LOCATED AT: FOR: AS OF: BY: Jack Vaughan Appraisals (901) 486-6090 Form GA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE 6496 Frosty Leaf Dr Lot 25 Five Thousand Oaks Sec B Memphis, TN 38141 PrimeLending, A Plains Capital Company 18111 Preston Rd Dallas, TX 75252 11/14/2012 Jack B. Vaughan TN Certified Residential Appraiser APPRAISAL OF REAL PROPERTY Jack Vaughan Appraisals (901) 486-6090 Form GA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE 6496 Frosty Leaf Dr Lot 25 Five Thousand Oaks Sec B Memphis, TN 38141 PrimeLending, A Plains Capital Company 18111 Preston Rd Dallas, TX 75252 11/14/2012 Jack B. Vaughan TN Certified Residential Appraiser APPRAISAL OF REAL PROPERTY LOCATED AT: FOR: AS OF: BY: Page #1 Main File No. 11373846
Transcript
LOCATED AT:
FOR:
AS OF:
BY:
Jack Vaughan Appraisals (901) 486-6090
Form GA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
6496 Frosty Leaf DrLot 25 Five Thousand Oaks Sec B
Memphis, TN 38141
PrimeLending, A Plains Capital Company18111 Preston RdDallas, TX 75252
11/14/2012
Jack B. VaughanTN Certified Residential Appraiser
APPRAISAL OF REAL PROPERTY
Jack Vaughan Appraisals (901) 486-6090
Form GA2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
6496 Frosty Leaf DrLot 25 Five Thousand Oaks Sec B
Memphis, TN 38141
PrimeLending, A Plains Capital Company18111 Preston RdDallas, TX 75252
11/14/2012
Jack B. VaughanTN Certified Residential Appraiser
APPRAISAL OF REAL PROPERTY
LOCATED AT:
FOR:
AS OF:
BY:
Page #1Main File No. 11373846
Jack B. Vaughan Appraisals2797 Fletcher View DrCordova, TN 38016
PrimeLending, A Plains Capital Company18111 Preston RdDallas, TX 75252
In accordance with your request, I have appraised the above referenced property. The report of that appraisal isattached.
The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, asimproved, in unencumbered fee simple title of ownership.
This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.
The value conclusions reported are as of the effective date stated in the body of the report and contingent upon thecertification and limiting conditions attached.
It has been a pleasure to assist you. Please do not hesitate to contact me if I can be of additional service to you.
Sincerely,
Jack B. VaughanCertified Residential Appraiser
Jack B. Vaughan Appraisals2797 Fletcher View DrCordova, TN 38016
PrimeLending, A Plains Capital Company18111 Preston RdDallas, TX 75252
In accordance with your request, I have appraised the above referenced property. The report of that appraisal isattached.
The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, asimproved, in unencumbered fee simple title of ownership.
This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood andcity, and an economic analysis of the market for properties such as the subject. The appraisal was developed and thereport was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.
The value conclusions reported are as of the effective date stated in the body of the report and contingent upon thecertification and limiting conditions attached.
It has been a pleasure to assist you. Please do not hesitate to contact me if I can be of additional service to you.
Sincerely,
Jack B. VaughanCertified Residential Appraiser
Page #2Main File No. 11373846
Uniform Residential Appraisal Report File #
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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 City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs 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 NoReport data source(s) used, offering price(s), and date(s).
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 notperformed.
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)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 NoIf 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
Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow
One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths
One-Unit HousingPRICE$ (000)
AGE(yrs)
LowHighPred.
Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning 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)ElectricityGas
WaterSanitary Sewer
Off-site Improvements - Type Public PrivateStreetAlley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit
Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)
Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
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 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
Jack Vaughan Appraisals (901) 486-6090
3690110005711373846
6496 Frosty Leaf Dr Memphis TN 38141Brian Sullivan Alex Craig Shelby
Lot 25 Five Thousand Oaks Sec B093510 X00025 2012 1,399Southeast Memphis 093510 0217.47
0 0
PrimeLending, A Plains Capital Company 18111 Preston Rd, Ste 900, Dallas, TX 75252
DOM 0;There is currently a contract on the subject for $69,388 dated 10/22/2012. It was notlisted with MLS.
Arms length sale;Contract appears to reflect normal terms and conditions
69,388 10/22/2012 Maardata,Courthouse
$1,388;;Seller agrees to pay up to 2% towards the buyers' closing costs and prepays.
2517565
57520
90
55The subject is bound to the north by Bill Morris Pkwy, south by the State line,
east by Hacks Cross Rd and west by Mendenhall Rd S.The subject property is located in the northeast area of Memphis. This area is made up of average and good quality homes
with a homogenous mixture of styles and sizes. This area is convenient to schools, shopping, restaurants, and employment centers. A goodroadway network allows for easy access to other parts of Memphis metropolitan area.
The subject property is located in an area which is usually financed with conventionalfinancing along with some FHA and VA loans. Buyers and sellers typically pay their share of front end and closing expenses which has no effect onthe market. Homes in this area are usually on the market for 90 to 180 days. Supply and demand appear to be in balance.
75/76.61 x 120/109.69 8712 sf Rectangular N;Res;RS-6 Single Family Residential
AsphaltNone
X 47157C0465F 09/28/2007
Subject site is typical for the area. No adverse easements or encroachments were noted at time of inspection. Landscaping is satisfactory.Drainage appears adequate. No survey rendered or reviewed.
C3;No updates in the prior 15 years;Subject is wellmaintained. No repairs noted at time of viewing. See attached Repair and Update List.
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Jack Vaughan Appraisals (901) 486-6090
3690110005711373846
6496 Frosty Leaf Dr Memphis TN 38141Brian Sullivan Alex Craig Shelby
Lot 25 Five Thousand Oaks Sec B093510 X00025 2012 1,399Southeast Memphis 093510 0217.47
0 0
PrimeLending, A Plains Capital Company 18111 Preston Rd, Ste 900, Dallas, TX 75252
DOM 0;There is currently a contract on the subject for $69,388 dated 10/22/2012. It was notlisted with MLS.
Arms length sale;Contract appears to reflect normal terms and conditions
69,388 10/22/2012 Maardata,Courthouse
$1,388;;Seller agrees to pay up to 2% towards the buyers' closing costs and prepays.
2517565
57520
90
55The subject is bound to the north by Bill Morris Pkwy, south by the State line,
east by Hacks Cross Rd and west by Mendenhall Rd S.The subject property is located in the northeast area of Memphis. This area is made up of average and good quality homes
with a homogenous mixture of styles and sizes. This area is convenient to schools, shopping, restaurants, and employment centers. A goodroadway network allows for easy access to other parts of Memphis metropolitan area.
The subject property is located in an area which is usually financed with conventionalfinancing along with some FHA and VA loans. Buyers and sellers typically pay their share of front end and closing expenses which has no effect onthe market. Homes in this area are usually on the market for 90 to 180 days. Supply and demand appear to be in balance.
75/76.61 x 120/109.69 8712 sf Rectangular N;Res;RS-6 Single Family Residential
AsphaltNone
X 47157C0465F 09/28/2007
Subject site is typical for the area. No adverse easements or encroachments were noted at time of inspection. Landscaping is satisfactory.Drainage appears adequate. No survey rendered or reviewed.
C3;No updates in the prior 15 years;Subject is wellmaintained. No repairs noted at time of viewing. See attached Repair and Update List.
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Uniform Residential Appraisal Report File #
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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 City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs 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 NoReport data source(s) used, offering price(s), and date(s).
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 notperformed.
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)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 NoIf 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
Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow
One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths
One-Unit HousingPRICE$ (000)
AGE(yrs)
LowHighPred.
Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning 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)ElectricityGas
WaterSanitary Sewer
Off-site Improvements - Type Public PrivateStreetAlley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit
Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)
Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
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 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
Page #3Main File No. 11373846
Uniform Residential Appraisal Report File #
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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
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)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)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 #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Summary of Sales Comparison Approach
Indicated Value by Sales Comparison Approach $Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, 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 thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
All appear to have been sold under traditional methods and terms, withno undue influences and concessions as noted in the grid. The appraiser has researched to sufficient depth as was practical. All lots have asimilar value. Also, all dates for comps are closed dates. No adjustments were deemed necessary for the concession amounts as these are withinthe 3% to 6% normal rates for that sellers agree to pay toward the buyers closing costs in this area.
The four sold comparable properties and two listings are located in the same market area as the subjectproperty, and are similar in size, quality, appeal, etc... Therefore, they are felt to be good indicators of the subject property's market value afterappropriate adjustments are made. The subject property fits this market area well and is compatible with surrounding properties. Sold comp #3 isover six months old. However, all these comps are, in my opinion, the best available. Also, since the Market Conitions Addendum shows that thetrend of sales and listings has been relatively stable over the past twelve months, there was no reason, in my opinion, not to use #3, as no timeadjustment is needed. Also, all sold and listing comps are located within a mile of the subject. After a diligent search and due to the sluggishmarket, these, again, are the best available.
60,00060,000 63,937
See attached addenda.
See attached addendum.
60,000 11/14/2012
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
All appear to have been sold under traditional methods and terms, withno undue influences and concessions as noted in the grid. The appraiser has researched to sufficient depth as was practical. All lots have asimilar value. Also, all dates for comps are closed dates. No adjustments were deemed necessary for the concession amounts as these are withinthe 3% to 6% normal rates for that sellers agree to pay toward the buyers closing costs in this area.
The four sold comparable properties and two listings are located in the same market area as the subjectproperty, and are similar in size, quality, appeal, etc... Therefore, they are felt to be good indicators of the subject property's market value afterappropriate adjustments are made. The subject property fits this market area well and is compatible with surrounding properties. Sold comp #3 isover six months old. However, all these comps are, in my opinion, the best available. Also, since the Market Conitions Addendum shows that thetrend of sales and listings has been relatively stable over the past twelve months, there was no reason, in my opinion, not to use #3, as no timeadjustment is needed. Also, all sold and listing comps are located within a mile of the subject. After a diligent search and due to the sluggishmarket, these, again, are the best available.
60,00060,000 63,937
See attached addenda.
See attached addendum.
60,000 11/14/2012
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Uniform Residential Appraisal Report File #
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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
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)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)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 #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Summary of Sales Comparison Approach
Indicated Value by Sales Comparison Approach $Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, 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 thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
Page #4Main File No. 11373846
Uniform Residential Appraisal Report File #
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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)
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)
OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$
Sq.Ft. @ $ =$=$
Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) YearsINCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary 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 AttachedProvide 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 ProjectTotal number of phases Total number of units Total number of units soldTotal 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 SourceAre 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 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
3690110005711373846
I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three yearsperiod immediately preceding acceptance of this assignment.The utilities were on at the time of the inspection. The appraiser tested a random sampling of electrical outlets/appliances, tested the plumbing byopening the faucets and flushing the toilets and tested the heating and/or cooling systems as required by HUD. Unless stated elsewhere in thisreport, these systems appear to be operable for their designed function with no readily observable deficiencies being noted or reported by theproperty contact.The property is free from damage and the recent disasters have had no adverse effect on the value or marketability of the subject property orneighborhood.
Local sales of others sites with similarcharacteristics were used to estimate the valueof the subject property.
Marshall & Swift and local buildersAvg 06/2012
15,0001,119 71.00 79,449
0FP,KitBI's 4,000
83,449
38,512 38,51244,9374,000
63,937
Marshall & Swift Residential Cost Handbook, with consideration given tolocal building trends was used to estimate the subject's replacementcosts. The modified age life method was used to determine depreciation. MLS and Maardata were used to find comparable lot sales. Remainingeconomic life: 35 yrs.
35
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3690110005711373846
I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three yearsperiod immediately preceding acceptance of this assignment.The utilities were on at the time of the inspection. The appraiser tested a random sampling of electrical outlets/appliances, tested the plumbing byopening the faucets and flushing the toilets and tested the heating and/or cooling systems as required by HUD. Unless stated elsewhere in thisreport, these systems appear to be operable for their designed function with no readily observable deficiencies being noted or reported by theproperty contact.The property is free from damage and the recent disasters have had no adverse effect on the value or marketability of the subject property orneighborhood.
Local sales of others sites with similarcharacteristics were used to estimate the valueof the subject property.
Marshall & Swift and local buildersAvg 06/2012
15,0001,119 71.00 79,449
0FP,KitBI's 4,000
83,449
38,512 38,51244,9374,000
63,937
Marshall & Swift Residential Cost Handbook, with consideration given tolocal building trends was used to estimate the subject's replacementcosts. The modified age life method was used to determine depreciation. MLS and Maardata were used to find comparable lot sales. Remainingeconomic life: 35 yrs.
35
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Uniform Residential Appraisal Report File #
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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)
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)
OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$
Sq.Ft. @ $ =$=$
Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) YearsINCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary 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 AttachedProvide 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 ProjectTotal number of phases Total number of units Total number of units soldTotal 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 SourceAre 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 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
Page #5Main File No. 11373846
Uniform Residential Appraisal Report File #
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser'scontinuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market'sreaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report issubject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determinationof its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
3690110005711373846
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3690110005711373846
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Uniform Residential Appraisal Report File #
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser'scontinuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market'sreaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report issubject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determinationof its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
Page #6Main File No. 11373846
Uniform Residential Appraisal Report File #
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home thathas been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
3690110005711373846
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3690110005711373846
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Uniform Residential Appraisal Report File #
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home thathas been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
Page #7Main File No. 11373846
Uniform Residential Appraisal Report File #
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary 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 toobtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, 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 certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat 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, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid 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/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser'sanalysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
SignatureNameCompany NameCompany Address
Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
SignatureNameCompany NameCompany Address
Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Uniform Residential Appraisal Report File #
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary 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 toobtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, 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 certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat 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, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid 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/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser'sanalysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
SignatureNameCompany NameCompany Address
Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
SignatureNameCompany NameCompany Address
Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005
Page #8Main File No. 11373846
Uniform Residential Appraisal Report File #
SALE
S C
OM
PAR
ISO
N A
PPR
OA
CH
SALE
HIS
TOR
YA
NA
LYSI
S / C
OM
MEN
TS
FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
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 # COMPARABLE SALE # COMPARABLE SALE #
Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Analysis/Comments
Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005UAD Version 9/2011
The average of the median sales price to list price ratio was 90% overthe past twelve months. Adjusted amount is in the concessions line in the grid above.
Form 1004UAD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
The average of the median sales price to list price ratio was 90% overthe past twelve months. Adjusted amount is in the concessions line in the grid above.
Form 1004UAD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Uniform Residential Appraisal Report File #
SALE
S C
OM
PAR
ISO
N A
PPR
OA
CH
SALE
HIS
TOR
YA
NA
LYSI
S / C
OM
MEN
TS
FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
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 # COMPARABLE SALE # COMPARABLE SALE #
Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Analysis/Comments
Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005UAD Version 9/2011
Page #9Main File No. 11373846
SINGLE FAMILY COMPARABLE RENT SCHEDULEThis form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significantdifference between the comparables and the subject property.
Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsRoom CountGross Living Area Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.Other (e.g., basement,etc.)
Other:
Net Adj. (total) + – $ + – $ + – $Indicated MonthlyMarket Rent $ $ $Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents andvacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.)
Final Reconciliation of Market Rent:
I (WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF TO BE $
Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88)
Form RNT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
6496 Frosty Leaf DrMemphis, TN 38141
Viewing
N;Res;N;Res;Ranch
30C3
6 3 2.01,119
0sf
4385 Ross RdMemphis, TN 381410.46 miles SE
N/A
9250
925MLS#3238295
N/A
N;Res:N;Res;Ranch
34 0C3
5 3 2.01,397
0sf
925
3825 Chablis CvMemphis, TN 381151.05 miles NE
N/A
9000
900MLS#3232658
N/A
N;Res:N;Res;Ranch
13 0C3
6 3 2.01,305
0sf
900
6678 Silhouette AveMemphis, TN 381150.80 miles NE
N/A
9500
950MLS#3259161
N/A
N;Res:N;Res;Ranch
36 0C3
6 3 2.01,450
0sf
950
All rents are located in the generalvicinity of the subject and are the best available. Therefore, they are deemed good indicators of a range of monthly rents that should apply tothe subject.
The market data on the rents showed a rental range of $900 to $950 per month. Due to it's condition, it ismy opinion that $925 per month is a good rent for the subject
11/14/2012 925
Jack B. Vaughan
Jack Vaughan Appraisals (901) 486-6090
20
1 2 3
Form RNT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
6496 Frosty Leaf DrMemphis, TN 38141
Viewing
N;Res;N;Res;Ranch
30C3
6 3 2.01,119
0sf
4385 Ross RdMemphis, TN 381410.46 miles SE
N/A
9250
925MLS#3238295
N/A
N;Res:N;Res;Ranch
34 0C3
5 3 2.01,397
0sf
925
3825 Chablis CvMemphis, TN 381151.05 miles NE
N/A
9000
900MLS#3232658
N/A
N;Res:N;Res;Ranch
13 0C3
6 3 2.01,305
0sf
900
6678 Silhouette AveMemphis, TN 381150.80 miles NE
N/A
9500
950MLS#3259161
N/A
N;Res:N;Res;Ranch
36 0C3
6 3 2.01,450
0sf
950
All rents are located in the generalvicinity of the subject and are the best available. Therefore, they are deemed good indicators of a range of monthly rents that should apply tothe subject.
The market data on the rents showed a rental range of $900 to $950 per month. Due to it's condition, it ismy opinion that $925 per month is a good rent for the subject
11/14/2012 925
Jack B. Vaughan
Jack Vaughan Appraisals (901) 486-6090
20
1 2 3
SINGLE FAMILY COMPARABLE RENT SCHEDULEThis form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significantdifference between the comparables and the subject property.
Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsRoom CountGross Living Area Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.Other (e.g., basement,etc.)
Other:
Net Adj. (total) + – $ + – $ + – $Indicated MonthlyMarket Rent $ $ $Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents andvacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.)
Final Reconciliation of Market Rent:
I (WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF TO BE $
Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88)
Page #10Main File No. 11373846
Operating Income StatementOne- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property
Property Address
Street City State Zip Code
General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant mustcomplete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility forutility expenses. Rental figures must be based on the rent for an "unfurnished" unit.
The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements forthe past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and anyprevious operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to theapplicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender mustprovide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinatefinancing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate theprojections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning thoseprojections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items thatappear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as anannual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents becausethe property is proposed, new, or currently vacant, market rents should be used.
Annual Income and Expense Projection for Next 12 months
Income (Do not include income for owner-occupied units) By Applicant/AppraiserAdjustments by
Lender's UnderwriterGross Annual Rental (from unit(s) to be rented) $ $Other Income (include sources) + +Total $ $Less Vacancy/Rent Loss – ( %) – ( %)Effective Gross Income $ $
Expenses (Do not include expenses for owner-occupied units)ElectricityGasFuel OilFuel (Type - )Water/SewerTrash RemovalPest ControlOther Taxes or LicensesCasual Labor
This includes the costs for public area cleaning, snow removal, etc., eventhough the applicant may not elect to contract for such services.
Interior Paint/DecoratingThis includes the costs of contract labor and materials that are required tomaintain the interiors of the living unit.
General Repairs/MaintenanceThis includes the costs of contract labor and materials that are required tomaintain the public corridors, stairways, roofs, mechanical systems,grounds, etc.
Management ExpensesThese are the customer expenses that a professional managementcompany would charge to manage the property.
SuppliesThis includes the costs of items like light bulbs, janitorial supplies, etc.
Total Replacement Reserves - See Schedule on Pg. 2Miscellaneous
Total Operating Expenses $ $
Freddie MacForm 998 Aug 88
This Form Must Be Reproduced By SellerPage 1 of 2
Fannie MaeForm 216 Aug 88
Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEJack Vaughan Appraisals (901) 486-6090
11373846
6496 Frosty Leaf Dr Memphis TN 38141
925
925
(Market) 11,100
11,100
11,100
150
200
0
0
536
886
Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEJack Vaughan Appraisals (901) 486-6090
11373846
6496 Frosty Leaf Dr Memphis TN 38141
925
925
(Market) 11,100
11,100
11,100
150
200
0
0
536
886
Operating Income StatementOne- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property
Property Address
Street City State Zip Code
General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant mustcomplete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility forutility expenses. Rental figures must be based on the rent for an "unfurnished" unit.
The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements forthe past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and anyprevious operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to theapplicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender mustprovide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinatefinancing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate theprojections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning thoseprojections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items thatappear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as anannual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents becausethe property is proposed, new, or currently vacant, market rents should be used.
Annual Income and Expense Projection for Next 12 months
Income (Do not include income for owner-occupied units) By Applicant/AppraiserAdjustments by
Lender's UnderwriterGross Annual Rental (from unit(s) to be rented) $ $Other Income (include sources) + +Total $ $Less Vacancy/Rent Loss – ( %) – ( %)Effective Gross Income $ $
Expenses (Do not include expenses for owner-occupied units)ElectricityGasFuel OilFuel (Type - )Water/SewerTrash RemovalPest ControlOther Taxes or LicensesCasual Labor
This includes the costs for public area cleaning, snow removal, etc., eventhough the applicant may not elect to contract for such services.
Interior Paint/DecoratingThis includes the costs of contract labor and materials that are required tomaintain the interiors of the living unit.
General Repairs/MaintenanceThis includes the costs of contract labor and materials that are required tomaintain the public corridors, stairways, roofs, mechanical systems,grounds, etc.
Management ExpensesThese are the customer expenses that a professional managementcompany would charge to manage the property.
SuppliesThis includes the costs of items like light bulbs, janitorial supplies, etc.
Total Replacement Reserves - See Schedule on Pg. 2Miscellaneous
Total Operating Expenses $ $
Freddie MacForm 998 Aug 88
This Form Must Be Reproduced By SellerPage 1 of 2
Fannie MaeForm 216 Aug 88
Page #11Main File No. 11373846
Replacement Reserve ScheduleAdequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statementsor are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that havea remaining life of more than one year - such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,etc. - should be expensed on a replacement cost basis.
Equipment ReplacementCost
RemainingLife
By Applicant/Appraiser
LenderAdjustments
Stoves/Ranges @ $ ea. ÷ Yrs. x Units = $ $Refrigerators @ $ ea. ÷ Yrs. x Units = $ $Dishwashers @ $ ea. ÷ Yrs. x Units = $ $A/C Units @ $ ea. ÷ Yrs. x Units = $ $C. Washer/Dryers @ $ ea. ÷ Yrs. x Units = $ $HW Heaters @ $ ea. ÷ Yrs. x Units = $ $Furnace(s) @ $ ea. ÷ Yrs. x Units = $ $(Other) @ $ ea. ÷ Yrs. x Units = $ $
Roof @ $ ÷ Yrs. x One Bldg. = $ $
Carpeting (Wall to Wall) RemainingLife
(Units) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $
Total Replacement Reserves. (Enter on Pg. 1) $ $
Operating Income Reconciliation
$ – $ = $ ÷ 12 = $
$
Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income
$ – $ = $Monthly Operating Income Monthly Housing Expense Net Cash Flow
(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgageinsurance premiums, HOA dues, leasehold payments, and subordinate financing payments.)
Underwriter's instructions for 2-4 Family Owner-Occupied Properties
If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section ofFreddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income is a negative number, it must be included as aliability for qualification purposes.
The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expensefor the subject property to the borrower's stable monthly income.
Underwriter's instructions for 1-4 Family Investment Properties
If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie MacForm 65/Fannie Mae Form 1003. If Net Cash Flow is a negative number, it must be included as a liability for qualification purposes.
The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expensefor the borrower's primary residence to the borrower's stable monthly income.
Appraiser's Comments (Including sources for data and rationale for the projections)
Appraiser Name Appraiser Signature Date
Underwriter's Comments and Rationale for Adjustments
Underwriter Name Underwriter Signature Date
Freddie MacForm 998 Aug 88 Page 2 of 2
Fannie MaeForm 216 Aug 88
Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
600 8 1 75
250 8 1 311,500 15 1 100
300 10 1 301,500 15 1 100
4,000 20 200
536
11,100 886 10,214 851
851 632 219
Jack B. Vaughan 11/18/2012
Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
600 8 1 75
250 8 1 311,500 15 1 100
300 10 1 301,500 15 1 100
4,000 20 200
536
11,100 886 10,214 851
851 632 219
Jack B. Vaughan 11/18/2012
Replacement Reserve ScheduleAdequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statementsor are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that havea remaining life of more than one year - such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,etc. - should be expensed on a replacement cost basis.
Equipment ReplacementCost
RemainingLife
By Applicant/Appraiser
LenderAdjustments
Stoves/Ranges @ $ ea. ÷ Yrs. x Units = $ $Refrigerators @ $ ea. ÷ Yrs. x Units = $ $Dishwashers @ $ ea. ÷ Yrs. x Units = $ $A/C Units @ $ ea. ÷ Yrs. x Units = $ $C. Washer/Dryers @ $ ea. ÷ Yrs. x Units = $ $HW Heaters @ $ ea. ÷ Yrs. x Units = $ $Furnace(s) @ $ ea. ÷ Yrs. x Units = $ $(Other) @ $ ea. ÷ Yrs. x Units = $ $
Roof @ $ ÷ Yrs. x One Bldg. = $ $
Carpeting (Wall to Wall) RemainingLife
(Units) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. ÷ Yrs. = $ $
Total Replacement Reserves. (Enter on Pg. 1) $ $
Operating Income Reconciliation
$ – $ = $ ÷ 12 = $
$
Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income
$ – $ = $Monthly Operating Income Monthly Housing Expense Net Cash Flow
(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgageinsurance premiums, HOA dues, leasehold payments, and subordinate financing payments.)
Underwriter's instructions for 2-4 Family Owner-Occupied Properties
If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section ofFreddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income is a negative number, it must be included as aliability for qualification purposes.
The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expensefor the subject property to the borrower's stable monthly income.
Underwriter's instructions for 1-4 Family Investment Properties
If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie MacForm 65/Fannie Mae Form 1003. If Net Cash Flow is a negative number, it must be included as a liability for qualification purposes.
The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expensefor the borrower's primary residence to the borrower's stable monthly income.
Appraiser's Comments (Including sources for data and rationale for the projections)
Appraiser Name Appraiser Signature Date
Underwriter's Comments and Rationale for Adjustments
C1The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.*
*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that thedwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufacturedinto like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have anysignificant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequatemaintenance or upkeep).
C2The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated andare similar in condition to new construction.
C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.
C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.
C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.
Quality Ratings and Definitions
Q1Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.
Q2
Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.
Q4
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.
UAD Version 9/2011
3690110005711373846
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3690110005711373846
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
C1The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.*
*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that thedwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufacturedinto like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have anysignificant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequatemaintenance or upkeep).
C2The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building componentsare new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replacedwith components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated andare similar in condition to new construction.
C3The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not everymajor building component, may be updated or recently rehabilitated. The structure has been well maintained.
C4The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has beenadequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major buildingcomponents have been adequately maintained and are functionally adequate.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remainsuseable and functional as a residence.
C6The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including manyor most major components.
Quality Ratings and Definitions
Q1Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Suchresidences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanshipand exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-qualityexterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishesthroughout the dwelling are of exceptionally high quality.
Q2
Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings inthis quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highlymodified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. Theworkmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standardresidential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiorsthat are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have beenupgraded from “stock” standards.
Q4
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plansare utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,finish, and equipment are of stock or builder grade and may feature some upgrades.
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure
Definitions of Not Updated, Updated, and Remodeled
Not UpdatedLittle or no updating or modernization. This description includes, but is not limited to, new homes.Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
UpdatedThe area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.
Example:3.2 indicates three full baths and two half baths.
UAD Version 9/2011
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature aplain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentationand limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materialswith limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellingsare often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built orexpanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanicalsystems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additionsto the original structure
Definitions of Not Updated, Updated, and Remodeled
Not UpdatedLittle or no updating or modernization. This description includes, but is not limited to, new homes.Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no majorcomponents have been replaced or updated. Those over fifteen years of age are also considered not updated if theappliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintainedand fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
UpdatedThe area of the home has been modified to meet current market expectations. These modificationsare limited in terms of both scope and cost.An updated area of the home should have an improved look and feel, or functional utility. Changes that constituteupdates include refurbishment and/or replacing components to meet existing market expectations. Updates do notinclude significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal throughcomplete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may includesome or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocationof plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are notincluded in the bathroom count. The number of full and half baths is reported by separating the two values using aperiod, where the full bath count is represented to the left of the period and the half bath count is represented to theright of the period.
Example:3.2 indicates three full baths and two half baths.
Abbreviation Full Name Fields Where This Abbreviation May Appearac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationA Adverse Location & ViewArmLth Arms Length Sale Sale or Financing Concessionsba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeB Beneficial Location & ViewCash Cash Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View ViewComm Commercial Influence Locationc Contracted Date Date of Sale/TimeConv Conventional Sale or Financing ConcessionsCrtOrd Court Ordered Sale Sale or Financing ConcessionsDOM Days On Market Data Sourcese Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing ConcessionsGlfCse Golf Course LocationGlfvw Golf Course View ViewInd Industrial Location & Viewin Interior Only Stairs Basement & Finished Rooms Below GradeLndfl Landfill LocationLtdSght Limited Sight ViewListing Listing Sale or Financing ConcessionsMtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing ConcessionsBsyRd Busy Road Locationo Other Basement & Finished Rooms Below GradePrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation Locationrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionss Settlement Date Date of Sale/TimeShort Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below Gradewu Walk Up Basement Basement & Finished Rooms Below GradeWtrFr Water Frontage LocationWtr Water View ViewWoods Woods View View
Other Appraiser-Defined Abbreviations
Abbreviation Full Name Fields Where This Abbreviation May Appear
UAD Version 9/2011
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Abbreviation Full Name Fields Where This Abbreviation May Appearac Acres Area, SiteAdjPrk Adjacent to Park LocationAdjPwr Adjacent to Power Lines LocationA Adverse Location & ViewArmLth Arms Length Sale Sale or Financing Concessionsba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeB Beneficial Location & ViewCash Cash Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View ViewComm Commercial Influence Locationc Contracted Date Date of Sale/TimeConv Conventional Sale or Financing ConcessionsCrtOrd Court Ordered Sale Sale or Financing ConcessionsDOM Days On Market Data Sourcese Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing ConcessionsGlfCse Golf Course LocationGlfvw Golf Course View ViewInd Industrial Location & Viewin Interior Only Stairs Basement & Finished Rooms Below GradeLndfl Landfill LocationLtdSght Limited Sight ViewListing Listing Sale or Financing ConcessionsMtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing ConcessionsBsyRd Busy Road Locationo Other Basement & Finished Rooms Below GradePrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation Locationrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA - Rural Housing Sale or Financing Concessionss Settlement Date Date of Sale/TimeShort Short Sale Sale or Financing Concessionssf Square Feet Area, Site, Basementsqm Square Meters Area, SiteUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below Gradewu Walk Up Basement Basement & Finished Rooms Below GradeWtrFr Water Frontage LocationWtr Water View ViewWoods Woods View View
Other Appraiser-Defined Abbreviations
Abbreviation Full Name Fields Where This Abbreviation May Appear
UAD Version 9/2011
Page #15Main File No. 11373846
File No.Market Conditions Addendum to the Appraisal ReportM
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The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months
Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)
Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price
Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).
Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).
Cite data sources for above information.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)
Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings
Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.
SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
3690110005711373846
6496 Frosty Leaf Dr Memphis TN 38141Brian Sullivan
366.0073
12.2
$35,37545
$57,50011988%
196.33518.1
$35,20029
$59,900119.590%
144.67173.6
$40,00835
$58,450107.592%
I have found no seller concession trend in the market. Most transactions vary from having no concessions to some havingbetween 3% to 6%. This seems to be typical for this market.
Approximately 50% of sales having similar square footage during the past 12 months have been foreclosure and bank sales. However, themedian comparable sale price and list price have been relatively stable. A number of homes on the market in this area over the past fewyears have gone through the process of foreclosure, being put back on the market as a bank or short sale and then are normally renovatedand put back on the market for more of an arms-length market driven sale.
MLS, Maardata
Though the area suffered a decline in value due to the economic problems of the USA, the overall trend of the median sales price of propertiesthat are comparable with the subject, between 1020 and 1380 sq. ft. in the MLS Map Area 786, seems to have been relatively stable over thepast 12 months. This is also reflected in the median list price during the same period.
Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3690110005711373846
6496 Frosty Leaf Dr Memphis TN 38141Brian Sullivan
366.0073
12.2
$35,37545
$57,50011988%
196.33518.1
$35,20029
$59,900119.590%
144.67173.6
$40,00835
$58,450107.592%
I have found no seller concession trend in the market. Most transactions vary from having no concessions to some havingbetween 3% to 6%. This seems to be typical for this market.
Approximately 50% of sales having similar square footage during the past 12 months have been foreclosure and bank sales. However, themedian comparable sale price and list price have been relatively stable. A number of homes on the market in this area over the past fewyears have gone through the process of foreclosure, being put back on the market as a bank or short sale and then are normally renovatedand put back on the market for more of an arms-length market driven sale.
MLS, Maardata
Though the area suffered a decline in value due to the economic problems of the USA, the overall trend of the median sales price of propertiesthat are comparable with the subject, between 1020 and 1380 sq. ft. in the MLS Map Area 786, seems to have been relatively stable over thepast 12 months. This is also reflected in the median list price during the same period.
Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.Market Conditions Addendum to the Appraisal ReportM
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The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months
Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)
Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price
Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).
Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).
Cite data sources for above information.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)
Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings
Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.
SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
Page #16Main File No. 11373846
29.3
' 29.3'
3.4'
1'1'
3.4'
4' 4'
8'
8'
Property AddressCity County State Zip Code
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building SketchBrian Sullivan6496 Frosty Leaf DrMemphis Shelby TN 38141PrimeLending, A Plains Capital Company
Borrower/Client
Lender29
.3' 29.3'
3.4'
1'1'
3.4'
4' 4'
8'
8'
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building SketchBrian Sullivan6496 Frosty Leaf DrMemphis Shelby TN 38141PrimeLending, A Plains Capital Company
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #17Main File No. 11373846
Property AddressCity County State Zip Code
File No.Supplemental Addendum
Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
11373846Brian Sullivan6496 Frosty Leaf DrMemphis Shelby TN 38141PrimeLending, A Plains Capital Company
Borrower/Client
Lender
Page #18Main File No. 11373846
• URAR : Additional CommentsPRECEDENCE OF COMMENTS AND CONDITIONS:This appraisal report may contain comments, conditions, and/or certifications added by the signing appraiser and/or Jack B.Vaughan Appraisals including, but not limited to, this Supplemental Addendum. These comments, conditions, and/orcertification shall supercede and take precedence over all other language, requirements, or conditions contained in anypreprinted and/or third-party forms or documents included in, or incorporated by reference into, the appraisal report.OWNERSHIP OF INTELLECTUAL PROPERTY AND/OR DATA:Jack B. Vaughan Appraisals, expressly retains all right, title, and interest in all patents, trademarks, trade names, trade secrets,software, data, conclusions, opinions, valuations, or other information included in, arising out of, or in any way related to thisappraisal or the provision of appraisal services to the named client and/or Intended User. The appraisal report and informationsupplied by the staff and/or agents of Jack B. Vaughan Appraisals is a culmination of intellectual education, professionalexperience, personal investigation, and know-how, which shall at all times remain the property of Jack B. Vaughan Appraisals.No person shall be entitled to break down, strip out, mine, or disseminate any component or part of this appraisal report,including, but not limited to, any conclusions, valuations, opinions, or other data compilations herein. Notwithstanding, theIntended User as defined below may use this appraisal report and the contents herein for the limited purpose and use identifiedbelow.SCOPE OF THE APPRAISAL:I have personally observed the interior and exterior only of said subject property. I have observed the exterior of the comparablesales used and the neighborhood in general. I have researched files in our office for any data on other properties in the areaand reviewed historical sales to expand, or update my knowledge of the area, even though this information was not directlyused in the appraisal process. This includes sales in my data bank and appraisals performed by other appraisers and/or myself.Public records have been researched, and secondary sources of sales data (Maardata,MLS) have been used. In addition, abasic replacement cost handbook, Marshall & Swift, has been used along with market trends in the area. Our knowledge of costtrends in the area is developed through appraisals of new, or almost new sold properties, by discussion of building costs withbuilders, and through market extraction of market depreciation. In my opinion, I have researched to sufficient depth thatinformation available from reliable sources and have relied on these sources for their accuracy in contributing to the finalreconciliation of value and value conclusion. This report is done with the extraordinary assumption that all mechanical,plumbing, and electrical systems are in good working order, and that there are no environmental concernsTHE INTENDED USER:The "intended user(s)" is the client and any other party as identified, by name or type, as users of the appraisal report by thesigning appraiser on the basis of communication with the client at the time of the assignment.PrimeLending is the "Intended User" of this appraisal report. This appraisal report is for the sole use and benefit of the IntendedUser for the limited purpose and intended use stated below, and no other person/entity shall be entitled to rely on this appraisalwithout prior written consent from Jack B. Vaughan Appraisals. Further, by accepting and using this appraisal report, theIntended User acknowledges and agrees that he/she/it shall not, except as otherwise required or permitted law, disseminate orotherwise disclose this appraisal report or the contents or components thereof to any person or entity without prior writtenconsent from Jack B. Vaughan Appraisals.A party, such as a property owner, buyer or seller, that receives this appraisal report in order to satisfy discloser requirements orfor information requirements does not become the intended user or client of this appraisal assignment, unless the appraiser andthe appraisal firm identifies such party an intended user or a client as part of the assignment.THE PUPOSE AND INTENDED USE OF THE APPRAISAL REPORT:The purpose of this appraisal report is to determine a market value for the fee simple interest of the subject property as of thedate of this appraisal. The intended use of the appraisal report is for PrimeLending.SITE:Subject site is typical for the area. No adverse easements or encroachments were noted at time of observation. Landscaping issatisfactory. Drainage appears adequate.ADVERSE ENVIRONMENTAL CONDITIONS:No adverse environmental conditions were noted at the time of observation, however a detailed soil, water, etc., sample oranalysis was not made. However, the appraiser is not qualified to detect potentially hazardous waste material that may have aneffect on the subject property and the client may wish to retain such an expert if they desire.CONDITIONS OF APPRAISAL:This appraisal is for the use of PrimeLending only and is for mortgage lending purposes only. Any other use is strictly prohibitedby this appraiser without written consent.The appraiser's expertise is that of valuation based of observable conditions and information provided from professionals. Ifinspections of mechanical, electrical plumbing and structural are desired, a professional home inspector should be employed.There were no infestations noted by appraiser; however the appraiser is not licensed pest control operator. If this type ofinspection is needed, one should be employed.FINAL RECONCILIATION:The Sales Comparison Approach received the most consideration in this appraisla and is generally considered to be the mostreliable indicator of value as it reflects what the market should be willing to pay for the subject property under prevailing marketconditions. The Cost Approach, which tends to set the upper limits of value, serves to support the Sales ComparisonApproach.The Income Approach was not considered applicable to this owner-occupied type property. Numerous recent sales fromthroughout the subject's market area were reviewed, analyzed and adjusted to determine the subject property's market value.The adjusted sales prices of the these comparables tended to cluster around the value indicated in this report. After reviewingall pertinent information, it is the opinion of this appraiser that the subject property should have a marlet value of $85,000 as of10/22/2012. This value is the result of an exposure time of 3 to 6 months on the open market prior to the date of the appraisal.Also, due to stability of the market, the estimated market time is 3 to 6 months from the date of the appraisal. The value islarger than the predominant value for the marketing area. However, it is not over improved and this would not effect it'smarketability, as it is well within the range of value for the area.
Property AddressCity County State Zip Code
Form PIC4x6.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo PageBrian Sullivan6496 Frosty Leaf DrMemphis Shelby TN 38141PrimeLending, A Plains Capital Company
Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEJack Vaughan Appraisals (901) 486-6090
Jack B. Vaughan2797 Fletcher View DrCordova, TN 38016Memphis
901-486-6090
PrimeLending, A Plains Capital Company18111 Preston RdSte 900Dallas, TX 75252
1855
1855
11373846
36901100057
11373846
36901100057
409-76-1745
PrimeLending, A Plains Capital Company PrimeLending, A Plains Capital CompanyBrian Sullivan6496 Frosty Leaf DrMemphisShelby TN 38141Lot 25 Five Thousand Oaks Sec B
Full Appraisal Plus Rents Plus Operating Income Statement 525.00
525.00
525.00
901-266-4375
Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEJack Vaughan Appraisals (901) 486-6090
Jack B. Vaughan2797 Fletcher View DrCordova, TN 38016Memphis
901-486-6090
PrimeLending, A Plains Capital Company18111 Preston RdSte 900Dallas, TX 75252
1855
1855
11373846
36901100057
11373846
36901100057
409-76-1745
PrimeLending, A Plains Capital Company PrimeLending, A Plains Capital CompanyBrian Sullivan6496 Frosty Leaf DrMemphisShelby TN 38141Lot 25 Five Thousand Oaks Sec B
Full Appraisal Plus Rents Plus Operating Income Statement 525.00
