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.