The Discovery Channel’s “Property Wars” lets you follow “professional homebuyers as they purchase foreclosed houses sight unseen,” but one of the show’s stars has been accused by the Arizona Department of Real Estate of offering to provide services that require a real estate license, the Phoenix Business Journal’s Kristena Hansen reports.
John Ray and his company, Arizona Investors Alliance LLC — which does business as Bid AZ Foreclosures — has until Jan. 6 to appeal the Department of Real Estate’s cease-and-desist order. The order cites marketing materials that promise the company will identify homes going up for auction with opening bids of less than 70 percent of market value, and allow investors to place bids “via the website, email or by texting the information in to the BidAZForeclosures office.” A marketing brochure claims that the company’s “staff of experienced and proven professionals works closely with investors to assist them in making wise and prudent investment decisions.”
The order also notes that another of Ray’s businesses, Zaxon Properties, advertises itself as a real estate brokerage, but its license became inactive in May. Ray’s salesperson’s license was terminated in July 2011. Ray did not respond to several requests for comment from the Business Journal. Source: bizjournals.com.
