Ouch! Opendoor to Settle Claims of Deception for $62 million

[Account Closed]

Will Zillow & OfferPad be next?

Opendoor Labs, an online homebuying platform, agreed Monday to pay $62 million to the Federal Trade Commission to settle claims that it used misleading marketing practices to persuade people to sell their homes on the site.

“Opendoor promised to revolutionize the real estate market but built its business using old-fashioned deception about how much consumers could earn from selling their homes on the platform,” said Samuel Levine, director of the FTC’s Bureau of Consumer Protection. “There is nothing innovative about cheating consumers.”

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