Open Door's Deceptive Practices
The FTC recently settled with Open Door, an iBuyer platform promising convenience and fair deals for home sellers. But their practices were found to be deceptively harming over 55,000 sellers receiving $62M in damages.
iBuyers like Open Door use tech to make instant cash offers on homes, disrupting the traditional real estate model. However, Open Door used misleading data to overcharge sellers while underpaying them compared to fair market values. Shockingly, their fees often exceeded typical realtor commissions, leaving sellers worse off than going the conventional route.
This settlement highlights the need for caution when dealing with self-proclaimed "industry disruptor" companies promising cost savings. Scrutinize how they profit - if by taking your home's equity rather than transparent fees, you may be exploited despite their claims.
The touted savings could just be lining the company's pockets at your expense as a seller. Don't get seduced by the hype without understanding the reality.
Have any experiences to share about iBuyer platforms? Share your experience.
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