Drop Bids Illegal in Arizona

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 bids 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?

This entry was posted on 1. December 2009 at 00:50 and is filed under Arizona, Buyers, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

| Print