FTC Slams Opendoor Misleading Homesellers
In an article posted on the FTC’s website august 1st, The FTC said opendoor will have to pay 62 million dollars for misleading potential home seller’s about their home buyer service. If you don’t already know Opendoor is a arizona based company that runs a online real estate service that buys homes directly from consumers as an alternative to selling their home on the open market!
Samuel levine the director of the FTC’s Bueural of consumer protection said open door promised to revolutionzie the real estate market but built its business on using old-fashioned deception about how consumers could earn from selling their homes on the platform, there is nothing innovative about cheating constumers! They also found that not only did seller’s make less by selling their home to opendoor but they also typically paid more for using opendoor’s services than they would selling it traditionally with an agent on the open market.
Comment below what you think about Opendoor.