Lately we have seen an increase in private foreclosure sales.
Columbus, Ohio (PRWEB) November 18, 2011
The property consists of a 147,000 SF structure on 2.65 acres and was built in 1960 as a hotel. The building was renovated in 1995 and converted to an assisted and senior care facility. It consists of 53 assisted living units and 26 skilled nursing units making up a total of 110 beds. An additional 47 beds are currently offline.
The auction will be conducted on Friday, December 9, 2011 at 10:30am at the offices of Baker & Hostetler, LLP, PNC Center, 1900 East Ninth St., Suite 3200, Cleveland, Ohio. The high bidder will be required to present a deposit equal to 10% of the high bid with a maximum deposit of $50,000 and be able to close the transaction within 30 days.
Ohio Revised Code 2329.151, enacted in 1969, allows judicial sales to be conducted by an auctioneer licensed in the state instead of utilizing the county sheriff’s office.
“The law allowing a licensed auctioneer to conduct foreclosure auctions in lieu of the county sheriff has been on the books for over 40 years, but creditors have continued to go the traditional route.” stated Richard Kruse, president of Gryphon USA, Ltd., the parent company of United Country – Gryphon Realty & Auction Group. “Lately we have seen an increase in private foreclosure sales. Not only is the privatized process faster, but adding professional marketing efforts of a qualified auction firm create a higher probability of a successful sale.”
The auction is being promoted through the required legal notices and is expanded by other print, direct mail, email, web and public relations outreach venues in an attempt to attract a pool of qualified bidders.
About United Country – Gryphon Realty & Auction
United Country Gryphon Realty & Auction Group is the Central Ohio affiliate of the largest fully integrated network of conventional real estate and auction real estate professionals in the United States. Based the Polaris Area of Columbus, Ohio, the company is a subsidiary of Gryphon USA, Ltd., a multi-faceted asset management and liquidation firm focusing on the operations and dissolution 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-founders Richard and Melissa Kruse also regularly hold engagements as court appointed receiver throughout Ohio.