Opendoor to pay big fine

By KTAR

PHOENIX – Online homebuyer Opendoor agreed to pay $62 million to settle claims of misleading and cheating customers, the Federal Trade Commission said.

The company, which operates a regional hub in Tempe, duped clients into selling their homes to the online homebuyer for less than they’d have made on the open market, the FTC said in the complaint.

“Opendoor promised to revolutionize the real estate market but built its business using old-fashioned deception about how much consumers could earn from selling their homes on the platform,” Samuel Levine, director of the FTC’s Bureau of Consumer Protection, said in a recent press release.

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