Re:FTC takes action to stop Opendoor from cheating potential...
by mgkimsal on Monday August 01, 2022 @04:28PM
(#32311624)
Let's say my home would sell on the open market for... $260k. Got an offer from opendoor indicating they'd offer me $240k, but then I also had to factor in another $13k for their estimated repairs, so my final 'in my pocket' amount was $227k. That's a non-trivial diff, because I could likely have gotten closer to $260k on open market, then negotiated $10k or so with buyer (to get needed repairs in place by sale date).
You're paying for convenience, and while I didn't find the opendoor written offers completely confusing, it did seem a little... misdirection-y.
> Instead, the FTC says Opendoor’s offers were lower than a home’s market value, and the company asked sellers to pay for home repair costs that were higher than what people would typically spend on repairs in a market sale.
FTC Website:
> Consumers likely would have paid the same amount in repair costs whether they sold their home through Opendoor or traditional sales
Those aren't the same