The Federal Trade Commission is fining homebuying company Opendoor $62 million for "cheating" home sellers. In a settlement announced on Monday, the FTC said Opendoor told customers that they could make more money selling their homes to the company than they would by selling homes traditionally. The FTC found that, in fact, most people who sold their homes to Opendoor made less money than they would have selling to regular buyers via a real-estate agent. Opendoor, which bought 36,908 homes in 2021, is an instant buyer, or iBuyer, which buys homes directly from owners and then resells them, sometimes making small renovations to homes.
Full Article here: The FTC just slapped Opendoor with a $62 million fine for 'misleading' customers about the true costs of its homebuying business
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