The Real Estate Liquidators Association of Arizona (RELA), a group that provides legal services for real estate sellers, said it had lost $1.1 million on the sale of the homes it had purchased for $8 million.
The RELA has lost $2 million on sales of the houses, the group said in a news release.
Real estate liquidator attorney Mike Koval said the losses were caused by a large number of customers, many of whom had never before purchased a home before.
Many of the liquidators were not familiar with the process of buying a home, he said.
Koval said there were no complaints from any clients who were unhappy with the liquidation.
The group is working to recoup the money and will file a lawsuit against the homeowners who purchased the homes.