Standard BPO, Drive-By v2 3802 Crockett Street, San Angelo, TX 76903 Please Note: This report was completed with the following assumptions: Market Approach: Distressed Price, Marketing Time: Abbreviated. Important additional information relating to this report, including use and restrictions, is contained in an attached addendum which is an integral part of this report. Borrower Name N/A Inspection Date 10/12/2011 Order ID 1169136 Property ID 7076868 Loan Number 20111011_3 Delivery Date 10/12/2011 APN unknown Tracking IDs Order Tracking ID Tracking ID 2 -- 20111011_Rush_BPOs Tracking ID 1 Tracking ID 3 -- 20111011_Rush_BPOs I. General Conditions Property Type SFR Occupancy Vacant Secure? Yes (WINDOWS AND DOORS ARE BOARDED UP) Property Condition Fair Estimated Exterior Repair Cost $2,000 HOA No Condition Comments FAIR CONDITION, NEEDS WOOD REPAIR, PAINT, WINDOWS, DOOR II. Subject Sales & Listing History Current Listing Status Not Currently Listed Date Listed Date Sold List Price Sale Price Notes 07/08/2010 -- $14,700 -- WITHDRAWN AFTER 133 DAYS III. Neighborhood & Market Data Location Type Local Economy Sales Prices in this Neighborhood Market for this type of property Suburban Stable Normal Marketing Days <90 Low: $9,000 High: $69,900 Remained Stable for the past 6 months. Neighborhood Comments NEIGHBORHOOD CONSISTS MAINLY OF OLDER SMALLER LOWER PRICED HOMES WITH A HIGH DEGREE OF DEFERRED MAINTENANCE IV. Current Listings Subject Listing 1 * Listing 2 Listing 3 Street Address 3802 Crockett Street 1702 Lillie St 902 18th St 15 W 21st St City, State San Angelo, TX San Angelo, TX San Angelo, TX San Angelo, TX Zip Code 76903 76903 76903 76903 Datasource MLS MLS MLS MLS Miles to Subj. -- 1.97 ¹ 1.34 ¹ 1.23 ¹ List Price $ -- $21,500 $27,000 $49,000 DOM Cumulative DOM -- 121 121 50 50 173 173 Original List Price $ $21,500 $30,000 $49,000 Age (# of years) 52 71 53 54 Condition Fair Fair Fair Average Sales Type -- REO Investor Investor Style/Design 1 Story COTTAGE 1 Story COTTAGE 1 Story COTTAGE 1 Story COTTAGE # Units 1 1 1 1 Living Sq. Feet 962 784 774 1,008 Bdrm Bths ½ Bths 3 1 4 1 2 1 2 1 Total Room # 5 7 4 5 Garage (Style/Stalls) None Carport 1 Car Carport 1 Car Carport 1 Car Basement (Yes/No) No No No No Basement (% Fin) 0% 0% 0% 0% Basement Sq. Ft. Pool/Spa -- -- -- -- Lot Size 0.14 acres 0.16 acres 0.16 acres 0.16 acres Other -- -- -- --
Listing Comments Why the comparable listing is superior or inferior to the subject. Listing 1 LISTING 1 IS MOST COMPARABLE TO SUBJECT IN AGE, SIZE, LOCATION AND CONDITION. Listing 2 LISTING 2 IS COMPARABLE TO SUBJECT IN AGE, SIZE, AND LOCATION. IT IS IN A LITTLE BETTER CONDITION Listing 3 LISTING 3 IS COMPARABLE TO SUBJECT IN AGE, SIZE, AND LOCATION. IT IS IN MUCH BETTER CONDITION. * Listing 1 is the most comparable listing to the subject. ¹ Comp's "Miles to Subject" was calculated by the system. ² Comp's "Miles to Subject" provided by Broker. ³ Subject $/ft based upon as-is sale price. V. Recent Sales Subject Sold 1 * Sold 2 Sold 3 Street Address 3802 Crockett Street 3121 Bowie St 111 E 12th St 701 E 38th St City, State San Angelo, TX San Angelo, TX San Angelo, TX San Angelo, TX Zip Code 76903 76903 76903 76903 Datasource MLS MLS MLS MLS Miles to Subj. -- 0.21 ¹ 1.66 ¹ 0.10 ¹ List Price $ -- $10,500 $20,000 $27,900 Sale Price $ -- $9,000 $17,500 $21,000 Type of Financing -- Cash Cash Cash Date of Sale -- 4/29/2011 8/29/2011 4/18/2011 DOM Cumulative DOM -- 130 129 193 192 39 38 Original List Price $ $19,900 $26,000 $27,900 Age (# of years) 52 58 52 57 Condition Fair Fair Fair Fair Sales Type -- REO Fair Market Value Investor Style/Design 1 Story COTTAGE 1 Story COTTAGE 1 Story COTTAGE 1 Story COTTAGE # Units 1 1 1 1 Living Sq. Feet 962 720 660 852 Bdrm Bths ½ Bths 3 1 3 1 1 1 2 1 Total Room # 5 5 5 4 Garage (Style/Stalls) None None Carport 1 Car Attached 2 Car(s) Basement (Yes/No) No No No No Basement (% Fin) 0% 0% 0% 0% Basement Sq. Ft. Pool/Spa -- -- -- -- Lot Size 0.14 acres 0.16 acres 0.16 acres 0.23 acres Other -- -- -- -- Adjustment -- +$2,000 -$5,000 -$8,000 Adjusted Value -- $11,000 $12,500 $13,000 Reasons for Adjustments Why the comparable sale is superior or inferior to the subject. Sold 1 SOLD 1 IS MOST COMPARABLE TO SUBJECT IN AGE, SIZE, LOCATION AND CONDITION Sold 2 SOLD 2 IS COMPARABLE TO SUBJECT IN AGE, SIZE, AND LOCATION. IT IS IN A LITTLE BETTER CONDITION. Sold 3 SOLD 3 IS COMPARABLE TO SUBJECT IN AGE, SIZE, AND LOCATION. IT IS IN A LITTLE BETTER CONDITION. * Sold 1 is the most comparable sale to the subject. ¹ Comp's "Miles to Subject" was calculated by the system. ² Comp's "Miles to Subject" provided by Broker. ³ Subject $/ft based upon as-is sale price.
VI. Marketing Strategy As Is Price Repaired Price Suggested List Price $12,500 $19,500 Sales Price $11,500 $17,500 30 Day Price $9,900 -- Comments Regarding Pricing Strategy BASED ON THE COMPARABLE LISTINGS AND SALES AND THE LOCATION AND CONDITION OF THE PROPERTY IT SHOULD HAVE A VALUE OF $11,500. VII. Clear Capital Quality Assurance Comments Addendum As Is Price Repaired Price Reviewer's Price Opinion $11,500 $17,500 Reviewer's Notes Subject is in fair condition with $4000 in repairs noted. Home appears to be vacant as windows are boarded up. The broker`s price conclusion appears well supported. Broker relies on REO market comps. Data indicates that this is an REO driven market and therefore these comps were the best indicators of price. The listings and resales are physically similar, proximate and relatively current. The reviewer concurs with the broker`s price conclusion.
VIII. Property Images Subject 3802 Crockett Street View Front Subject 3802 Crockett Street View Address Verification
VIII. Property Images (continued) Subject 3802 Crockett Street View Side Subject 3802 Crockett Street View Side
VIII. Property Images (continued) Subject 3802 Crockett Street View Street Listing Comp 1 1702 Lillie St View Front
VIII. Property Images (continued) Listing Comp 2 902 18th St View Front Listing Comp 3 15 W 21st St View Front
VIII. Property Images (continued) Sold Comp 1 3121 Bowie St View Front Sold Comp 2 111 E 12th St View Front
VIII. Property Images (continued) Sold Comp 3 701 E 38th St View Front
ClearMaps Addendum Comparable Address Miles to Subject Mapping Accuracy Subject 3802 Crockett St, San Angelo, TX -- Parcel Match Listing 1 1702 Lillie St, San Angelo, TX 1.97 Miles ¹ Exact Street Address Listing 2 902 18th St, San Angelo, TX 1.34 Miles ¹ Exact Street Address Listing 3 15 W 21st St, San Angelo, TX 1.23 Miles ¹ Exact Street Address Sold 1 3121 Bowie St, San Angelo, TX 0.21 Miles ¹ Exact Street Address Sold 2 111 E 12th St, San Angelo, TX 1.66 Miles ¹ Exact Street Address Sold 3 701 E 38th St, San Angelo, TX 0.10 Miles ¹ Exact Street Address ¹ The Comparable "Distance from Subject" value has been calculated by the Clear Capital system. ² The Comparable "Distance from Subject" value has been provided by the broker.
Addendum: Report Purpose Market Approach and Market Time The Market Approach of this report as established by the customer is: Distressed Price. (See definition below.) The Marketing Time as specified by the customer is Abbreviated. (See definition below.) Definitions: Fair Market Price Distressed Price Marketing Time Typical for Local Market A price at which the property would sell between a willing buyer and a willing seller neither being compelled by undue pressure and both having reasonable knowledge of relevant facts. A price at which the property would sell between a willing buyer and a seller acting under duress. The amount of time the property is exposed to a pool of prospective buyers before going into contract. The customer either specifies the number of days, requests a marketing time that is typical to the subject's market area and/or requests an abbreviated marketing time. The estimated time required to adequately expose the subject property to the market resulting in a contract of sale. Report Instructions This section shows the instructions that were approved by the customer and provided to the broker prior to completing the report. Purpose: Distressed Price The purpose of this report is to determine a price at which our mutual customer can sell this distressed property as an REO, within an abbreviated marketing time. Please recognize that real dollars are at stake. If priced too high to sell within an abbreviated marketing time, the customer will incur additional holding costs; and if priced too low, it will perpetuate further loss. Comparable Requirements: 1. Please use REO comps that are considered comparable in condition, recent, and are from the same neighborhood, block or subdivision whenever possible. 2. Please try to use comps that have an abbreviated time on the market. If this is not possible please comment in the form and please make appropriate adjustments for exposure time to show what price your comparables would sell for in an abbreviated marketing time. 3. Please use comps that have closed in the past 3 months to show the current market conditions or comment in the report if this is not possible. In rapidly changing markets, active listing comps should be given equal or greater weight than sold comps in your analysis. Please make market condition adjustments to the sold comps as necessary. Standard Instructions: 1. Please do not accept if you or your office has completed a report on this property in the last month, are currently listing this property, or have any vested interest in the subject property. 2. Please use the subject characteristics provided in the report Grid (if we preloaded them) to evaluate the property. This information is from a full interior appraisal and is assumed to be most accurate. If your inspection reveals obvious inaccuracies, please explain in the narrative of the report. 3. Please do not approach the occupants or owners. Thanks! 1. One current, original photo of the front of the subject 2. One address verification photo 3. One street scene photo looking down the street 4. Labeled MLS sold comp photos required; please comment if no MLS. Broker Information Broker Name Mike Mikeska Company/Brokerage SARE & CO INC License No 0294737 Disclaimer This document is not an appraisal as defined by USPAP (Uniform Standards of Professional Appraisal Practice). It is not to be construed as an appraisal and may not be used as such for any purpose. Unless otherwise specifically agreed to in writing: This document is provided solely for the use of the Clear Capital account holder, is not intended as any guarantee of value and/or condition of the subject property and should not be relied on as such. In the event that this document is found to be defective, incorrect, negligently prepared or unfit for its authorized use, Clear Capital's sole liability shall be to promptly refund the total fee expended by the account holder for this report or to replace it at no charge to the account holder, but in no event shall Clear Capital be responsible to the account holder for any indirect or consequential damages whatsoever. This warranty is in lieu of all other warranties, express or implied, except where otherwise required by law. The account holder shall notify Clear Capital within thirty (30) days of this report's delivery to the account holder if it believes that this document is defective, incorrect, negligently prepared or unfit for its authorized use. Under no circumstances may Clear Capital forms or their contents be published, copied, replicated, or mimicked.