The Federal Trade Commission (FTC) has begun distributing nearly $62 million in refunds to home sellers who fell victim to the fraudulent marketing claims made by online real estate business Opendoor Labs Inc.
According to an August 2022 complaint filed by the FTC, Opendoor cheated home sellers by falsely claiming they could make more money selling their home to Opendoor than on the open market. However, the FTC noted that most people who sold to Opendoor made thousands of dollars less than they would have made selling their homes using the traditional process, while many paid more in costs than what sellers typically pay.
Under a final administrative order, Opendoor agreed to pay monetary relief and stop its deceptive tactics. The FTC is sending checks to 54,689 consumers impacted by the company.
