Rich Kruse

FOR IMMEDIATE RELEASE

GRYPHON & BORROR TEAM UP

To Offer Real Estate Receivership Management Services

DUBLIN, OH -- Gryphon Asset Management and Borror Properties - two industry leaders with in-depth knowledge of this market and a comprehensive understanding of both property management and distressed-asset administration - have joined forces to assist the legal and banking industries in maintaining and transitioning real property in distressed and receivership scenarios.

Gryphon, lead by Richard Kruse, has over 15 years of nationwide experience participating in hundreds of bankruptcy and receivership transactions totaling in excess of two billion dollars in recovery value

Borror Properties, owned and operated by Douglas Borror and Lori Steiner, has over 35 years of expertise in development, construction, and management of apartment complexes, condominiums, and homeowners associations.

"Our goal over the past 8 years has been to continuously strive to streamline and simplify the process for all involved, stabilize day-to-day operations, protect value and provide a constant flow of information," Kruse said. "We not only have the personnel and resources to evaluate, manage, and improve operations, we have the ability to put together short and long term plans to increase the value of the asset," added Borror.

This partnership provides the strategic and tactical expertise to handle the most complicated projects in today's difficult marketplace including scattered site projects, partially developed communities and operating multifamily complexes of all sizes.

About Borror

Borror Properties was founded with the mission of providing outstanding real estate property management services as well as new home construction projects. Led by former Dominion Homes executives, Doug Borror and Lori Steiner, they bring expertise from many areas of the real estate industry including consulting, development, construction, property management, community management, and brokerage for sales and leasing.

About Gryphon

Columbus-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-founders Richard & Melissa Kruse also regularly hold engagements as court appointed receiver throughout the State Of Ohio and East Coast.

For more information about Gryphon and Borror and their services, log on to www.gryphonborror.com, contact Rich Kruse at 614-885-0020 x 17, or Lori Steiner at 614-356-5500.

Check out Business First Reporter Brian Balls newest blog post regarding the commercial foreclosure market in Columbus, Ohio.

http://www.bizjournals.com/columbus/blog/2011/04/foreclosure-dip-may-not-be-all-roses.html

The numbers are not necessarily always telling the whole story.

Every time we conduct an auction, questions arise about process, contract terms, definitions, timelines and even commissions.

With real estate auctions becoming more common, I have developed an easy to follow 2 hour course that explains the basics of representing buyers and sellers in auction scenarios.

Please let me know if you would like to have this course conducted at your office in the first few months of 2011. In order to qualify for CE credit, we will need to advise the Division of Real Estate of the date and time at least 30 days prior.

Please see course details below.

General Presentation Outline

This course will benefit brokers and agents who find themselves in need of an auction partner on the seller side or come across a buyer client wanting to bid on property in an auction scenario. The course will focus on the following:

1. Brief Auction History

2. Types of Auctions

3. Terminology

4. Understanding Auction Contracts

5. Representing Buyers & Sellers

6. Partnering with an Auctioneer

Instructors

Richard Kruse - Mr. Kruse is President of Columbus Ohio based Gryphon USA and oversees the day to day operations of the companies subsidiaries including United Country - Gryphon Realty & Auction Group. He has been in the auction business sine 1997 and has sold over 2,000 land parcels, homes and commercial structures through the auction method over his career.

Peter Gehres - Mr. Gehres is a first generation auctioneer and professional public speaker who specializes in selling both personal property and real estate at auction. Peter has conducted over 500 live auctions and has significant experience online auction transactions. He is the 2010 Michigan Auctioneer Champion, sits on the Board of Directors of the Michigan Auctioneers Association and is currently running for Treasurer of the Ohio Auctioneer Association.

If interested, I can be reached at 614-774-4118.

This offer is open to brokerages throughout Ohio. If you are outside of Ohio, we can refer you to an auctioneer / trainer in your state.

Every year our clients seem to scramble to get offers on properties which will close in that calendar year. This year we began contacting them in August about an end of year auction taking place in the first week of November. So far there has been a great response, but we are still seeking additional assets.

We will co-list with agents who currently have a listing that can benefit from an auction to get to closing before the end of December. The earlier you get in, the better. Marketing push starts October 1. That's less than 30 days from today.

This program is for assets located in Central Ohio, however we can undertake an event in most parts of the US through our affiliation with 70 other United Country Auction Services offices. A minimum of 4 cornerstone properties is required to set an event date.

Peter Gehres from our firm was recently featured in the Ohio State University Alumni magazine. Peter works with us as a real estate agent and auctioneer for residential and commercial properties. He also has a unique expertise in pottery and is known across the midwest for his semi-annual pottery auctions.

Below is a link to Peters recent interview as part of the OSU feature.

http://www.ohiostatealumni.org/media/Pages/gehresvideo.aspx