- Originally published at Inman News - Andrea V. Brambila
The federal agency will send checks to 54,689 consumers it says were deceived by advertising and marketing claims made by the iBuyer.
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Opendoor will pay nearly $62 million in refunds to tens of thousands of homesellers and end its allegedly deceptive advertising under a settlement with the Federal Trade Commission, according to an FTC announcement Wednesday.
The federal agency will send checks to 54,689 consumers it says were deceived by advertising and marketing claims made by the iBuyer.
“According to the FTC’s August 2022 complaint, Opendoor cheated home sellers by tricking them into thinking that they could make more money selling their home to Opendoor than on the open market using the traditional sales process while saving them money on costs,” the FTC said.
“In reality, most people who sold to Opendoor made thousands of dollars less than they would have made selling their homes using the traditional process and many paid more in costs than what sellers typically pay. Under a final administrative order, Opendoor agreed to pay monetary relief and stop its deceptive tactics.”
Inman has reached out to Opendoor for comment and will update this story if and when a response is received.
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