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7- 8040 5th Ave- BPO

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					                                                         9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID       37814100                                          Loan Number             n/a
                                                                 Client Project ID       07272010

Client Contact Info
Client     VERTICAL FINANCIAL GROUP                                   Branch             IRVINE,CA
Attention DAVIS, JUDY                                                 Fax/Email          Judy@verticalmtg.com

Subject Property Information
Address: 8040 5TH AVENUE NORTH , BIRMINGHAM, AL 35206
Borrower/Owner: n/a, n/a                                                             Subject Property Type:         Multi-Family
Is subject vacant? Y                                                                 If vacant, is subject secured? Y
Condition/Curb Appeal: Average                  Average                              Estimated deferred maintenance costs:            $1,000
Has subject been listed in the last 12 months? N                                     Listing Date:                     Listing Price:
Has subject transferred in last 12 months?      No                                   Sale Date:                        Sale Price: $0
Subdivision Name: N/A                                                                Market Rent: $400
Is there a guest house? No        Guest house sq ft: N/A                             Is subject a Condo/PUD? No

Neighborhood Information
Location:                  Suburban                                                  Marketing Time for neighborhood: 43
Pride of Ownership:        Average                                                   Neighborhood Demand/Supply:      In Balance
Neighborhood Price Range: $19,900-$39,900                                            Neighborhood Trend:              Stable
Predominant Occupancy:     Owner
Similar Homes Sold Prior Month: 0                                                    # of Listings in Direct Competition: 8
Zoning:                    N/A

Comparable Listings
                                          Subject                              Listing 1                          Listing 2                      Listing 3
Address                         8040 5TH AVENUE NORTH             7009 Georgia Rd                     7432 Oporto Madrid Blvd          5812 2nd Ave N
Data Source                                                       Tax                                 Tax                              Tax
# Units                         2                                 2                                   2                                2
Listing Type                                                      Unspecified                         Unspecified                      Unspecified
Days on Market                  N/A                               115                                 155                              134
List Price                                                        $34,900                             $34,900                          $39,500
Original List Price             $0                                $34,900                             $39,900                          $47,500
Distance (miles)                N/A                               1.97                                1.22                             2.06
Site Size (acres)               0.23                              0.22                                0.25                             0.22
View                            Yes                               Yes                                 Yes                              Yes
Age                             40                                25                                  52                               40
Condition                       Average                           Average                             Average                          Average
Square Footage                  2178                              2150                                2169                             2185
Bedrooms                        4                                 4                                   4                                4
Bathrooms                       2                                 2                                   2                                2
Garage/Pool                     0               No                0           No                      0           No                   0           No
Basement / % Finished           None            N/A               None        N/A                     None        N/A                  None        N/A

Comparable Sales
                                               Subject                          Sale 1                             Sale 2                         Sale 3
Address                          8040 5TH AVENUE NORTH            7817 2nd Ave S                     1715 6th Pl Cir NW                1719 6th Pl Cir NW
Data Source                                                       Tax                                Tax                               Tax
# Units                          2                                2                                   2                                2
Sale Type                                                         REO                                 REO                              REO
Days on Market                   N/A                              7                                  56                                70
List Price                                                        $34,900                            $34,900                           $33,900
Sale Price/Date                                                   $27,750            06/21/2010      $30,000          03/10/2010       $33,500         05/19/2010
Distance (miles)                N/A                               0.7                                4.65                              4.65
Site Size (acres)               0.23                              0.22                               0.26                              0.27
View                            Yes                               Yes                                Yes                               Yes
Age                             40                                45                                 31                                30
Condition                       Average                           Average                            Average                           Average
Square Footage                  2178                              2210                               2156                              2160
Bedrooms                        4                                 4                                  4                                 4
Bathrooms                       2                                 2                                  2                                 2
Garage/Pool                     0              No                 0               No                 0             No                  0             No
Basement / % Finished           None           N/A                None            N/A                None          N/A                 None          N/A

Broker Comp Comments

Comments regarding the comparability of listings to the subject specifically addressing their overall similarity (equal/superior/inferior)

Listing #1: Subject lot size/sf >. Both similar re: curb appeal/condition/amenities.
Listing #2: Equal curb appeal, sf, condition, & amenities; highest DOM of 3 comps.
Listing #3: Most alike to subject of 3 comps. Like sf/curb appeal/lot size.

Sale #1:   Lowest DOM of 3 comps. Similar re: age, similar sf, condition, & amenities. REO
Sale #2:   Equal curb appeal/condition/amenities < slight difference in sf & lot size. REO
Sale #3:   Subject lot size slightly smaller. Both comp/subject equal re: curb appeal, condition, & amenities. REO

Broker Value Opinion

Normal Market Value                                                 Quick Sale Value
                                     $29,900                                                   $25,000                        As of:    08/03/2010
“As Is”:                                                            “As Is”:
Normal Market Value                                                 Quick Sale Value
“As Repaired”:                       $30,900                        “As Repaired”:             $26,000
                                                        9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




 Order ID       37814100                                          Loan Number           n/a
                                                                  Client Project ID     07272010


 Additional Broker Comments
The subject appears to be maintained and in average condition. The subject's market is currently stable. The subject and all of the comps are 2 unit properties.
Comp search radius had to be extended to 5 miles due to the lack of available/quality multi family comps. Exceeded 30% guidelines for proximity, age, & GLA due
to lack of like inventory in the area. Comps provided are the best available in the subjects area at this time. The subject and all of the comps are located within a
similar economic market place. Age differences are common in this area, therefore comps with different ages had to be utilized but are still considered similar for
this inspection.

**QC NOTE: This evaluation reflects an REO perspective.




 Exterior Repair Addendum

 Item Category                     Cost to Cure       Comments
 Roof                              $0
 Exterior/Siding                   $0
 Foundation                        $0
 Construction in Progress          $0
 Outbuildings                      $0
 Yard Maintenance                  $0
 Other                             $1,000              Repaint trim/facia.
 Total                             $1,000

 Comparable Location Map




Broker Price Opinion offers a value opinion derived from analysis of local market data and subject property information. Comparable market
data for the area is provided by a local Real Estate Broker. Information on the subject property is obtained via MLS, county records, personal files,
or it may be provided to LPS by the client. In some cases, information on the subject property may be limited or unavailable. In these instances,
the information is provided by the Real Estate Professional's exterior physical inspection of the subject. The report is based upon data that LPS
deems reliable, however, no guarantee or warranty is provided. LPS does not provide opinions on, nor assume responsibility for the existence of
any environmental, structural, or title related defects associated with the subject property. This analysis and evaluation of an interest in real
property for ownership or collateral purposes is prepared for the above named financial institution to be used for internal
purposes only. This document is not an appraisal and is intended for use only for loan transactions valued at $250,000 or less, as
required by Title XI of FIRREA. The agent submitting this report represents that she/he drove by the property and has no
interest in the property.  

Notwithstanding any preprinted language to the contrary, this opinion is not an
appraisal of the market value of the property. If an appraisal is desired, the
services of a licensed or certified appraiser must be obtained.
                                   9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    37814100                       Loan Number         n/a
                                           Client Project ID   07272010


Subject Property Satellite Image




Subject Photo




Street Scene Photo
                             9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    37814100                 Loan Number         n/a
                                     Client Project ID   07272010


Address Verification Photo
                                               9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    37814100                                  Loan Number          n/a
                                                      Client Project ID    07272010

Comparable Listing 1 7009 Georgia Rd, Birmingham, AL 35212




Comparable Listing 2 7432 Oporto Madrid Blvd, Birmingham, AL 35206




Comparable Listing 3 5812 2nd Ave N, Birmingham, AL 35206
                                               9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID   37814100                                    Loan Number         n/a
                                                       Client Project ID   07272010

Comparable Sale 1     7817 2nd Ave S, Birmingham, AL 35206




Comparable Sale 2     1715 6th Pl Cir NW, Birmingham, AL 35215




Comparable Sale 3     1719 6th Pl Cir NW, Birmingham, AL 35215

				
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Description: 7- 8040 5th Ave- BPO