Month: August 2022

Institutional home buyer OPENDOOR has been hit with a $62 million fine for cheating and lying to consumers about cost and savings by not selling homes on the open market.

“Opendoor promised to revolutionize the real estate market but built its business using old-fashioned deception about how much consumers could earn from selling their homes on the platform,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “There is nothing innovative about cheating consumers.”

Thousands of consumers have been lured by the promise of no headache home selling without understanding the risks and true cost of selling without open market offers.

The bottom line is an OpenDoor offer should be treated as simply another offer.

https://www.ftc.gov/news-events/news/press-releases/2022/08/ftc-takes-action-stop-online-home-buying-firm-opendoor-labs-inc-cheating-potential-sellers

Instead of the usual 1-7% real estate commission without a guarantee, try Pay Per Offer.

In the founding days of One Minute Home Selling we wanted to focus on creating a most efficient way to generate offers for properties. We didn’t want real estate commission to get in the way of profit. It didn’t matter whether our users were paying 10% commission or zero what they really wanted was the most profit from the sale of a property.

It was a difficult task — and difficult conversation — to determine whether paying commission could produce better result than going for sale by owner. As debates between hiring Realtors vs. Selling by owner raged on the internet it became evident that it was only a matter of time when offers including commissions could be compared in real-time.

Here we are in 2022! Now you can compare offers side-by-side and pay per offer received.

This has been the greatest innovation for the industry since the birth of the multiple listings service ( mls ) almost 90 years ago.