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FTC sends refunds to people who lost money selling their home to an online real estate business

The FTC is sending payments totaling nearly $62 million to 54,689 homeowners nationwide who sold their home to Opendoor before the settlement order was announced on August 1, 2022.

According to the complaint brought by the FTC, Opendoor promised to pay sellers market value for their homes while saving them money on costs. In reality, the FTC says, Opendoor often offered sellers less money than market value and charged more than they said they would. As a result, most homeowners lost money by selling their homes to Opendoor.

As a result of the FTC’s action, Opendoor paid $62 million and is banned from making false and misleading claims about the costs of using Opendoor’s service or how much money sellers will receive when they sell to Opendoor.

If you get a check, please cash it within 90 days.

You can find answers to common questions about FTC refund payments on our FAQ page. If you have any other questions, please call the refund administrator at 1-888-546-2054.