broker price opinion - bpo # 1771436

Broker Price Opinion - BPO # 1771436 3521 Madison St , Kalamazoo, MI 49008

Loan# 1944265 Debtor: Edward Straub

Drive-By BPO completed by Richard Stewart NVSI-Certified REO Specialists llc, 269-345-7000

Completed on: 3/14/2012

Client: UPF Services

Notwithstanding any preprinted language to the contrary, this 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.

Broker Price Opinion: Subject Property 3521 Madison St , Kalamazoo, MI 49008 Loan #: 1944265 Debtor: Edward Straub Property Type: Residential: single family

Drive-By BPO completed by Richard Stewart NVSI-Certified Completed on: 3/14/2012 Client: UPF Services

FC Sale Date: Parcel Number:

OccupancyStatus: Occupied # of Units: 1 Comments:

Unit 1 Unit #: Unit 1 Sq. Ft.: Property Secured: Yes Occ Type: Unknown

Suggested Pricing Listing Price Selling Price Est. Mkt. Time

As Is $29,900 $24,900 90 days

Repaired $29,900 $24,900 90 days

As Is 30 day Quick sale $22,500 $19,900 30 days

Annual Tax Amount: $1,800 Total # of properties, of the same property type, on market in the same zip code as subject listed in the MLS: 68 Delinquent tax amount: $1,800

Type of Financing: FHA Total # of properties, of the same property type, closed in the last three months, in the same zip code as subject: 20Seller Concession: Cash

Current Listing InformationCurrently Listed: No List Date: Days on Market: Original List Price:

Current List Price: MLS#: Agent Name: Agent Phone:

Sale History for last 5 yearsHas subject property been sold in the last 5 years: No

Property InformationPrimary source of Property Information: Tax records Projected Market Rent(Monthly): 450

Type of Ownership: Fee Simple

Property DescriptionProperty Location Suburban

Property Zoned Residential: single family

Current Use Conforming

Approximate Lot Size .14

Year Built 1922

Type of Heating and Cooling

Unknown

# of Energy Efficient Items 0

Quality of Construction Average

Age typical for area? Yes

Architectural Style Ranch

Style's Market Appeal Avg

Style typical for area? Yes

Ext. Bldg. Material Wood,

sGarage Type Detached: 1 cars

Approximate Above Grade Living Area

821 sq.ft.

Total # Above Grade Rooms

4

Above Grade Rooms Beds / Baths: 2 / 1 . 0 Unknown

Below grade rooms adding value

None

Basement Type Full, Sq.ft.: 810 % finished: 0

Other Amenities

ConditionAre there any visible or known problems?

No problems noted

Marketing Strategy AS-IS

Estimated days to complete repairs Between and days

Does agent feel there will be a resale problem:

No

Overall RatingsGeneral condition Avg

Exterior appeal Avg

Lot Characteristics Avg

View Avg

Location Avg

MarketabilityLocation factors adding to marketability/value

Popular residential area. However, REOs causing oversupply.

Neighborhood value trend: Monthly rate (%) change: # months of trend:

Declining 1 36

Number of competing listings in subject’s zip code that are REO or Corporate owned

42

Owner occupied % in zip 70

Location factors detracting marketability/value

High-tension wires: No Boarded-up homes: No answer Commercial uses: No Railroad tracks: No Freeway/highway: No

Market ConditionsMarket area local economy

Stable

Market area employment

Stable

Market area property inventory

Over Supply

Property values are

Decreasing Somewhat

Will new construction in area affect resale

No

Average marketing time

63

Sale Price range for property type in the last 3 months in zip

$12,000 - $57,000

List Price range for property type in zip

$32,500 - $79,900

Absorption Rate 0.85

Comments REOs causing oversupply driving prices down. Subject is smaller than most homes in area.

Airport/flight path: No Waste facilities: No Vandalism Risk: Low

Located in Slide area: No Flood plain: No Earthquake zone: No

Most likely buyer? End User

New construction affects market ability of subject

No

Describe any economic obsolescence Small size

Describe any functional obsolescence Small size

Describe in detail subject property, exterior condition and neighborhoodSubject is located in a popular residential suburb near grocery store and schools. Subject is smaller than most homes and there is a limited market for these small two bedroom homes but it appears in average condition with no issues noted on exterior inspection. REOs are causing an oversupply in this area driving prices down. This property is located in Kalamazoo county with the tax Id Number of 39000632141074

Broker Price Opinion: Competitive Listings

3521 Madison St , Kalamazoo, MI 49008 Loan #: 1944265 Debtor: Edward Straub Property Type: Residential: single family



Item Subject Listing #1 Listing #2 Listing #3

Address View: Satellite3521 Madison St Kalamazoo, MI 49008

3532 Lowden Kalamazoo, MI 49008

3614 Barnard Ave Kalamazoo, MI 49008

3517 Knox Kalamazoo, MI 49008

Estimated / Calculated Proximity to Subject (in miles) 0.2 / 0.17 0.3 / 0.22 0.2 / 0.25 Original List Price $32,500 $44,900 $49,900 Current List Price $32,500 $44,900 $44,900 Days Since Last Price Change 48 60 47 Original List Date 1/26/2012 1/14/2012 1/27/2012Primary Property Information Source Tax records MLS MLS MLS

Property Type Residential: single family

Residential: single family



Property Style Ranch Ranch Ranch Traditional

Value Adjustments Description +/- Adj

Description +/- Adj

Description +/- Adj

Days on Market 47 0 61 0 46 0

Location Suburban Suburban 0 Suburban 0 Suburban 0

Leasehold/Simple Fee Fee Simple Fee Simple 0 Fee Simple 0 Fee Simple 0

Lot Size (in acres) .14 .145 0 .137 0 .29 0

Design Appeal Avg Avg 0 Avg 0 Avg 0

Building Material Wood Alum/Vinyl 0 Alum/Vinyl

0 Alum/Vinyl 0

Construction Quality Average Average 0 0 0

Year Built 1922 1939 0 1938 0 1929 0

# Above-Grade Rooms 4 4 0 5 0 5 0

Bedrooms/Baths 2 / 1.0 1 / 1.0 250 2 / 1.0 0 2 / 1.0 0

BasementType:Full Sq.ft.:810 % finished:0

Type:Full Sq.ft.:468 % finished:0

0

Type:Full Sq.ft.: % finished:

0Type:Walkout Sq.ft.:577 % finished:0

0

Approximate Above-Grade Living Area 821 468 0 690 0 833 0

Functional Utility True True 0 True 0 True 0

Heating/Cooling Unknown Gas Forced 0 Gas

Forced 0 Gas Forced 0

Energy Efficient Items 0 0 0 0 0 0 0

Car Storage Type Detached 1 Detached 1 0 Detached

1 0 Detached 3 -1000

Other amenities 0 Deck/Patio -500 0

Detracting Factors None noted None noted 0 None noted

0 None noted 0

Overall Condition Avg Avg 0 Avg 0 Avg 0

Total Adjustments 250

-500

-1000

REO/Short Sale? Fair Market Fair Market REO Description Listing #1 Similar to subject in condition. Inferior in size. This is a fair market sale. Description Listing #2 Similar to subject in condition, Inferior in size. This is a fair market sale. Description Listing #3 Most similar to subject in condition and size. This is an REO sale.

Subject Property As Is Repaired

Sales Price $24,900 $24,900

Suggested List Price $29,900 $29,900

30 Day Quick Sale $19,900

Broker Price Opinion: Comparable Sales

3521 Madison St , Kalamazoo, MI 49008 Loan# 1944265 Debtor: Edward Straub

Drive By BPO completed by Richard Stewart NVSI-Certified Completed on: 3/14/2012 Client: UPF Services

Item Subject Sale #1 Sale #2 Sale #3

Address View: Satellite3521 Madison St Kalamazoo, MI 49008

3806 Madison Street Kalamazoo, MI 49008

3612 Madison St Kalamazoo, MI 49008

2214 Hazel Kalamazoo, MI 49008

Estimated / Calculated Proximity to Subject (in miles) 0.3 / 0.25 .01 / 0.07 0.6 / 0.54 Original List Price $14,000 $39,900 $34,900 Final List Price N/A $14,000 $24,900 $29,900 Sales Price N/A $15,670 $22,000 $26,000 Original List Date 8/2/2011 7/8/2011 10/1/2011Under Contract Date N/A 8/17/2011 10/14/2011 11/23/2011 Closing Date N/A 9/15/2011 11/4/2011 12/30/2011 Primary Property Information Source Tax records MLS MLS MLS

Property Type Residential: single family




Property Style Ranch Bungalow Cape Cod Bungalow

Value Adjustments Description +/- Adj

Description +/- Adj

Description +/- Adj

Days on Market 15 0 100 0 51 0

Sales/Financing Concessions Cash 0 0 0

Location Suburban Suburban 0 Suburban 0 Suburban 0

Leasehold/Simple Fee Fee Simple Fee Simple 0 Fee Simple 0 Fee Simple 0

Lot Size (in acres) .14 .14 0 .15 0 .201 0

View Avg Avg 0 Avg 0 Avg 0

Design Appeal Avg Avg 0 0 Avg 0

Building Material Wood Wood 0 Alum/Vinyl 0 Alum/Vinyl

0

Construction Quality Average Average 0 Average 0 0

Year Built 1922 1939 0 1940 0 1929 0

# Above-Grade Rooms 4 4 0 7 0 6 0

Bedrooms/Baths 2 / 1.0 2 / 1.0 0 4 / 1.0 -500 3 / 1.0 -250

BasementType:Full Sq.ft.:810 % finished:0


0


0

Type:Full Sq.ft.: % finished:

0

Approximate Above-Grade Living Area 821 520 0 972 -1000 816 0

Functional Utility True True 0 True 0 True 0

Heating/Cooling Unknown Gas Forced 0 Gas

Forced 0 Gas Forced 0

Energy Efficient Items 0 0 0 0 0 0 0

Car Storage Type Detached 1 0 Detached 1 0 Detached

1 0

Other amenities 0 0 0

Detracting Factors None noted None noted 0 None noted

0 None noted 0

Overall Condition Avg Fair 5000 Avg 0 Avg 0

Total Adjustments 5000

-1500

-250

REO/Short Sale/Fair Market? REO REO Fair Market Description Sale #1 Similar to subject in location, Inferior in condition. This is an REO sale. Description Sale #2 Similar to subject in condition. Superior in floor plan. This is an REO sale. Description Sale #3 Similar to subject in condition and size. Superior in floor plan. This is a fair market sale.

Subject Property As Is Repaired

Sales Price $24,900 $24,900

Suggested List Price $29,900 $29,900

30 Day Quick Sale $19,900

Broker Price Opinion: Competitive Listings 3521 Madison St , Kalamazoo, MI 49008 Square footage: 821 sq.ft. Suggested List Price: $29,900 Projected Sale Price: $24,900 Estimated market time: 90 days

Listing #1

Comp address: 3532 Lowden Kalamazoo, MI 49008

Estimated Miles from Subject: 0.2

Square footage: 468 sq.ft.

Original List Price: $32,500

Current List Price: $32,500

Days on Market: 47

Listing #2

Comp address: 3614 Barnard Ave Kalamazoo, MI 49008





Days on Market: 61

Listing #3

Comp address: 3517 Knox Kalamazoo, MI 49008





Days on Market: 46

Broker Price Opinion: Comparable Sales 3521 Madison St , Kalamazoo, MI 49008 Square footage: 821 sq.ft. Suggested List Price: $29,900 Projected Sale Price: $24,900 Estimated market time: 90 days

Sale #1

Comp address: 3806 Madison Street Kalamazoo, MI 49008




Sales Price: $15,670

Closing Date: 9/15/2011

Days on Market: 15

Sale #2

Comp address: 3612 Madison St Kalamazoo, MI 49008

Estimated Miles from Subject: .01





Days on Market: 100

Sale #3

Comp address: 2214 Hazel Kalamazoo, MI 49008






Days on Market: 51

Broker Price Opinion: MAP View


Interior BPO completed by Richard Stewart NVSI-Certified Completed on: 3/14/2012 Client: UPF Services


Broker Price Opinion: Additional Subject Photos




Address Numbers Closeup

Street View

Broker Price Opinion: Summary




Summary of Days On Market #1 #2 #3 Average

Competitive Listings 47 61 46 51.33

Comparable Sales 15 100 51 55.33

Agent's estimated marketing time for subject as is: 90

Summary of Price/Sq.ft. #1 #2 #3 Subject pricing as is

Competitive Listings 69.44 65.07 53.90 36.42 listing price

Comparable Sales 30.13 22.63 31.86 30.33 selling price

Summary of Listing/Sale Prices #1 #2 #3 Average

Competitive Listings 32,500 44,900 44,900 40,767

Comparable Sales 15,670 22,000 26,000 21,223

Agent's estimated selling price for subject as is: 24,900

Exceptions: 0

Competitive Listings#1 #2 #3

None None None

Comparable Sales#1 #2 #3

None None None

broker price opinion - bpo # 1771436

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