Residential Broker Price Opinion

RESIDENTIAL BROKER PRICE OPINION

Loan #

REO #:

042020101

This BPO is the Initial 2nd Opinion Updated Exterior Only

DATE

4/25/10

PROPERTY ADDRESS:

7xx Bywater Way

/ SALES REPRESENTATIVE:
/

Port Ludlow WA 98365

/ CLIENT NAME:

FIRM NAME:

ReMax Trinity

COMPLETED BY:

Christine Holmquist

PHONE NO.

425-355-8703

FAX NO.

425-355-8608

I. / GENERAL MARKET CONDITIONS
Current market condition: / Depressed / Slow / Stable / Improving / Excellent
Employment conditions: / Declining / Stable / Increasing
Market price of this type property has: / Decreased / 15 / % in past / 6 / months
Increased / % in past / months
Remained stable
Estimated percentages of owner vs. tenants in neighborhood: / 85 / % owner occupant / 15 / % tenant
There is a / Normal supply / oversupply / shortage of comparable listings in the neighborhood
Approximate number of comparable units for sale in neighborhood: / 2
No. of competing listings in neighborhood that are REO or Corporate owned: / 0
No. of boarded or blocked-up homes: / 0
II. / SUBJECT MARKETABILITY
Range of values in the neighborhood is $ / 325,000 / to $ / 489,000
The subject is an / over improvement / under improvement / Appropriate improvement for the neighborhood.
Normal marketing time in the area is: / 135 / days.
Are all types of financing available for the property? / Yes / No / If no, explain / Conventional or Cash for vacant land
Has the property been on the market in the last 12 months? / Yes / No / If yes, $ / list price (include MLS printout)
To the best of your knowledge, why did it not sell? / N/A
Unit Type: / single family detached / condo / co-op / mobile home
single family attached / townhouse / modular
If condo or other association exists: Fee $ / monthly / annually / Current? Yes / No / Fee delinquent? $
The fee includes: / Insurance / Landscape / Pool / Tennis / Other
Association Contact: Name: / n/a / Phone No.:
III. COMPETITIVE CLOSED SALES
ITEM / SUBJECT / COMPARABLE NUMBER 1 / COMPARABLE NUMBER 2 / COMPARABLE NUMBER 3
Address / 7xx Bywater Way / xxx Buck Lake Rd NE, Hansville / 123 W Boat Dr, Port Ludlow / 4176 State Hwy, Poulsbo
Proximity to Subject / 18.1 REO/Corp / 1.6 REO/Corp / 4.3 REO/Corp
Sale Price / $ / $ 165000 / $ 107000 / $ 74900
Price/Gross Living Area / $ Sq. Ft. / $ n/a Sq. Ft. / $n/a Sq. Ft. / $ n/a Sq. Ft.
Sale Date &
Days on Market / 12/16/09
232 / 3/10/10
107 / 1/28/10
42
VALUE ADJUSTMENTS / DESCRIPTION / DESCRIPTION / +(-) Adjustment / DESCRIPTION / +(-) Adjustment / DESCRIPTION / +(-) Adjustment
Sales or Financing
Concessions / none / none / none
Location / rual / rural / rural / rural
Leasehold/Fee Simple / fee simple / fee simple / fee simple / fee simple
Site / 5. acres / 5. / .46 / -20000 / 1. / -17000
View / typical / typical / typical / typical
Design and Appeal / land / land / land / land
Quality of Construction / none / none / none / none
Age / 0 / 0 / 0 / 0
Condition / average / average / average / average
Above Grade
Room Count
Gross Living Area / Total / Bdms / Baths / Total / Bdms / Baths / Total / Bdms / Baths / Total / Bdms / Baths
0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0
0 Sq. Ft. / 0 Sq. Ft. / 0 Sq. Ft. / 0 Sq. Ft.
Basement & Finished Rooms Below Grade / 0 / 0 / 0 / 0
Functional Utility / average / average / average / average
Heating/Cooling / none / none / none / none
Energy Efficient Items / none / none / none / none
Garage/Carport / none / none / none / none
Porches, Patio, Deck
Fireplace(s), etc. / none / none / none / none
Fence, Pool, etc. / none / none / none / none
Other / utilities in street / surveyed,shared well / -10000 / all utilties in / -20000 / none / +20000
Net Adj. (total) / + - / $ -10000 / + - / $-40000 / + - / $-17000
Adjusted Sales Price of Comparable / $155,000 / $67000 / $57900

Fannie Mae Revised 03/99 Page 1 of 2

REO# 042020101 Loan #

IV. MARKETING STRATEGY Occupancy Status: Occupied Vacant Unknown

As-is Minimal Lender Required Repairs Repaired Most Likely Buyer: Owner occupant Investor

V. REPAIRS

Itemize ALL repairs needed to bring property from its present “as is” condition to average marketable condition for the neighborhood.

Check those repairs you recommend that we perform for most successful marketing of the property.

N/A / $ / $
$ / $
$ / $
$ / $
$ / $

GRAND TOTAL FOR ALL REPAIRS $0

VI. COMPETITIVE LISTINGS
ITEM / SUBJECT / COMPARABLE NUMBER 1 / COMPARABLE NUMBER. 2 / COMPARABLE NUMBER. 3
Address 7xx Bywater Way / 4995 Paradise Bay Rd, Port Ludlow / 4993 Paradise Bay Rd, Port Ludlow / 89 Garten RD, Port Ludlow
Proximity to Subject / 1.2 REO/Corp / 1.1 REO/Corp / 2.6 REO/Corp
List Price / $ / $99000 / $ 99000 / $ 135000
Price/Gross Living Area / $ Sq.Ft. / $ n/a Sq.Ft. / $ n/a Sq.Ft. / $ n/a Sq.Ft.
Data and/or Verification Sources / appraisal / mls / mls / mls
VALUE ADJUSTMENTS / DESCRIPTION / DESCRIPTION / + (-)Adjustment / DESCRIPTION / +(-)Adjustment / DESCRIPTION / +(-)Adjustment
Sales or Financing Concessions / none / none / none
Days on Market / 47 / 47 / 11
Location / rual / rural / rural / rural
Leasehold/Fee Simple / fee simple / fee simple / fee simple / fee simple
Site / 5. acres / 5. / 5. / 7.92 / 5000
View / typical / typical / typical / typical
Design and Appeal / land / land / land / land
Quality of Construction / none / none / none / none
Age / 0 / 0 / 0 / 0
Condition / average / average / average / average
Above Grade
Room Count
Gross Living Area / Total / Bdms / Baths / Total / Bdms / Baths / Total / Bdms / Baths / Total / Bdms / Baths
0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0 / 0
0Sq. Ft. / 0 Sq. Ft. / 0 Sq. Ft. / 0 Sq. Ft.
Basement & Finished Rooms Below Grade / 0 / 0 / 0 / 0
Functional Utility / average / average / average / average
Heating/Cooling / none / none / none / none
Energy Efficient Items / none / none / none / none
Garage/Carport / none / none / none / phone
Porches, Patio, Deck Fireplace(s), etc. / none / none / none / none
Fence, Pool, etc. / none / none / none / none
Other / utilities in street / none / 20000 / none / +20000 / survey done,utilties in / -20000
Net Adj. (total) / + - / $20000 / + - - / $0 / + - / $-15000
Adjusted Sales Price of Comparable / $119,000 / $119,000 / $120,000

VI. THE MARKET VALUE (The value must fall within the indicated value of the Competitive Closed Sales).

90- 120 Market Value / Suggested List Price
AS IS / $ 92000 / $ 95000
REPAIRED / $ 92000 / $ 95000
ANTICIPATED SALES PRICE / $ 83000
30 DAY QUICK SALE VALUE / $ 85000

Last Sale of Subject, Price $ Date

COMMENTS (Include specific positives/negatives, special concerns, encroachments, easements, water rights, environmental concerns, flood zones, etc.

Attach addendum if additional space is needed.)

The subject propertyis vacant land. It has paved road access and is located amongst other developed homes on the same street. Water electricity and possibly gas are in at the street but it is unknown where the connection is at the lot for the subject property.
The subject has peekabo views of the water and mountains and is moderatly treed and sloped.There does not appear to be access
issues to the main street access to the property. The surrounding properties on the same street range in value from 275,000 to 450,000 and are custom built homes with partial water views. Current market conditions are slow with limited employment
opportunities in the immediate area, the current unemployment is at 10.2% and buyer traffic to the area is seasonal with heavier trafffic in the summer months. The surrounding area is low to minimal crime , and there are no enviromental issues present. The biggest challenge for marketing and potential sale will be financing as vacant land will only qualify for cash and conventional financing, limiting the buyer pool.
There are no known easement issues at this time.
Signature: / Christine Holmquist / Date: / 4/25/2010

Fannie Mae Page 2 of 2