Home Selling Opendoor Will Refund Homesellers $62M Below FTC Settlement

Opendoor Will Refund Homesellers $62M Below FTC Settlement

0
Opendoor Will Refund Homesellers $62M Below FTC Settlement

[ad_1]

The federal company will ship checks to 54,689 customers it says have been deceived by promoting and advertising and marketing claims made by the iBuyer.

Be part of the motion at Inman Join Las Vegas, July 30 – Aug. 1! Seize the second to take cost of the subsequent period in actual property. Via immersive experiences, modern codecs and an unparalleled lineup of audio system, this gathering turns into greater than a convention — it turns into a collaborative power shaping the way forward for our business. Safe your tickets now!

Opendoor pays practically $62 million in refunds to tens of hundreds of homesellers and finish its allegedly misleading promoting beneath a settlement with the Federal Commerce Fee, in response to an FTC announcement Wednesday.

The federal company will ship checks to 54,689 customers it says have been deceived by promoting and advertising and marketing claims made by the iBuyer.

“In keeping with the FTC’s August 2022 grievance, Opendoor cheated house sellers by tricking them into pondering that they might earn more money promoting their house to Opendoor than on the open market utilizing the standard gross sales course of whereas saving them cash on prices,” the FTC mentioned.

“In actuality, most individuals who offered to Opendoor made hundreds of {dollars} lower than they might have made promoting their properties utilizing the standard course of and lots of paid extra in prices than what sellers sometimes pay. Below a last administrative order, Opendoor agreed to pay financial reduction and cease its misleading ways.”

Inman has reached out to Opendoor for remark and can replace this story if and when a response is obtained.

Growing…

E mail Andrea V. Brambila.

Like me on Fb | Observe me on Twitter



[ad_2]

Supply hyperlink

LEAVE A REPLY

Please enter your comment!
Please enter your name here