Below is the press release for an auction that we are conducting for a local lender. What is interesting is that the lenders are looking to the auction process earlier and we are incorporating online bidding into the auction. This has been done for years on equipment auctions, but is recently becoming more popular in real estate selling.
For Immediate Release
Ohio Bank Auctions REO Properties
Real Estate Investors Take Notice of 10 Columbus Properties Up for Auction
Columbus, OH - Ten bank-owned Columbus area properties will hit the auction block on Saturday, April 21, according to Richard Kruse, president and lead auctioneer for Gryphon USA, Ltd.
Nine single-family properties and one three-unit multi-family property will be up for bids, including: 1665 Jonathon, 53-55 Belvidere, 772 Northview, 1408 South Ohio, 1439 Cordell, 2431 Vendome, 76 Rodgers Avenue, 565 Bulen, 833 Fairwood, and 2287 Jermain.
The live auction will begin at 11am at the Community Corporate Center, 455 Hutchinson in Columbus. Bidders may also bid online in real-time through Proxibid.
"No one else in our marketplace is selling live and online," noted Kruse. "We are the first in our area. Banks are historically extremely conservative, but they are coming into the 21st century by utilizing auctions up front and by acknowledging that the online component is beneficial."
Kruse said that more banks are looking to sell REO properties at auction as opposed to having them sit on the market. REO stands for "real estate owned" and refers to properties which have been taken back by the lender as a result of foreclosure or forfeiture. REO properties are attractive to investors and "flippers," but in the past banks have put them "on the books" and let them sit on the market.
"Instead of going through a cycle of lowering the price," Kruse explained, "some banks are saying, "Let's get them sold!"
Kruse said financing is available for these properties and broker participation is welcome. Properties may be previewed in advance of the auction. For appointments, call Showing Service at 614-255-5588. For more information on this or other auctions, contact Rich Kruse at (614) 885-0020 or visit www.gryphonusa.com.
About Gryphon
Columbus, Ohio based Gryphon USA, Ltd. and its subsidiary companies primarily focus on the wind down and liquidation of single assets, corporate divisions or entire companies. The company has acted in the capacity of an asset purchaser in Chapter 7 and 11, represented the interests of debtors and creditors as auctioneer or liquidator and held engagements as court appointed receiver. Co-founder Richard Kruse holds real estate and auctioneer licenses in Ohio and other states and designations as an appraiser with focus on commercial equipment.
Contact Information:
Richard Kruse
Gryphon USA, Ltd.
9387 S. Old State Rd.
Lewis Center, OH 43035
email: rfk@gryphonusa.com
Online: www.gryphonusa.com
614-885-0020 tel
614-573-6344 fax
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Rick, I think On-Line Bidding is going to be a big asset for us auctioneer. We are doing our first one this month. I have gotten quotes from on-line servers. Who would you suggest that we may call to be our
on-line server?
Charles Parrish