Welcome and Thank you for Your Participation

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Welcome and Thank you for Your Participation
Auction Caravan
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Auctioneer

• Real Estate Disposition Corp. (REDC)
• http//www.ushomeauction.com
• 1-800-793-6107
• Saturday Mar. 8, 2008
• Walter E. Washington Convention Center - Exhibit
  Hall D  
• 801 Mount Vernon Place NW, Washington, DC
  20001

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Auction Process

• Auction Starts at 930am sharp
• Registration at 8am (easier to pre-register
  online)
• Over 575 properties over 4 days.
• Saturday March 8 mostly Northern VA properties.
• Practice Auction ½ hour before.
• Fast and Furious.
• 20 to 30 properties per Hour

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Auction Process

• How many of you have been at an Auction before?

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Auction Process

• Here is how it works.

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Auction Process

• It is highly recommended that you pre-view the
  properties
• Open House today and tomorrow
• Have a clear idea of what you want and how much
  you want to pay for it.
• It will be quick, so being on top of your game is
  all that important
• And I am here to help.

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Auction Process

• What you need to bring with you.
• 5,000 cashiers check written to you
• Valid pictured ID (for all parties to the
  transaction)
• Must register/check-in at front desk
• Show your cashiers check and get a paddle

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Auction Process

• If you win a bid, a 5 premium will be added to
  your bid amount, and that will be your total
  purchase price.
• At this point you will be escorted to the closing
  area/offices where you will need to make a 5
  deposit and start the clock on your 30 day
  closing window.
• Its highly recommended that you get pre-qualified
  with a lender prior to Auction.

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Auction Process

• Example
• You win a property for 100,000. They add a 5
  premium to that amount and your total purchase
  price become 105,000.
• Now you need to make a 5 deposit on that amount
  which is 5,250.
• You already have the 5,000.
• You need to write a personal check (or cash) for
  the balance (250)

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Auction Process

• If you are buying more than one property, you
  need have 10,000 deposit for the 2nd property,
  and even higher amount on subsequent properties.
  REDC will require multi-property bidders to get
  pre-qualified.
• This is not an absolute auction, so there is a
  hidden minimum reserved price attached to each
  property.
• If the reserved price is met, then the property
  gets sold.

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Auction Process

• But if the reserve is not met, the highest bidder
  will win the property, with a caveat that the
  final sale of the property is subject to third
  party approval.
• The Bank will have 15 days to either accept or
  reject the price.
• Have I covered everything?

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Any Questions?

• Lets discuss what I have got for you.