They would like for you to be out of the home by the closing date, but you get up to 7 days at no cost to move, then, if needed, you can get up to an additional 14 days at a “rental” cost per day
I will come back and update this once we receive the final offer and let you know what we decide to do. As for our experience so far, it has been fairly pleasant. No complaints so far. We’ll see how the rest of it goes this week :).
If you have any questions about their process I may not have covered, I’ll try to answer them!