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303- 2059 Southern 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      37814282                                        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: 2059 SOUTHERN AVE , MEMPHIS, TN 38114
Borrower/Owner: n/a, n/a                                                          Subject Property Type:         Single Family Dwelling
Is subject vacant? Y                                                              If vacant, is subject secured? Y
Condition/Curb Appeal: Fair                     Fair                              Estimated deferred maintenance costs:             $0
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: $250
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: 116
Pride of Ownership:        Fair                                                   Neighborhood Demand/Supply:      In Balance
Neighborhood Price Range: $8,000-$16,000                                          Neighborhood Trend:              Depreciating
Predominant Occupancy:     Owner
Similar Homes Sold Prior Month: 6                                                 # of Listings in Direct Competition: 4
Zoning:                    N/A

Comparable Listings
                                        Subject                             Listing 1                          Listing 2                      Listing 3
Address                        2059 SOUTHERN AVE               2381 LINDBERGH RD                     1307 SAMPLE ST                 2169 SPARKS RD
Data Source                                                    MLS 3191598                           MLS 3200293                    MLS 3201840
# Units                        1                               1                                     1                              1
Listing Type                                                   Unspecified                           Unspecified                    Unspecified
Days on Market                 N/A                             76                                    56                             40
List Price                                                     $12,000                               $8,000                         $12,900
Original List Price            $0                              $12,000                               $8,000                         $12,900
Distance (miles)               N/A                             2.45                                  0.6                            2.29
Site Size (acres)              0.14                            0.2                                   0.08                           0.16
View                           No                              No                                    No                             No
Age                            50                              50                                    63                             68
Condition                      Fair                            Average                               Fair                           Fair
Square Footage                 1075                            971                                   955                            1053
Bedrooms                       2                               3                                     3                              2
Bathrooms                      2                               1                                     1                              1
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                        2059 SOUTHERN AVE               2232 AMHERST CV                       1478 ELLISTON RD               1510 CASTALIA ST
Data Source                                                    MLS 3174705                           MLS 3195162                    MLS 3193969
# Units                        1                               1                                     1                              1
Sale Type                                                      Unknown                               REO                            Unknown
Days on Market                 N/A                             268                                   28                             53
List Price                                                     $16,000                               $8,900                         $12,000
Sale Price/Date                                                $8,000             05/19/2010         $7,200        05/05/2010       $5,000           05/12/2010
Distance (miles)               N/A                             2.61                                  2.22                           0.78
Site Size (acres)              0.14                            0.33                                  0.21                           0.13
View                           No                              No                                    No                             No
Age                            50                              60                                    60                             51
Condition                      Fair                            Average                               Fair                           Average
Square Footage                 1075                            900                                   1008                           1142
Bedrooms                       2                               3                                     3                              2
Bathrooms                      2                               1                                     1                              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: Normal sale-most comparable
Listing #2: NORMAL SALE
Listing #3: NORMAL SALE

Sale #1:   Normal sale-most comparable
Sale #2:   REO
Sale #3:   NORMAL SALE

Broker Value Opinion

Normal Market Value                                             Quick Sale Value
                                   $6,000                                                   $4,000                         As of:     08/03/2010
“As Is”:                                                        “As Is”:
Normal Market Value                                             Quick Sale Value
“As Repaired”:                     $6,000                       “As Repaired”:              $4,000
                                                        9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




 Order ID       37814282                                         Loan Number           n/a
                                                                 Client Project ID     07272010


 Additional Broker Comments
This subject is located in a low income community where the pride of ownership is low. This market has been in decline for some time and the reo properties
have begun to affect the values. The comps used for this report are the best indication of the current market and should also tell what will be expected in a sales
price. This subject should be marketed to an investor or a ftb and should be sold "as-is". Ftb or investment property. Reo/foreclosure properties starting to affect
value.

**QC NOTE: The subject is located in an area with minimal REO activity. Therefore, it was not possible to comply with the requirement of REO comparable use
in this analysis. In order to best reflect an REO perspective, we utilized lower end priced comps that were found.




 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

 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    37814282                       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    37814282                 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    37814282                               Loan Number          n/a
                                                   Client Project ID    07272010

Comparable Listing 1 2381 LINDBERGH RD, MEMPHIS, TN 38114




Comparable Listing 2 1307 SAMPLE ST, MEMPHIS, TN 38114




Comparable Listing 3 2169 SPARKS RD, MEMPHIS, TN 38106
                                            9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID   37814282                                 Loan Number         n/a
                                                    Client Project ID   07272010

Comparable Sale 1     2232 AMHERST CV, MEMPIHS, TN 38106




Comparable Sale 2     1478 ELLISTON RD, MEMPHIS, TN 38106




Comparable Sale 3     1510 CASTALIA ST, MEMPHIS, TN 38114

				
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posted:5/6/2011
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