Real Estate Startup Opendoor Offers First Look At A Complete On-Demand Process With New Buyer…

“And if a buyer forgoes the all-cash option, Opendoor will offer a rebate, worth 1% of the home’s purchase price, to cover closings costs. (That’s inline with the industry expectation.) The caveat: It only applies when buying an Opendoor home directly or when an Opendoor partner agent is involved in the transaction.”

I find this statement interesting for two reasons.

First, there is now an expectation for a buyer’s rebate, I think this is the first time anyone has said that, and of course, there isn’t.

Second, price fixing services of others is now a caveat.

As always, all brokerage fees are negotiable and no broker should set rates and rebates for other brokers. Opendoor Brokerage is allowed to argue that there was no agreement, but if the government or a private party proves a plain price-fixing agreement, there is no defense to it.

#savings #iBuyer #realestate #pricefixing #marketallocation #FTCAct #ShermanAct #antitrust #proptech #homebuying #homeselling Federal Trade Commission U.S. Department of Justice

Author: Litesand

Antitrust, real estate, e-commerce, fintech, proptech, bigtech

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