Institutional home buyer OPENDOOR has been hit with a $62 million fine for cheating and lying to consumers about cost and savings by not selling homes on the open market.
“Opendoor promised to revolutionize the real estate market but built its business using old-fashioned deception about how much consumers could earn from selling their homes on the platform,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “There is nothing innovative about cheating consumers.”
Thousands of consumers have been lured by the promise of no headache home selling without understanding the risks and true cost of selling without open market offers.
The bottom line is an OpenDoor offer should be treated as simply another offer.
About the Author
Kosol Sek is the founder of Homeselling AI® and inventor of the NoDiscount® PROCESS, built on one principle: create value before lowering price.
Before becoming a licensed Minnesota real estate broker in 2005, Kosol and his team used the NoDiscount® PROCESS to sell as many as 300 properties per month, often in 15 days or less—including properties that had failed to sell with traditional agents charging 6% commissions.
His book, NoDiscount, documents the U.S. Copyright-protected process and its 30+ strategies for creating buyer value and competition before lowering price, generating 5%–27% in additional profit.
Kosol’s technology and consumer advocacy experience dates to the late-1990s Internet boom, when he managed 300,000+ subscribers to AmazingSecrets.com. More than 20 years later, he remains active in real estate, while the NoDiscount® PROCESS has evolved into Homeselling AI®, a free Autonomous Home Selling platform designed to synchronize buyers and offers.
His latest book, Guaranteed Highest Offer, asks the question at the center of his work:
How do you really know you have the highest offer if you haven’t discovered every available offer first?