The City of Philadelphia recently announced a request for proposals to implement an online auction for the sale and assignment of some of the city’s delinquent real estate tax liens. The auction will allow third parties to bid on the tax liens, with the successful bidder assigned the lien from the city upon the purchaser’s payment at the conclusion of the auction. Title to the property against which the delinquent tax lien is sold will not be transferred. The third-party assignee would then pursue the collection of the delinquent taxes from the property owner.
Click here to read the full Duane Morris Alert, written by Brett Messinger and Louise Melchor.