The federal agency will send checks to 54,689 consumers it says were deceived by iBuyer’s advertising and marketing claims.
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Under a settlement with the Federal Trade Commission, Opendoor will pay nearly $62 million in refunds to tens of thousands of home sellers and end its allegedly deceptive advertising. Federal Trade Commission Notice Wednesday.
The federal agency will send checks to 54,689 consumers it says were deceived by iBuyer’s advertising and marketing claims.
The FTC said: “According to the FTC’s August 2022 complaint, Opendoor deceived home sellers into thinking they could make more money by selling their homes to Opendoor than on the open market using the traditional sales process while also saving costs. “.
“In fact, most people who sell their homes to Opendoor pay thousands of dollars less than selling their homes using the traditional process, and many pay more than sellers typically pay. Under the final executive order, Opendoor agreed to pay monetary relief and Stop their deceptive tactics.”
Inman has reached out to Opendoor for comment and we will update this story if we hear back.
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