Opendoor gets smacked by the FTC..whenever one door closes?…It’s a Realtystream…Join Me!!

Opendoor gets smacked by the FTC..whenever one door closes?…It’s a Realtystream…Join Me!!

#Opendoor #Realtystream #homeselling

On the livestream today, John started with a discussion on the service, or lack thereof of public utility companies. What happened? Why is there such bad customer service, and what can be done about it? It isn’t like you can just move to a different utility provider in most cases.

The majority of the livestream was dedicated to analysis of the Opendoor fine by the FTC. John wasn’t exactly shocked that the business model alleged by the FTC was similar to the “investors” that he has seen on a local basis for many, many years.

The whole business of iBuying and Opendoor seems super sketchy. Who is there to protect the consumer should they be told by an investor or Opendoor that their house is worth potentially thousands of dollars less because they have an interest in buying the house for as little as possible to make the most profit on the sale?

John goes on to explain that one of the ways that you can protect yourself from an Opendoor or any other sketchy investor is to bring more people into the process. So, as an example, if you think you want to sell your home, ask more than one agent in addition to talking with Opendoor, and then see what makes you the most comfortable. Any iBuyer or investor will get the better end of the deal when there is no known competition. They are quite a bit more sophisticated than the average home seller and they aren’t afraid to use that expertise to fleece an unsuspecting homeowner.

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First off: a welcome it’s great to be able to be with you today

“The single most important decision you make is where you live.

It drives your business opportunities, relationships, food and water supply, politics, activities, and day-to-day quality of life.” Naval

30 year fixed mortgage rate came in at 5.50%

30 minute wait time to get to a water company…ridiculous

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Opendoor gets smacked by the FTC..whenever one door opens…Join Me

Sources:

https://www.ftc.gov/news-events/news/press-releases/2022/08/ftc-takes-action-stop-online-home-buying-firm-opendoor-labs-inc-cheating-potential-sellers

https://www.realtrends.com/articles/ftc-fines-opendoor-62m-for-deceptive-practices

https://www.businessinsider.com/opendoor-gets-62-million-ftc-fine-misleading-customers-costs-2022-8

https://www.opendoor.com/w/blog/opendoor-exclusives-launch

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