What do 49 individual condos I had listed all have in common? They are all in contract at a price acceptable to the bank and it only took about an hour to do it.
That is the sound bite. It actually took a lot of hard work over the past three weeks to pull it off, but today was a success.
Over the past 3 weeks our office undertook a regional marketing effort that encompassed print media around the region in city and national publications, posted to dozens of websites that spidered out to even more, implemented a media campaign, sent direct mail and held open viewings.
The end result was over 12,000 web hits on our site, close to 100 individual emails and calls and 18 registered bidders. Of the 18 bidders, we are in contract with 8 of them.
All we need to do now is get the contracts approved by the judge and move to closing.
Here is the real interesting part. We offered the properties two ways. First in bulk and then separately. When you look at the gross sales numbers, the sales numbers are only separated by $4950.00. Clearly these properties were sold for what they are worth in today's market.
Do you have questions about distressed assets, receivership or bankruptcy sales, auctions? Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.
Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com). The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast.
United Country Gryphon Realty & Auction Career Opportunities Available. Call 614-885-0020 x 17
Sorry if I wasn't clear. Yes. We are in contract on all of the units. I guess I ahve always been happy to be in the REO business. Sometimes it is a hard dollar to earn though.
Funny thing is that when we polled people in the room we found that most of them found out about the sale from the newspaper articles that were written due to our media campaign. 2 reporters were there today and more articles are to come out tomorrow and Friday.
Rich:
WAY TO GO!!!
I got some of the e-mail blasts and checked your website... (with a little envy)
Looks like you had a pretty good auction
Rich,
You do a great job and it has paid off. Glad to hear they are selling for market value. I'm sure the neighbors will be thankful.
Well done Rich!
But, then again, I excepted nothing less!
Bill
That is awesome! I think auctions are an exciting way to sell. Good going.