REGISTRATION

Registration is required to be eligible to attend and bid on auction day.  To register you must complete the Auction Registration Form available at the Auction Information Office and on line.  Bidders should complete and return the Auction Registration Form to the Auction Information Office on-site prior to Thursday, December 11, 2008 at 5 PM.  Bidders may deliver the Auction Registration Form in person, mail or fax to 206.515.9995.  You may also take your registration to the “How to Buy” Seminar.   

Potential bidders shall be solely responsible for confirming the delivery and timely receipt of their completed and signed registration form by the Auction Information Office.  A bidder’s failure to timely register with the Auction Information Office may result in non-recognition of the bidder at the Auction.  Auction day registrants will be limited to the purchase of one home only. 

DEPOSIT

To participate and bid on auction day, all approved registered bidders must present a separate cashier’s check in the amount of $2,500 for each home that they have been approved to purchase.  For successful bidders, the cashier’s check will be used as a portion of the 3% deposit for purchasers of one home or 5% deposit on each home if you are purchasing more than one home.  Cashier’s checks must be made payable to Chicago Title Insurance Company.  The balance of your 3% or 5% deposit should be in the form of a personal check. 

AUCTION DAY PROCEDURES

Check in at registration and receive your bidder package which includes auction day announcements, information on the homes being auctioned, the order of the properties being auctioned and your bidder number.  You will be required to show proof of your cashier’s check and personal check; however, you will retain your checks until you are a successful bidder. 

If you are a successful bidder at the auction, an auction assistant will request that you sign a Bid Confirmation Sheet acknowledging the final recognized bid and escort you to the contract room where you will execute the purchase documents and receive a receipt for your 3% or 5% deposit.  Your cashier’s check will be endorsed to Chicago Title Insurance Company and the balance of your deposit will be by personal check.    

Approved multiple purchasers who wish to remain in the auction will be required to endorse and deposit a separate $2,500 cashier’s check with the auction assistant after each successful purchase.  Multiple home purchasers may remain in the auction; however, they must complete the purchase documents for all purchases immediately after completion of their final purchase. 

FINANCING ARRANGED BY SELLER*

The seller has arranged excellent loan programs through Wells Fargo Home Mortgage.  Representatives from Wells Fargo Home Mortgage can discuss the availability of all types of loan programs with you.  Buyers applying for financing with Wells Fargo Home Mortgage must be prequalified upon registering for the auction and complete the loan application on or before auction day.  Loan applications are available at the Auction Information Office. 

For buyers who apply for financing provided by the seller-approved lender, the sale will be contingent upon the buyer’s ability to qualify for financing.  If the buyer does not qualify, his or her Good Faith/Earnest Money Deposit will be returned, less any escrow/cancellation fee. 

A Wells Fargo Home Mortgage representative will be at the Press Condominiums Auction Information Office daily.  They may also be contacted at: 

Eric D. Fahrenbach
Wells Fargo Home Mortgage
Tel:  425.391.1860
Cell:  425.273.5789
Email:  eric.fahrenbach@wellsfargo.com 

Douglas A. Knight
Wells Fargo Home Mortgage
Tel:  425.468.8623
Cell:  425.273.5780
Email:  douglas.a.knight@wellsfargo.com 

­CLOSING INCENTIVE FOR SELLER-APPROVED LENDER:  Buyers who obtain financing through Wells Fargo Home Mortgage and close escrow within thirty (30) calendar days of the auction will be credited $4,000 toward non-recurring closing costs (based on lender guidelines) by seller at the close of escrow. 

ALL BORROWERS

In order to be eligible to bid, all registered bidders, including those using third party financing, are required to be prequalified Wells Fargo Home Mortgage, the seller-approved lender, prior to the auction.  Neither the seller nor the auctioneer make any representation or warranty that the prospective buyer of a home will qualify for purchase financing from the seller-approved lender and/or third party financing.

Financing will be available subject to buyer’s credit approval and completion of all loan documents and property appraisal.

THIRD PARTY FINANCING

Buyers who choose to apply for financing with any lender other than Wells Fargo Home Mortgage (“third party financing”) must provide Kennedy Wilson with a prequalification letter from their lender with their Auction Registration Form.

CASH BUYERS

Buyer’s who choose to pay cash for their purchase must submit proof of liquid funds to Wells Fargo Home Mortgage.

BROKER COOPERATION 

Participation of Washington licensed real estate brokers is encouraged.  A commission of 2% of the high bid price will be offered to all qualified, registered brokers.   All commissions will be paid at the close of escrow.  In order to qualify for the broker cooperation commission, brokers must comply with the following requirements:

1. The prospective client (“Bidder/Buyer”) must register their Broker on their Auction Registration Form at the time of their initial registration no later than Friday, December 12, 2008.  No Broker registration will be accepted on auction day.
2. Brokers must accompany the Bidder/Buyer to the auction and, if successful, through the entire purchase process at the auction on Saturday, December 13, 2008 and execute the Cooperating Broker Agreement.
3. A Bidder/Buyer who does not comply with subparagraphs (a) – (c), inclusive, shall assume liability and be solely responsible for payment of any commission due and owing to its broker.   

 CLOSING

All sales must close on or before Tuesday, January 13, 2009 (30 days after the auction) unless extended by the Seller in writing.  All buyers will be required to pay customary closing costs including, but not limited to: escrow fees, recording fees, normal pro-rations, title fees and document preparation fees. No contingent buyers will be allowed to purchase.

EXTENSIONS

In certain cases, the seller, in its sole discretion, may grant a fifteen (15) day extension of the closing date for a non-refundable extension fee of $1,500 in a cashier’s check payable to seller.  This fee will not be credited to the purchase price.  Requests for extensions must be made in writing at least five (5) calendar days prior to the scheduled closing date.  All extension requests are evaluated by the seller on a case-by-case basis and are solely at seller’s discretion.  Extensions are granted only to buyers who have demonstrated good faith in attempting to close escrow by the scheduled date.  No sale will be contingent upon receiving an extension from the seller.

DEFAULT OF BUYER

If a buyer defaults on the terms of the Purchase Agreement, seller may retain buyer’s $2,500 cashier’s check or up to 3% of the purchase price pursuant to the terms of the Purchase Agreement.

ADDITIONAL CONDITIONS

1. No claim will be considered for allowance, adjustment, or rescission based upon failure of the property to correspond to any particular expectation or standard (except the Preliminary Title Report).
2. Bidding increases will be in such increments as the Auctioneer in his sole discretion directs.  In the event of a dispute between bidders, the Auctioneer shall make the sole and final decision to either accept the final bid or reoffer and resell the property in dispute.  The auction will be recorded, and if any dispute arises following the auction, the Auctioneer’s records shall be conclusive in all respects. 
3. Title Insurance is available for each home, insuring the title of such home to be in fee simple, subject to no encumbrances except for current taxes and assessments, easements, right-of-way, reservations, covenants, conditions and restrictions of record, and printed exceptions in the standard form ALTA Title Insurance Policy.  A copy of the Preliminary Title Report for each home may be inspected prior to the auction.
4. Floor plans, sizes and square footages set forth for the homes may vary and are approximations only, based on the best information available.  Kennedy Wilson and Seller do not guarantee the accuracy of the square footage or other information regarding the condition and features of the property provided by the Seller or obtained from public records or other sources.  Each bidder is advised to independently verify the accuracy of all information through personal inspections with appropriate professionals and to rely on their own research at their own cost.  Model homes at each community may contain furnishings, amenities and construction details that may not be present in the homes available for purchase.  The Seller or the Auctioneer make no representation or warranty that the homes available for auction purchase will contain any such furnishings, amenities or construction details.
5. Seller reserves the right to refuse admittance to or expel anyone from the auction premises for interference with auction activities, nuisance, canvassing, collusive bidding, bid-rigging or other reasons.
6. The auction will be recorded. Bidders’ attendance at the auction shall constitute Bidders’ consent to any audio and/or visual recording.
7. No auction attendees may take audio or visual recordings of the auction.
8. Seller has the right to postpone or cancel the auction in whole or in part, in its sole discretion, and to modify or add any terms and conditions of sale and to announce such modifications or additional terms and conditions either prior to or at the auction.
9. Homes shall be sold “as is”.  Prospective buyers should examine the homes and all supporting documentation carefully as each bidder is responsible for making his or her evaluation of the homes and may not rely on the Seller or sales agents.
10. Offer void where prohibited.  Brochure will not be mailed to residents of any state in which this offering is not in compliance with the real estate laws or other laws of that state.