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Last Updated
Case Status
Pending
In the Matter of Opendoor Labs, Inc., a corporation,
FTC Matter/File Number
1923191

Case Summary

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.