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FTC Approves Final Order against Opendoor Labs, Preventing Company from Misleading Consumers about Cost Savings of Using the Online Real Estate Listing Service
Opendoor Labs, Inc.
Opendoor Labs Inc. promised to revolutionize home selling by offering to buy consumers homes for market value while reducing transaction costs. It promised to provide speed and certainty to home sellers while saving them thousands compared to selling on the market or selling traditionally, as the company describes such sales. Although Opendoor generally delivered on its promises to provide a faster and more certain transaction, it did not save consumers money. In fact, consumers who sold to Opendoor typically lost thousands compared to what they would have made on the market. Contrary to the company's marketing, it made submarket offers and had associated costs higher than in traditional sales. The company's marketing and the opacity of the transaction, however, left consumers unaware that they had lost money. The Commission approved a final order in this matter in October 2022. In April 2024, the FTC announced it was sending nearly $62 million in refunds to sellers deceived by advertising and marketing claims made by online real estate business.
Statement of Chair Lina M. Khan Regarding the Advanced Notice of Proposed Rulemaking on the Funeral Industry Practices Rule
FTC Seeks to Improve the American Public’s Access to Funeral Service Prices Online
Statement of Chair Lina M. Khan Regarding the Advanced Notice of Proposed Rulemaking on Unfair or Deceptive "Junk" Fees
Federal Trade Commission Explores Rule Cracking Down on Junk Fees
FTC to Explore Rulemaking to Combat Fake Reviews and Other Deceptive Endorsements
Federal Trade Commission Takes Action Against Passport Automotive Group for Illegally Charging Junk Fees and Discriminating Against Black and Latino Customers
FTC Issues Annual Report to Congress on Agency’s Actions to Protect Older Adults
FTC to Host Virtual Event on Digital Advertising to Kids on October 19
Federal Trade Commission Seeks Public Comment on Initiative to Reduce Energy Costs and Strengthen Right-to-Repair
16 CFR Part 461: Trade Regulation Rule on Impersonation of Government and Businesses (NPRM)
Trade Regulation Rule on Commercial Surveillance and Data Security: Extension of Comment Period
FTC Extends Comment Deadline on Commercial Surveillance, Lax Data Security Practices Initiative Exploring Possible Rules
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