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					                                                         4600 South Syracuse Street, Suite 800 Denver, CO 80237
                                                                                                                                           BROKER PRICE OPINION
                                                         Phone (303) 770-1976     Fax (303) 793-0769                                      Exterior Inspection               Interior Inspection
                                                                                                                         Instruction Type:

 Property Address: 8742 W PIERSON ST                                                                                IAS Order #:          1481605
 City, State, Zip:        PHOENIX, AZ 85037                                                                         Project ID:           AHP060111
 Loan:                    8742                                                                                      Mortgagor:            UNKNOWN,
 2nd Loan/Client #:       AmericanPres                                                                              Investor #:


SUBJECT PROPERTY                                    Occupancy Status:                VACANT            OCCUPIED                        Property Appears Secure?                   YES           NO

                          Currently                                                                          Date Last     Last Sold      Previous Previous List                              Taxes
        Location                                  Current List Broker                List Broker Phone                                                                     Taxes
                           Listed                                                                              Sold         Amount        List Date  Amount                                 Delinquent
        Suburban               NO                                                                             09/28/05     $125,000                                     $670.98         $0.00

         APN#:     102-81-157                                                   Special Assessments:       $0.00

Subject Comments:
Please see the subject comments addendum page.



HOA Name:          None                                     HOA Fees:    $0.00                     HOA Assessments:          $0.00                        HOA Frequency:
       Property Info                 Subject              Sold Comp 1            Sold Comp 2             Sold Comp 3               Listed Comp 1            Listed Comp 2               Listed Comp 3




Address                    8742 W PIERSON ST        8826 W HEATHERBRAE DR 8412 W CAMPBELL AVE      8452 W CAMPBELL AVE       8739 W ROMA AVE          4113 N 89TH AVE             8832 W MACKENZIE DR

Zip                        85037                    85037                  85037                   85037                     85037                    85037                       85037

Proximity                                           6.00 Block             5.00 Block              5.00 Block                4.00 Block               8.00 Block                  7.00 Block

Subdivision                Sunrise Terrace          Sunrise Terrace        Sunrise Terrace         Sunrise Terrace           Sunrise Terrace          Sunrise Terrace             Sunrise Terrace

MLS Number                                          4527220                4447377                 4432704                   4525655                  4593196                     4577042

Data Source                MLS                      MLS                    MLS                     MLS                       MLS                      MLS                         MLS

Sale Type                  Fair Market              REO                    REO                     REO                       REO                      REO                         Fair Market

Orig List Date                                      01/25/11               06/23/10                07/29/10                  01/22/11                 05/31/11                    04/29/11

Orig List Price                                     $24,000                $37,900                 $59,900                   $29,000                  $29,700                     $40,000

Current List Date                                                                                                            06/01/2011               06/01/2011                  06/01/2011

Current List Price                                                                                                           $26,100                  $29,700                     $40,000

Sale Date                                           03/22/11               12/28/10                12/17/10

List Price at Sale                                  $24,000                $33,900                 $35,900

Sale Price                                          $24,000                $31,500                 $33,000

Seller Concessions                                  $0.00                  $0.00                   $0.00

DOM (Curr / Total)         /                        17 / 17                88 / 88                 124 / 124                 47 / 47                  1/1                         33 / 33

Num of Units               1                        1                      1                       1                         1                        1                           1

PropertyType               Single Family Detached Single Family Detached Single Family Detached Single Family Detached Single Family Detached Single Family Detached Single Family Detached

Property Style             Ranch                    Ranch                  Ranch                   Ranch                     Ranch                    Ranch                       Ranch

Condition                  Good                     Good                   Good                    Good                      Good                     Good                        Good

Year Built                 1980                     1973                   1988                    1988                      1978                     1973                        1978

Lot Size                   7205.00 Sq.Ft.           6930.00 Sq.Ft.         3985.00 Sq.Ft.          4035.00 Sq.Ft.            6329.00 Sq.Ft.           6639.00 Sq.Ft.              6935.00 Sq.Ft.

Above Grade Room Count     2/1/0/0                  2/1/0/0                2/2/0/0                 2/2/0/0                   2/1/0/0                  2/1/0/0                     2/1/0/0

Gross Living Area          864                      945                    900                     918                       949                      945                         945

Basement                   No                       No                     No                      No                        No                       No                          No

Basement (% fin)

Price per sq ft                                     $25.40                 $35.00                  $35.95                    $27.50                   $31.43                      $42.33

Garage/Carport             1 Carport - Attached     None                   2 Garage - Attached     2 Garage - Attached       None                     2 Carport - Attached        1 Garage - Attached

Fireplace                  0                        0                      0                       0                         0                        0                           0

Pool                       No                       NO                     NO                      NO                        NO                       NO                          NO

View Type                  Neighborhood             Neighborhood           Neighborhood            Neighborhood              Neighborhood             Neighborhood                Neighborhood

Inferior/Superior                                   Superior               Superior                Superior                  Superior                 Superior                    Superior
                 This property has tile flooring. MLS: HUD HOME, CUTE STARTED HOME NEAR FREEWAY VERY AFORTABLE BLOCK FENCE AND CERAMIC TILES,
Sale 1           LEAD BASE PAINT ADDENDUN REQUIRED.
Comments

                 This property does not have any upgrades. MLS: BEAUTIFUL 2 BEDROOM 2 BATH PROPERTY THAT SHOWS AND FEELS LARGER THAN TAX RECORDS AND
Sale 2           WITH A TWO CAR GARAGE. LARGE BACKYARD. THIS PROPERTY WILL NOT LAST LONG!!!!
Comments

                 Please see the comments addendum page.
Sale 3
Comments


                 This property has a covered patio.      MLS: HUD HOME. GREAT VALUE,BLOCK CONSTRUCTION,LARGE LOT, 2 COVERED PATIOS, PRICE REDUCED
Listing 1
Comments

                 This property has tile flooring.    MLS: Very nice partly updated and tiled 2 bedrm home with lots of room for growth. Extra storage shed in back
Listing 2
Comments

                 Please see the comments addendum page.
Listing 3
Comments

NEIGHBORHOOD DATA:

 Neighborhood Value Trend:                          Improving             Stable                Declining        Monthly rate (%) of change?              1.18       # months for Value trend change   11
 Neighborhood Pride of Ownership:                        Excellent              Good                 Fair         Poor         New Construction in area?              No

 Average Marketing Time of Comparable Listings:                            45                                                  Average Marketing Time of Comparable Sales:                 49

 Price Range of Competing Properties:                       $20,000         to          $40,000                             Number of Competing Listings in Neighborhood:                   7
 Predominate Value for Immediate Area:                      $26,973
 Describe any negative neighborhood factors that will detract from subject:
 Highly distressed area
 Economic outlook for region/subject's market:
 Stable

 Rent Control:            Yes                   No

 Comments:




MARKETABILITY OF SUBJECT:

 Number of REO/Short Sale properties in the subjects market                                  11               Number of REO/Short Sale properties on the subject's block              2
 Is the presence of REO/Short Sale properties in the subject's market adversely affecting overall values?                              Yes

 Average marketing time for lender owned properties in subject's market                             33

 In the subject's market, what is the average % discount required to sell a lender owned property compared to a comparable non-lender owned property?                                      9.00

 * Will this property be a problem for resale? If so, why?:
 Not if priced above min lending standards of $40k and FHA available
 Indicate any financing subject will NOT qualify for:
 n/a exterior BPO

 Most likely buyer:       Owner Occupant
 Explain any functional/economic obsolescence:

 n/a exterior BPO

PROPERTY COMMENTS AND FEATURES

 Please Describe Any Negative Features or Condition of the Property:

 The one car carport is less attractive to buyers and the home is small for a single family detached.


 Please Describe Any Positive Features or Condition of the Property:

 Conforming



REPAIRS
 Does Property have any damage that may qualify as an Insurance claim ?                                  No          Description:            n/a

                         Insurance Repairs Estimated Amount and Description:                             $0          n/a

                             Interior Repairs Estimated Amount and Description:

                            Exterior Repairs Estimated Amount and Description:                           $0          n/a

                           Updates Needed Estimated Amount and Description:                              $0          n/a

                                                                                Total Repairs
BROKER COMMENTS REGARDING VALUE CONCLUSION:
Fair market comps and parking considered.




VALUE CONCLUSION:

                                                                                                       90-120 DAY MARKET TIME
                                                           AS-IS Sale Strategy                                          REPAIRED Sale Strategy                                    ESTIMATED LAND ONLY VALUE
    RECOMMENDED LIST PRICE:                                           $36,500                                                           $36,500                                                         $4,500
     ANTICIPATED SALE PRICE:                                          $32,900                                                           $32,900

                      30 DAY QUICK SALE MARKET TIME                                                                                    OTHER VALUES
                                    Quick Sale Strategy                                                                                                                                                         Recommended Sales Strategy:
     RECOMMENDED LIST PRICE:                                        $28,000                               6 MONTH FUTURE VALUE:                                              $30,638                                   AS IS               REPAIRED

     ANTICIPATED SALE PRICE:                                        $26,150                               FAIR MARKET RENT VALUE:                                              $750

      "Future Value is a calculation based on Brokers' ASP Price and Monthly Rate % of change. This does not represent a prediction or determination of future value, it merely displays a possible value if the area market trend were to continue."




QC COMMENTS:
Although some market data presented falls outside generally accepted guidelines, the agent has adequately justified its use and the value conclusion is reasonable and supported.




 Broker Signature: LOU OSBORN JR.                                                                                       BPO Date:            06/02/2011                                                  IAS Order #:          1481605

  Broker Company: KELLER WILLIAMS REALTY PROFESSIONAL PARTNERS 602-308-4663                                                                                                                                        Loan:       8742

 Property Address:           8742 W PIERSON ST

                                           NOTE: This report is meant to be a Broker's Opinion of Value ONLY and is not to be construed as an appraisal.
 SUBJECT PROPERTY COMMENTS ADDENDUM:
 The subject is located in the communtiy of Sunrise Terrace in Phoenix. The area is one subdivision of a communtiy known as Maryvale. This are
is higly distressed as the homes are older than in need of maintaince. Many of the home in the area are difficult to finance because of the deliquent
maintance of the homes, vandalism and min loan amoounts. The subject is a small single level home. The home is extemeley small by local
standard for a SFS, being less than 1000 sq ft. This made finding comps for the subejct a little more difficult. The average home is the area is
around 1300 sq ft. The subject appears to be conforming to the area. The home has a single car carport that is less desirable to buyers. Non
distressed sales in the area are difficult to locate due tot he current market condition and the difficult investors have with flipping the lowe price
homes.


 COMP LISTING # 1 COMMENTS ADDENDUM:

 COMP LISTING # 2 COMMENTS ADDENDUM:

 COMP LISTING # 3 COMMENTS ADDENDUM:
This property has ceiling fans. MLS: FANTASTIC OPPORTUNITY TO PURCHASE A HOME FROM THE ORIGINAL OWNER FROM 1973!
THIS HOME IS
WELL TAKEN CARE OF, AND HAS HAD LOTS OF ENHANCEMENTS OVER THE YEARS. HOME IS LARGER THAN SQ FEET SHOW
WITH A SPACIOUS BONUS ROOM, AND 2 BEDROOMS. KITCHEN FEATURES CUSTOM MADE CABINETS, GAS RANGE, AND
BREAKFAST BAR. NICE SIZE LOT WITH A WORKSHOP OUT BACK. HOME IS READY FOR MOVE IN.

 COMP SALES # 1 COMMENTS ADDENDUM:

 COMP SALES # 2 COMMENTS ADDENDUM:

 COMP SALES # 3 COMMENTS ADDENDUM:
This property does not have any upgrades. MLS: NICE 2BEDROOM 2 BATH HOME WITH NEW TWO TONE PAINT NEW CARPET AND
STOVE.LARGE LIVING ROOM
OPEN KITCHEN WITH HUGE PATIO.Property is corporate owned. No SPDS or CLUE reports will be provided. All offers must HAVE LSR
OR PROOF OF FUNDS, no exceptions. Property will be sold in AS IS condition. Buyer to verify sewer connection during inspection period.
All offers will be presented M-F.
                                                                    BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       PIE8742
Loan Number:      8742
Address:          8742 W PIERSON ST, PHOENIX, AZ 85037 (MARICOPA)

Description: Subject




Description: Side View
                                                                    BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       PIE8742
Loan Number:      8742
Address:          8742 W PIERSON ST, PHOENIX, AZ 85037 (MARICOPA)

Description: Side View




Description: House Number Verification
                                                                    BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       PIE8742
Loan Number:      8742
Address:          8742 W PIERSON ST, PHOENIX, AZ 85037 (MARICOPA)

Description: StreetView




Description: StreetView
                                                                                     BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       PIE8742
Loan Number:      8742
Address:          8742 W PIERSON ST, PHOENIX, AZ 85037 (MARICOPA)

Description: StreetView




Description: CompListing1                Address: 8739 W ROMA AVE,Phoenix AZ 85037
                                                                                         BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       PIE8742
Loan Number:      8742
Address:          8742 W PIERSON ST, PHOENIX, AZ 85037 (MARICOPA)

Description: CompListing2                Address: 4113 N 89TH AVE,Phoenix AZ 85037




Description: CompListing3                Address: 8832 W MACKENZIE DR,Phoenix AZ 85037
                                                                                    BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:      PIE8742
Loan Number:     8742
Address:         8742 W PIERSON ST, PHOENIX, AZ 85037 (MARICOPA)

Description: CompSale1                  Address: 8826 W HEATHERBRAE DR,Phoenix AZ 85037




Description: CompSale2                  Address: 8412 W CAMPBELL AVE,Phoenix AZ 85037
                                                                                       BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:         PIE8742
Loan Number:        8742
Address:            8742 W PIERSON ST, PHOENIX, AZ 85037 (MARICOPA)

Description: CompSale3                     Address: 8452 W CAMPBELL AVE,Phoenix AZ 85037




Description: Misc
Map




                                               Order Number:          PIE8742
                                               Loan Number:           8742


                                                                Subject Property:
                                                                 8742 W PIERSON ST
                                                                 PHOENIX, AZ 85037
                                               Distance from Subject to Broker Office: 6.9732691501 Miles

                                                              ~Distances not Guaranteed~
                                               Based on MapQuest's accuracy & ability to locate addresses.



      Comp. Listing 1:                                                                                       Closed Sale 1:
      8739 W ROMA AVE                                                                                        8826 W HEATHERBRAE DR
      Phoenix, AZ 85037                                                                                      Phoenix, AZ 85037
      Dist. From Subject: 0.4688227354 Miles                                                                 Dist. From Subject: 0.6696202282 Miles


      Comp. Listing 2:                                                                                       Closed Sale 2:
      4113 N 89TH AVE                                                                                        8412 W CAMPBELL AVE
      Phoenix, AZ 85037                                                                                      Phoenix, AZ 85037
      Dist. From Subject: 0.8763877693 Miles                                                                 Dist. From Subject: 0.5730998589 Miles


      Comp. Listing 3:                                                                                       Closed Sale 3:
      8832 W MACKENZIE DR                                                                                    8452 W CAMPBELL AVE
      Phoenix, AZ 85037                                                                                      Phoenix, AZ 85037
      Dist. From Subject: 0.7180773799 Miles                                                                 Dist. From Subject: 0.5144470124 Miles

				
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posted:6/3/2011
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