Release – Gryphon USA, Ink’s Referral Deal with Red 1 Realty
COLUMBUS, Ohio – Known throughout Ohio’s 88 Counties, Gryphon USA and its’ family of companies have established itself as the “Go-To Firm” for Receivership, Private Selling Officer (Foreclosure) Auctions and Business Liquidations.
In a recent move, Gryphon signed a master buyer referral agreement with Red 1 Realty to assist consumers in the purchase of residential properties. “Engaging with Red 1 Realty was a smart choice as they are the fastest growing traditional, residential, real estate group in Ohio, that can service the market with knowledge, experience and speed”, said Gryphon Principal, Rich Kruse.
Kruse said homebuyers and investors often ask about representation when inquiring about properties he sells as a Private Sale Officer around the state. “We’re working for the court system as PSO and sometimes receiver, and want to make sure that buyers have representation when needed”.
Kruse said he had worked to create a separate in-house pool of buyers’ agents as well as putting together a list of buyer’s agents in various markets, however, “it was a challenge as, some agents only wanted a particular geographic sub-market or a particular price point,” not wherever Gryphon’s foreclosure assignments were.
Kruse said he chose to refer potential buyers to Red 1’s residential agents because the agents know the residential markets throughout the 88 counties, a platform that mirrors Gryphon’s statewide reach for foreclosure sales. “I’m institutional focused and seller-centric,” he said. “I was really looking for a single firm that was buyer focused and provides a statewide presence. After speaking with Red 1, we immediately realized a great working synergy.”
Red 1’s principal broker Mike Hall said he welcomed the opportunity to serve buyers interested in bidding on the properties Kruse takes to auction as a Private Sales Officer, a process an Ohio Common Pleas Court judge can approve in lieu of a public sale managed by a county sheriff.
Red 1 has worked to create a statewide network of 375 experienced agents who can assist in the evaluation and purchase of a property for personal or commercial use, and as an investment through the auction process. “Red 1 has sought to secure other similar referral arrangements, “this is the first one, that has come to fruition”, stated Hall.
Red 1 Realty will serve as Gryphon’s primary outlet for consumer buyers who call him. “When a prospective buyer calls seeking assistance, we will send them to Red 1”, said Kruse.
The timing of the referral agreement comes as Kruse anticipates the Dec. 31st, 2020 lifting of the moratorium on foreclosures of occupied residential properties financed through federal government loans. The ban went into effect in late March, as the COVID-19 pandemic resulted in massive business closings and major job losses.
Due to 2020 foreclosure restrictions, the volume of foreclosures were down approximately 80%, mirroring the volume decrease of Gryphon’s projects. “We’re anticipating a busy 2021 as lenders and the courts deal with the 2020 backlog of foreclosed residential properties atop the regular flow of properties that fall into foreclosure in any given year.”
Kruse serves as managing partner of Gryphon USA Ltd., and oversees the affiliated Gryphon Realty real estate brokerage and the Gryphon Asset Management receivership and asset management practice. His engagements primarily focus on complex state and federal legal matters, Private Selling Officer transactions and business insolvency.
For more information or to schedule interviews with Rich Kruse or Mike Hall contact Rich Kruse at 614-774-4118 or rfk@gryphonusa.com.
