Sperry Van Ness/Gryphon Parker Proves Online Foreclosure Auction Model

By
Commercial Real Estate Agent

October 15, 2014 -- Sperry Van Ness/Gryphon Parker and auctioneer Richard Kruse completed another Online Only Foreclosure Auction with the sale yesterday of 2358 D Woodbrook Circle South and 1991 Hoadley Drive, both in Columbus, Ohio.

 

In contrast to the normal Sheriff Sale process conducted in court houses across the state each week, the Woodbrook /Hoadley auction was heavily marketed with print marketing, postcards, email blast, press releases and online promotion including syndication to over 100 other sites plus social media such as Facebook and Twitter.

 

The properties were sold to different third party buyers multiple bids above the required minimum bid of 2/3 of appraised value. Historically, the common Sheriff Sale process has an estimated 92% failure rate with only 8% of properties offered selling to anyone other than the foreclosing lender.

 

“We are working to make the “private foreclosure sale” model more mainstream by getting the banks, law firms and judiciary on board,” said Richard Kruse, Managing Director of Sperry Van Ness Gryphon Parker. “Documented successes of auctioneers across the state, coupled with the introduction of Ohio House Bill 586 in July, are changing the way foreclosure auctions are managed in Ohio.”

 

Under Ohio Revised Code Section 2329.151, the public auction of real property levied upon by execution is to be conducted personally by an officer of the court or by a licensed auctioneer. Ohio Revised Code Section 2335.021 provides that a court may appoint an auctioneer to conduct an auction of real property required in lieu of the county Sheriff.

 

Ohio House Bill 586 calls for modifications to the current law that would allow creditor's the option to make a simple election to use a Private Selling Officer who could accept written or electronic bids, waive bid deposits for creditors holding liens on the property, postpone a sale at the request of creditor one or more times up to 180 days and conduct the sale at location outside the county.

 

About Us

 

Sperry Van Ness/Gryphon Parker provides brokerage, management, leasing and auction services throughout the State of Ohio and works with a national buyer and seller base including affluent individuals, corporations and lending institutions. Our internal Special Assets Group, working closely with Parker Kruse Asset Management, advises financial institutions, borrowers and the Courts on troubled asset administration throughout the United States.

 

 

Posted by

Richard Kruse, Managing Director

Gryphon Parker, LLC

Sperry Van Ness Ohio / Gryphon Parker

Parker Kruse Asset Management

Gryphon Auction Group

90 Northwoods Blvd., Columbus, OH 43235

Phone 614.774.4118

 

rfk@svn.com I www.svngp.com I www.svn.com I www.svnauctions.com

 

About Richard Kruse

 

Mr. Kruse began his real estate career full time in Virginia in 1997.  Over the past 17 years, he has conducted real estate and equipment sales across the country.  In August of 2003, Mr. Kruse, in partnership with his wife Melissa, opened Gryphon Asset Advisors, the predecessor to Gryphon USA., Ltd.  In June of 2014, Kruse and Shawn Parker formed Sperry Van Ness Gryphon Parker Commercial Realty and Parker Kruse Asset Management.  Prior to July, Kruse and Parker were each others largest competitor.

 

In addition to sitting on the Ohio Auctioneers Commission, Mr. Kruse leads Sperry Van Ness Auction Services efforts in the State of Ohio, teaches at the Ohio Auction School and is regularly consulted as an expert in auctions and distressed assets by Columbus Business First and the Columbus Dispatch.  He is an active member CenterPoint Church and lives with his wife, Melissa, and daughter, Savannah, in North Columbus. 

 

About Gryphon Parker, LLC

 

 

Gryphon Parker, LLC is a multi-faceted group of companies operating under the names Parker Kruse Asset Management, Sperry Van Ness Gryphon Parker, Gryphon Auction Group & Parker Realty. The entities providing distressed asset management, real estate brokerage, management, leasing and auction services throughout the State of Ohio. The SVN Gryphon Parker Special Assets Group, working closely with Parker Kruse Asset Management, advises financial institutions, borrowers and the Courts on troubled asset administration throughout the United States.

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