FTC Sends Nearly $62 Million in Refunds to Sellers Deceived by Online Real Estate Listing Service Opendoor Labs

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Summary:

The Federal Trade Commission (FTC) is sending $62 million in refunds to 54,689 sellers who were deceived by Opendoor Labs, Inc.'s advertising and marketing claims. The FTC alleged that Opendoor misled home sellers into thinking they could make more money selling their homes to Opendoor than on the open market, while saving on costs. In reality, most sellers made thousands of dollars less and paid more in costs than usual. Under a final administrative order, Opendoor agreed to pay monetary relief and cease its deceptive practices. Recipients are advised to cash their checks within 90 days and contact the refund administrator if they have questions. The FTC also provides a breakdown of refunds by state and notes that it has secured over $324 million in refunds to consumers in 2023.