08/02/2022
Dirk and I have been saying for years that a certain company offering a great deal for your home was actually costing you more than going on the open market. We did a detailed analysis on one house where this certain company made an offer; the seller trusted us instead and we got them $20K MORE than certain company was going to give them after all the fees. Now finally the company is being fined for its practices. After taking advantage of who knows how many people.
Excerpt from "Home economics: $62 million FTC settlement addresses Opendoor’s alleged misrepresentations to homeowners", by Leslie Fair, August 1, 2022:
“In fact, the vast majority of consumers who sold to Opendoor lost thousands compared to what they would have realized in net proceeds from selling on the market because Opendoor’s offers have been below market value on average and its costs have been significantly higher than what consumers typically pay.”
Full article:
As the old adage goes, the three rules of real estate are “location, location, location.” But according to the FTC, online real estate company Opendoor Labs pitched it