Beware of instant cash offers for your home

Posted by Jean-Luc Andriot on Tuesday, November 8th, 2022 at 7:33am.

November 2022 - Jean-Luc Andriot - FTC Fines Opendoor for Jean-Luc Andriot blog 110822

The US Federal Trade Commission recently fined online home buying firm Opendoor $62 million for “cheating” home sellers.

The company was deceiving homeowners by claiming that “they could make more money selling their home to Opendoor than on the open market using the traditional sales process.”

Companies like Opendoor (aka iBuyers or direct buyers) use computer algorithms to offer home sellers quick cash offers. But don’t be fooled by their splashy advertising—these offers are almost always below market value.

According to MarketWatch, transactions involving iBuyers net sellers a whopping 11% less than those conducted by a real estate agent on the open market.

Listing your home with an agent is the proven way to maximize its sale price. Contact us today for a free consultation to find out what your home is really worth.

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