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Pennsylvania State Senate
05/11/2024 12:49 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20230&cosponId=41126
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Senate of Pennsylvania
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: June 27, 2023 06:16 PM
From: Senator Greg Rothman
To: All Senate members
Subject: Modernizing the Sale of Foreclosure Properties
 
I plan to introduce legislation to modernize and improve the process for conducting the sale of foreclosures in Pennsylvania by authorizing Private Selling Officers (PSOs) to conduct the sale of foreclosure properties.

Other states that have adopted the PSO model experience:
  • Increased exposure and marketing of foreclosed properties.
  • Expanded local bidder participation.
  • Reduced neighborhood blight.
  • Promoted local investment.
  • Expedited return of properties back into the market.
My bill gives PSOs the authority to conduct these sales in cooperation with the respective sheriff’s office and not change the foreclosure process in any way prior to the sale.

Other safeguards include requiring PSOs to be licensed as both a real estate agent and auctioneer within the state, limiting the amount and types of fees that can be charged by a PSO, and clearly outlining the process for conducting a foreclosure sale either in person or online.

Please join me in cosponsoring this important legislation, which will modernize the sale of foreclosure properties and return homes to owner occupants.