February 24, 2014 (COLUMBUS, Ohio) – Gryphon Auction Group and auctioneer Richard Kruse completed another Online Only Foreclosure Auction on Thursday with the sale of 2358 D Woodbrook Circle South, Columbus, Ohio. The property was a townhome style condo with 2 bedrooms and 1 bath. The complex also contains a clubhouse and pool.
In contrast to the normal Sheriff Sale process conducted in court houses across the state each week, the Woodbrook Circle auction was heavily marketed with print marketing, postcards, email blast, press releases and online promotion including MLS exposure, syndication to over 100 other sites plus social media such as Facebook and Twitter.
The marketing effectiveness is able to be tracked though the many websites utilized in the marketing campaign including the Gryphon Auction Group site which reported a little over 2000 information downloads. 6 bidders registered for the auction. Of those 6, half were from out of state; one in New York, one in California and one in Tennessee.
The property sold to a third party buyer 3 bids above the required minimum bid of 2/3 of appraised value making it unique in its own right. 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, president of Gryphon USA, Ltd. and Gryphon Auction Group. “By pushing the old model out of the way and implementing this new process we are able to push the sell through rate up significantly and do it quickly.”
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.
Gryphon USA, Ltd. is a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies. Gryphon maintains a receivership and asset management group commercial auction practice art, antique and pottery auction group and real property management group. Traditional real estate transactions are managed through Borror Properties Real Estate.
Melissa M. Kruse oversees the day to day operations of the parent company, Gryphon USA, Ltd. while Gryphon Asset Management and Gryphon Auction Group operations are managed by Richard F. Kruse.