90 Summer St. BPO

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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: 90 SUMMER ST                                                                                      IAS Order #:           1481811
 City, State, Zip:         VINEYARD HAVEN, MA 02568                                                                  Project ID:            AHP060111
 Loan:                     90                                                                                        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                                                                            11/20/08     $350,000                                     $3,833.20      $0.00

         APN#:     25E/5                                                        Special Assessments:       $0.00

Subject Comments:
Please see the subject comments addendum page.



HOA Name:          none                                     HOA Fees:                              HOA Assessments:                                         HOA Frequency:
       Property Info                  Subject             Sold Comp 1            Sold Comp 2              Sold Comp 3              Listed Comp 1             Listed Comp 2            Listed Comp 3




Address                     90 SUMMER ST            21 Davis Street        29 Mud Puddle Road      11 Davis Street           121 Tellette Street        60 Canterbury Lane       60 Franklin Terrace

Zip                         02568                   02568                  02568                   02568                     02568                      02568                    02568

Proximity                                           0.75 Mile              1.00 Mile               0.50 Mile                 2.00 Mile                  0.75 Mile                0.25 Mile

Subdivision                 none                    none                   none                    none                      none                       none                     none

MLS Number                                          20404                  21101930                71138525                  71224204                   71171683                 19432

Data Source                 Assessor Records        MLS                    MLS                     MLS                       MLS                        Assessor Records         MLS

Sale Type                   Fair Market             REO                    REO                     REO                       REO                        REO                      Fair Market

Orig List Date                                      10/18/10               03/11/11                08/03/10                  04/28/11                   12/14/10                 03/10/10

Orig List Price                                     $355,900               $359,900                $565,000                  $375,000                   $384,000                 $599,000

Current List Date                                                                                                            04/28/2011                 12/14/2010               02/18/2011

Current List Price                                                                                                           $375,000                   $384,000                 $499,000

Sale Date                                           01/12/11               05/11/11                12/07/10

List Price at Sale                                  $355,900               $359,900                $420,000

Sale Price                                          $376,000               $375,000                $399,000

Seller Concessions                                  $0.00                  $0.00                   $0.00

DOM (Curr / Total)          /                       84 / 84                60 / 60                 34 / 118                  33 / 33                    177 / 177                75 / 448

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              colonial                colonial               Colonial                Cape                      Cape                       Split Level              Multi-level

Condition                   Fair                    Average                Good                    Good                      Good                       Average                  Good

Year Built                  2009                    2007                   2004                    2004                      1995                       1977                     1977

Lot Size                    0.34 Acres              0.23 Acres             0.28 Acres              0.23 Acres                0.26 Acres                 0.98 Acres               0.32 Acres

Above Grade Room Count      4/3/0/0                 5/3/0/0                5/5/0/0                 5/3/0/1                   5/3/0/2                    5/3/0/0                  4/3/0/1

Gross Living Area           3600                    2646                   2688                    2436                      2781                       3026                     2898

Basement                    Yes                     Yes                    Yes                     No                        Yes                        No                       Yes

Basement (% fin)            0                       50                     20                                                100                                                 80

Price per sq ft                                     $142.10                $139.51                 $163.79                   $134.84                    $126.90                  $172.19

Garage/Carport              2 Garage - Attached     3 Off-Street           2 Garage - Detached     3 Off-Street              3 Off-Street               1 Garage - Attached      3 Off-Street

Fireplace                   0                       0                      0                       0                         1                          1                        1

Pool                        No                      NO                     NO                      NO                        NO                         NO                       NO

View Type                   Neighborhood            Neighborhood           Neighborhood            Neighborhood              Neighborhood               Neighborhood             Neighborhood

Inferior/Superior                                   Inferior               Superior                Superior                  Superior                   Superior                 Superior
                 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

                 Please see the comments addendum page.
Listing 3
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:                 215                                             Average Marketing Time of Comparable Sales:         195

 Price Range of Competing Properties:                $299,000     to         $549,000                         Number of Competing Listings in Neighborhood:         24
 Predominate Value for Immediate Area:               $354,000
 Describe any negative neighborhood factors that will detract from subject:
 other distressed properties in neighborhood
 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                      7                 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                  29

 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?               15.00

 * Will this property be a problem for resale? If so, why?:
 Older house on property will be required to be reduced in size for legal use
 Indicate any financing subject will NOT qualify for:
 probably okay; ? if town has given final approval

 Most likely buyer:     Investor
 Explain any functional/economic obsolescence:

 None known

PROPERTY COMMENTS AND FEATURES

 Please Describe Any Negative Features or Condition of the Property:

 Overbuilt for area; construction not complleted;older "guesthouse" on property will have to be reduced in size for legal use.


 Please Describe Any Positive Features or Condition of the Property:

 new construction



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

                       Insurance Repairs Estimated Amount and Description:                    $0

                          Interior Repairs Estimated Amount and Description:

                          Exterior Repairs Estimated Amount and Description:              $5,000        Add windows & doors to basement area;landscape

                         Updates Needed Estimated Amount and Description:                     $0

                                                                      Total Repairs       $5,000
BROKER COMMENTS REGARDING VALUE CONCLUSION:
In this particular segment of the market/REO's -distressed are the driving force. Comp Sale 1 is most like subject in that it was an unfinished property. The subject house is not completely
finished; exterior appears mostly done, except for enclosing the basement with windows & doors and landscaping. The interior may or may not be completed, for purposes of this BPO, the
assumption was made that it was in average livable condition, so as to compare to the current listings and sales. The property is overbuilt for the area. This is an extremely large house for
the area/mostly older cottages ranging from 800-1500 s.f.




VALUE CONCLUSION:

                                                                                                       90-120 DAY MARKET TIME
                                                           AS-IS Sale Strategy                                          REPAIRED Sale Strategy                                    ESTIMATED LAND ONLY VALUE
     RECOMMENDED LIST PRICE:                                         $385,000                                                          $395,000                                                       $225,000
     ANTICIPATED SALE PRICE:                                         $365,000                                                          $375,000

                      30 DAY QUICK SALE MARKET TIME                                                                                    OTHER VALUES
                                    Quick Sale Strategy                                                                                                                                                         Recommended Sales Strategy:
     RECOMMENDED LIST PRICE:                                       $350,000                               6 MONTH FUTURE VALUE:                                             $347,196                                   AS IS               REPAIRED

     ANTICIPATED SALE PRICE:                                       $340,000                               FAIR MARKET RENT VALUE:                                            $1,800

      "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: CARMINE CERONE                                                                                       BPO Date:            06/05/2011                                                  IAS Order #:          1481811

  Broker Company: C 21 ISLAND WIDE REALTY 508 308 0900                                                                                                                                                             Loan:       90

 Property Address:           90 SUMMER 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:
 Neighborhood of older, mostly well maintained, small homes;year-round residents; established community walk to town, schools, etc. This town
most affected by REO's/distressed properties. Across street neighbor vacant property with sign of water turnoff for non payment. Subject
overbuilt for area; construction not completed; basement has no wndows or doors; appears vacant; upper windows are painted over; bldg dept
states that original smaller, older home on property will have to be reduced in size to qualify legally as a guest house once main house is
completed. No assumptions have been made about the status of the interior finishes.


 COMP LISTING # 1 COMMENTS ADDENDUM:
Attractive home(completed in 1995); Nicely landscaped yard; fenced, circular drive. In area of newer homes.  MLS: Beautiful homenestled in
gorgeous Oak Bluffs. Live year round or use seasonal. Take advantage of the opportunity her to put some sweat equity into a home. Property
needs updates and repair work to be brought back to a great family home with in-law apt.

 COMP LISTING # 2 COMMENTS ADDENDUM:
Superior location to subject. In established neighborhood of larger, newer homes and with large parcels of land. MLS: Bank owned large split
level with finished basement in okay condition on private 1 acre lot. The home at one time had a legal basement apt, but no longer. First flooris in
decent shape with 4 BR/2 baths, fireplace and hardwood floors. Basement is finished but really needs paint and carpeting. Great value!

 COMP LISTING # 3 COMMENTS ADDENDUM:
Superior location to subject. This house is older, but completed, and with nice finishes. MLS: This home features alarge living rom with wood
stove, dining area, kitchen, large back hall with sliders leading to the deck, three BR's on the first floor with a master included. the MBR is large
and has amaster bath with brick liad jacuzzi surround and wall of sliders leading out to the back yard. The second floor is one large open room
with cathedral ceiling and full bath. There is a full finished basement. The lot features a large front yard, partially fenced in back yard iwth
in-ground swimming pool and small side yard as well. Not far from town.

 COMP SALES # 1 COMMENTS ADDENDUM:
Superior neighborhood to subject;house unfinished except for main level. MLS: Great potential nearly new that needs completion; 2 levels
planned living space; electrical & plumbing installed but not completed. Main levl finished with 2 BR/2 Full baths; upper level not completed.
Foreclosed property being sold "as is".

 COMP SALES # 2 COMMENTS ADDENDUM:
Attractive home in wooded area of town; Better curb appeal than subject; house completed.         MLS: Property being sold as is. Property is part of
the neighborhood stabilization program. Do not wait as this property will not last.

 COMP SALES # 3 COMMENTS ADDENDUM:
Superior neighborhood to subject; house completed and lived in; some nice finishes. MLS: 5 year old bank owned colonial on the Vineyard. 5
BR/3.5 baths, hardwood floors. Super large raised deck, nicely fiished walk-out asement with2 bedrooms. Good value. All buyers shall be
required to pay for any lender required repairs uless negotiated as part of the sales contract.
                                                                   BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: Subject




Description: Subject
                                                                   BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: Subject




Description: Subject
                                                                   BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: Subject




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

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: Side View




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

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: House Number Verification




Description: StreetView
                                                                                          BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: StreetView




Description: CompListing1               Address: 121 Tellette Street,Vineyard Haven MA 02568
                                                                                        BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: CompListing2               Address: 60 Canterbury Lane,Vineyard Haven MA 02568




Description: CompListing3               Address: 60 Franklin Terrace,Vineyard Haven MA 02568
                                                                                          BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:      SUMM90B
Loan Number:     90
Address:         90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: CompSale1                 Address: 21 Davis Street,Vineyard Haven MA 02568




Description: CompSale2                 Address: 29 Mud Puddle Road,Vineyard Haven MA 02568
                                                                                           BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       SUMM90B
Loan Number:      90
Address:          90 SUMMER ST, VINEYARD HAVEN, MA 02568 (DUKES)

Description: CompSale3                  Address: 11 Davis Street,Vineyard Haven MA 02568




Description: Neighboring Property
Map




                                               Order Number:          SUMM90B
                                               Loan Number:           90


                                                                Subject Property:
                                                                    90 SUMMER ST
                                                             VINEYARD HAVEN, MA 02568
                                               Distance from Subject to Broker Office: 0.7101628024 Miles

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



      Comp. Listing 1:                                                                                       Closed Sale 1:
      121 Tellette Street                                                                                    21 Davis Street
      Vineyard Haven, MA 02568                                                                               Vineyard Haven, MA 02568
      Dist. From Subject: 1.8175716894 Miles                                                                 Dist. From Subject: 0.7790189669 Miles


      Comp. Listing 2:                                                                                       Closed Sale 2:
      60 Canterbury Lane                                                                                     29 Mud Puddle Road
      Vineyard Haven, MA 02568                                                                               Vineyard Haven, MA 02568
      Dist. From Subject: 1.0455075191 Miles


      Comp. Listing 3:                                                                                       Closed Sale 3:
      60 Franklin Terrace                                                                                    11 Davis Street
      Vineyard Haven, MA 02568                                                                               Vineyard Haven, MA 02568
      Dist. From Subject: 0.3477237549 Miles                                                                 Dist. From Subject: 0.7664146726 Miles

				
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posted:6/6/2011
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