Some people who have purchased properties through Philadelphia sheriff sales have experienced unexplained delays in receiving the deeds. The deeds are supposed to be transferred within 60 to 90 days. Buyers who spend hundreds of thousands of dollars on a foreclosed property at auction are left without a deed for many months, according to an Inquirer analysis of city records and interviews with bidders, real estate attorneys and real estate agents. The buyers in limbo can’t access the properties, make repairs or rent them out. The deed-recording process, which historically took around six to eight weeks to conclude after a Philadelphia sheriff sale, can now take about seven months or more. The Inquirer analysis of over 130 sheriff sale deeds recorded between October 2023 and March 2024 found that their auctions were held, on average, just over 200 days prior. Read more in the Inquirer.
Source: Philadelphia Inquirer; 7/2/2024