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616- Lindsborg

VIEWS: 19 PAGES: 10

									                                                              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: 616 LINDSBORG TRL                                                                                                IAS Order #:           1481626
 City, State, Zip:         MONROE, NC 28110                                                                                         Project ID:            AHP060111
 Loan:                     616                                                                                                      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
           Rural                 NO                                                                                         05/23/06       $171,049                                        $1,287.00       $0.00

         APN#:     09-402-549                                                             Special Assessments:           $0.00

Subject Comments:
 Subject surrounded by farm land on 3 sides with the 4th side a road. Across the road are 2 subdivisions, 1 is older and has some mobiles in it. The 2nd is small first time buyer homes. The area is rural so buyers feel it is
far to go to all amenities.


HOA Name:          Wesley Chapel                                HOA Fees:         $300.00                        HOA Assessments:            $0.00                           HOA Frequency: annual
       Property Info                   Subject                 Sold Comp 1                 Sold Comp 2                 Sold Comp 3                Listed Comp 1               Listed Comp 2               Listed Comp 3




Address                     616 LINDSBORG TRL            3511 Herkimer Dr            508 Galesburg Drive         3503 Herkimer Dr            511 Lindsborg Trail         625 Latimer Way             420 Galesburg Dr

Zip                          28110                       28110                       28110                       28110                       28110                       28110                       28110

Proximity                                                6.00 Block                  4.00 Block                  4.00 Block                  1.00 Block                  2.00 Block                  3.00 Block
                             Villages of Wesley
Subdivision                                                                     Village at Wesley Chapel
                                                         Village at Wesley Chapel                                             Villages of Wesley Chapel
                                                                                                       Village at Wesley Chapel                                             Villages of Wesley Chapel
                                                                                                                                                     Villages at Wesley Chapel
                             Chapel
MLS Number                                               987298                      949543                      938278                      2016204                     2000643                     2013428

Data Source                  Assessor Records            MLS                         MLS                         MLS                         MLS                         MLS                         MLS

Sale Type                    Fair Market                 REO                         REO                         Short Sale                  Short Sale                  Short Sale                  REO

Orig List Date                                           11/30/10                    06/22/10                    05/04/10                    04/26/11                    02/12/11                    04/15/11

Orig List Price                                          $129,900                    $144,500                    $139,990                    $160,000                    $145,000                    $125,000

Current List Date                                                                                                                            04/26/2011                  04/10/2011                  04/15/2011

Current List Price                                                                                                                           $160,000                    $139,900                    $125,000

Sale Date                                                01/27/11                    12/17/10                    05/26/11

List Price at Sale                                       $129,900                    $134,500                    $118,500

Sale Price                                               $129,900                    $130,000                    $122,500

Seller Concessions                                       $5,000                      $4,500                      $3,675

DOM (Curr / Total)           /                           47 / 47                     45 / 151                    92 / 380                    37 / 37                     52 / 110                    34 / 34

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               2 story                     2 story                     2 story                     2 story                     2 story                     2 story                     2 story

Condition                    Average                     Average                     Average                     Average                     Average                     Average                     Average

Year Built                   2005                        2007                        2005                        2006                        2006                        2005                        2004

Lot Size                     0.15 Acres                  0.17 Acres                  0.13 Acres                  0.20 Acres                  0.13 Acres                  0.15 Acres                  0.13 Acres

Above Grade Room Count       4/2/0/1                     4/2/0/1                     4/2/0/1                     3/2/0/1                     4/2/0/1                     4/2/0/1                     3/2/0/1

Gross Living Area            2358                        2200                        2450                        2128                        2550                        2575                        2400

Basement                     No                          No                          No                          No                          No                          No                          No

Basement (% fin)

Price per sq ft                                          $59.05                      $53.06                      $57.57                      $62.75                      $54.33                      $52.08

Garage/Carport               2 Garage - Attached         2 Garage - Attached         2 Garage - Attached         2 Garage - Attached         2 Garage - Attached         2 Garage - Attached         2 Garage - Attached

Fireplace                    1                           1                           0                           0                           1                           1                           0

Pool                         No                          NO                          NO                          NO                          NO                          NO                          NO

View Type                    Neighborhood                Neighborhood                Neighborhood                Neighborhood                Neighborhood                Neighborhood                Neighborhood

Inferior/Superior                                        Inferior                    Inferior                    Inferior                    Superior                    Superior                    Inferior
                 Please see the comments addendum page.
Sale 1
Comments

                 Please see the comments addendum page.
Sale 2
Comments

                 Please see the comments addendum page.
Sale 3
Comments


                 Please see the comments addendum page.
Listing 1
Comments

                 Please see the comments addendum page.
Listing 2
Comments

                 Comp is also same builder and similar plan to subject. appears very like, but lacks stone accent and needs some work. Comp has fenced yard.   MLS: Attractive home needs little, cul de sac street in
Listing 3        popular Wesly Chapel
Comments

NEIGHBORHOOD DATA:

 Neighborhood Value Trend:                      Improving             Stable                Declining        Monthly rate (%) of change?              0.83      # months for Value trend change                   6
 Neighborhood Pride of Ownership:                    Excellent              Good                 Fair         Poor        New Construction in area?               No

 Average Marketing Time of Comparable Listings:                       103                                                 Average Marketing Time of Comparable Sales:                          137

 Price Range of Competing Properties:                  $102,000          to        $160,000                             Number of Competing Listings in Neighborhood:                           6
 Predominate Value for Immediate Area:                 $139,900
 Describe any negative neighborhood factors that will detract from subject:
 Streets are narrow, lots tiny
 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                              47               Number of REO/Short Sale properties on the subject's block                     1
 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                         45

 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?                                           10.00

 * Will this property be a problem for resale? If so, why?:
 Price will determine. Homes are selling if priced low enough
 Indicate any financing subject will NOT qualify for:
 none known

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

 none

PROPERTY COMMENTS AND FEATURES

 Please Describe Any Negative Features or Condition of the Property:

 Corner lot lacks privacy


 Please Describe Any Positive Features or Condition of the Property:

 Appears in good condition.



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

                        Insurance Repairs Estimated Amount and Description:                          $0          none

                            Interior Repairs Estimated Amount and Description:

                           Exterior Repairs Estimated Amount and Description:                        $0          none

                          Updates Needed Estimated Amount and Description:                           $0          none

                                                                            Total Repairs
BROKER COMMENTS REGARDING VALUE CONCLUSION:
Subject neighborhood has a high percentage of REO and short sales. Homes are not selling anywhere near the prior sale price so those who must sell are losing money. Sold comp 2 is
the closest in value as it is similar size, same neighborhood and builder.




VALUE CONCLUSION:

                                                                                                       90-120 DAY MARKET TIME
                                                           AS-IS Sale Strategy                                          REPAIRED Sale Strategy                                    ESTIMATED LAND ONLY VALUE
    RECOMMENDED LIST PRICE:                                          $136,500                                                          $136,500                                                        $20,000
     ANTICIPATED SALE PRICE:                                         $130,000                                                          $130,000

                      30 DAY QUICK SALE MARKET TIME                                                                                    OTHER VALUES
                                    Quick Sale Strategy                                                                                                                                                         Recommended Sales Strategy:
     RECOMMENDED LIST PRICE:                                       $116,500                               6 MONTH FUTURE VALUE:                                             $123,659                                   AS IS               REPAIRED

     ANTICIPATED SALE PRICE:                                       $110,000                               FAIR MARKET RENT VALUE:                                              $950

      "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: BARBARA PFAU                                                                                         BPO Date:            06/02/2011                                                  IAS Order #:          1481626

  Broker Company: CENTURY 21 PROVIDENCE REALTY (704)289-2121                                                                                                                                                       Loan:       616

 Property Address:           616 LINDSBORG TRL

                                           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:


 COMP LISTING # 1 COMMENTS ADDENDUM:
Comp looks like same plan as subject. Same street, same builder and amenities.        MLS: Fantastic floor plan, open and spacious! Huge kitchen,
lots of cabinets, counter space, pantry, breakfast area, Kitchen open to even larger great room lots of windows for great light! Large Dining Room,
MASSIVE Master bedroom, large walk-in closet, garden tub, separate shower. All bedrooms are very spacious- Huge loft (currently being used as
home office) Over-sized Custom brick patio space.

 COMP LISTING # 2 COMMENTS ADDENDUM:
Short sale in same community of home by same builder of similar style. Comp is also a corner lot with fenced yard. Slightly larger than subject.
MLS: Shows like a model on corner lot w/beautiful stained privacy fence in closing a great flat yard w/large curving patio. Landscaped nicely and
clean inside. Open floor plan 2/large granite kith and cherry cabs w/SS app. Great dining area with eat-in bar. Large bds w/vaulted ceiling Master
jacuzzi and separate shower. Upstairs and downst living. A great place to entertain! Ask about 100% USDA financing!

 COMP LISTING # 3 COMMENTS ADDENDUM:

 COMP SALES # 1 COMMENTS ADDENDUM:
Fannie Mae REO in good condition but smaller than subject in same subdivision. Comp is newer and also has a fenced back yard. MLS: This is
a Fannie Mae Homepath Property. Purchase for as little as 3% down. This property is approved for Homepath financing. Buyer can get up to 3.5%
in closing cost assistance when you purchase a Fannie Maeowned home by 12/31/2010. Buyer must be owner occupants to be eligible. Georgous
property. priced $74,100 less than 2007 sale! New Paint & stove. Fenced yard. Vacant & sold as is. Bring offers!

 COMP SALES # 2 COMMENTS ADDENDUM:
Comp is slightly smaller but very like plan in same neighborhood. Good comparable very similar. MLS: Newer 2 story home with spacious and
open floorplan. Perfect for family and entertaining. has all the upgrades and would cost big $$ to build now. Large and open kitchen/brkfst area.
Loft is perfect for children's ply or office. Established lawn on a quiet cul-de-sac street. To be sold as is. Addendum applies.

 COMP SALES # 3 COMMENTS ADDENDUM:
Similar plan, but smaller house lacks square footage and stone accents, but same neighborhood and general location. MLS: Probably one of the
largest properties on cul-de-sac street in Villages of Wesley Chapel. Clean spacious home with 3 bedrooms, 2 1/2 bath, and loft with upgraded
kitchen cabinets. Flat lot. Swim community. Just minutes to the new Target, Harris Teeter, and CPCC. Should qualify for USDA loan. One hour
notice, please.
                                                                BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       LIND616
Loan Number:      616
Address:          616 LINDSBORG TRL, MONROE, NC 28110 (UNION)

Description: Subject




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

IAS Number:       LIND616
Loan Number:      616
Address:          616 LINDSBORG TRL, MONROE, NC 28110 (UNION)

Description: StreetView




Description: CompListing1               Address: 511 Lindsborg Trail,Monroe NC 28110
                                                                                    BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       LIND616
Loan Number:      616
Address:          616 LINDSBORG TRL, MONROE, NC 28110 (UNION)

Description: CompListing2               Address: 625 Latimer Way,Monroe NC 28110




Description: CompListing3               Address: 420 Galesburg Dr,Monroe NC 28110
                                                                                      BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:      LIND616
Loan Number:     616
Address:         616 LINDSBORG TRL, MONROE, NC 28110 (UNION)

Description: CompSale1                 Address: 3511 Herkimer Dr,Monroe NC 28110




Description: CompSale2                 Address: 508 Galesburg Drive,Monroe NC 28110
                                                                                      BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:         LIND616
Loan Number:        616
Address:            616 LINDSBORG TRL, MONROE, NC 28110 (UNION)

Description: CompSale3                    Address: 3503 Herkimer Dr,Monroe NC 28110




Description: Misc
Map




                                               Order Number:          LIND616
                                               Loan Number:           616


                                                                Subject Property:
                                                                 616 LINDSBORG TRL
                                                                 MONROE, NC 28110
                                               Distance from Subject to Broker Office: 4.0028282935 Miles

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



      Comp. Listing 1:                                                                                       Closed Sale 1:
      511 Lindsborg Trail                                                                                    3511 Herkimer Dr
      Monroe, NC 28110                                                                                       Monroe, NC 28110
      Dist. From Subject: 0.1072804884 Miles                                                                 Dist. From Subject: 0.1598322135 Miles


      Comp. Listing 2:                                                                                       Closed Sale 2:
      625 Latimer Way                                                                                        508 Galesburg Drive
      Monroe, NC 28110                                                                                       Monroe, NC 28110
      Dist. From Subject: 0.0493371216 Miles                                                                 Dist. From Subject: 0.0810740967 Miles


      Comp. Listing 3:                                                                                       Closed Sale 3:
      420 Galesburg Dr                                                                                       3503 Herkimer Dr
      Monroe, NC 28110                                                                                       Monroe , NC 28110
      Dist. From Subject: 0.1330244272 Miles                                                                 Dist. From Subject: 0.1621238661 Miles

								
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