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292- 2226 Gayle 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       38527575                                         Loan Number                244
                                                                Client Project ID          PoolOct#1
Client Provided Data
Client    VERTICAL FINANCIAL GROUP                                    Loan #           244
Branch    IRVINE,CA                                                   Attention        GAITA, TERI
Fax/Email Judy@verticalmtg.com                                        Borrower         LYONS, BEATRICE
Address 2226 GAYLE AVE                                                Property type    Single Family Dwelling
City      MEMPHIS                                                     State/Zip        TN      38127
Completed by: Townsend, Maria                                         Company:                                    Phone #: (870)735-8000
                                                                                       CRYE-LEIKE REALTORS MARIA TOWNSEND

Neighborhood Information
Neighborhood Type                  Urban                              Property Values                      Stable
Price Range                        $9,900-$29,950                     Vandalism/vacant properties          N
Marketing time (days)              38                                 Market trend (Appr/Depr %)           0
Predominant Occupancy              Tenant
Similar Homes Sold Prior Month     2                                  # of Listings in Direct Competition 9
Zoning                             N/A

Subject Property Information
Curb Appeal                Average                                    Estimate cost to cure deferred maintenance         $0
Conformity to neighborhood Appropriate Improvement                    Any adverse influences noted (busy street, etc)    No
Condition                  Average                                    Market Rent                                        $600
Currently Occupied? Yes/No Yes                                        If not occupied, is subject secured?
Is there a guest house?    No                                         Guest House Sq Ft                                  N/A
Subdivision Name           N/A
Current Listing and Five Year Sale History
Subject currently listed? N           Listed in last 12 mos.?          N               Listing date                             Listing price
MLS # N/A                             Listing Agency N/A                                                                        Agency Phone # N/A

      Previous Sale Price         Previous Sale Date          Buyer                                             Seller




Neighborhood and Subject Property Comments:
location is an established area of Memphis that contains several vacant/bank owned properties in the immediate area. brick/vinyl exterior no central heat/air,no
covered parking




Comparable Listings
                      Subject                      Listing 1                                Listing 2                             Listing 3
Street Address       2226 GAYLE AVE               3650 SUZANNE DRIVE                       3464 SUZANNE DRIVE                    3519 MARK TWAIN ST
City                 MEMPHIS                      MEMPHIS                                  MEMPHIS                               MEMPHIS
State/Zip            TN       38127               TN         38127                         TN         38127                      TN         38127
Data Source                                       MLS 3212534                              MLS 3210362                           MLS 3211089
# Units              1                            1                                        1                                     1
Listing Type                                      REO                                      REO                                   Unspecified
List Price                                        $12,000                           -600   $15,300                       -800    $19,900                    -1000
Original List Price  $0                           $12,000                                  $15,300                               $19,900
Days on Market       N/A                          7                                        34                                    28
Distance (mi)        N/A                          0.39                               0     0.45                          0       0.36                           0
Neigh. Type          Urban                        Urban                              0     Urban                         0       Urban                          0
Site Size (Ac)       0.15                         0.22                           -1500     0.22                      -1500       0.17                           0
View                 No                           No                                 0     No                            0       No                             0
Design               Ranch                        Ranch                              0     Ranch                         0       Ranch                          0
Condition            Average                      Average                            0     Average                       0       Average                        0
Age (Years)          47                           50                                 0     47                            0       51                             0
Bedrooms             3                            3                                  0     3                             0       4                          -1000
Baths                1                            1                                  0     1.5                        -500       1                              0
Living Area (s.f.)   1346                         1194                            1500     1273                          0       1283                           0
Basement/ % Finished None           N/A           None           N/A                 0     None           N/A            0       None           N/A             0
Pool                 No                           No                                 0     No                            0       No                             0
Garage               0                            0                                  0     0                             0       0                              0
Adjusted Values       Net Adj (%)                          -5%                   11400             -18.3%            12500               -10.1%             17900
                      Gross Adj (%)                        30%                                      18.3%                                 10.1%


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

Listing #1: Brick/wood exterior,carpet/vinyl flrs,wood fence, storage bldg,reo
Listing #2: Brick/wood exterior,carpet/vinyl flrs,central heat/air,chain fence,patio,reo
Listing #3: Brick veneer,tenant occupied,carpet/vinyl flrs,gas heating,window unit cooling
                                                      9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




 Order ID         38527575                                     Loan Number            244
                                                               Client Project ID      PoolOct#1

 Comparable Sales

                       Subject                    Sale 1                                Sale 2                             Sale 3
 Street Address       2226 GAYLE AVE             2298 THEDA AVE                        2399 JAN DRIVE                     2010 TULSA RD
 City                 MEMPHIS                    MEMPHIS                               MEMPHIS                            MEMPHIS
 State/Zip            TN       38127             TN        38127                       TN        38127                    TN        38127
 Data Source                                     MLS 3199064                           MLS 3203757                        MLS 3203533
 # Units              1                          1                                     1                                  1
 Sale Type                                       REO                                   REO                                ArmsLength
 Financing Type                                  Cash                                  Cash                               Cash
 List Price                                      $9,900                                $14,900                            $19,900
 Sale Price                                      $11,000                           0   $12,700                        0   $16,500                           0
 Sale Date                                       06/04/2010                        0   08/23/2010                     0   08/24/2010                        0
 Days on Market       N/A                        5                                     8                                  21
 Distance (mi)        N/A                        0.26                              0   0.46                          0    0.43                              0
 Neigh. Type          Urban                      Urban                             0   Urban                         0    Urban                             0
 Site Size (acres)    0.15                       0.19                           -900   0.21                      -1300    0.32                          -3700
 View                 No                         No                                0   No                            0    No                                0
 Design               Ranch                      Ranch                             0   Ranch                         0    Ranch                             0
 Condition            Average                    Average                           0   Average                       0    Average                           0
 Age (Years)          47                         50                                0   44                            0    58                             1100
 Bedrooms             3                          3                                 0   3                             0    3                                 0
 Baths                1                          1                                 0   1.5                        -500    1                                 0
 Living Area (s.f.)   1346                       1200                           1500   1179                       1700    1168                           1800
 Basement/ % Finished None           N/A         None          N/A                 0   None          N/A             0    None          N/A                 0
 Pool                 No                         No                                0   No                            0    No                                0
 Garage               0                          0                                 0   0                             0    0                                 0
 Adjusted Values       Net Adj (%)                        5.5%                 11600           -0.8%             12600            -4.8%                 15700
                       Gross Adj (%)                     21.8%                                 27.6%                               40%

 Comments regarding the comparability of sales to the subject specifically addressing their overall similarity (equal/superior/inferior)
 Sales #1: Brick/vinyl exterior,cen h/a,carpet flrs,storage bldg
 Sales #2: Brick/wood exterior,covered parking,reo,sold as is
 Sales #3: Wood/brick exterior,central heat/air,investment property,currently rented

 RECONCILIATION
 Based upon the description of the subject and the market data presented within the report, LPS Valuation Solutions has derived values based on the following
 market conditions as of: 03/23/2009
                          11/19/2010




                                  Reconciled Market Sale Value              Reconciled Quick Sale Value               Broker’s Value

 “As Is” Value:
                                 $13,000                                    $11,000                                   $15,000

 “As Repaired” Value:
                                 $13,000                                    $11,000                                   $15,000

 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                            $0
 Total                            $0


Field Expert offers an opinion of value by combining a local broker’s price opinion (BPO), as filtered through LPS’ Field Expert rules-based
valuation model, and scrutinized by an LPS quality-control analyst, along with LPS’ own extensive data, and external research resources.
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 he/she drove by the subject property and that he/she 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    38527575               Loan Number         244
                                   Client Project ID   PoolOct#1


Location Map




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




Order ID    38527575                 Loan Number         244
                                     Client Project ID   PoolOct#1

Subject Photo




Street Scene Photo




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   38527575                                Loan Number         244
                                                   Client Project ID   PoolOct#1

Comparable Listing 1 3650 SUZANNE DRIVE, MEMPHIS, TN 38127




Comparable Listing 2 3464 SUZANNE DRIVE, MEMPHIS, TN 38127




Comparable Listing 3 3519 MARK TWAIN ST, MEMPHIS, TN 38127
                                             9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID   38527575                                  Loan Number         244
                                                     Client Project ID   PoolOct#1

Comparable Sale 1     2298 THEDA AVE, MEMPHIS, TN 38127




Comparable Sale 2     2399 JAN DRIVE, MEMPHIS, TN 38127




Comparable Sale 3     2010 TULSA RD, MEMPHIS, TN 38127

				
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