Opendoor Labs, an online home buying platform, agreed on Monday to pay $62 million to the Federal Trade Commission to settle claims that it used misleading marketing practices to persuade people to sell their homes on the site.
The company, which claims it allows homeowners to sell their homes more quickly than through a broker, deceived customers into offering their properties to Opendoor for less than they would have made on the market, the FTC said Monday in a news release. The agency said Opendoor had presented home sellers with charts that showed they would make thousands of dollars more by selling their properties on the platform compared with in the traditional marketplace.
Opendoor said in a statement on Monday that it disagreed with the FTC’s allegations, which the company said were tied to its business activities from 2017 to 2019.
“While we strongly disagree with the FTC’s allegations,