Opendoor To Pay $62M To Resolve Deceptive Tactics Claims

By Hailey Konnath (August 1, 2022, 11:33 PM EDT) — Online real estate firm Opendoor Labs Inc. has agreed to pay $62 million to put to rest the Federal Trade Commission’s allegations that the company tricked home sellers into thinking they’d make more money selling to Opendoor than they would on the open market, the agency announced Monday.

The FTC said in a statement that Arizona-based Opendoor pitched potential sellers using misleading and deceptive information. In reality, selling to Opendoor meant that they made thousands of dollars less than they would have made selling their homes using the traditional process, the agency said.

Under a proposed administrative order, Opendoor has agreed…

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