Gryphon Realty Announces Court-Ordered Condominium Auction

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Court Appointed Receiver chooses auction route to dispose of property in foreclosure. Gryphon Realty Advisors, an Ohio based real estate broker and auction company, has been commissioned to offer at public auction 49 individual condominium units in the city of Whitehall, Ohio, at the Woodcliff Condominium Complex, according to Richard Kruse, Gryphon's president and lead auctioneer.

Gryphon Realty Advisors, an Ohio based real estate broker and auction company, has been commissioned to offer at public auction 49 individual condominium units in the city of Whitehall, Ohio, at the Woodcliff Condominium Complex, according to Richard Kruse, Gryphon's president and lead auctioneer.

The property is located near the corner of East Broad Street and Hamilton Road, on the near east side of Columbus. This Whitehall Condo auction will take place on April 8, at 9:30 a.m. The units will sell to the highest bidder, subject only to Court Approval with a suggested minimum bid of only $13,000 per unit.

"The real estate will be offered per unit, high bidder's choice, and then offered in its' entirety with the highest gross amount being the winning bid," explained Kruse. "These units are selling under a court order."

"We will contract with the highest bidder on auction day and present those contracts to the court for approval. The process is effective and brings market value." said Kruse.

The units are part of a larger complex known commonly as Woodcliff Condominiums that consists of a total of approximately 300 units owned by a variety or investors and owner occupants. The owner of approximately 65% of the units, Thomas Olander, is facing foreclosure from his lenders and many of the units are in receivership.

George Bellows of Bellows & Associates, the Receiver for assets liened by First Community Bank, says the receiver's auction was ordered by Franklin County Common Pleas Judge Michael Holbrook as the best way to dispose of this real estate. "It is my opinion that a professionally managed auction has the best chance of producing the highest price in the shortest period of time and the Court agreed." Bellows says.

The auction will take place at 4300 E. Broad St, Whitehall, OH. Brokers are encouraged to participate and may earn a commission by providing the successful bidder. For more information, call toll free 877-5-GRYPHON or visit http://www.gryphonusa.com for property information packets, terms and photos.

About Gryphon:
Columbus, Ohio based Gryphon USA, Ltd. and its subsidiary companies focus on the wind down and liquidation of single assets through and including entire companies. The company maintains a real estate brokerage practice, auction group, property management division and appraisal division. Co-founder Richard Kruse also regularly holds engagements as court appointed receiver.

Event news and details of the auction are available at http://www.gryphonusa.com. Contact the company for any questions on the upcoming event by calling toll free at 1-877-5-GRYPHON.
Published by ASMarketingCenter.com a division of http://www.auctionservices.com and the http://www.nationalauctionlist.com.

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