|Posted:||September 22, 2021 03:01 PM|
|From:||Senator John DiSanto|
|To:||All Senate members|
|Subject:||Online Sheriff Foreclosure Sales and Private Selling Officers (PSO)|
|I will soon introduce legislation allowing county sheriffs to conduct foreclosure sales via online auction platforms as well as permitting creditors to appoint a Private Selling Officer (PSO) to administer the sale of a mortgaged property. Online auctions and PSO marketing increase sale flexibility, transparency, and accessibility. Other states modernizing their foreclosure sale processes have benefited from greater local investment in properties.
During the COVID-19 Emergency Declaration, several counties attempted to conduct these types of sales without proper statutory authority to do so nor appropriate safeguards in place. My legislation requires a PSO to be both a licensed real estate agent, broker or brokerage and an auctioneer or auction house, limits the amount and types of fees that could be charged by a PSO, and clearly lays out the process for conducting a foreclosure sale either in person or online.
My legislation does not expedite nor change the foreclosure process in any way until the point of proceeding with a sale. All safeguards, methods of loss mitigation, and dispute resolution in matters of foreclosure will remain intact. My legislation only modernizes the sale process once all other avenues have been exhausted. This modernization reduces neighborhood blight and improves property values by returning homes to owner occupants in significantly less time and at higher rates than bank-owned assets.
Please join me in co-sponsoring this legislation.