Plot Synopsis

Rival teams bid against each other for foreclosed homes being sold at auction in Phoenix, AZ, and then renovate them for resale. During the auction, these house flippers bid based on location of the property, their gut feel, and what they can see on the outside of the house. That's right, they can't see what's inside until after someone buys the home, and that means there are surprises -- both good and bad. After the auction, will the winning bidder enter to find a palatial estate or a rundown home with urine-soaked carpeting and holes in the wall? Once inside, the winning bidder quickly evaluates the situation and state of the house, determining the next steps to prepare the property for resale and a chance to turn a handsome profit. The rival bidders are: Doug Hopkins, who has been buying at trustee sales for the past 11 years and is the owner of PostedProperties.com, which has acquired over 3,000 properties in the past two years; Ed Rosenberg and Steve Simons, founders of RS West Capital, Inc. which is a "privately held company which seeks to acquire, hold, and flip specific quality properties."; Scott Menaged, the inventory manager at EZ Homes, Inc., who teams up with Lou Amoroso of Easy Investments; and longtime Phoenix real-estate buyer John Ray, of Bid AZ Foreclosures, who uses his intimate knowledge of the local market and building codes to seek out unique houses that can turn to gold. Discovery premiered the second season of PROPERTY WARS on Thursday, January 10, 2013 at 10pm ET.