There are two things we consistently hear about traditional Ohio Foreclosure Auctions: they take too long and the properties don’t sell to anyone other than the bank.
We are changing that.
Our Private Selling Officer (PSO) Program is designed to move Ohio Foreclosure Auctions out of the Stone Age.
Gryphon accelerates and streamlines the entire process. We provide the required professionals, provide all the necessary documentation and enhance asset marketing.
Our Managing Partner, Richard Kruse, consulted on language for the 2016 changes to Ohio foreclosure laws that went into effect on September 28, 2016 and changed the foreclosure auction process dramatically. It sets out new requirements and processes that will streamline Ohio foreclosure auctions.
- Defines the use of Private Selling Officers (PSO) who must be Ohio residents, licensed real estate professionals and licensed Ohio auctioneers.
- Puts timeline requirements on return of the appraisal.
- Outlines use of Online Only Auctions
- Puts time guidelines on ad period and auction period.
- Outlines the use of licensed title agents to facilitate close transactions.
- Creates the possibility of negotiated sale following 2 failed or No Bid/No Sale auctions.
- Creates a Private Selling Officers Deed.
- Identifies that the PSO is authorized to sign and record the deed.
- Requires quarterly reporting to the Ohio Attorney General.
- Faster transaction timelines
- Lower holding costs
- Higher sale price opportunity
- Increased public participation
- Streamlined closing processes
The Gryphon Team is ready to take your Ohio foreclosure auctions to the next level and has affiliated Private Selling Officers in all regions of Ohio.