BROKER PRICE OPINION â RESIDENTIAL LAND PROPERTY
BROKER PRICE OPINION – RESIDENTIAL LAND PROPERTY SUBJECT PROPERTY DESCRIPTION PROPERTY ADDRESS: 4836 Highway 90, Clairfield, TN 37715
SUBJECT APN / ID #: 022 -043.00 PROPERTY TYPE:
1 lot
BORROWER/OWNER:
2 lots
3 lots
4 lots
HOA FEE: $0/
DATE OF REPORT: 09-03-2015
DATE ORDERED: 09-02-2015
INSPECTION DATE: 09-03-2015
DATE OF VALUE: 09-03-15
DATE DUE: 09-04-2015
SUBJECT CHARACTERISTICS ARE THERE ITEMS THAT REQUIRE IMMEDIATE ATTENTION/ACTION?
Yes
No
DO ANY ENVIRONMENTAL ISSUES AFFECT THE VALUE OF THE PROPERTY?
Yes
TITLE/LEGAL ISSUES?
Yes
No No
IF YES, TO ANY OF THE ABOVE PLEASE PROVIDE EXPLANATION: Property is in a flood zone and will require flood insurance.
NEIGHBORHOOD CHARACTERISTICS PREDOMINANT OCCUPANCY:
PROPERTY VALUES (Check One): Increasing
Stable
Declining
Owner
TYPICAL MARKETING TIME IN THE AREA FOR SIMILAR PROPERTIES IS: Under 3 Mos.
3-6 Mos.
6-9 Mos.
9-12 Mos.
Tenant
VACANCY RATE:
Over 12 Mos.
0-5%
5-10%
10-20%
20%+
PRICE RANGE OF ACTIVE LISTINGS IN NEIGHBORHOOD:
NO. OF ACTIVE LISTINGS IN THE NEIGHBORHOOD: 0
$3,000 to $59,900
COMMENTS: Subject is an abandoned piece of land with no buildings or mobile homes on it. It is in a very distant rural area on a highway with no surrounding homes or businesses. The closest properties are mobile homes or falling down buildings/barns and old homes that are in poor condition. The property has a large piece of concrete pad that used to house a home or business and the property at one time had a single wide mobile home on it. The rest of the property is overgrown or gravel area. There were no mailbox or address verification markers on the property. The property is also in a flood zone and will require flood insurance. The comparables used in the price range of active listings in the neighborhood extend out 15 miles. There were no land/lot/acreage properties for sale within a 5 mile radius of subject and very few even 10 miles out. The ones found were in a subdivision and not on a highway. The unemployment in this area is signifigantly higher than the state average and is at 16.4%. There is a very low population density in this area and many are living below the poverty level. The house sales in this 37715 zip code have dropped off since 2013. The commute for jobs in this area is long with often an 60+ minute commute time. Lot properties that have sold have been on the market for 365+ up to 958 days.
FINANCING AND LISTING HISTORY ARE ALL TYPES OF FINANCING AVAILABLE FOR THE SUBJECT?
YES
NO
HAS SUBJECT BEEN LISTED FOR SALE IN PAST 12 MONTHS? YES NO
PRIOR LIST PRICE: $
DAYS ON MARKET:
IS SUBJECT CURRENTLY LISTED FOR SALE?
CURRENT LIST PRICE: $
DAYS ON MARKET:
YES
NO
COMMENTS TO PRIOR AND CURRENT LISTING TO CURRENT CONCLUDED PRICE: The only sold comparable that is close to this property was sold for $3000.00 It is superior to the subject and has a mountain view. It is not on a major road or windy highway or in a flood zone.
PRICE ESTIMATION CONCLUDED AS IS PRICE OPINION:
COMPETITIVE LISTINGS SUBJECT
ITEM Address
COMPARABLE NO. 1
COMPARABLE NO. 2
COMPARABLE NO. 3
4836 Highway 90, Clairfield, TN 37715
Proximity to Subject Current List Price
$
Current List Date Original List Price
$
Original List Date Data Source/Verificat. MLS/CRS VALUE ADJUSTMENTS (use the following codes for the adjustments: S=Superior E=Equal I=Inferior U=Unknown) DESCRIPTION Location Site/Lot Size Units Site View/Amenities Site Improvements
DESCRIPTION
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
Rural 1 Acres 1 None/Level Lot None
Overall Rating/Est. $ Value of Adjustments Indicate Property Most Comparable to Subject (Check One)
COMMENTS:
CLOSED SALES SUBJECT
ITEM Address
SALE COMPARABLE NO. 1
SALE COMPARABLE NO. 2
SALE COMPARABLE NO. 3
4836 Highway 90, Clairfield, TN 37715
Proximity to Subject Original List Price
$
List Price When Sold Sale Price Sale Date Days on Market Data Source/Verificat.
VALUE ADJUSTMENTS (use the following codes for the adjustments: S=Superior E=Equal I=Inferior U=Unknown) DESCRIPTION Sales or Financing Concessions Location Site/Lot Size Units Site View/Amenities Site Improvements
DESCRIPTION
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
Rural 1 Acres 1 None/Level Lot None
Overall Rating/Est. $ Value of Adjustments Indicate Property Most Comparable to Subject (Check One)
COMMENTS:
BROKER/AGENT INFORMATION
Residential Land – BPO Form – Page 2
S UBJECT P HOTOGRAPHS
Subject 1 Left View
Subject 2 Right View
Subject 3 Street Scene to Right
Subject 4 Street Scene to Left
Subject 5 Rear of Property
Subject Concrete Pad where building used to be
MAP WITH SUBJECT AND COMPARABLES IDENTIFIED
Land – BPO Form – Page 6
SUBJECT APN / ID #: 022 -043.00 PROPERTY TYPE:
1 lot
BORROWER/OWNER:
2 lots
3 lots
4 lots
HOA FEE: $0/
DATE OF REPORT: 09-03-2015
DATE ORDERED: 09-02-2015
INSPECTION DATE: 09-03-2015
DATE OF VALUE: 09-03-15
DATE DUE: 09-04-2015
SUBJECT CHARACTERISTICS ARE THERE ITEMS THAT REQUIRE IMMEDIATE ATTENTION/ACTION?
Yes
No
DO ANY ENVIRONMENTAL ISSUES AFFECT THE VALUE OF THE PROPERTY?
Yes
TITLE/LEGAL ISSUES?
Yes
No No
IF YES, TO ANY OF THE ABOVE PLEASE PROVIDE EXPLANATION: Property is in a flood zone and will require flood insurance.
NEIGHBORHOOD CHARACTERISTICS PREDOMINANT OCCUPANCY:
PROPERTY VALUES (Check One): Increasing
Stable
Declining
Owner
TYPICAL MARKETING TIME IN THE AREA FOR SIMILAR PROPERTIES IS: Under 3 Mos.
3-6 Mos.
6-9 Mos.
9-12 Mos.
Tenant
VACANCY RATE:
Over 12 Mos.
0-5%
5-10%
10-20%
20%+
PRICE RANGE OF ACTIVE LISTINGS IN NEIGHBORHOOD:
NO. OF ACTIVE LISTINGS IN THE NEIGHBORHOOD: 0
$3,000 to $59,900
COMMENTS: Subject is an abandoned piece of land with no buildings or mobile homes on it. It is in a very distant rural area on a highway with no surrounding homes or businesses. The closest properties are mobile homes or falling down buildings/barns and old homes that are in poor condition. The property has a large piece of concrete pad that used to house a home or business and the property at one time had a single wide mobile home on it. The rest of the property is overgrown or gravel area. There were no mailbox or address verification markers on the property. The property is also in a flood zone and will require flood insurance. The comparables used in the price range of active listings in the neighborhood extend out 15 miles. There were no land/lot/acreage properties for sale within a 5 mile radius of subject and very few even 10 miles out. The ones found were in a subdivision and not on a highway. The unemployment in this area is signifigantly higher than the state average and is at 16.4%. There is a very low population density in this area and many are living below the poverty level. The house sales in this 37715 zip code have dropped off since 2013. The commute for jobs in this area is long with often an 60+ minute commute time. Lot properties that have sold have been on the market for 365+ up to 958 days.
FINANCING AND LISTING HISTORY ARE ALL TYPES OF FINANCING AVAILABLE FOR THE SUBJECT?
YES
NO
HAS SUBJECT BEEN LISTED FOR SALE IN PAST 12 MONTHS? YES NO
PRIOR LIST PRICE: $
DAYS ON MARKET:
IS SUBJECT CURRENTLY LISTED FOR SALE?
CURRENT LIST PRICE: $
DAYS ON MARKET:
YES
NO
COMMENTS TO PRIOR AND CURRENT LISTING TO CURRENT CONCLUDED PRICE: The only sold comparable that is close to this property was sold for $3000.00 It is superior to the subject and has a mountain view. It is not on a major road or windy highway or in a flood zone.
PRICE ESTIMATION CONCLUDED AS IS PRICE OPINION:
COMPETITIVE LISTINGS SUBJECT
ITEM Address
COMPARABLE NO. 1
COMPARABLE NO. 2
COMPARABLE NO. 3
4836 Highway 90, Clairfield, TN 37715
Proximity to Subject Current List Price
$
Current List Date Original List Price
$
Original List Date Data Source/Verificat. MLS/CRS VALUE ADJUSTMENTS (use the following codes for the adjustments: S=Superior E=Equal I=Inferior U=Unknown) DESCRIPTION Location Site/Lot Size Units Site View/Amenities Site Improvements
DESCRIPTION
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
Rural 1 Acres 1 None/Level Lot None
Overall Rating/Est. $ Value of Adjustments Indicate Property Most Comparable to Subject (Check One)
COMMENTS:
CLOSED SALES SUBJECT
ITEM Address
SALE COMPARABLE NO. 1
SALE COMPARABLE NO. 2
SALE COMPARABLE NO. 3
4836 Highway 90, Clairfield, TN 37715
Proximity to Subject Original List Price
$
List Price When Sold Sale Price Sale Date Days on Market Data Source/Verificat.
VALUE ADJUSTMENTS (use the following codes for the adjustments: S=Superior E=Equal I=Inferior U=Unknown) DESCRIPTION Sales or Financing Concessions Location Site/Lot Size Units Site View/Amenities Site Improvements
DESCRIPTION
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
DESCRIPTION
ADJ CODE
Rural 1 Acres 1 None/Level Lot None
Overall Rating/Est. $ Value of Adjustments Indicate Property Most Comparable to Subject (Check One)
COMMENTS:
BROKER/AGENT INFORMATION
Residential Land – BPO Form – Page 2
S UBJECT P HOTOGRAPHS
Subject 1 Left View
Subject 2 Right View
Subject 3 Street Scene to Right
Subject 4 Street Scene to Left
Subject 5 Rear of Property
Subject Concrete Pad where building used to be
MAP WITH SUBJECT AND COMPARABLES IDENTIFIED
Land – BPO Form – Page 6
