The document discusses the services of The Valuation Experts/Symphony/HMM which has over 60 years of combined experience in real estate valuation, sales, auctions, and legal/title services. They provide effective marketing strategies like auctions to help institutions and banks liquidate assets quickly and maximize their value. Their team has extensive experience and can place appropriate values on assets, design targeted marketing plans, and implement accelerated marketing strategies like sealed bids and auctions.

1. The Valuation Experts
60 years of Experience
at your Service

2. Institutions are uncertain as to asset value due to:

 The Economic environment.
 The Credit crisis.
Assets need to be liquidated:

 Quickly,
 Efficiently,
 And with an eye towards maximizing value.
Auctioning properties and loans has proven to be an

effective way to target appropriate qualified buyers.

3. Symphony/HMM professionals have over 60 years of combined

experience:
 Real Estate valuation expertise.
 Investment Sales background.
 Legal & Title experience.
 Expansive network of contacts nationwide in all sectors.
You need an effective marketing organization that has the capability to:

 Place an appropriate value on your assets.
 Organize a targeted effective marketing plan.
 Implement an appropriate accelerated marketing strategy, e.g., sealed
bids, oral outcry auctions, hybrid strategies, request for proposals, etc.

4. HMM is a company owned by Howard Ervin, CCIM, an approved

minority owned business enterprise. Howard spent five years with
Marcus and Millichap before becoming associated with Symphony.
Symphony Auctions principals are Eric Kaufman, licensed

auctioneer and real estate broker, with over 25 years of property
valuation, sales, auctions, sealed bids and hybrid sales structures
and David Kopp, with 20 years of solid real estate experience and
property due diligence compilations.
Brian McCarthy, Esq. is affiliated with Chicago Title Company a

large and well respected Title Company. Brian is involved with new
business development, legal and title issues.
Property Appraisals, if necessary, are performed by Joel

Leitner, MAI, CRE, FRICS.

5. Howard Ervin – has a bachelor’s degree in Business Management from North

Carolina State University (Graduate Class – 2001). Following school, Howard
moved to Washington, DC and was employed by Costar Group – the largest
commercial real estate information firm in the United States. Shortly after
working with Costar Group, Howard was recruited to become a commercial real
estate investment broker with Marcus & Millichap Real Estate Investment
Services. After five years with Marcus & Millichap, as a Senior Associate, he
became aligned with Eric Kaufman and David Kopp of Symphony Property Group.
Howard has achieved a Certified Commercial Investment Member (CCIM)
designation from the CCIM Institute and is an active member in the organization.
Eric Kaufman - Wharton MBA ‘79 – Kaufman spent several years in the 1990’s

liquidating work out assets for various institutions in his stint as the #2 man with
the Carlton Group, Ltd., which has become a multi-billion dollar debt and equity
provider for commercial real estate. His successful career includes experience as a
developer, broker, financier, advisor and asset manager over the past 28 years. He
is a licensed auctioneer and real estate broker. See www.welbiltrealty.com and
www.symphonypropertygroup.com for more detailed information.

6. David Kopp – Analytical background including proficiency in financial modeling and real estate

work-outs (including ARGUS) and presentations. Significant IT skills including Sharepoint websites
to assist in the marketing and compilation of due diligence for assets held for accelerated
marketing sales.
Brian McCarthy, Esq. – B.A., Villanova University, '86; J.D., Touro School of Law, '90; Commercial

real estate attorney and title industry counsel and sales executive. Brian will focus on both legal
and new business development activities.
Joel Leitner - MAI, CRE, FRICS -- Joel has over 20 years of experience in real estate

valuation, investment analysis, and consultation on a national basis for a wide range of
applications including market value appraisals, property portfolio consulting and
management, investment advisory service, valuations and consulting studies for securitization-
equity based and mortgage-backed transactions, purchase price allocations, liquidation sale
valuations, condemnation, tax reduction, estates, and expert witness testimony for litigation.
These activities have been conducted on behalf of foreign and domestic investment firms including
major industrial corporations, leading foreign and domestic financial institutions, individual
investors, leading law firms, and government agencies
More complete resumes available upon request. Management Team references available upon request.


7. Broker Price Opinions of Value are initially

established.
On-line “war rooms” are established to organize

due diligence materials effectively and efficiently
(hard copy of due diligence materials are
available for investors that are not computer
savvy).
Auctions are conducted either on-line, on site or

in a ball room setting.

8. Financial need to raise cash relatively quickly:

 Foreclosure.
 A non-performing asset.
 Bankruptcy – either Chapter 11 or Chapter 7.
 Bank owned real estate (ORE or REO).
 Distressed Property Condition.
 Environmentally impacted properties.
 Properties that need to be sold on an “As Is, Where is”
basis.

9. An auctioneer is an agent of the Seller and has:

 Fiduciary Duties to the Seller.
 Obedience to the Seller’s wishes.
 Full Disclosure to the Seller.
 Diligence when acting on the Seller’s behalf.
 Full accounting to the Seller.
 Loyalty to the Seller.
Very similar to the Real Estate Broker model of Good

Faith and Standard of professionalism to the Seller, even
if getting paid through a buyer’s premium.

10.  Open Outcry vs. Sealed Bid Auctions.
 Hybrid/Structured Sales.
 Dutch/Reverse Auctions (Decreasing prices) vs. English
Auctions which are increasing prices.
 Absolute Auctions vs. Minimum Reserves.
 Buyer’s Premiums and their purpose.

11.  Published vs. Unpublished Reserves.
 Multi-parcel vs. Single Asset sales.
 Bidder’s Choices.
 Use of the Internet (e.g., Streaming video live auctions vs.
the Ebay style of internet bidding).
 Timed bidding (The 2 minute rule).
 Having realtors bidding on behalf of purchasers.

12.  Print Publications (Newspapers, Magazines, Trade
Publications).
 Public Relations (Gets the message out).
 Signage (Where appropriate).
 Telemarketing (Direct contact to prospects).
 Direct Mail (Targeted mailing lists often by zip code).
 Internet email blasts and banner ads.

13. Initial Planning
Draft Brochures and Ads
Compile Property Due
Meeting, Negotiate Service
(Week 2). Client update
Diligence Information
Agreement, prepare
Conference Call on a weekly
marketing message and (Week 1) basis.
promotion schedule (Week 1)
Submit Press Releases First Newspaper Ads Break
Email Blast (Week 3) Internet Banner Ads (Week 3) Direct mail campaign (Week 3)
(Week 3)
(Week 3)
2nd week of Print Ads (Week 4) 3rd week of Print Ads (Week 5)
Open Houses (Week 4) Email Blast #2 (Week 4) Email Blast #3 (Week 5)
Follow up calls to most
Send Reminder Emails
qualified prospects
4th week of Print Ads (Week 6) Auction begins (Week 7) Open Escrow (Week 7)
(Week 6)
(end of Week 6)
Escrow Tracking and Closing
Closing
Procedures

14.  
Exclusive Right to Sell Seller’s Duties and Obligations
 
Property Identification Seller’s Representations (if any)
 
Place of Sale Auctioneer’s Fee/Buyer’s Premium (if
applicable)
 Time and Date of Sale
 Co-operation with Outside Brokerage
 Terms of Sale (Reserve Price, Absolute
Firms
Auction or not)
 Defaults/Terminations
 Marketing Expenses
 Exclusive Tail in the event the
 Auctioneer’s Duties and Obligations
property does not sell at auction
 Arbitration provision

22.  Property Identification.
 Deposit Amount.
 Buyer’s Premium.
 Bidding Methods/Resolutions of Disputes.
 Auction Terms.
 Information re Reps and Warranties and/or other
disclosures.

23.  “As Is, Where Is” sale disclaimer.
 Non-contingent offers only.
 Title to the property will be free and clear of liens (Need
effective title insurance).
 Payment terms including handling closing costs.
 Remedies.
 Indemnifications.