Asset Management & Recovery: Drugs & Dead Things - My Normal Listing

Gryphon USA, Ltd services clients through Gryphon Asset Management, Gryphon Realty Advisors and Gryphon Auction Group. Gryphon Asset Management manages operating entities and undertakes liquidation management in numerous business lines. Gryphon Realty Advisors is comprised of three divisions all working together; Residential, Commercial and Management. Projects range from single family investments and owner occupant reresentation to apartments and commercial complex disposition. Gryphon Auction Group assists clients with the sale of real property as well as commercial equipment.

Drugs & Dead Things - My Normal Listing

I don't know what to do about my newest listing opportunity.  Something does not add up.  Here is the 411.

  • Owner is in bankruptcy.
  • Property is in good shape.
  • Property is in neighborhood known for drug issues and has a higher crime rate than most of the city.
  • Property is vacant.  Debtor claims that it isn't being lived in and hasn't been for a long time.
  • Inspection today revealed the following:
    • Back door wide open
    • Property full of furnishings
    • All copper pipe intact
    • Utilities on
    • Crack & weed all over the place

So here is the problem.  If we have crack, weed and an open back door there is usually a stripped property.  Something here does not make sense.  I am not sure I want to list a property where I don't understand the issues.

Isn't that scary?  Nice place with a little bit o drugs inside.  I am spooked.  If we would have found a body or something, this would all be totally normal and I would be looking forward to the listing.  I must be mental.

 

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

20 comments • Rich Kruse • May 01 2007 09:41PM

Comments

I don't know.  I listed a group of rental houses for a guy that inherited the property and didn't know what to do with it.  Most of the property was just as you described.  We actually had to run out several vagrants during each showing.  The property was bought by an attorney that bought this type of property to rehab and rent.  They listed for $10k and sold very quickly (a couple of weeks) on a $2k commission each.  All in all, it was not a bad outcome for everyone concerned.
Posted by Ross Willingham, Realtor Associate (Tomson Real Estate) about 5 years ago
Hmmmmm. Spider senses are tingling. Danger Will Robinson, Danger.
Posted by Melissa Kruse (Gryphon ) about 5 years ago

Landlord Man,

You definitely have a different work environment than all the Realtors I know.  Cheer up.  Go back tomorrow and maybe there'll be a dead body.

Fran

Posted by Fran Gatti - Realtor®, CDPE®, RDCPro®, Crescent City CA Real Estate (RE/MAX Coastal Redwoods) about 5 years ago
I sure hope things turn around.  This morning everything was all normal with an apartment building almost exploding.  Next thing I know ...................
Posted by Rich Kruse (Gryphon USA, Ltd.) about 5 years ago
Where's a good dead body when you need one?
Posted by Melody Young - Auto Broker-Milestone Motoring (Milestone Motoring - Auto Broker/Dealer) about 5 years ago
Go with your gut on this one, and walk away.  Better yet
Run Forrest Fun!!!
Posted by Rosemont Financial Inc about 5 years ago

Rich,

That's a case for Mary Pope :) "scary" :)

 

Posted by Aurora, CO Homes for Sale in Aurora, Colorado - Ray Saenz (United Property Brokers, Inc) about 5 years ago
I would think you would jump on this one... sounds like heaven compared to some of your stories.
Posted by Thesa Chambers, Principal Broker Licensed in Oregon, with (Prudential NW Properties Sunriver) about 5 years ago
Maybe rasta man has moved over? Wasn't he evicted from the other apartment you had?
Posted by Bryant Tutas-Tutas Towne Realty, Inc about 5 years ago
He is the maintenance guy at "no gas".
Posted by Rich Kruse (Gryphon USA, Ltd.) about 5 years ago
Just sit on the furnishings, smoke a joint, and wait. That will make the story that much better when you hear it!
Posted by John Evarts (Classic Property Management of Santa Clarita) about 5 years ago

 

And people think I am crazy when I say Residential is too complicated! Good luck with that, you have really helped me feel better about commercial.

Posted by James Iodice - Commercial Real Estate Michigan (Coldwell Banker Weir Manuel) about 5 years ago

Copper pipes in tact and crack lying around?   That math just don't add.   If it don't make sense there's an agenda someplace.

Go with your gut and (run fast)

Posted by Susan X (www.propertyauctionsusa.com) about 5 years ago
Sound like home for someone, why mess up a good thing. No Beer in Fridge?
Posted by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty) about 5 years ago
You are too funny and definitely must be mental I think it's a requirement to do what you do. Let us know when the body shows up : )
Posted by Bend Oregon REALTOR ® Kelli Fronabarger (Bend River Realty Inc.) about 5 years ago

So Rich,

We are all waiting to find out and now you have left the blogworld:(  Should we start worrying?

Posted by Rhode Island Realtor ~ Karen Hurst ~ www.stonehurstrealty.com (STONEHURST REALTY) about 5 years ago

I have not left, I have been doing two jobs.  My assistant took an extra 2 days off last week and left me a note on Monday that she had a death in the family and would be out all of this week.

In a nutshell, I took this one and the court docs are being filed tomorrow to auction it.

Silly me I know.

Posted by Rich Kruse (Gryphon USA, Ltd.) about 5 years ago
Wow, real estate around Lake Wallenpaupack sure is boring compared to this!  LOL
Posted by Karen Rice | Lake Wallenpaupack Homes, WLE Hideout Masthope Hemlock Farms Homes (WEICHERT, REALTORS® Paupack Group ) about 5 years ago

scary!!!!

 

sean safholm

www.youronlylender.com

Posted by Sean Safholm about 5 years ago
Sounds like you have some Squatters in there who fled like a roach when the lights get turned on as soon as they heard you at the front door.
Posted by Brian Papaccio (Wells Fargo Home Loans) about 5 years ago

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