File No. -------------- -------------- ********* INVOICE ********* File Number: Borrower : Invoice # : Order Date : Reference/Case # : PO Number : $ $ Invoice Total $ State Sales Tax @ $ Deposit ($ ) Deposit ($ ) Amount Due $ Terms: Please Make Check Payable To: Fed. I.D. #: 170188 023-7131805 REAL ESTATE APPRAISAL AND CONSULTING BRAVADO APPRAISAL GROUP, LLC BRAVADO APPRAISAL GROUP - 2941 N. POWER ROAD SUITE 101, MESA, AZ 85215 480-656-4308 ****WE APPRECIATE YOUR BUSINESS**** 20-1557408 EMAIL: [email protected]2941 N. POWER ROAD STE. 101, MESA, AZ 85215 BRAVADO APPRAISAL GROUP, LLC ALL BILLINGS ARE DUE UPON RECEIPT - THANK YOU 475.00 0.00 475.00 475.00 APPRAISAL SERVICES MESA, AZ 85209 7315 E INVERNESS AVE B962142 023-7131805 04/03/2017 170188 Judy L Reed SCOTTSDALE, AZ 85251 4800 NORTH SCOTTSDALE RD, STE 3800 I MORTGAGE NO AMC 04/07/2017 170188
Transcript
File No.
- - - - - - - - - - - - - -
- - - - - - - - - - - - - -
********* INVOICE *********
File Number:
Borrower :
Invoice # :Order Date :Reference/Case # :PO Number :
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 Code
Borrower Owner of Public Record County
Legal Description
Assessor's Parcel # Tax Year R.E. Taxes $
Neighborhood Name Map Reference Census Tract
Occupant Owner Tenant Vacant Project Type (if applicable) PUD Condominium Cooperative Other (describe)
Special Assessments $ HOA $ per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe)
Lender/Client Address
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No
Report data source(s) used, offering price(s), and date(s).
Manufactured homes located in either a condominium or cooperative project require the appraiser to inspect the project and complete the Project Information section of the Individual
Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.
SU
BJ
EC
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 No
If Yes, report the total dollar amount and describe the items to be paid.
I did did not analyze the manufacturer’s invoice. Explain the results of the analysis of the manufacturer’s invoice or why the analysis was not performed.
Retailer’s Name (New Construction)
CO
NT
RA
CT
Neighborhood Characteristics Manufactured Housing Trends Manufactured Housing Present Land Use %
Note: Race and the racial composition of the neighborhood are not appraisal factors.
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 Private
Electricity Water Street
Gas Sanitary Sewer Alley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date
Are the utilities and off-site improvements typical for the market area? Yes No If No, describe
Is the site size, shape and topography generally conforming to and acceptable in the market area? Yes No If No, explain
Is there adequate vehicular access to the subject property? Yes No If No, describe
Is the street properly maintained? 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
SIT
E
The HUD Data Plate/Compliance Certificate is located on the interior of the subject and contains, among other things, the manufacturer’s name, trade/model name, year manufactured and
serial number. The HUD Certification Label is located on the exterior of each section of the home.
Is the HUD Data Plate/Compliance Certificate attached to the dwelling? Yes No If Yes, identify the location. If No, provide the data source(s) for the HUD Data Plate/Compliance
Certificate information.
Is a HUD Certification Label attached to the exterior of each section of the dwelling? Yes No If No, provide the data source(s) for the HUD Certification Label #’s
Manufacturer’s Serial #(s)/VIN #(s)
HUD Certification Label #(s)
Manufacturer’s Name Trade/Model Date of Manufacture
Do the Wind, Roof Load, and Thermal Zones meet the minimum HUD requirements for the location of the subject property? Yes No If No, explain
HU
D D
AT
A P
LA
TE
Page 1 of 7Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
1004C_05 090909
170188
023-7131805
SUMMARY APPRAISAL REPORT
DOM 10; ARMLS# 5572038 list price $109,900. Listed on 03/06/2017.
X
4800 NORTH SCOTTSDALE RD, STE 3800, SCOTTSDALE, AZ 85251I MORTGAGE
X
X
0.000.00
X
4226.33R42DESERT SANDS GOLF & COUNTRY CLUB UNIT 2
2742016218-56-258
Lot 249 Desert Sands Golf & Country Club Unit 2 Mcr 012232
MaricopaRollin H Rice Living Trust Dated Nov 15 2013Judy L Reed
85209AZMesa7315 E Inverness Ave
UNKNOWN
NOT PROVIDEDX
X
MONSOONX03/13/2017105,000
ARMS LENGTH TRANSACTION. NO UNUSUAL CONDITIONS NOTED DURING THE ANALYSIS OF THE PURCHASE AGREEMENT. CONTRACT
VIEWED 04/16/2017.
X
See Attached Addendum
See Attached Addendum
5%VCNT
10%
15%
1%
69%
15
40
0
86
200
25
NORTH: UNIVERSITY DRIVE; SOUTH: GUADALUPE ROAD; EAST:
ELLSWORTH ROAD AND WEST: POWER ROAD.
X
X
X
X
X
X
X
X
X
X
X
10/16/201304013C2295LXX
NONE
XASPHALT
SEPTIC TANK*X
X
NONE
X
See Attached
Addendum
X
X
Residential Single Dwelling Districts 6RS-6
CORNER LOTMOSTLY RECTANGULAR7161 sf± 35 X 15 X 10 X 105 X 60 X 120
X
1981UNKNOWNCAVCO
ARZ 085440. THE OTHER IS NOT LEGIBLE DUE TO BEING PAINTED.
UNKNOWN
HOWEVER, BOTH ARE PAINTED OVER. ONLY ONE UNIT HAS A LEGIBLE HUD CERTIFICATION LABEL. ARZ 085440. THE OTHER WAS NOT
LEGIBLE.
X
DATA SOURCE FOR HUD DATA PLATE IS NOT AVAILABLE
X
Manufactured Home Appraisal Report File No.
General Description Foundation Exterior Description materials/condition Interior materials/condition
# of Units One Additions Poured Concrete Concrete Runners Skirting Floors
# of Stories 1 2 Other Block & Pier Other-att. description Exterior Walls Walls
Design (Style) Full Basement Partial Basement Roof Surface Trim/Finish
# of Sections 1 2 3 Basement Area sq. ft. Gutters & Downspouts Bath Floor
Other Basement Finish % Window Type Bath Wainscot
Type Det. Att. S-Det./End Unit Outside Entry/Exit Sump Pump Storm Sash/Insulated
Existing Proposed Under Const. Evidence of Infestation Screens
Year Built Effective Age (Yrs) Dampness Settlement Doors
Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch
Finished Heated Individual Other Pool Other
Car Storage None
Driveway # of Cars
Driveway Surface
Garage # of Cars
Carport # of Cars
Attached Detached
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 Grade
Describe any additions or modifications (decks, rooms, remodeling, etc.)
Installer’s Name Date Installed Model Year
Is the manufactured home attached to a permanent foundation system? Yes No If No, describe the foundation sytem and the manner of attachment.
Have the towing hitch, wheels, and axles been removed? Yes No If No, explain
Is the manufactured home permanently connected to a septic tank or sewage system and other utilities? Yes No If No, explain
Does the dwelling have sufficient gross living area and room dimensions to be acceptable to the market? Yes No If No, explain
Additional features (special energy efficient items, non-realty items, etc.)
The appraiser must rate the quality of construction for the subject unit based on objective criteria (such as N.A.D.A. Manufactured Housing Appraisal Guide® , Marshall & Swift Residential Cost
Handbook® , or other published cost service). The appraiser must also report the source used for this quality of construction rating determination.
Quality Poor Fair Average Good Excellent Identify source of quality rating
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
IMP
RO
VE
ME
NT
S
Sub-total:
Cost Multiplier (if applicable):
Modified Sub-total:
Physical Depreciation or Condition Modifier:
Functional Obsolescence (not used for N.A.D.A.):
External Depreciation or State Location Modifier:
Delivery, Installation, and Setup (not used for N.A.D.A.):
Other Depreciated Site Improvements:
Market Value of Subject Site (as supported above):
Indicated Value by Cost Approach:
Exterior Dimensions of the Subject Unit
Other Data Identification
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 NEW
Source of cost data Effective date of cost data Quality rating from cost service
OPINION OF SITE VALUE $
Section One Sq. ft. @ $ $
Section Two Sq. ft. @ $ $
Section Three Sq. ft. @ $ $
Section Four Sq. ft. @ $ $
$
$
$
$
x
$
$
$
$
Summary of Cost Approach
x = Sq. ft.
x = Sq. ft.
x = Sq. ft.
x = Sq. ft.
Total Gross Living Area: Sq. ft.
N.A.D.A. Data Identification Info: Edition Mo: Yr:
MH State: Region: Size: ft. x ft.
Gray pg. White pg. Black SVS pg.
15 years and older Conversion Chart pg. Yellow pg.
Comments
Estimated Remaining Economic Life (HUD and VA only) Years
CO
ST
AP
PR
OA
CH
Page 2 of 7Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
1004C_05 090909
170188
023-7131805
SUMMARY APPRAISAL REPORT
X
X
THE WATER, GAS AND POWER WERE ON AND
FUNCTIONAL AT THE TIME OF INSPECTION. THE WATER HEATER IS NOT DOUBLE STRAPPED. HOWEVER, THIS IS NOT A REQUIREMENT OF
LOCAL CODE. NO ATTIC SPACE. THE SUBJECT IS ON SEPTIC TANK. PER CITY OF MESA, THE CITY SEWER LINE IS NOT AVAILABLE AT THE
SUBJECT SITE.
MARSHALL & SWIFTX
N/A
X
X
X
X
000000/00/0000UNKNOWN
STORAGE/SHOP AT COVERED PATIO
1,4882.026
XXX
X
2X
0
CONCRETE
1X
FBGLS/AVG
VINYL/AVG
PAINT GRD/AVG
VINYL/AVERAGE
VINYL-CPT/AVG
NONENONE
C. ENTXCVEX
P.C.LINK0
0
N/A
YES/AVG
NO
SLIDER/AVG
NONE
CMP.SHGL/AVG
FRAME/SIDING/AVG
GROUND SET/AVG
N/A
X
ELECTRIC
X
0
0
X
X
251981
X
X
X
MANUFACTURE
X
X
THE REPRODUCTION COST IS BASED ON INFORMATION FOUND IN THE MARSHALL AND SWIFT COST HANDBOOK AND
IS SUPPLEMENTED BY THE APPRAISER'S KNOWLEDGE OF THE LOCAL MARKET. PHYSICAL DEPRECIATION IS NOT APPLICABLE AS THIS IS
PROPOSED CONSTRUCTION.
30
N/A
6224MOAZ
2016NOV-DEC
1,488
0
0
0
1,48862.0024.00
95,100
32,000
30,000
$0
$0
$27,052
60,115
1.01
59,520
INCLUDEDAPPLIANCES, FLOORING, ETC.
59,52040.001,488
32,000
AVG9/16MARSHALL & SWIFT
X
VACANT MANUFACTURED HOME SITES RANGE FROM
$29,000 TO $59,000 FOR .05 ACRE TO .15 ACRE. MOST CONSIDERATION IS GIVEN THE MIDDLE OF THIS RANGE.
Manufactured Home Appraisal Report File No.
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
Address
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq. ft.
Manufactured Home
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Above Grade Total Bdrms. Baths
Room Count
Gross Living Area sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
COMPARABLE SALE NO. 1
$
$ sq. ft.
Yes No
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 2
$
$ sq. ft.
Yes No
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 3
$
$ sq. ft.
Yes No
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 4).
ITEM SUBJECT
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data 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 $
SA
LE
S C
OM
PA
RIS
ON
AP
PR
OA
CH
Indicated Value by: Sales Comparison Approach $ Cost Approach $ 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 limiting
conditions, 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.
RE
CO
NC
ILIA
TIO
N
Page 3 of 7Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
1004C_05 090909
170188
023-7131805
SUMMARY APPRAISAL REPORT
145,00036,36062
156,90071,70010
PARTIAL C.LINKFENCE
AS DESCRIBEDFEATURES
NonePool/Spa
C. ENT/C. PATIO
2 Car Carport
None
FWA/CAC
Average
0sf
1,48825
2.026
AVERAGE
36
FRAME/COMP
MANUFACTURE
CORNER LOT
7161 sf
Fee Simple
MESA
03/13/2017
70.56
105,000
Mesa, AZ 85209
7315 E Inverness Ave
89,0001.1%
-1.1
1,000X
PARTIAL C.LINK
0OFFSETTING
None
0C. ENT/AZ.ROOM
2 Car Carport
None
FWA/CAC
Average
0sf
01,508
02.036
AVERAGE
-1,00031
FRAME/COMP
MANUFACTURE
INTERIOR LOT
06312 sf
Fee Simple
MESA
s02/17;c12/16
Conv;0
ArmLth
Doc#20170117605 02/16/2017
ARMLS#5538954;DOM 6
X
59.68
90,000
0.51 miles SE
Mesa, AZ 85209
7632 E Juanita Ave
83,37514.6%
-1.9%
1,625X
PARTIAL C.LINK
0OFFSETTING
None
0C. ENT/AZ.ROOM
2 Car Carport
None
FWA/CAC
Average
0sf
-2,0001,568
2.026
AVERAGE
37539
FRAME/COMP
MANUFACTURE
-5,000GOLF COURSE
07205 sf
Fee Simple
MESA
5,000s09/16;c08/16
Cash;0
REO
Doc#20160660736 09/12/2016
ARMLS#5477994;DOM 20
X
54.21
85,000
0.02 miles SW
Mesa, AZ 85209
7307 E Inverness Ave
97,00014.7%
-4.9%
5,000X
PARTIAL C.LINK
-7,500UPDATES/SUP.
None
0C. ENT/AZ.ROOM
3,000None
None
FWA/CAC
Average
0sf
1,0001,457
2.026
-2,500GOOD
1,00029
FRAME/COMP
MANUFACTURE
INTERIOR LOT
06299 sf
Fee Simple
MESA
s12/16;c11/16
FHA;0
ArmLth
Doc#20160941281 12/21/2016
ARMLS#5501999;DOM 33
X
70.01
102,000
0.79 miles NE
Mesa, AZ 85208
7644 E Frito Ave
MONSOON/RECORDER
X
MONSOON/RECORDER
X
X
04/16/2017
Monsoon
04/16/2017
Monsoon
04/16/2017
Monsoon
04/16/2017
Monsoon
30000
06/23/2016
90,000
See Attached Addendum
See Attached Addendum
04/05/2017
90,000
THE SUBJECT MEETS HUD MINIMUM PROPERTY
STANDARDS PER HUD HANDBOOK 4000.1.
X
THE SALES COMPARISON, MARKET AND COST APPROACHES TO VALUE ARE CONSIDERED DURING THE APPRAISAL PROCESS. MOST
WEIGHT IS GIVEN THE MARKET AND COST APPROACHES TO VALUE IN THIS REPORT. THE INCOME APPROACH WAS NOT USED BECAUSE
THE SUBJECT IS NOT AN INCOME PRODUCING PROPERTY AND IT IS NOT LOCATED IN AN AREA HAVING ENOUGH INCOME PRODUCING
PROPERTY DATA TO PROVIDE A SUFFICIENT BASIS FOR THE ESTIMATION OF MARKET RENT OR A GROSS RENT MULTIPLIER.
N/A95,10090,000
Bravado Appraisal Group
Manufactured Home Appraisal Report File No.
AD
DIT
ION
AL
CO
MM
EN
TS
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach
Summary 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 Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal name of project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion
Does the project contain any multi-dwelling units? Yes No Data source(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.
PU
D I
NF
OR
MA
TIO
N
Page 4 of 7Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
1004C_05 090909
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023-7131805
SUMMARY APPRAISAL REPORT
THE SUBJECT MEETS HUD MINIMUM PROPERTY STANDARDS PER HUD HANDBOOK 4000.1.
***SCOPE OF WORK***
PURPOSE OF THE APPRAISAL: THIS REPORT IS A SUMMARY REPORT. THE PURPOSE OF THIS APPRAISAL IS TO DEVELOP AN OPINION OF
VALUE OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT. THE INTENDED USER IS THE LENDER/CLIENT DISPLAYED ON
PAGE 1 OF THIS REPORT, AS WELL AS HUD/FHA. WITHOUT WRITTEN PERMISSION OF SAID USER AND THIS APPRAISER, THIS REPORT IS
NOT FOR ANY OTHER PURPOSE. THE INTENDED USE OF THIS APPRAISAL IS FOR A MORTGAGE FINANCE TRANSACTION.
EXPOSURE TIME/MARKETING TIME: THE APPRAISER INQUIRED INTO THE MARKETING AND EXPOSURE PERIODS REQUIRED TO SELL
COMPARABLES IN THE AREA. MARKETING PERIOD REFERS TO THE TIME IT TAKES AN INTEREST IN REAL PROPERTY TO SELL ON THE
MARKET SUBSEQUENT TO THE DATA OF AN APPRAISAL, WHILE EXPOSURE PERIOD REFERS TO THE LENGTH OF TIME THE PROPERTY
BEING APPRAISED WOULD HAVE BEEN OFFERED ON THE MARKET PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE AT MARKET
VALUE ON THE EFFECTIVE DATE OF THE APPRAISAL. AS A RESULT OF OUR ANALYSIS OF THE DATA WE HAVE BEEN ABLE TO CONCLUDE A
MARKETING TIME REASONABLE FOR THE SUBJECT PROPERTY. THE EXPOSURE TIMES ARE UNKNOWN. IN ALL LIKELIHOOD, THE
EXPOSURE TIME WOULD BE LONGER THAN THE MARKETING TIME.
EXTENT OF INVESTIGATION: THIS APPRAISAL IS BASED ON INFORMATION GATHERED BY THE APPRAISER FROM PUBLIC RECORDS, OTHER
IDENTIFIED SOURCES, INSPECTION OF THE SUBJECT PROPERTY AND NEIGHBORHOOD, AND SELECTION OF CLOSED SALES WITHIN THE
MARKET AREA. THE DATA SOURCES ARE CONSIDERED RELIABLE AND ARE IDENTIFIED IN THE 'DATA SOURCE" SECTION IN THE SALES
COMPARISON ANALYSIS.
HIGHEST AND BEST USE: THE HIGHEST AND BEST USE OF THE SUBJECT HAS BEEN DETERMINED CONSIDERING WHAT:
1. LEGALLY PERMITTED 2. FINANCIALLY FEASIBLE 3. PHYSICALLY POSSIBLE 4. MOST PROFITABLE AND IS RECONCILED ON PAGE 1 OF
THE FORM USED IN THIS REPORT.
DEFINITION OF MARKET VALUE: THE MOST PROBABLY PRICE WHICH A PROPERTY SHOULD BRING IN A COMPETITIVE AND OPEN MARKET
UNDER ALL CONDITIONS REQUISITE TO A FAIR SALE, THE BUYER AND SELLER, EACH ACTING PRUDENTLY, KNOWLEDGEABLY AND
ASSUMING THE PRICE IS NOT AFFECTED BY UNDUE STIMULUS. IMPLICIT IN THIS DEFINITION IS THE CONSUMMATION OF A SALE AS OF A
SPECIFIED DATE AND THE PASSING OF TITLE FROM SELLER TO BUYER UNDER CONDITIONS WHEREBY: 1-BUYER AND SELLER ARE
TYPICALLY MOTIVATED; 2- BOTH PARTIES ARE WELL INFORMED OR WELL ADVISED, AND EACH ACTING IN WHAT HE OR SHE CONSIDERS
HIS OR HER OWN BEST INTEREST; 3-A REASONABLE TIME IS ALLOWED FOR EXPOSURE TO THE MARKET; 4-PAYMENT IS MADE IN TERMS OF
CASH IN U.S. DOLLARS OR IN TERMS OF FINANCIAL ARRANGEMENTS COMPARABLE THERETO; AND 5- THE PRICE REPRESENTS THE
NORMAL CONSIDERATION FOR THE PROPERTY SOLD UNAFFECTED BY SPECIAL OR CREATIVE FINANCING OR SALES CONCESSIONS
GRANTED BY ANYONE ASSOCIATED WITH THIS SALE. (OFFICE OF THRIFT SUPERVISION COTS, TITLE 12 CFR, PART 564-2-DEFINITIONS)
N/A
N/AN/AN/A
Manufactured Home Appraisal Report File No.
This report form is designed to report an appraisal of a one-unit manufactured home; including a manufactured home in a plannedunit development (PUD). A Manufactured home located in either a condominium or cooperative project requires the appraiser toinspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or theIndividual Cooperative Interest Appraisal Report and attach it as an addendum to this report.
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 5 of 7Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
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023-7131805
SUMMARY APPRAISAL REPORT
Manufactured Home Appraisal Report File No.
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 also developed the cost approach to value as support for the sales comparison approach. I have adequatecomparable market and cost data to develop reliable sales comparison and cost approaches for this appraisal assignment. Ifurther certify that I considered the income approach to value but did not develop it, 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 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 6 of 7Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
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SUMMARY APPRAISAL REPORT
Manufactured Home Appraisal Report File No.
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
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature and Report
Effective Date of Appraisal
State Certification #
or State License #
or Other (describe) State #
State
Expiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
Name
Company Name
Company Address
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Page 7 of 7Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com
COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
RIS
ON
AP
PR
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CH
Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005Produced using ACI software, 800.234.8727 www.aciweb.com1004C_05 090909
170188
023-7131805
SUMMARY APPRAISAL REPORT
PARTIAL C.LINKFENCE
AS DESCRIBEDFEATURES
NonePool/Spa
C. ENT/C. PATIO
2 Car Carport
None
FWA/CAC
Average
0sf
1,48825
2.026
AVERAGE
36
FRAME/COMP
MANUFACTURE
CORNER LOT
7161 sf
Fee Simple
MESA
03/13/2017
70.56
105,000
Mesa, AZ 85209
7315 E Inverness Ave
93,65415.2%
-11.4%
12,046X
PARTIAL C.LINK
0OFFSETTING
None
0C. ENT/AZ.ROOM
1,5001 Car Carport
None
FWA/CAC
Average
0sf
-3,0001,612
02.037
-2,500GOOD
-37533
FRAME/COMP
MANUFACTURE
-5,000GOLF COURSE
5006007 sf
Fee Simple
MESA
0s12/16;c11/16
-3,171FHA;3171
ArmLth
Doc#20160968079 12/30/2016
ARMLS#5523175;DOM 7
X
65.57
105,700
0.46 miles SE
Mesa, AZ 85209
7442 E Baseline Rd
109,73015.8%
0.7%
730X
0WOOD FENCE
-5,000UPDATES/SUP.
None
C. ENT/C. PATIO
2 Car Carport
None
FWA/CAC
Average
0sf
8,5001,153
02.025
AVERAGE
36
FRAME/COMP
MANUFACTURE
CORNER LOT
5006094 sf
Fee Simple
MESA
Active
0
-3,270Listing
PENDING SALE
ARMLS#5585557;DOM 12
X
94.54
109,000
0.03 miles NE
Mesa, AZ 85209
7318 E Inverness Ave
04/16/2017
Monsoon
04/16/2017
Monsoon
04/16/2017
Monsoon
COMPS #4 AND 5 ARE INCLUDED TO LEND ADDITIONAL SUPPORT TO THE SALES COMPARISON SECTION.
COMP #4 IS AN ADDITIONAL SALE WHILE COMP #5 IS A PENDING SALE.
ADDENDUM
Borrower: Judy L Reed File No.: 170188
Property Address: 7315 E Inverness Ave Case No.: 023-7131805
City: Mesa State: AZ Zip: 85209
Lender: I MORTGAGE
Addendum Page 1 of 1
Neighborhood DescriptionTHE DEFINED NEIGHBORHOOD LOCATED IN EAST MESA, ARIZONA. THE DEFINED NEIGHBORHOOD SPANS TWO MAJOR FREEWAYS. THERE ARENO APPARENT ADVERSE FACTORS WHICH WOULD AFFECT THE SUBJECT'S MARKETABILITY. EMPLOYMENT PROXIMITY IS CONSIDERED TO BEAVERAGE FOR THE AREA. THE IMPROVEMENTS CONFORM WELL TO THE SURROUNDING USES (IE: FAIR TO GOOD QUALITY SINGLE & MULTIFAMILY, MANUFACTURED DWELLINGS AND CONDOMINIUMS). ALL RESIDENTIAL SUPPORT FACILITIES ARE LOCATED WITHIN REASONABLEPROXIMITY TO THE SUBJECT (IE: SUPERSTITION SPRINGS MALL, MULTIPLE HOSPITALS, SCHOOLS, PARKS, SHOPPING CENTERS, LOOP 202FREEWAY, U.S. 60 FREEWAY, LOST DUTCHMAN STATE PARK, SAGUARO LAKE, GOLD CANYON, SUPERSTITION MOUNTAINS, ETC.)
THE ESTIMATED MARKET VALUE FOR THE SUBJECT PROPERTY IS HIGHER THAN THE PREDOMINATE MANUFACTURED HOUSING PRICE FOR THESUBJECT'S NEIGHBORHOOD AND MARKET AREA - BUT IS WELL BELOW THE UPPER END OF THE INDICATED MANUFACTURED HOUSING PRICERANGE. THIS FACTOR IS NOT CONSIDERED TO BE ADVERSE TO VALUE OR MARKETABILITY FOR THE SUBJECT PROPERTY.
Highest and Best UsePER THE MUNICIPAL ZONING DEFINITION MENTIONED ON PAGE 1 AND CURRENT MARKET ACCEPTANCE, THE SUBJECT'S PRESENT USE ISCONSIDERED TO BE IT'S HIGHEST AND BEST USE BY THE APPRAISER.
Prior Sales CommentsTHE SUBJECT HAS NOT BEEN SOLD OR TRANSFERRED IN THE PAST 36 MONTHS PER MARICOPA COUNTY RECORDS. NO FACTORS WEREDISCOVERED DURING THE SALES HISTORY OF THE SUBJECT OR COMPARABLE DATA THAT WOULD MATERIALLY AFFECT THIS ANALYSIS. NOSALE OR TRANSFER IS NOTED FOR COMPS #1,2 OR 4 IN THE 12 MONTHS PRIOR TO THEIR CLOSE OF ESCROW DATE. COMP #3 WAS PREVIOUSLYPURCHASED ON 6/23/2016 FOR $30,000. UPON ANALYSIS, IT WAS NOT LISTED IN MLS AND IT DOES NOT APPEAR TO HAVE BEEN AN ARMS LENGTHTRANSACTION. THE DETAILS ARE UNKNOWN. COMP #5 HAS NO SALE OR TRANSFER IN THE 12 MONTHS PRIOR TO IT'S EFFECTIVE DATE IN THISREPORT.
Comments on Sales ComparisonALL SALES INCLUDED IN THIS REPORT WERE LISTED PER ARMLS AND ALL NOTABLE EVIDENCE INDICATES THEY WERE ARMS LENGTHTRANSACTIONS. THEY ARE CONSIDERED RELIABLE INDICATORS OF VALUE FOR THE SUBJECT PROPERTY. ALL SALES WERE CONFIRMEDCLOSED VIA THIRD PARTY INFORMATION SYSTEMS.
SALES CONCESSIONS WERE REPORTED AS SHOWN FOR ALL SALES. COMP #4 REQUIRES AN ADJUSTMENT AS IT'S CONCESSION AFFECTED IT'SSALES PRICE. COMPS #1,2 AND 3 REPORT NO CONCESSIONS.
TIME ADJUSTMENTS ARE NOT DEEMED NECESSARY DUE TO THE RELATIVELY RECENT SALE/CONTRACT DATE OF COMPS #1,3,4 AND 5. HOWEVER, COMP #2 IS OLDER IN CONTRACT DATE AND IS APPLIED AN ADJUSTMENT (+6%, BASED ON COMB INED 1004MC REPORT DATA).
ALL 5 PROPERTIES INCLUDED IN THIS REPORT ARE LOCATED WITHIN THE DEFINED NEIGHBORHOOD BOUNDARIES OUTLINED IN THIS REPORT.
THE SUBJECT HAS CITY WATER AND A SEPTIC TANK. ALL FIVE PROPERTIES HAVE THE SAME UTILITY SET UP.
AGE ADJUSTMENTS ARE APPLIED AT $125 PER YEAR OF DIFFERENCE. THE SUBJECT AGE IS BRACKETED BY ALL FIVE PROPERTIES IN THISSECTION.
COMPS #3 AND 5 REQUIRE AN ADJUST DUE TO THEIR SUPERIOR OVERALL CONDITION, BASED UPON MLS DESCRIPTION, APPRAISEROBSERVATION, MLS INTERIOR PHOTOS, ETC.
COMP #3 HAS SUPERIOR OVERALL UPDATES UPON MLS COMPARISON ( NEWER, WOOD LOOK VINYL FLOORING, NEW MULTI TONE PAINT, NEWERKITCHEN APPLIANCES, NEW CARPET, NEW INTERIOR PAINT, ETC.).
BOTH COMPS #2 AND 5 REQUIRE AN ADJUSTMENT DUE TO THEIR GOLF COURSE SITE. THEY ARE INCLUDED IN THIS SECTION AS THEY ARELOCATED IN THE SUBJECT SUBDIVISION.
IN RECONCILIATION, COMP #1 IS THE MOST RECENT IN CONTRACT DATE. IT ALSO REQUIRES THE LOWEST PERCENTAGE OF GROSSADJUSTMENTS. THEREFORE, MOST CONSIDERATION IS GIVEN COMP #1 IN THE RECONCILIATION OF SALES COMPARISON DATA. COMPS #2,3AND 4 BRACKET THE FINAL OPINION OF VALUE. COMP #5 IS A PENDING SALE.
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 required
addendum for all appraisal reports with an effective date on or after April 1, 2009.
Property Address City State Zip Code
Borrower
Instructions: 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 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 extent it 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 an explanation. 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 data in 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 an average. 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 the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.
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 of
pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
MA
RK
ET
RE
SE
AR
CH
& A
NA
LY
SIS
If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:
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 /
CO
-OP
PR
OJ
EC
TS
APPRAISER
Signature
Name
Company Name
Company Address
State License/Certification # State
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
State License/Certification # State
Email Address
AP
PR
AIS
ER
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
170188
023-7131805
SUMMARY APPRAISAL REPORT
Judy L Reed
85209AZMesa7315 E Inverness Ave
XX
X
X
X
X
X
X
X
X
X
98.4%
47
108,000
28
$95,000
1.6
10
6.3
19
97.6%
129
$97,500
33
102,000
2.6
13
5.0
15
94.4%
124
$96,750
31
$75,750
3.0
14
4.7
28
CONTINUED ON ADDENDUM
The ARMLS MLS was the data source used to complete the Market Conditions Addendum. Data Quick
The ARMLS MLS indicates there were 62 closed sales during the past 12 months and 5 of those sales were either foreclosures or short sales which is 8% of the
total transactions in this market area. Prior Months 7-12: 28 Sales; 4 foreclosures or short sales; 14% of sales for this period. 4-6: 15 Sales; 1 foreclosures or
short sales; 7% of sales for this period. 0-3: 19 Sales; 0 foreclosures or short sales; 0% of sales for this period.
X
The ARMLS MLS indicates there were 62 closed sales during the past 12 months and 7 of those sales contained seller concessions which is 11% of the total
transactions in this market area. Prior Months 7-12: 28 Sales; 2 with concessions; 7% of sales for this period. 4-6: 15 Sales; 3 with concessions; 20% of sales
for this period. 0-3: 19 Sales; 2 with concessions; 11% of sales for this period. The concessions ranged between 325 and 3,660. The median concession
Property Address: 7315 E Inverness Ave Case No.: 023-7131805
City: Mesa State: AZ Zip: 85209
Lender: I MORTGAGE
Addendum Page 1 of 1
Market Analysis CommentsTWO STATISTICAL ANALYSES WERE PERFORMED. ONE OF WHICH PROVIDES DATA ON THE NEIGHBORHOOD AS A WHOLE(NON COMPARABLE SPECIFIC) AND IS RELIED UPON FOR THE NEIGHBORHOOD MARKET CONDITIONS ON PAGE 1 OF THISREPORT. THE 2ND ANALYSIS IS COMPARABLE SPECIFIC (AS SPECIFIED BY THIS 1004MC FORM). BOTH REPORTS INDICATEAN INCREASING MEDIAN COMPARABLE SALES PRICE OVERALL (+25% IN THE GENERAL REPORT, AND +21% IN THE INCLUDEDREPORT). THE MEDIAN COMPARABLE LIST PRICE IS INCREASING OVERALL IN THE INCLUDED REPORT, WHILE IT ISRELATIVELY STABLE OVERALL IN THE INCLUDED REPORT. MARKETING TIME AVERAGES UNDER 90 DAYS IN BOTH REPORTS. THE AVAILABLE HOUSING SUPPLY IS DECREASING OVERALL IN BOTH REPORTS. BOTH REPORTS ARE AT A BALANCED LEVELOF SUPPLY(AT THEIR MOST RECENT TIME FRAME COLUMN). THE LIST PRICE TO SALES PRICE RATIO AVERAGES 97-98%BETWEEN BOTH REPORTS. SEARCH CRITERIA: MANUFACTURED OR MODULAR UNIT WITHIN THE DEFINED NEIGHBORHOOD,1000-1999 SF, 1971-1991 YEAR BUILT. THE INCLUDED DATA MAY NOT INCLUDE "FOR SALE BY OWNER" TRANSACTION. HOWEVER, THIS POSSIBLE OMISSION IS NOT THOUGHT TO HAVE ANY AFFECT ON OVERALL TRENDS.
USPAP ADDENDUM File No.
Borrower:Property Address:City: County: State: Zip Code:Lender:
This report was prepared under the following USPAP reporting option:
Appraisal Report A written report prepared under Standards Rule 2-2(a).
Restricted Appraisal Report A written report prepared under Standards Rule 2-2(b).
APPRAISAL AND REPORT IDENTIFICATION
Reasonable Exposure Time
My opinion of a reasonable exposure time for the subject property at the market value stated in this report is:
Additional Certifications
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-yearperiod immediately preceding acceptance of this assignment.
I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-yearperiod immediately preceding acceptance of this assignment. Those services are described in the comments below.
Additional Comments
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:or Other (describe): State #: State:State: Expiration Date of Certification or License:Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property:Effective Date of Appraisal: Did Not Exterior-only from street Interior and Exterior
Produced using ACI software, 800.234.8727 www.aciweb.com USPAP_14 04272015
170188
023-7131805
SUMMARY APPRAISAL REPORT
I MORTGAGE
85209AZMaricopaMESA
7315 E INVERNESS AVE
Judy L Reed
X
30-100 DAYS
X
April 5, 2017
08/31/2018
AZ
20937
04/16/2017
RYAN J. LOWE
FLOORPLAN SKETCH
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
Sketch by Apex Sketch v5 Standard™
24'
62'
16'
9'
46'
11.7'
COVERED PATIO
11.7'
62'
STO
RAG
E/SH
OP
CARPORT-2 TANDEM
ENTRY
LIVING ROOM
DINING ROOM
LAUNKITCHEN
BREAKFAST
FAMILY ROOM
BATH
BEDROOM
MASTERBEDROOM
M. BATH
Comments:
AREA CALCULATIONS SUMMARYCode Description Net Size Net Totals
GLA1 First Floor 1488.00GAR
1488.00Garage 725.40
P/P725.40
COVERED PATIO 581.40OTH
581.40Storage/SHOP 144.00 144.00
Net LIVABLE Area (rounded) 1488
Breakdown Subtotals
LIVING AREA BREAKDOWN
First Floor24.0 x 62.0 1488.00
1 Item (rounded) 1488
BRAVADO APPRAISAL GROUP - 2941 N. POWER ROAD SUITE 101, MESA, AZ 85215 480-656-4308
SUBJECT PROPERTY PHOTO ADDENDUM
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
FRONT VIEW OFSUBJECT PROPERTY
Appraised Date:Appraised Value: $
REAR VIEW OFSUBJECT PROPERTY
STREET SCENE
I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
90,000
April 5, 2017
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT12
I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
SUBJECT PROPERTY - ADDITIONAL PHOTOS
SIDE VIEW - DRAINAGE IS ADEQUATE SIDE VIEW - DRAINAGE IS ADEQUATE SIDE VIEW - DRAINAGE IS ADEQUATE
SIDE VIEW - DRAINAGE IS ADEQUATE CRAWL SPACE VIEW
LEGIBLE AS IT WAS PAINTED
HUD CERTIFICATION LABEL- NOT FULLY
IT WAS PAINTED
HUD CERT LABEL - NOT FULLY LEGIBLE AS KITCHEN FAMILY ROOM
KITCHEN LIVING ROOM DINING ROOM
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT12
I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
SUBJECT PROPERTY - ADDITIONAL PHOTOS
BEDROOM BEDROOM BATH
BATH
COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
COMPARABLE SALE #1
Sale Date:Sale Price: $
COMPARABLE SALE #2
Sale Date:Sale Price: $
COMPARABLE SALE #3
Sale Date:Sale Price: $
I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
90,000
s02/17;c12/16
Mesa, AZ 85209
7632 E Juanita Avenue
85,000
s09/16;c08/16
Mesa, AZ 85209
7307 E Inverness Avenue
102,000
s12/16;c11/16
Mesa, AZ 85208
7644 E Frito Avenue
COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
COMPARABLE SALE #4
Sale Date:Sale Price: $
COMPARABLE SALE #5
Sale Date:Sale Price: $
COMPARABLE SALE #6
Sale Date:Sale Price: $
I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
105,700
s12/16;c11/16
Mesa, AZ 85209
7442 E Baseline Road
109,000
Active
Mesa, AZ 85209
7318 E Inverness Ave
FLOOD MAP
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
BRAVADO APPRAISAL GROUP - 2941 N. POWER ROAD SUITE 101, MESA, AZ 85215 480-656-4308
LOCATION MAP
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
BRAVADO APPRAISAL GROUP - 2941 N. POWER ROAD SUITE 101, MESA, AZ 85215 480-656-4308
PLAT MAP
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
BRAVADO APPRAISAL GROUP - 2941 N. POWER ROAD SUITE 101, MESA, AZ 85215 480-656-4308
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
APPRAISER LICENSE
BRAVADO APPRAISAL GROUP - 2941 N. POWER ROAD SUITE 101, MESA, AZ 85215 480-656-4308
AERIAL MAP
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: I MORTGAGE
85209AZMesa
023-71318057315 E Inverness Ave
170188Judy L Reed
BRAVADO APPRAISAL GROUP - 2941 N. POWER ROAD SUITE 101, MESA, AZ 85215 480-656-4308
