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Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:Federal Trade Commission v Opendoor Labs Inc
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On October 19, 2022, Opendoor Labs Inc entered into a Decision and Order with the Federal Trade Commission. The Order settles allegations that the business made false or unsubstantiated claims in connection with the advertising, promotion, offering for sale, or sale of its homebuying business. Opendoor allegedly used projected market value prices when making offers to buy homes, when in fact those prices included downward adjustments to the market values; Opendoor allegedly made money from disclosed fees, when in reality it allegedly made money by buying low and selling high; Consumers likely would have paid the same amount in repair costs whether they sold their home through Opendoor or in traditional sales; and consumers likely would have paid less in costs by selling to Opendoor than they would pay in traditional sales.
Under terms of the Order, the business agreed to pay $62 million for consumer redress, prohibits the business from making the deceptive, false, and unsubstantiated claims it made to consumers about how much money they will receive or the costs they will have to pay to use its services. The business is required to have reliable evidence to support any representations made about costs, savings, or financial benefits associated with using its service, and any claims about the costs associated with traditional home sales. The Assurance was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law.
This action is final.
On April 3, 2024, the Federal Trade Commission announced they are sending 54,689 checks totaling nearly $62 million to consumers who were impacted by the government action listed above. For more information, please visit: https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-sends-nearly-62-million-refunds-sellers-deceived-online-real-estate-listing-service-opendoor?utm_source=govdelivery
Overview
Headquarters
Opendoor
410 N Scottsdale Rd Ste 1600
Tempe, AZ 85281-0976
BBB Accredited Since: 6/8/2021
Years in Business: 11
BBB Accreditation & Rating
About This Business
Business Details
- BBB File Opened:
- 4/15/2019
- Business Started:
- 12/30/2013
- Business Started Locally:
- 6/8/2017
- Business Incorporated:
- 6/8/2017
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Names:
- Opendoor Brokerage LLC
- Opendoor Brokerage Inc
- Opendoor Labs Inc
- Business Management:
- Mr. James McCormick, Manager, Executive Experience
- Carrie Wheeler, CEO
- Ms. Lisa Biggie, Executive Experience Specialist
- Ms. Sasha Ellison, Executive Experience Specialist
- Mr. Sean Williams, Executive Experience Specialist
- Mr. Daniel Kilpatrick, Executive Experience Specialist
- Mr. Paul Buonarobo, Executive Experience Specialist
Additional Contact Information
- Principal Contacts
- Carrie Wheeler, CEO
- Customer Contacts
- Mr. James McCormick, Manager, Executive Experience
- Ms. Lisa Biggie, Executive Experience Specialist
- Ms. Sasha Ellison, Executive Experience Specialist
- Mr. Sean Williams, Executive Experience Specialist
- Mr. Daniel Kilpatrick, Executive Experience Specialist
- Mr. Paul Buonarobo, Executive Experience Specialist
- Additional Phone Numbers
- Other Phone: (480) 351-6622
- Unknown 1: (602) 579-7764
- Unknown 1: (650) 455-5016
- Additional Email Addresses
- Primary:
- Additional Websites
- Website 1
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Information
- Referral Assistance
- Arizona Department of Real Estate
2910 N 44th Street, Ste. 100
Phoenix AZ 85018
Phone Number: (602) 771-7799
Fax Number: (602) 468-0562
http://www.az.state.az.us
[email protected] - Business Categories
- Real Estate Services
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