File No. File Number: In accordance with your request, I have appraised the real property at: The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of is: The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. 15560 Meyer 264-1646146 EDWARD J. NADER JR./Certified Appraiser Fifty-Five Thousand Dollars $55,000 February 5, 2014 Allen Park, MI 48101 15560 Meyer Ave. 15560 Meyer Sterling heights, MI 48314 43456 Mound Mtg 1 dba Ann Arbor Mortgage
Transcript
File No.
File Number:
In accordance with your request, I have appraised the real property at:
The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved.The property r ights appraised are the fee simple interest in the site and improvements.
In my opinion, the market value of the property as of i s :
The at tached repor t conta ins the descr ip t ion, analys is and suppor t ive data for the conclus ions,f inal opinion of value, descr ipt ive photographs, l imi t ing condi t ions and appropr iate cert i f icat ions.
15560 Meyer264-1646146
EDWARD J. NADER JR./Certified Appraiser
Fifty-Five Thousand Dollars$55,000
February 5, 2014
Allen Park, MI 4810115560 Meyer Ave.
15560 Meyer
Sterling heights, MI 4831443456 MoundMtg 1 dba Ann Arbor Mortgage
Uniform Residential Appraisal Report File No.
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).
SUB
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T
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed.
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.C
ON
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Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %Note: Race and the racial composition of the neighborhood are not appraisal factors.
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %Neighborhood Boundaries High Commercial %
Pred. Other %Neighborhood Description
Market Conditions (including support for the above conclusions)
NEI
GH
BO
RH
OO
D
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 the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe.
Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public PrivateElectricity Water StreetGas Sanitary Sewer AlleyFEMA 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, describe.Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe.
SITE
GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/conditionUnits One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors# of Stories Full Basement Partial Basement Exterior Walls WallsType Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish
Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath FloorDesign (Style) Outside Entry/Exit Sump Pump Window Type Bath WainscotYear Built Evidence of Infestation Storm Sash/Insulated Car Storage NoneEffective Age (Yrs) Dampness Settlement Screens Driveway # of CarsAttic None Heating FWA HWBB Radiant Amenities WoodStove(s) # Driveway Surface
Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of CarsFloor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of CarsFinished Heated Individual Other Pool Other Att. 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.
IMPR
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Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
1004_05UAD 12172013UAD Version 9/2011
15560 Meyer264-1646146
Summary Report / Fha
DOM 169;Has a pending sale as of 01/23/2014 for $41,000. The reference number is #213079709 as provided by Rlcmp, days on market is 169. According to Rlcmp the subject is currently a pending sale.
X43456 Mound, Sterling heights,MI 48314Mtg 1 dba Ann Arbor Mortgage
Wly 20 Ft of Lot 261 and Ely 20 Ft of Lot 262 Also Sly 1/2 adj vac alley Weber Heights Sub.WayneFannie MaeJack Eugene Lupro II
48101MIAllen Park15560 Meyer Ave.
0;;No financial assistance provided.X
Public RecordsX01/23/201441,000
Arms length sale;The appraiser did review the purchase agreement and found it to be accurate and true.X
The market time in this area is between 45 and 190 days. Sales in the area had been slow due to the slow Michigan economy but are currently improving. There are 2 bank owned homes in the immediate area.The affect on marketability is already reflected on current listings and sales prices. Foreclosure and short sales are not driving this market.
The subject neighborhood consists of a mixture of architectural styles and designs of single family dwellings. The neighborhood is in close proximity to main roads, schools, hospitals, and all normal city services including, police, and fire departments.
0vacant000
100
657525
637835
The subject is located North of Allen Road, South of Outer Drive, East of Southfield Freeway, and West of Dix Road.
XXX
XX
X
No adverse conditions were noted.
XX
05/06/19962602170002CXXNone
XConcreteXX
XX
XX
Single Family ResidentialR1BN;Res;Rectangular4200 sf35 x 120
The dwelling meets HUD's minimum property standards for existing dwelling as outlined in the HUD Handbooks 4150.2 and 4905.1.
X
Theappraiser is not an engineering or an environmental expert. No visual signs of physical or adverse conditions that would affect the livability, soundness or structural integrity of the property were noted based on a cursory inspection of the dwelling.A minimum headand shoulder inspection was made of the attic.No adverse conditions were visible.
X
C4;No updates in the prior 15 years;The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. The Kitchen and bathroom dated, however functional. All utilities were turned on and in working order at the time of inspection. See attached repair list.A final inspection is required.
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
AddressProximity to SubjectSale Price $Sale Price/Gross Liv. Area $ sq. ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTIONSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths
Room CountGross Living Area sq. ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total)Adjusted Sale Priceof Comparables
COMPARABLE SALE NO. 1
$$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $Net Adj. %Gross Adj. % $
COMPARABLE SALE NO. 2
$$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $Net Adj. %Gross Adj. % $
COMPARABLE SALE NO. 3
$$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $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 SUBJECTDate of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)
COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3
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 $
SALE
S C
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PAR
ISO
N A
PPR
OA
CH
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 been completed,subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required
inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
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.
REC
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Page 2 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
1004_05UAD 12172013UAD Version 9/2011
15560 Meyer264-1646146
Summary Report / Fha
67,00053,0001270,00055,0005
Porch/Patio1gd1dwNoneFA/CAAverage
800sf0sfin80910
1.024
C475Q4DT1;RanchN;Res;4200 sfFee SimpleN;Res;
50.6841,000
Allen Park, MI 4810115560 Meyer Ave.
54,09016.8-16.8
10,910X
0Porch/Deck1gd1dwNoneFA/CAAverage
-3,0001rr0br0.0ba0o0900sf700sfin
-9109001.024
-5,000C3076
Q4DT1;RanchN;Res;
04760 sfFee SimpleN;Res;s08/13;c06/13
-2,000FHA;2000ArmLth
Allen Park AssessorRlcmp #213047012;DOM 41
72.2265,000
1.21 miles WAllen Park, MI 4810119213 Philomene Blvd.
58,70018.7-13.7
9,300X
Porch/Patio-3,0002gd2dw
NoneFA/CAAverage
-3,0001rr0br0.1ba0o0739sf600sfin
7007391.024
-5,000C3064
Q4DT1;RanchN;Res;
04400 sfFee SimpleN;Res;s08/13;c07/13Conv;0
1,000REO
Allen Park AssessorRlcmp #213066902;DOM 152
92.0268,000
1.23 miles WAllen Park, MI 4810119257 Pinecrest Drive
60,0101.70.0
10X
500Porch1gd1dwNoneFA/CAAverage
0858sf0sfin-490858
1.024
C4064
Q4DT1;RanchN;Res;
04836 sfFee SimpleN;Res;s07/13;c05/13FHA;0ArmLth
Allen Park AssessorRlcmp #213033143;DOM 41
69.9360,000
0.36 miles NNEAllen Park, MI 4810115562 Oconnor Ave.
MLS/Public RecordsX
MLS/Public RecordsX
X
02/03/2014Allen Park Assessor$101,60005/11/2012
02/03/2014Allen Park Assessor
02/03/2014Allen Park Assessor
02/03/2014Allen Park Assessor
55,000
All comparable sales provide a competitive similarity to the subject. All of these comparable sales would appeal to similar purchasers. Market adjustments were made for all differences. Each line item above that is marked -0- in the adjustment line has such a slight difference that an adjustment could not be made or in the case of age the effective ages are equal to the subject. With regard to lots and room counts, the utilities were considered equal and an adjustment was not required.The value is based on a weighted average of all of the comparable sales which are all reasonably similar to the subject. I do recognize that the sales prices of the comparables do not bracket the subject. At this time I was unable to locate sales of lesser value that would bracket.
As requested in this form Fannie Mae 1004, We have researched the sales history of the comparable sales over the past 12 months as well as the subject over the past 36 months. There also was a sheriff sale for the subject 04/12/2012 for $129,457.
02/05/201455,000
See attached repair list. A final inspection is required.all utilities wetre turned on at the time of the inspection.
X
All weight was given to the market approach. The cost approach and the income approach are not applicable to this report. It is my opinion that the subject dwelling was listed and sold far below its actual value. I interviewed parties to the sale, they gave no reason.
56,60055,000
Uniform Standard Appraisal
Uniform Residential Appraisal Report File No.
AD
DIT
ION
AL
CO
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ENTS
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.)
Estimated Remaining Economic Life (HUD and VA only) Years
INCOME 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)
INC
OM
E
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 an existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data source(s)Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
PUD
INFO
RM
ATI
ON
Page 3 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
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Summary Report / Fha
Clarification of Intended Use and Intended User:
The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.
The appraisers office is within reasonable proximity to the subject property. The appraiser has the skill and the knowledge concerning this market area to complete this assignment.
Distance and Age of Comparables:
Comparable sale #3 sold beyond six months ago and was sold in similar market conditions. Comparable sales #1 and #2 are located over one mile from the subject. All comparables selected were the best available data and adequately support the estimated market value of the subject.
Firrea Addendum:
The purpose of this appraisal report is to estimate the market value of the subject for federally related mortgage purposes. The effective date of the appraisal report and date of the appraisal are the same. This creates no adverse conditions. Appraisers must be licensed and regulated by the State of Michigan Corporations, Securities & Commercial Licensing Department of Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, Michigan 48909.
"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 past three-year period immediately preceding acceptance of this assignment."
Based on my reported value, reasonable exposure time prior to the sale for the subject would be 45 to 120 days when marketed.
56,600
5,00045,60545,605$45,605
8091,2106,40020320
12,00015Bsmt: 80072,810908096,000
40
The cost approach was developed using the Marshall Swift Cost Guide and data from local developers.
12/08/2011AverageMarshall and Swift
X
The land value was estimated by using the market data approach. A mixture of comparable sales which were vacant building sites were utilized.
Not applicable to this report.
Uniform Residential Appraisal Report File No.
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including aunit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unitin 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 ofassumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of workto include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications ordeletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterationsto this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in anappraisal 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 of assumptionsand limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of theinterior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from atleast 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 the subject ofthis 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 open marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price isnot affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing oftitle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informedor well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed forexposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangementscomparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creativefinancing 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 are readilyidentifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can bemade to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not alreadyinvolved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of thefinancing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing orconcessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to thefollowing 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. Thesketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (orother data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified SpecialFlood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding thisdetermination.
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, the presence ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has noknowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) thatwould make the property less valuable, and has assumed that there are no such conditions and makes no guarantees orwarranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field ofenvironmental hazards, this appraisal report must not be considered as an 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 will beperformed in a professional manner.
Page 4 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
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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 in thisappraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition ofthe improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability,soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practicethat were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at thetime 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 sales comparisonapproach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisalassignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwiseindicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for saleof the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject propertyfor 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 prior to thedate 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 homethat has 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. I havenoted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject propertyor that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions inmy analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subjectproperty.
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, which aresubject 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 or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners oroccupants 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 not conditionedon any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predeterminedspecific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or theattainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loanapplication).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied onsignificant real property appraisal assistance from any individual or individuals in the performance of this appraisal or thepreparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisalreport. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change toany item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that orderedand will receive this appraisal report.
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower;the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary marketparticipants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentalityof the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s orsupervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed ordistributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or othermedia).
Page 5 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
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22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain lawsand regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice thatpertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers,government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of anymortgage 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 this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminalpenalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section1001, 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 this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper 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 PROPERTYDid not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection
COMPARABLE SALESDid not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection
Page 6 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
AddressProximity to SubjectSale Price $Sale Price/Gross Liv. Area $ sq. ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTIONSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths
Room CountGross Living Area sq. ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total)Adjusted Sale Priceof Comparables
COMPARABLE SALE NO. 4
$$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $Net Adj. %Gross Adj. % $
COMPARABLE SALE NO. 5
$$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $Net Adj. %Gross Adj. % $
COMPARABLE SALE NO. 6
$$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $Net Adj. %Gross Adj. % $
ITEM SUBJECTDate of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)
COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6
Summary of Sales Comparison Approach
SALE
S C
OM
PAR
ISO
N A
PPR
OA
CH
Fannie Mae Form 1004 March 2005Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com1004_05UAD 12172013
UAD Version 9/2011
15560 Meyer264-1646146
Summary Report / Fha
Porch/Patio1gd1dwNoneFA/CAAverage
800sf0sfin80910
1.024
C475Q4DT1;RanchN;Res;4200 sfFee SimpleN;Res;
50.6841,000
Allen Park, MI 4810115560 Meyer Ave.
52,17014.09.8
4,670X
Porch/Patio1gd1dwNoneFA/CAAverage
5,0000sf670742
1.024
C4061
Q4DT1;RanchN;Res;
04800 sfFee SimpleN;Res;Active;0
-1,000Listing
Allen Park AssessorRlcmp #213086090;DOM 47
64.0247,500
0.97 miles NWAllen Park, MI 4810117269 Hanover Ave.
02/03/2014Allen Park Assessor$101,60005/11/2012
02/03/2014Allen Park Assessor
Comparable listing #4 was utilized as additional support to the estimated market value of the subject.In addition they give light to the current asking prices of dwellings in the neighborhood.
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
TXT4 Produced using ACI software, 800.234.8727 www.aciweb.com
FHA repair list
Replace tile or put fiberglass around tub and caulk in bathroom.
Scrape and paint basement walls were necessary(peeling paint)
Install GFI plugs in bathroom kitchen and laundry area.
The roof was snow clad at the time of the inspection. Have inspected when snow clears.
Mtg 1 dba Ann Arbor Mortgage48101MIAllen Park
264-164614615560 Meyer Ave.15560 MeyerJack Eugene Lupro II
Market Conditions Addendum to the Appraisal Report File No.
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 subject neighborhood. This is a requiredaddendum 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, regarding housing trends andoverall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provideanalysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able toprovide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of themedian, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteriathat would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory AnalysisTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)Median Sale & List Price, DOM, Sale/List %Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List PriceSeller-(developer, builder, etc.)paid financial assistance prevalent?
DecliningIncreasingDecliningIncreasingDecliningIncreasingYes No
Prior 7–12 Months
Prior 7–12 Months
Prior 4–6 Months
Prior 4–6 Months
Current – 3 Months
Current – 3 Months
Overall Trend
Overall Trend
Explain 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, condo fees, 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 as an analysis ofpending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
MA
RK
ET R
ESEA
RC
H &
AN
ALY
SIS
If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project DataTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Active Comparable ListingsMonths of Unit Supply (Total Listings/Ab. Rate)
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 of foreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.CO
ND
O / C
O-O
P PR
OJE
CTS
APPRAISER
SignatureNameCompany NameCompany Address
State License/Certification # StateEmail Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
SignatureNameCompany NameCompany Address
State License/Certification # StateEmail Address
APP
RA
ISER
Page 1 of 1Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009Produced using ACI software, 800.234.8727 www.aciweb.com
1004MC_2009 090909
15560 Meyer264-1646146
Summary Report / Fha
Jack Eugene Lupro II48101MIAllen Park15560 Meyer Ave.
XXXXXXX
XX
XX
96.60%60
59,00050
57,000
3.765
1.334
94.90%55
59,00045
56,000
4.004
1.003
91.60%90
60,00080
55,000
7.236
0.835
The above data is based on homes that are competitive to the subject dwelling in market appeal, location, and utility. The data was taken from the MLS and verified with the public record or parties to the sale.
The data indicated in this report is a mixture of the local MLS and the public record.
The foreclosures, REO sales and short sales in this market do have a negative impact on sales and listings prices. However, these sales are not driving the market. Some, but not all are competition to the subject. The exact measurement of the impact is not possible. However, there may be a 5 to 15% difference between bank owned sales and owner to owner sales.
X
In the past 12 months, sellers concessions occur in approximately 3 to 5% of the sales indicated in this market. The typical concession is between 3 to 5%. The concessions are being adjusted for in the market grid of this report.
Fidelity AppraisalEDWARD J. NADER JR./Certified Appraiser
DIMENSION LIST ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
GROSS BUILDING AREA (GBA)GROSS LIVING AREA (GLA)Area(s) Area % of GLA % of GBA
LivingLevel 1Level 2Level 3Other
GBABasementGarage
Area Measurements Area TypeMeasurements Factor Total Level 1 Level 2 Level 3 Other Bsmt. Garage
x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =x x =
Produced using ACI software, 800.234.8727 www.aciweb.com DIM 02092007
Mtg 1 dba Ann Arbor Mortgage48101MIAllen Park
264-164614615560 Meyer Ave.15560 MeyerJack Eugene Lupro II
