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> The Federal Trade Commission today took action against online home buying firm Opendoor Labs Inc., for cheating potential home sellers by tricking them into t
by thr0wawayf00 4y ago
> The Federal Trade Commission today took action against online home buying firm Opendoor Labs Inc., for cheating potential home sellers by tricking them into thinking that they could make more money selling their home to Opendoor than on the open market using the traditional sales process.
Serious question: why are businesses like this allowed to continue after getting caught lying to prospective customers? These founders should be dragged into court and ruined over this. No excuse for this kind of behavior.
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- deleted 4y ago[deleted]
- MisterBastahrd 4y agoThere are a few stated benefits of Opendoor in their ads that would probably be completely fine if sold to customers in that manner. 1. They claim that their ability to make an all-cash offer on your current house allows you to turn around quicker to make an offer on another home without struggling through a ton of financing issues. 2. They claim that once they've purchased the home, they will assume all responsibility for repairs and cleaning. 3. They claim that in the event that the company sells the home for greater than the estimated value, they will give you the difference. None of these are bad. But if someone came to you and told you that they'd sell you the home for cash and take a little bit more off the top for inspection / repairs, I think that mortgages are so long that some people would rather do that than deal with all the headaches otherwise.