Drop Bidding in Arizona is illegal! Apparently there is a disturbing trend in the Phoenix, Arizona real estate market known as "drop bidding" on the properties being put up for auction. I've provided a link for the reader's further enlightenment; however, "as usual" those that choose to stretch the boundaries of truth are finding other ways to cheat others out of purchasing these homes.
In a nut shell, a drop bid is a tactic used to sell a property faster. Though this practice is legal in some states, drop bids are illegal in Arizona. Arizona law requires that opening b
ids on the foreclosure properties are to be posted at 9:00 a.m. the day before the auctions. This is so all potential bidders, including the homeowner, have the information in time to research a property and line up the money to bid. [The Arizona Republic - 11/22/2009, p. A20]
The drop bid is happening on the courthouse steps the day of the auction. It appears as though a few "insiders" are the ones privy to this information and, thus, are able to grab the deals before the regular folk can even have a chance!
I cannot even believe how corrupt our country has become! Everywhere I turn, there's another story of thievery and greed! What is to become of our world if this continues?
Mesa, Arizona Real Estate. Call me at: 480.382-8711 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit my website: HomesAzRE.com, or stop by my blogs at: MesaAzRealEstateVoice and AzLadyInRed!
