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					                                                                                          Appraisal Consultants (817) 488-3727
        Summary Appraisal Report                                                                                                                                           1704 Adalina Dr
                                                                    Uniform Residential Appraisal Report                                                            File # 8391
               The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
               Property Address 1704 ADALINA DR                                                                   City KELLER                                       State TX      Zip Code 76248-7345
               Borrower PROVIDENTIAL CUSTOM HOMES                                      Owner of Public Record PROVIDENTIAL LAND DEV LP                              County TARRANT
               Legal Description LOT 12, BLOCK A ADALINA AT BLOOMFIELD
               Assessor's Parcel # 41277902                                                                       Tax Year 2008                                     R.E. Taxes $ TBD
               Neighborhood Name ADALINA AT BLOOMFIELD                                                            Map Reference 24.K                                Census Tract 1138.07
SUBJECT




               Occupant        Owner        Tenant         Vacant                      Special Assessments $ 0.00                                    PUD HOA $ 475.00              per year    per month
               Property Rights Appraised         Fee Simple          Leasehold          Other (describe)
               Assignment Type          Purchase Transaction           Refinance Transaction            Other (describe) Interim construction
               Lender/Client FIRST NATIONAL BANK - TOWN SQUAREAddress 1253 MAIN ST, SOUTHLAKE, TX 76092
               Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?             Yes       No
               Report data source(s) used, offering price(s), and date(s). MLS / BUILDER / TAX

               I     did   did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
               performed. Appraiser analyzed plans and the estimate summary provided by the builder.
CONTRACT




               Contract Price $ EMV                 Date of Contract                    Is the property seller the owner of public record?   Yes      No Data Source(s) Tax Data
               Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?       Yes                  No
               If Yes, report the total dollar amount and describe the items to be paid.


               Note: Race and the racial composition of the neighborhood are not appraisal factors.
                          Neighborhood Characteristics                                 One- Unit Housing Trends                                             One- Unit Housing        Present Land Use %
               Location       Urban           Suburban        Rural       Property Values      Increasing         Stable            Declining     PRICE      AGE      One-Unit     70 %
               Built-Up       Over 75%        25-75%          Under 25% Demand/Supply          Shortage           In Balance        Over Supply $ (000)     (yrs)     2-4 Unit      0%
NEIGHBORHOOD




               Growth         Rapid           Stable          Slow        Marketing Time       Under 3 mths       3-6 mths          Over 6 mths 200 Low        0      Multi-Family  0%
               Neighborhood Boundaries The neighborhood is bounded by Westlake city limits on the north; Pearson Rd 2,500+ High 45+ Commercial                                      1%
               on the east; Hwy 377 on the west; FM 1709 on the south.                                                                           400* Pred. 10-15 Other            29 %
               Neighborhood Description Subject is located in an area of medium to large size, custom built homes on lots that average 10,000 SF. There are no
               location factors which might adversely affect marketability or value. This neighborhood is attractive because of its school district and access to
               major highways, airports & employers. . Employment and support services are in typical proximity. Employment appears generally stable.
               Market Conditions (including support for the above conclusions)      Low interest rates and relocation of many major employers to the area have kept the real
               estate market strong in this area. Typical conventional and government financing is available for the area. Financing on all comparables is similar
               to conventional/FHA/VA financing offered on homes in this price range in the metroplex. If noted, atypical or concessionary financing is adjusted to
               Dimensions See attached site plan                                     Area 0.19 Ac +/-                      Shape Nearly Rectangular         View SFR
               Specific Zoning Classification SFR                                    Zoning Description Single family residential
               Zoning Compliance        Legal       Legal Nonconforming (Grandfathered Use)       No Zoning      Illegal (describe)
               Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?       Yes     No If No, describe

               Utilities        Public Other (describe)                                    Public Other (describe)                  Off- site Improvements - Type            Public     Private
               Electricity                                                  Water                                                   Street CONCRETE
SITE




               Gas                                                          Sanitary Sewer                                          Alley NONE
               FEMA Special Flood Hazard Area            Yes        No FEMA Flood Zone X                   FEMA Map # 48439C0190H                               FEMA Map Date 8/2/1995
               Are the utilities and off-site improvements typical for the market area?         Yes      No If No, describe
               Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?            Yes      No If Yes, describe
                No apparent adverse easements or encroachments, but final determination should be made using a recent survey, flood certification and title
               policy.

                           General Description                                  Foundation                      Exterior Description         materials/condition Interior             materials/condition
               Units       One      One with Accessory Unit         Concrete Slab           Crawl Space        Foundation Walls      CONCRETE              Floors        CPT/TILE/WOOD
               # of Stories          2                              Full Basement           Partial Basement Exterior Walls          BRICK / ROCK VEN Walls              DRYWALL/PANEL
               Type        Det.     Att.      S-Det./End Unit Basement Area                      None sq.ft. Roof Surface            CONCRETE TILE         Trim/Finish CUSTOM WOOD
                    Existing     Proposed        Under Const. Basement Finish                               % Gutters & Downspouts ALUM                    Bath Floor    C TILE
               Design (Style)        Tusc/2S/Avg                    Outside Entry/Exit         Sump Pump       Window Type           S/H ALUM              Bath Wainscot DRYWALL
               Year Built            Proposed                   Evidence of       Infestation                  Storm Sash/Insulated INSULATED              Car Storage         None
               Effective Age (Yrs) New                              Dampness           Settlement              Screens               YES                       Driveway # of Cars         3
               Attic                        None                Heating      FWA          HWBB         Radiant Amenities                 Woodstove(s) #    Driveway Surface       Concrete
                    Drop Stair              Stairs                  Other               Fuel GAS                   Fireplace(s) # 1      Fence Wod/Iron        Garage      # of Cars      3
                    Floor                   Scuttle             Cooling        Central Air Conditioning            Patio/Deck Balcny     Porch                 Carport     # of Cars
                    Finished                Heated                  Individual               Other                 Pool                  Other Sprk            Att.          Det.         Built-in
IMPROVEMENTS




               Appliances       Refrigerator       Range/Oven         Dishwasher         Disposal        Microwave        Washer/Dryer    Other (describe)
               Finished area above grade contains:                8 Rooms                    4 Bedrooms               3.1 Bath(s)          3,624 Square Feet of Gross Living Area Above Grade
               Additional features (special energy efficient items, etc.). SEE ATTACHED ADDENDA

               Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). NO FUNCTIONAL OR ECONOMIC
               OBSOLESCENCE NOTED ON SITE OR IN VICINITY. NO PHYSICAL DEPRECIATION, SUBJECT IS PROPOSED NEW CONSTRUCTION.




               Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?              Yes       No If Yes, describe




               Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?               Yes       No If No, describe



   Freddie Mac Form 70 March 2005                                                                     Page 1 of 6                                                 Fannie Mae Form 1004 March 2005


                                                             Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
                                                                                                                                                                                    1704 Adalina Dr
                                                                               Uniform Residential Appraisal Report                                                          File # 8391
                            There are       6+      comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 575,000                        to $ 700,000              .
                            There are       6+      comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 605,000                        to $ 700,000              .
                                        FEATURE                      SUBJECT                    COMPARABLE SALE # 1                       COMPARABLE SALE # 2                         COMPARABLE SALE # 3
                            Address 1704 ADALINA DR                                    1321 BRIAR GROVE                          805 TIMBERLINE CT                           112 AUDREY
                                        KELLER, TX 76248-7345                          KELLER, TX                                KELLER, TX                                  KELLER, TX
                            Proximity to Subject                                       2.38 miles                                2.13 miles                                  0.11 miles
                            Sale Price                         $               EMV                           $         660,000                            $         639,900                       $         649,900
                            Sale Price/Gross Liv. Area         $                sq.ft. $    157.14 sq.ft.                        $     154.60 sq.ft.                         $     168.54 sq.ft.
                            Data Source(s)                                             MLS / TAX / Providential Custm MLS / TAX / Providential Custm TCAD / Scott Mud Homes
                            Verification Source(s)                                     MLS # 11036163 / 32 DOM                   MLS # 11068242 / 16 DOM                     214-674-4303 / 100 DOM
                            VALUE ADJUSTMENTS                      DESCRIPTION            DESCRIPTION         +(-) $ Adjustment      DESCRIPTION           +(-) $ Adjustment     DESCRIPTION       +(-) $ Adjustment
                            Sales or Financing                                         Conv seller pd                            Conv seller pd                              Conv seller pd
                            Concessions                                                No concession                             No concession                               No concession
                            Date of Sale/Time                                          CL 10/30/2008                             CL 10/3/2008                                CL 10/7/2008
                            Location                           Suburban                Suburban                                  Suburban                                    Suburban
                            Leasehold/Fee Simple               Fee Simple              fee simple                                fee simple                                  fee simple
                            Site                               0.19 Ac +/-             0.20 Ac +/-                               0.50 Ac +/-                                 0.20 Ac +/-
                            View                               Typical SFR             Typical SFR                               Typical SFR                                 Typical SFR
                            Design (Style)                     Tusc/2S/Avg             Trad/2S/Avg                               Trad/2S/Avg                                 Trad/2S/Avg
                            Quality of Construction            Good/Masonry Good/Masonry                                         Good/Masonry                                Good/Masonry
                            Actual Age                         New                     New                                       New                                         New
                            Condition                          Avg / Tile roof         Avg / Comp roof                 +15,000 Avg / Comp roof                      +15,000 Avg / Tile roof
                            Above Grade                         Total Bdrms. Baths Total Bdrms. Baths                             Total Bdrms. Baths                          Total Bdrms. Baths
                            Room Count                           8       4      3.1 11           4    4.1                -5,000 11         4        4                 -2,500 9         4     3.1
                            Gross Living Area                         3,624 sq.ft.            4,200 sq.ft.              -28,800         4,139 sq.ft.                -25,750         3,856 sq.ft.             -11,600
                            Basement & Finished                None                    None                                      None                                        None
                            Rooms Below Grade                  362 SF unfinish
                            Functional Utility                 Average                 Average                                   Average                                     Average
SALES COMPARISON APPROACH




                            Heating/Cooling                    CHA                     CHA                                       CHA                                         CHA
                            Energy Efficient Items             Insul/Fans              Insul/Fans                                Insul/Fans                                  Insul/Fans
                            Garage/Carport                     3 Car garage            3 Car Garage                              3 Car Garage                                3 Car Garage
                            Porch/Patio/Deck                   Loggia/Ctyd/Bal Loggia/Ctyd/Bal                                   E / No balcony                      +5,000 Loggia/Ctyd/Bal
                            Amenities                          Sec,1FP                 Sec, 2FP                          -2,000 Sec, 2FP                              -2,000 Sec,1FP
                            Amenities                          Ldsp,Sprk,Fen Ldsp,Sprk,Fen                                       Ldsp,Sprk,Fen                               Ldsp,Sprk,Fen
                            Amenities                          No pool                 No Pool                                   No Pool                                     No Pool
                            Net Adjustment (Total)                                            +         - $              20,800          +          - $              10,250          +         - $            11,600
                            Adjusted Sale Price                                        Net Adj.       3.2 %                      Net Adj.         1.6 %                      Net Adj.       1.8 %
                            of Comparables                                             Gross Adj. 7.7 % $              639,200 Gross Adj. 7.9 % $                   629,650 Gross Adj. 1.8 % $              638,300
                            I      did        did not research the sale or transfer history of the subject property and comparable sales. If not, explain        The subject is proposed construction and has
                            had no prior sale. No other sale of the comparables within the past 12 months is known to this appraiser.

                            My research         did       did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
                            Data Source(s) MLS, TAX DATA, BUILDER
                            My research         did       did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
                            Data Source(s) MLS, TAX DATA
                            Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
                                             ITEM                                 SUBJECT                        COMPARABLE SALE #1                    COMPARABLE SALE #2                      COMPARABLE SALE #3
                            Date of Prior Sale/Transfer              None in prior 36 months               None in prior 12 months               None in prior 12 months                 None in prior 12 months
                            Price of Prior Sale/Transfer             N/A                                   N/A                                   N/A                                     N/A
                            Data Source(s)                           MLS, TAX, BUILDER                     MLS, TAX                              MLS, TAX                                MLS, TAX
                            Effective Date of Data Source(s)         12/10/2008                            12/12/2008                            12/12/2008                              12/12/2008
                            Analysis of prior sale or transfer history of the subject property and comparable sales          No sale of transfer of the subject within the past 36 months and no prior
                            sale or transfer of the comparables other than that disclosed in this report has been discovered in the normal course of research for this report.




                            Summary of Sales Comparison Approach          see attached addenda.........................




                            Indicated Value by Sales Comparison Approach $ 638,000
                            Indicated Value by: Sales Comparison Approach $ 638,000     Cost Approach (if developed) $ 639,400    Income Approach (if developed) $
                            Actual buyer-seller actions in the market are most accurately analyzed by Sales Comparison, which is given greater weight in the reconciliation.Cost
                            Approach provides confirmation. Income Approach was not developed due to insufficient data in this primarily owner occupied neighborhood.
RECONCILIATION




                            This appraisal is made       ''as is'',     subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
                            completed,        subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the
                            following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: A FINAL INSPECTION OF THE
                            COMPLETED IMPROVEMENTS IS REQUIRED
                            Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
                                                      s
                            conditions, and appraiser’ certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
                            $    638,000      , as of         12/10/2008           , which is the date of inspection and the effective date of this appraisal.
       Freddie Mac Form 70 March 2005                                                                           Page 2 of 6                                               Fannie Mae Form 1004 March 2005


                                                                        Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
                                                                                                                                                                              1704 Adalina Dr
                                                                         Uniform Residential Appraisal Report                                                          File # 8391
                      * SUBJECT EXCEEDS PREDOMINATE VALUE DUE TO LARGER GROSS LIVING AREA , FINISH OUT AND AMENITIES. . THERE ARE
                      PROPERTIES IN THE NEIGHBORHOOD EQUAL TO AND EXCEEDING THE SUBJECT'S VALUE, THUS THERE IS NO ADVERSE INFLUENCE
                      ON THE SUBJECT'S VALUE OR MARKETABILITY.
ADDITIONAL COMMENTS




                                                                                   COST APPROACH TO VALUE (not required by Fannie Mae)
                      Provide adequate information for the lender/client to replicate the below cost figures and calculations.
                      Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)        The site value is extracted from the market by
                      analyzing current MLS lot sales and data from local builders and developers.
COST APPROACH




                      ESTIMATED          REPRODUCTION OR        REPLACEMENT COST NEW                 OPINION OF SITE VALUE                                                                =$       138,000
                      Source of cost data Marshall & Swift Cost Valuation Service                    DWELLING                  3,624 Sq.Ft. @ $    120.00                                 =$       434,880
                      Quality rating from cost service Good     Effective date of cost data Current                            None Sq.Ft. @ $                                            =$
                      Comments on Cost Approach (gross living area calculations, depreciation, etc.)                                                                                      =$
                      Reproduction cost estimates are taken from Marshall & Swift cost               Garage/Carport              884 Sq.Ft. @ $      30.00                                =$        26,520
                      estimating service and modified by known local cost factors and data from Total Estimate of Cost-New                                                                =$       461,400
                      local builders. The contributory value of the landscape, courtyard, loggia, Less                Physical      Functional  External
                      flatwork and fence is included in the "as is" value of the site                Depreciation                                                                         =$(             )
                      improvements.                                                                  Depreciated Cost of Improvements                                                     =$       461,400
                                                                                                     "As-is" Value of Site Improvements                                                   =$        40,000

                      Estimated Remaining Economic Life (HUD and VA only)                               70 Years INDICATED VALUE BY COST APPROACH                                         =$       639,400
                                                                                  INCOME APPROACH TO VALUE (not required by Fannie Mae)
INCOME




                      Estimated Monthly Market Rent $                        X Gross Rent Multiplier                                 =$                                    Indicated Value by Income Approach
                      Summary of Income Approach (including support for market rent and GRM)

                                                                                       PROJECT INFORMATION FOR PUDs (if applicable)
                      Is the developer/builder in control of the Homeowners’  Association (HOA)?        Yes         No    Unit type(s)       Detached         Attached
                      Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
                      Legal Name of Project ADALINA AT BLOOMFIELD
                      Total number of phases                          Total number of units                            Total number of units sold
PUD INFORMATION




                      Total number of units rented                    Total number of units for sale                   Data source(s)
                      Was the project created by the conversion of existing building(s) into a PUD?          Yes       No If Yes, date of conversion.
                      Does the project contain any multi-dwelling units?          Yes        No Data Source
                      Are the units, common elements, and recreation facilities complete?            Yes        No If No, describe the status of completion.


                      Are the common elements leased to or by the Homeowners’Association?               Yes        No If Yes, describe the rental terms and options.

                      Describe common elements and recreational facilities.


     Freddie Mac Form 70 March 2005                                                                       Page 3 of 6                                                  Fannie Mae Form 1004 March 2005


                                                                  Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
                                                                                                                                  1704 Adalina Dr
                                        Uniform Residential Appraisal Report                                               File # 8391

  21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
  borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
  secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
  agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
                       s                          s
  obtain the appraiser’ or supervisory appraiser’ (if applicable) consent. Such consent must be obtained before this appraisal
  report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
  relations, news, sales, or other media).

  22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
  laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
  that pertain to disclosure or distribution by me.

  23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
  insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
  of any mortgage finance transaction that involves any one or more of these parties.

  24. If this appraisal report was transmitted as an “electronic record” containing my ''electronic signature,'' as those terms are
  defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
  appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
  valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

  25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
  criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
  Code, Section 1001, et seq., or similar state laws.

                       S
  SUPERVISORY APPRAISER’ CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

                                                                                                                                    s
  1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’
                                                                    s
  analysis, opinions, statements, conclusions, and the appraiser’ certification.

                                                                                                                        s
  2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’ analysis, opinions,
                                                  s
  statements, conclusions, and the appraiser’ certification.

  3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
  appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

  4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
  promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
  report was prepared.

  5. If this appraisal report was transmitted as an ''electronic record'' containing my ''electronic signature,'' as those terms are
  defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
  appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
  valid as if a paper version of this appraisal report were delivered containing my original hand written signature.



APPRAISER                                                                    SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature                                                                    Signature
Name PAMELA D. LONG                                                          Name
Company Name APPRAISAL CONSULTANTS OF DFW, INC.                              Company Name
Company Address 2150 E DOVE RD                                               Company Address
 SOUTHLAKE, TX 76092
Telephone Number 817-488-3727                                                Telephone Number
Email Address plappr@charter.net                                             Email Address
Date of Signature and Report 12/15/2008                                      Date of Signature
Effective Date of Appraisal 12/10/2008                                       State Certification #
State Certification # TX-1324630-R                                           or State License #
or State License #                                                           State
or Other (describe)                         State #                          Expiration Date of Certification or License
State TEXAS
Expiration Date of Certification or License  01/31/2009                      SUBJECT PROPERTY

ADDRESS OF PROPERTY APPRAISED                                                    Did not inspect subject property
 1704 ADALINA DR                                                                 Did inspect exterior of subject property from street
 KELLER, TX 76248-7345                                                           Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY $                 638,000                    Did inspect interior and exterior of subject property
                                                                                 Date of Inspection
LENDER/CLIENT
Name KARYN WAINSCOTT
                                                                             COMPARABLE SALES
Company Name FIRST NATIONAL BANK - TOWN SQUARE
Company Address 1253 MAIN ST, SOUTHLAKE, TX 76092                                Did not inspect exterior of comparable sales from street
                                                                                 Did inspect exterior of comparable sales from street
Email Address    kwainscott@fnbwf.com                                            Date of Inspection


Freddie Mac Form 70 March 2005                                       Page 6 of 6                                           Fannie Mae Form 1004 March 2005


                                   Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
                                                                 Appraisal Consultants (817) 488-3727

                                                          FIRREA / USPAP ADDENDUM
Borrower PROVIDENTIAL CUSTOM HOMES
Property Address 1704 ADALINA DR
City KELLER                                      County TARRANT                           State TX                        Zip Code 76248-7345
Lender/Client FIRST NATIONAL BANK - TOWN SQUARE
Purpose
The purpose of this appraisal is to estimate the market value of the fee simple estate interest in the subject as of the effective date of the appraisal.
 The effective date and the date of the physical inspection are the same. The function of this report is to assist the client in determining the
reasonable market value of the subject property.
Scope
This appraisal has been prepared in compliance with the Uniform Standards of Professional Practice that were adopted and promulgated by the
Appraisal Standards Board of the Appraisal Foundation that were in place as of the effective date of the appraisal with the exception of the
departure provision of those standards which do not apply. In the process the appraiser has analyzed all data in the subject's market place which
was available. Data sources include; appraiser's files, data from other appraisers / lenders/ builders, MLS data, data from appraisal districts and
title companies, property owners. Data analyzed for this report is derived from the same or competing neighborhoods and within the most narrow
time frame possible which ensures similar location and economic conditions were in existance at the time of the appraisal. Unless otherwise noted
in this report the appraiser did make a full physical inspection of the subject property.

Intended Use / Intended User
This report is for use in a mortgage finance transaction. This report is intended for use only by the lender as stated in the report and/ or their
assigns as their interests may appear.




History of Property
Current listing information: The subject is proposed new construction and has not been listed for sale.


Prior sale: The subject is proposed new construction and has had no prior sale.


Exposure Time / Marketing Time
Estimated exposure time is the same as descibed in the neighborhood section on page one of the URAR. The estimate of exposure time is based
upon the appraiser's observation of the actual days on the (DOM) for sales and listings from the MLS as defined within the subject's neighborhood.
 The majority of homes are being sold in under 6 months with standard Government or Conventional financing and cash sales. Non qualifying
assumable loans were not considered due to their advantageous financing terms and low marketing periods.
Personal (non-realty) Transfers
No substantial personal property is included in this real estate valuation unless otherwise noted in the report. Real property refers to tangible items
that are permanently affixed to the property. Typically personal property that remains does not contribute to overall value.


Additional Comments
1) The appraiser is not a registered or licensed engineer, building contractor or home inspector and is not qualified to conduct home
inspections for the purpose of ascertaining the deficiencies or inadequacies of the components of the house. The appraiser makes no
representations or warranties of any kind with respect to any such items or conditions that are not readily observable. 2) This appraisal
report is intended for use in a mortgage finance transaction by the client as stated in this report. This report is not intended for any other
use or user.




Certification Supplement
1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan.
2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value
   estimate, the attainment of a stipulated result or the occurrence of a subsequent event.




 Appraiser(s): PAMELA D. LONG                                                    Supervisory Appraiser(s):
 Effective date / Report date:                12/10/2008                         Effective date / Report date:




                                       Form FUA — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE

				
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