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  • Writer's pictureDavid Barr, Realtor

Opendoor Fined $62 million | Sarasota Real Estate | David Barr Realtor

The FTC (Federal Trade Commission) claims Opendoor Labs Inc. cheated potential home sellers by tricking them into believing they could make more money selling their home to Opendoor than putting the home on the open market, using a traditional sales process (ie, a Realtor).

The FTC alleges that Opendoor used misleading and deceptive information. Opendoor's marketing materials included charts comparing their consumer's net proceeds from selling to Opendoor versus the open market. Those charts almost always showed that consumers would make thousands of dollars more by selling to Opendoor.

The FTC claims misrepresentations by Opendoor include:

  • Projected market value prices included downward adjustments to actual market values when offers were made to home owners;

  • Opendoor said it made money from disclosed fees, when it actually made money from buying low and selling high;

  • Consumers would have paid the same amount in repair costs whether they sold their home Opendoor or made repairs to sell on the open market.

Anyone can make baseless claims. That's why you need two or three opinions about the value of your home, and how it will be marketed.

Contact me to get maximum value for your home, and get your home sold quickly.

Source: 2022 Florida Realtors

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