Ejectments are a growing area of law in Philadelphia. Increasingly, properties are being purchased at Sheriffs Sales for 60-70% of their actual value. For Millennials, the main advantage may be ownership at a cost effective price. Immigrants may see an opportunity to obtain rental properties at low cost. Young entrepreneurs are flocking to these sales to get great potential values. They purchase the property and rent it. Alternatively, the buyer may purchase the property with intent to sell at a 30-40% profit gain.
There is one problem. Many of the properties purchased at the Sales have squatters. The squatter may be a former owner who has defaulted on their mortgage, or failed to pay taxes. He or she may also be a former tenant who is taking advantage of the situation. Sometimes the squatter is experienced in these matters. They play the law in their favor to hold possession as long as possible.
If you have purchased a property at Sheriff Sale, the first step is to make sure it is clear for use. At the Law Office of Mark D. Copoulos, we file ejectments to clear your right to possession. After possession is granted, the Office of the Sheriff of Philadelphia (the same person who sold you the property), ejects or locks out any would be squatters. Those who refuse to leave are locked up. The effect of the ejectment is to add thousands of dollars of value to a property where possession may have previously been in dispute.
Ejectments are filed as civil actions in the Court of Common Pleas. The process can take anywhere from three months to a year, depending on the oppositions level of representation. If the ejectment is unopposed ninety days is a realistic time frame. However, if the ejectment is a contest, it may take a full year to secure your property. The process can be expedited by filing Motions for Summary Judgment, and making extensive discovery requests.
If you have purchased a property at Sheriffs Sale, and want to enjoy its full value, contact the Law Office of Mark D. Copoulos to file an ejectment. We file the ejectment at the Earliest Possible Date (“EPD”), thereby ensuring that unwanted squatters are locked out of your property as soon as possible. Once locked out, they cannot return without being locked up.
Do not delay any longer. Make that property you purchased more valuable. Secure title and take possession. Call now for a free consultation: 267-535-9776.