Opendoor, FTC reach $62M settlement over misleading business tactics
Opendoor, one of the leading iBuyer Real Estate companies working here is Nashville, has been fined by the FTC for misleading business practices.
Opendoor misled home owners by producing bogus charts showing home owners would make more money selling to Opendoor than on the open market.
Additionally, Opendoor inflated the cost of repairs to the homes and made those repairs a condition of the sale.
If you are a homeowner in Nashville, you have likely been approached by Opendoor to sell your home in the past 2 years.
Opendoor FTC settlement overview
- Who: Real estate company Opendoor reached a $62 million agreement with the Federal Trade Commission.
- Why: The agreement is the result of an FTC investigation into Opendoor’s practice of promising consumers more money by selling to Opendoor rather than the traditional real estate market.
- Where: The FTC investigated Opendoor’s actions in the United States.
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Opendoor Fined $62 Million