By Kristena Hansen | Phoenix Business Journal
The Discovery Channel’s hit reality TV show “Property Wars” has spent the last several months following the cutthroat business of John Ray and other property bidders as they go head-to-head for the hundreds of foreclosures that hit the metro Phoenix auction block each month.
Ray is the owner of Phoenix-based Arizona Investors Alliance LLC, doing business as Bid AZ Foreclosures. That company bids at auctions on behalf of other investors for a fee, and has become one of Maricopa County’s largest bidding services companies over the past decade.
But within the past several months, Ray has found himself in an ironic turn of events. He now faces the same financial hardship as the many homeowners that once made him a fortune.
Four Valley investment properties that Ray owns through his business are now in foreclosure as a way to pay back a $1.12 million court judgment last year that forced Ray into Chapter 13 bankruptcy protection in October, according to public records. Ray’s 3,377-square-foot home in Scottsdale is also in foreclosure, although he said he is still underwater on that property.
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
