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APPRAISAL OF REAL PROPERTY

APPRAISAL OF REAL PROPERTY

LOCATED AT:

LOCATED AT:

411

411

Manton Street

Manton Street

Tax Map: 8S11 Lot: 70

Tax Map: 8S11 Lot: 70

Philadelphia, PA 19147

Philadelphia, PA 19147

FOR:

FOR:

70 Philadelphia, PA 19147 Philadelphia, PA 19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY:
70 Philadelphia, PA 19147 Philadelphia, PA 19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY:
70 Philadelphia, PA 19147 Philadelphia, PA 19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY:
70 Philadelphia, PA 19147 Philadelphia, PA 19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY:
70 Philadelphia, PA 19147 Philadelphia, PA 19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY:
70 Philadelphia, PA 19147 Philadelphia, PA 19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY:

AS OF:

AS OF:

11/07/2012

11/07/2012

BY:

BY:

19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY: BY: Page #1 Form GA3 —
19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY: BY: Page #1 Form GA3 —
19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY: BY: Page #1 Form GA3 —
19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY: BY: Page #1 Form GA3 —
19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY: BY: Page #1 Form GA3 —
19147 FOR: FOR: AS OF: AS OF: 11/07/2012 11/07/2012 BY: BY: Page #1 Form GA3 —
Page #1
Page #1

Eastern Appraisal Services (484) 472-8328

Eastern Appraisal Services (484) 472-8328

Page #2
Page #2
Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # File # The purpose of
Uniform Residential Appraisal Report
Uniform Residential Appraisal Report
File #
File #
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.
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
Property Address
411
411
Manton Street
Manton Street
City
City
Philadelphia
Philadelphia
State
State
PA
PA
Zip Code
Zip Code
19147
19147
Borrower
Borrower
Owner of Public Record
Owner of Public Record
County
County
Philadelphia
Philadelphia
Legal Description
Legal Description
Tax Map: 8S11 Lot: 70
Tax Map: 8S11 Lot: 70
Assessor's Parcel #
Assessor's Parcel #
02-1-2807-05
02-1-2807-05
Tax Year
Tax Year
2012
2012
R.E. Taxes $
R.E. Taxes $
0
0
Neighborhood Name
Neighborhood Name
Pennsport
Pennsport
Map Reference
Map Reference
37964
37964
Census Tract
Census Tract
0025.00
0025.00
Occupant
Occupant
Owner
Owner
Tenant
Tenant
Vacant
Vacant
Special Assessments $
Special Assessments $
0 0
PUD
PUD
HOA $
HOA $
0 0
per year
per year
per month
per month
Property Rights Appraised
Property Rights Appraised
Fee Simple
Fee Simple
Leasehold
Leasehold
Other (describe)
Other (describe)
Assignment Type
Assignment Type
Purchase Transaction
Purchase Transaction
Refinance Transaction
Refinance Transaction
Other (describe)
Other (describe)
Lender/Client
Lender/Client
US Mortgage Corporation
US Mortgage Corporation
Address
Address
201 Old Country Road, Suite 140, Melville, NY 11747
201 Old Country Road, Suite 140, Melville, NY 11747
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?
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
Yes
No
No
Report data source(s) used, offering price(s), and date(s).
Report data source(s) used, offering price(s), and date(s).
Local MLS shows no listings in the past 12 months.
Local MLS shows no listings in the past 12 months.
I I
did
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
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.
performed.
Contract Price $
Contract Price $
0 0
Date of Contract
Date of Contract
Is the property seller the owner of public record?
Is the property seller the owner of public record?
Yes
Yes
No
No
Data Source(s)
Data Source(s)
N/A
N/A
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?
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
Yes
No
No
If Yes, report the total dollar amount and describe the items to be paid.
If Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
Neighborhood Characteristics
One-Unit Housing Trends
One-Unit Housing Trends
One-Unit Housing
One-Unit Housing
Present Land Use %
Present Land Use %
Location
Location
Urban
Urban
Suburban
Suburban
Rural
Rural
Property Values
Property Values
Increasing
Increasing
Stable
Stable
Declining
Declining
PRICE
PRICE
AGE
AGE
One-Unit
One-Unit
93
93
%
%
Built-Up
Built-Up
Over 75%
Over 75%
25-75%
25-75%
Under 25%
Under 25%
Demand/Supply
Demand/Supply
Shortage
Shortage
In Balance
In Balance
Over Supply
Over Supply
$
$
(000)
(000)
(yrs)
(yrs)
2-4 Unit
2-4 Unit
1
1
%
%
Growth
Growth
Rapid
Rapid
Stable
Stable
Slow
Slow
Marketing Time
Marketing Time
Under 3 mths
Under 3 mths
3-6 mths
3-6 mths
Over 6 mths
Over 6 mths
50
50
Low
Low
0 0
Multi-Family
Multi-Family
1
1
%
%
Neighborhood Boundaries
Neighborhood Boundaries
North by Washington Avenue , East by I95 , South by Tasker Avenue, and
North by Washington Avenue , East by I95 , South by Tasker Avenue, and
970
970
High
High
100
100
Commercial
Commercial
5
5
%
%
West by 7Th Street .
West by 7Th Street .
290
290
Pred.
Pred.
75
75
Other
Other
%
%
Neighborhood Description
Neighborhood Description
The subject is located in a residential neighborhood with homes that vary in style but,similar in age and size. Regional
The subject is located in a residential neighborhood with homes that vary in style but,similar in age and size. Regional
employment levels are expected to remain stable. Public transportation, employment, religious centers, schools and shopping are all within a
employment levels are expected to remain stable. Public transportation, employment, religious centers, schools and shopping are all within a
reasonable distance.
reasonable distance.
Market Conditions (including support for the above conclusions)
Market Conditions (including support for the above conclusions)
Current listings and sales from within the subject's market area show a stabilization in
Current listings and sales from within the subject's market area show a stabilization in
property values. There is a sufficient supply of properties on the market with supply and demand appearing to be in balance. Marketing time is
property values. There is a sufficient supply of properties on the market with supply and demand appearing to be in balance. Marketing time is
typically over six months.
typically over six months.
Dimensions
Dimensions
16
16
X 58
X 58
Area
Area
928 sf
928 sf
Shape
Shape
Rectangular
Rectangular
View
View
N;CtyStr;
N;CtyStr;
Specific Zoning Classification
Specific Zoning Classification
R10A
R10A
Zoning Description
Zoning Description
Residential
Residential
Zoning Compliance
Zoning Compliance
Legal
Legal
Legal Nonconforming (Grandfathered Use)
Legal Nonconforming (Grandfathered Use)
No Zoning
No Zoning
Illegal (describe)
Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?
Yes
Yes
No
No
If No, describe
If No, describe
Utilities
Utilities
Public
Public
Other (describe)
Other (describe)
Public
Public
Other (describe)
Other (describe)
Off-site Improvements - Type
Off-site Improvements - Type
Public
Public
Private
Private
Electricity
Electricity
Water
Water
Street
Street
Asphalt
Asphalt
Gas
Gas
Sanitary Sewer
Sanitary Sewer
Alley
Alley
None
None
FEMA Special Flood Hazard Area
FEMA Special Flood Hazard Area
Yes
Yes
No
No
FEMA Flood Zone
FEMA Flood Zone
X
X
FEMA Map #
FEMA Map #
4207570192G
4207570192G
FEMA Map Date
FEMA Map Date
01/17/2007
01/17/2007
Are the utilities and off-site improvements typical for the market area?
Are the utilities and off-site improvements typical for the market area?
Yes
Yes
No
No
If No, describe
If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
Yes
Yes
No
No
If Yes, describe
If Yes, describe
No adverse easements, encroachments, special assessments, slide areas, or illegal uses noted. Utility easements are typical of the area.
No adverse easements, encroachments, special assessments, slide areas, or illegal uses noted. Utility easements are typical of the area.
General Description
General Description
Foundation
Foundation
Exterior Description
Exterior Description
materials/condition
materials/condition
Interior
Interior
materials/condition
materials/condition
Units
Units
One
One
One with Accessory Unit
One with Accessory Unit
Concrete Slab
Concrete Slab
Crawl Space
Crawl Space
Foundation Walls
Foundation Walls
Concrete/Good
Concrete/Good
Floors
Floors
Wd/Tl/Good
Wd/Tl/Good
#
#
of Stories
of Stories
3
3
Full Basement
Full Basement
Partial Basement
Partial Basement
Exterior Walls
Exterior Walls
Stco/Brk/Alum/Good
Stco/Brk/Alum/Good
Walls
Walls
Drywall/Good
Drywall/Good
Type
Type
Det.
Det.
Att.
Att.
S-Det./End Unit
S-Det./End Unit
Basement Area
Basement Area
648
648
sq.ft.
sq.ft.
Roof Surface
Roof Surface
Built up/Good
Built up/Good
Trim/Finish
Trim/Finish
Wood/Good
Wood/Good
Existing
Existing
Proposed
Proposed
Under Const.
Under Const.
Basement Finish
Basement Finish
80
80
%
%
Gutters & Downspouts
Gutters & Downspouts
Aluminum/Good
Aluminum/Good
Bath Floor
Bath Floor
Tile/Good
Tile/Good
Design (Style)
Design (Style)
Rowhome
Rowhome
Outside Entry/Exit
Outside Entry/Exit
Sump Pump
Sump Pump
Window Type
Window Type
Csmnt/Good
Csmnt/Good
Bath Wainscot
Bath Wainscot
Tile/Good
Tile/Good
Year Built
Year Built
2012
2012
Evidence of
Evidence of
Infestation
Infestation
Storm Sash/Insulated
Storm Sash/Insulated
No/Yes/Good
No/Yes/Good
Car Storage
Car Storage
None
None
Effective Age (Yrs)
Effective Age (Yrs)
0
0
Dampness
Dampness
Settlement
Settlement
Screens
Screens
Yes/Good
Yes/Good
Driveway
Driveway
# of Cars
# of Cars
0
0
Attic
Attic
None
None
Heating
Heating
FWA
FWA
HWBB
HWBB
Radiant
Radiant
Amenities
Amenities
Woodstove(s) #
Woodstove(s) #
0 0
Driveway Surface
Driveway Surface
Drop Stair
Drop Stair
Stairs
Stairs
Other
Other
Fuel
Fuel
Gas
Gas
Fireplace(s) #
Fireplace(s) #
0 0
Fence
Fence
None
None
Garage
Garage
# of Cars
# of Cars
0
0
Floor
Floor
Scuttle
Scuttle
Cooling
Cooling
Central Air Conditioning
Central Air Conditioning
Patio/Deck
Patio/Deck
1 1
Porch
Porch
None
None
Carport
Carport
# of Cars
# of Cars
0
0
Finished
Finished
Heated
Heated
Individual
Individual
Other
Other
Pool
Pool
None
None
Other
Other
None
None
Att.
Att.
Det.
Det.
Built-in
Built-in
Appliances
Appliances
Refrigerator
Refrigerator
Range/Oven
Range/Oven
Dishwasher
Dishwasher
Disposal
Disposal
Microwave
Microwave
Washer/Dryer
Washer/Dryer
Other (describe)
Other (describe)
Finished area
Finished area above grade contains:
above
grade contains:
6
6
Rooms
Rooms
4
4
Bedrooms
Bedrooms
2.1
2.1
Bath(s)
Bath(s)
1,944
1,944
Square Feet of Gross Living Area Above Grade
Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.).
Additional features (special energy efficient items, etc.).
None
None
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
C1;No updates in the prior 15 years;An interior and
C1;No updates in the prior 15 years;An interior and
exterior inspection found the subject to be new construction, 100% complete; no repairs were needed at time of inspection. There is a functional
exterior inspection found the subject to be new construction, 100% complete; no repairs were needed at time of inspection. There is a functional
and adequate floor plan with ample closet space. No functional or external obsolescence noted.
and adequate floor plan with ample closet space. No functional or external obsolescence noted.
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?
Yes
Yes
No
No
If Yes, describe
If Yes, describe
There were no physical deficencies or adverse conditions noted for the subject
There were no physical deficencies or adverse conditions noted for the subject
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?
Yes
Yes
No
No
If No, describe
If No, describe
The subject conforms to the neighborhood in terms of utility, style, condition, etc.
The subject conforms to the neighborhood in terms of utility, style, condition, etc.
Freddie Mac Form 70 March 2005
Freddie Mac Form 70 March 2005
UAD Version 9/2011
UAD Version 9/2011
Page 1 of 6
Page 1 of 6
Fannie Mae Form 1004 March 2005
Fannie Mae Form 1004 March 2005
SUBJECTCONTRACTNEIGHBORHOODSITEIMPROVEMENTS
SUBJECTCONTRACTNEIGHBORHOODSITEIMPROVEMENTS

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Page #3
Page #3
 

Uniform Residential Appraisal Report

Uniform Residential Appraisal Report

File #

File #

  Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # F i l e #
 

There are

There are

 

6

6

comparable properties currently offered for sale in the subject neighborhood ranging in price from $

comparable properties currently offered for sale in the subject neighborhood ranging in price from $

400,000

400,000

to $

to $

449,000

449,000

.

.

There are

There are

 

5

5

comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $

comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $

375,000

375,000

 

to $

to $

406,000

406,000

.

.

 

FEATURE

FEATURE

   

SUBJECT

SUBJECT

 

COMPARABLE SALE # 1

COMPARABLE SALE # 1

 

COMPARABLE SALE # 2

COMPARABLE SALE # 2

 

COMPARABLE SALE # 3

COMPARABLE SALE # 3

Address

Address

411

411

Manton Street

Manton Street

Philadelphia, PA 19147

Philadelphia, PA 19147

 

136

136

Ellsworth St

Ellsworth St

Philadelphia, PA 19147

Philadelphia, PA 19147

1321

1321

E Moyamensing Ave

E Moyamensing Ave

Philadelphia, PA 19147

Philadelphia, PA 19147

105

105

Manton St

Manton St

Philadelphia, PA 19147

Philadelphia, PA 19147

Proximity to Subject

Proximity to Subject

   

0.23

0.23

miles E

miles E

 

0.18

0.18

miles SE

miles SE

 

0.29

0.29

miles E

miles E

 

Sale Price

Sale Price

 

$ $

0 0

 

$

$

405,000

405,000

 

$

$

375,000

375,000

 

$

$

395,000

395,000

Sale Price/Gross Liv. Area

Sale Price/Gross Liv. Area

 

$

$

sq.ft.

sq.ft.

$

$

218.92

218.92

sq.ft.

sq.ft.

 

$

$

161.08

161.08

sq.ft.

sq.ft.

 

$

$

228.59

228.59

sq.ft.

sq.ft.

 

Data Source(s)

Data Source(s)

   

TRENDMLS #6011700 ;DOM 74

TRENDMLS #6011700 ;DOM 74

TRENDMLS #5713591;DOM 622

TRENDMLS #5713591;DOM 622

TRENDMLS #5990016;DOM 162

TRENDMLS #5990016;DOM 162

Verification Source(s)

Verification Source(s)

   

Tax Records

Tax Records

 

Tax Records

Tax Records

 

Trend MLS/Tax Records

Trend MLS/Tax Records

VALUE ADJUSTMENTS

VALUE ADJUSTMENTS

 

DESCRIPTION

DESCRIPTION

 

DESCRIPTION

DESCRIPTION

+(-) $ Adjustment

+(-) $ Adjustment

 

DESCRIPTION

DESCRIPTION

+(-) $ Adjustment

+(-) $ Adjustment

 

DESCRIPTION

DESCRIPTION

+(-) $ Adjustment

+(-) $ Adjustment

Sales or Financing

Sales or Financing

Concessions

Concessions

   

ArmLth

ArmLth

Conv;0

Conv;0

   

ArmLth

ArmLth

Conv;0

Conv;0

   

ArmLth

ArmLth

Conv;0

Conv;0

   

Date of Sale/Time

Date of Sale/Time

   

s06/12;c05/12

s06/12;c05/12

 

s03/12;c01/12

s03/12;c01/12

 

s07/12;c06/12

s07/12;c06/12

 

Location

Location

 

N;Res;Urban

N;Res;Urban

N;Res;Urban

N;Res;Urban

 

N;Res;Urban

N;Res;Urban

 

N;Res;Urban

N;Res;Urban

 

Leasehold/Fee Simple

Leasehold/Fee Simple

 

Fee Simple

Fee Simple

 

Fee Simple

Fee Simple

   

Fee Simple

Fee Simple

   

Fee Simple

Fee Simple

   

Site

Site

 

928

928

sf

sf

765

765

sf

sf

 

0

0

1151

1151

sf

sf

0

0

928

928

sf

sf

   

View

View

 

N;CtyStr;

N;CtyStr;

 

N;CtyStr;

N;CtyStr;

   

N;CtyStr;

N;CtyStr;

   

N;CtyStr;

N;CtyStr;

   

Design (Style)

Design (Style)

 

Rowhome

Rowhome

 

Rowhome

Rowhome

   

Rowhome

Rowhome

   

Rowhome

Rowhome

   

Quality of Construction

Quality of Construction

 

Q2

Q2

Q2

Q2

 

Q2

Q2

   

Q2

Q2

   

Actual Age

Actual Age

 

0 0

0 0

 

0 0

 

0 0

 

Condition

Condition

 

C1

C1

C1

C1

 

C1

C1

 

C1

C1

 

Above Grade

Above Grade

 

Total

Total

Bdrms.

Bdrms.

Baths

Baths

Total

Total

Bdrms.

Bdrms.

Baths

Baths

 

Total

Total

Bdrms.

Bdrms.

Baths

Baths

 

Total

Total

Bdrms.

Bdrms.

Baths

Baths

 

Room Count

Room Count

6 6

 

4

4

2.1

2.1

5

5

3 3

2.0

2.0

+2,500

+2,500

5

5

3 3

2.1

2.1

0

0

5

5

3 3

2.0

2.0

+2,500

+2,500

Gross Living Area

Gross Living Area

   

1,944

1,944

sq.ft.

sq.ft.

 

1,850

1,850

sq.ft.

sq.ft.

0

0

 

2,328

2,328

sq.ft.

sq.ft.

-9,600

-9,600

 

1,728

1,728

sq.ft.

sq.ft.

+5,400

+5,400

Basement & Finished

Basement & Finished

Rooms Below Grade

Rooms Below Grade

 

648sf518sfwu

648sf518sfwu

1rr0br0.0ba0o

1rr0br0.0ba0o

616sf493sfwu

616sf493sfwu

1rr0br1.0ba0o

1rr0br1.0ba0o

0

0

-3,000

-3,000

0sf

0sf

 

+2,500

+2,500

+2,500

+2,500

576sf460sfwu

576sf460sfwu

1rr0br0.1ba0o

1rr0br0.1ba0o

0 0

-1,500

-1,500

SALES COMPARISON APPROACHRECONCILIATION

SALES COMPARISON APPROACHRECONCILIATION

Functional Utility

Functional Utility

 

Average

Average

 

Average

Average

   

Average

Average

   

Average

Average

   

Heating/Cooling

Heating/Cooling

 

FWA/CAC

FWA/CAC

 

FWA/CAC

FWA/CAC

   

FWA/CAC

FWA/CAC

   

FWA/CAC

FWA/CAC

   

Energy Efficient Items

Energy Efficient Items

 

None Noted

None Noted

None Noted

None Noted

   

None Noted

None Noted

   

None Noted

None Noted

   

Garage/Carport

Garage/Carport

 

None

None

 

None

None

   

None

None

   

None

None

   

Porch/Patio/Deck

Porch/Patio/Deck

 

Patio

Patio

 

Deck

Deck

 

0

0

Patio

Patio

   

Deck,Patio

Deck,Patio

 

-5,000

-5,000

List/Sale

List/Sale

 

N/A

N/A

N/A

N/A

   

N/A

N/A

   

N/A

N/A

   
               
               

Net Adjustment (Total)

Net Adjustment (Total)

       

+

+

Net Adjustment (Total)         + + - - $ $ -500 -500  

- -

$

$

-500

-500

   

+

+

  + + - - $ $ -500 -500     + + - - $

- -

$

$

-4,600

-4,600

 
+ - - $ $ -500 -500     + + - - $ $ -4,600

+

+

 

- -

$

$

1,400

1,400

Adjusted Sale Price

Adjusted Sale Price

of Comparables

of Comparables

   

Net Adj.

Net Adj.

Gross Adj.

Gross Adj.

0.1

0.1

1.4

1.4

%

%

%

%

$

$

404,500

404,500

Net Adj.

Net Adj.

Gross Adj.

Gross Adj.

1.2

1.2

3.9

3.9

%

%

%

%

$

$

370,400

370,400

Net Adj.

Net Adj.

Gross Adj.

Gross Adj.

0.4

0.4

3.6

3.6

%

%

%

%

$

$

396,400

396,400

I I

I I did did   did not research the sale or transfer history of the subject

did

did

 

did not research the sale or transfer history of the subject property and comparable sales. If not, explain

did not research the sale or transfer history of the subject property and comparable sales. If not, explain

 
 
 

My research

My research

My research My research did did   did not reveal any prior sales or transfers of

did

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.

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)

Data Source(s)

 

MLS, PUBLIC RECORDS

MLS, PUBLIC RECORDS

 

My research

My research

 

did

did

My research My research   did did did not reveal any prior sales or transfers of

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.

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)

Data Source(s)

 

MLS, PUBLIC RECORDS

MLS, PUBLIC RECORDS

 

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).

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

ITEM

   

SUBJECT

SUBJECT

 

COMPARABLE SALE #1

COMPARABLE SALE #1

   

COMPARABLE SALE #2

COMPARABLE SALE #2

   

COMPARABLE SALE #3

COMPARABLE SALE #3

Date of Prior Sale/Transfer

Date of Prior Sale/Transfer

 

01/04/2012

01/04/2012

       

Price of Prior Sale/Transfer

Price of Prior Sale/Transfer

 

$65,000

$65,000

       

Data Source(s)

Data Source(s)

 

Trend MLS/Tax Records

Trend MLS/Tax Records

 

Trend MLS/Tax Records

Trend MLS/Tax Records

Trend MLS/Tax Records

Trend MLS/Tax Records

 

Trend MLS/Tax Records

Trend MLS/Tax Records

Effective Date of Data Source(s)

Effective Date of Data Source(s)

 

11/07/2012

11/07/2012

 

11/07/2012

11/07/2012

11/07/2012

11/07/2012

 

11/07/2012

11/07/2012

 

Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis of prior sale or transfer history of the subject property and comparable sales

The subject last sold on 01/04/2012 for $65,000(vacant land).

The subject last sold on 01/04/2012 for $65,000(vacant land).

The only sales for the comparable properties during the past 12 months are the ones indicated above.

The only sales for the comparable properties during the past 12 months are the ones indicated above.

 
 
 
 
 

Summary of Sales Comparison Approach

Summary of Sales Comparison Approach

All comparable sales used were considered in arriving at the estimated current market value for the subject.

All comparable sales used were considered in arriving at the estimated current market value for the subject.

Due to limited closed sales of similar style homes located near the subject, it was necessary to exceed the six month guideline.

Due to limited closed sales of similar style homes located near the subject, it was necessary to exceed the six month guideline.

 

Due to lack of 4 bedroom comparables appraiser expanded search to include 3 bedroom dwellings with a similar G.L.A

Due to lack of 4 bedroom comparables appraiser expanded search to include 3 bedroom dwellings with a similar G.L.A

G.L.A. adjustment based

G.L.A. adjustment based

on $25 per square foot difference. All other adjustments made for varying amenities. All sales are good indicators of value for subject property.

on $25 per square foot difference. All other adjustments made for varying amenities. All sales are good indicators of value for subject property.

 
 
 
 

Indicated Value by Sales Comparison Approach $

Indicated Value by Sales Comparison Approach $

375,000

375,000

 
 

Indicated Value by: Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $

375,000

375,000

 

Cost Approach (if developed) $

Cost Approach (if developed) $

376,320

376,320

Income Approach (if developed) $

Income Approach (if developed) $

385,000

385,000

Reliable & adequate direct sales of similar & competing type homes provided the best estimate of current market value. Most weight given to sales

Reliable & adequate direct sales of similar & competing type homes provided the best estimate of current market value. Most weight given to sales

comparison approach and is supported by the cost approach and the income approach.

comparison approach and is supported by the cost approach and the income approach.

 
 

This appraisal is made

This appraisal is made

This appraisal is made This appraisal is made "as is", "as is",   subject to completion

"as is",

"as is",

 

subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been

subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been

completed,

completed,

completed, completed, subject to the following repairs or alterations on the basis of a hypothetical condition

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 repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or

that the repairs or alterations have been completed, or subject to the subject to the following

subject to the

subject to the

following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

APPRAISAL IS MADE "AS IS".

APPRAISAL IS MADE "AS IS".

 
 

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

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

$

$

375,000

375,000

, as of

, as of

11/07/2012

11/07/2012

, which is the date of inspection and the effective date of this appraisal.

, which is the date of inspection and the effective date of this appraisal.

Freddie Freddie Mac Mac Form Form 70 70 March March 2005 2005

 

UAD UAD Version Version 9/2011 9/2011

Page Page 2 2 of of 6 6

 

Fannie Fannie Mae Mae Form Form 1004 1004 March March 2005 2005

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Page #4 Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # File # •
Page #4
Uniform Residential Appraisal Report
Uniform Residential Appraisal Report
File #
File #
URAR : Additional Comments
URAR : Additional Comments
COMMENTS ON PHOTOGRAPHS:
COMMENTS ON PHOTOGRAPHS:
THE PHOTOGRAPHS IN THIS REPORT ARE DIGITAL PHOTOS UTILIZING IMAGING TECHNOLOGY. THE APPRAISER HAS PERSONALLY INSPECTED AND
THE PHOTOGRAPHS IN THIS REPORT ARE DIGITAL PHOTOS UTILIZING IMAGING TECHNOLOGY. THE APPRAISER HAS PERSONALLY INSPECTED AND
PHOTOGRAPHED THE SUBJECT AND ALL COMPARABLES UTILIZED IN THIS REPORT. THE PHOTOGRAPHS USED IN THE APPRAISAL ARE A TRUE AND
PHOTOGRAPHED THE SUBJECT AND ALL COMPARABLES UTILIZED IN THIS REPORT. THE PHOTOGRAPHS USED IN THE APPRAISAL ARE A TRUE AND
CORRECT REPRESENTATION OF THE SUBJECT PROPERTY, AND THE COMPARABLE SALES USED IN THIS REPORT. ALTHOUGH THE PHOTOGRAPHS
CORRECT REPRESENTATION OF THE SUBJECT PROPERTY, AND THE COMPARABLE SALES USED IN THIS REPORT. ALTHOUGH THE PHOTOGRAPHS
MAY HAVE BEEN ENHANCED DURING THE FINISHING PROCESS FOR BETTER QUALITY, NO ALTERATIONS WERE MADE TO THE IMAGES WHICH
MAY HAVE BEEN ENHANCED DURING THE FINISHING PROCESS FOR BETTER QUALITY, NO ALTERATIONS WERE MADE TO THE IMAGES WHICH
WOULD MISREPRESENT THE APPEARANCE OF THE SUBJECT OR COMPARABLES.
WOULD MISREPRESENT THE APPEARANCE OF THE SUBJECT OR COMPARABLES.
COMMENTS ON SIGNATURES:
COMMENTS ON SIGNATURES:
THE SIGNATURES THAT APPEAR IN THIS REPORT ARE DIGITAL SIGNATURES. THE SIGNATURES ARE PASSWORD PROTECTED TO PREVENT
THE SIGNATURES THAT APPEAR IN THIS REPORT ARE DIGITAL SIGNATURES. THE SIGNATURES ARE PASSWORD PROTECTED TO PREVENT
UNAUTHORIZED USE. THE USE OF DIGITAL SIGNATURES ARE APPROVED BY FANNIE MAE AND FREDDIE MAC. DIGITAL SIGNATURES ARE ALSO
UNAUTHORIZED USE. THE USE OF DIGITAL SIGNATURES ARE APPROVED BY FANNIE MAE AND FREDDIE MAC. DIGITAL SIGNATURES ARE ALSO
APPROVED UNDER USPAP STANDARDS AND CARRY THE SAME LEVEL OF AUTHENTICITY AND RESPONSIBILITY AS AN INK SIGNATURE ON A PAPER
APPROVED UNDER USPAP STANDARDS AND CARRY THE SAME LEVEL OF AUTHENTICITY AND RESPONSIBILITY AS AN INK SIGNATURE ON A PAPER
REPORT.
REPORT.
ADDITIONAL COMMENTS:
ADDITIONAL COMMENTS:
UNLESS OTHERWISE STATED IN THE APPRAISAL REPORT, THE APPRAISER HAS NO KNOWLEDGE OF ANY HIDDEN OR UNAPPARENT CONDITIONS
UNLESS OTHERWISE STATED IN THE APPRAISAL REPORT, THE APPRAISER HAS NO KNOWLEDGE OF ANY HIDDEN OR UNAPPARENT CONDITIONS
OF THE PROPERTY THAT WOULD MAKE THE PROPERTY MORE OR LESS VALUABLE, AND MAKES NO GUARANTEES OR WARRANTIES, EXPRESS OR
OF THE PROPERTY THAT WOULD MAKE THE PROPERTY MORE OR LESS VALUABLE, AND MAKES NO GUARANTEES OR WARRANTIES, EXPRESS OR
IMPLIED, REGARDING THE CONDITION OF THE PROPERTY, THE PURPOSE OF THIS APPRAISAL REPORT IS FOR LENDING PURPOSES ONLY.
IMPLIED, REGARDING THE CONDITION OF THE PROPERTY, THE PURPOSE OF THIS APPRAISAL REPORT IS FOR LENDING PURPOSES ONLY.
CLARIFICATION OF INTENDED USE AND INTENDED USER:
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
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
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
APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED
USERS ARE IDENTIFIED BY THE APPRAISER.
USERS ARE IDENTIFIED BY THE APPRAISER.
COST APPROACH TO VALUE (not required by Fannie Mae)
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
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)
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
Due to the lack of land sales, the extraction
Due to the lack of land sales, the extraction
method was utilized in estimating the site value for the subject. Properties similar in style and site size were utilized in this search. The estimate of
method was utilized in estimating the site value for the subject. Properties similar in style and site size were utilized in this search. The estimate of
site value is deemed reasonable and reflective of the subject's market.
site value is deemed reasonable and reflective of the subject's market.
ESTIMATED
ESTIMATED
REPRODUCTION OR
REPRODUCTION OR
REPLACEMENT COST NEW
REPLACEMENT COST NEW
OPINION OF SITE VALUE
OPINION OF SITE VALUE
=$
=$
65,000
65,000
Source of cost data
Source of cost data
Marshal & swift
Marshal & swift
DWELLING
DWELLING
1,944
1,944
Sq.Ft. @ $
Sq.Ft. @ $
145.00
145.00
=$
=$
281,880
281,880
Quality rating from cost service
Quality rating from cost service
Avg
Avg
Effective date of cost data
Effective date of cost data
11/07/2012
11/07/2012
648
648
Sq.Ft. @ $
Sq.Ft. @ $
30.00
30.00
=$
=$
19,440
19,440
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
Patio
Patio
=$
=$
5,000
5,000
Marshall & swift used as a guide for the cost approach. The land to value
Marshall & swift used as a guide for the cost approach. The land to value
Garage/Carport
Garage/Carport
Sq.Ft. @ $
Sq.Ft. @ $
=$
=$
ratio is typical of the area. Estimated remaining economic life is 70 years.
ratio is typical of the area. Estimated remaining economic life is 70 years.
Total Estimate of Cost-New
Total Estimate of Cost-New
=$
=$
306,320
306,320
Less
Less
Physical
Physical
Functional
Functional
External
External
Depreciation
Depreciation
=$(
=$(
)
)
Depreciated Cost of Improvements
Depreciated Cost of Improvements
=$
=$
306,320
306,320
"As-is" Value of Site Improvements
"As-is" Value of Site Improvements
=$
=$
5,000
5,000
Estimated Remaining Economic Life (HUD and VA only)
Estimated Remaining Economic Life (HUD and VA only)
70
70
Years
Years
INDICATED VALUE BY COST APPROACH
INDICATED VALUE BY COST APPROACH
=$
=$
376,320
376,320
INCOME APPROACH TO VALUE (not required by Fannie Mae)
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $
Estimated Monthly Market Rent $
2200
2200
X
X
Gross Rent Multiplier
Gross Rent Multiplier
175
175
= $
= $
385,000
385,000
Indicated Value by Income Approach
Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
Summary of Income Approach (including support for market rent and GRM)
All sales considered in estimating the gross rent multiplier.
All sales considered in estimating the gross rent multiplier.
PROJECT INFORMATION FOR PUDs (if applicable)
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners' Association (HOA)?
Is the developer/builder in control of the Homeowners' Association (HOA)?
Yes
Yes
No
No
Unit type(s)
Unit type(s)
Detached
Detached
Attached
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.
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
Legal Name of Project
Total number of phases
Total number of phases
Total number of units
Total number of units
Total number of units sold
Total number of units sold
Total number of units rented
Total number of units rented
Total number of units for sale
Total number of units for sale
Data source(s)
Data source(s)
Was the project created by the conversion of existing building(s) into a PUD?
Was the project created by the conversion of existing building(s) into a PUD?
Yes
Yes
No If Yes, date of conversion.
No If Yes, date of conversion.
Does the project contain any multi-dwelling units?
Does the project contain any multi-dwelling units?
Yes
Yes
No Data Source
No Data Source
Are the units, common elements, and recreation facilities complete?
Are the units, common elements, and recreation facilities complete?
Yes
Yes
No If No, describe the status of completion.
No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association?
Are the common elements leased to or by the Homeowners' Association?
Yes
Yes
No If Yes, describe the rental terms and options.
No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Describe common elements and recreational facilities.
Freddie Mac Form 70 March 2005
Freddie Mac Form 70 March 2005
UAD Version 9/2011
UAD Version 9/2011
Page 3 of 6
Page 3 of 6
Fannie Mae Form 1004 March 2005
Fannie Mae Form 1004 March 2005
APPROACHINCOMEPUD
APPROACHINCOMEPUD
INFORMATION
INFORMATION
ADDITIONAL COMMENTSCOST
ADDITIONAL COMMENTSCOST

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Page #5
Page #5
Page #5 Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # F i l e
Page #5 Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # F i l e

Uniform Residential Appraisal Report

Uniform Residential Appraisal Report

File #

File #

This This report report form form is is designed designed to to report report an an appraisal appraisal of of a a one-unit one-unit property property or or a a one-unit one-unit property property with with an an accessory accessory unit; unit;

including including a a unit unit in in a a planned planned unit unit development development (PUD). (PUD). This This report report form form is is not not designed designed to to report report an an appraisal appraisal of of a a

manufactured manufactured home home or or a a unit unit in in a a condominium condominium or or cooperative cooperative project. project.

This This appraisal appraisal report report is is subject subject to to the the following following scope scope of of work, work, intended intended use, use, intended intended user, user, definition definition of of market market value, value,

statement statement of of assumptions assumptions and and limiting limiting conditions, conditions, and and certifications. certifications. Modifications, Modifications, additions, additions, or or deletions deletions to to the the intended intended

use, use, intended intended user, user, definition definition of of market market value, value, or or assumptions assumptions and and limiting limiting conditions conditions are are not not permitted. permitted. The The appraiser appraiser may may

expand expand the the scope scope of of work work to to include include any any additional additional research research or or analysis analysis necessary necessary based based on on the the complexity complexity of of this this appraisal appraisal

assignment. assignment. Modifications Modifications or or deletions deletions to to the the certifications certifications are are also also not not permitted. permitted. However, However, additional additional certifications certifications that that do do

not not constitute constitute material material alterations alterations to to this this appraisal appraisal report, report, such such as as those those required required by by law law or or those those related related to to the the appraiser's appraiser's

continuing continuing education education or or membership membership in in an an appraisal appraisal organization, organization, are are permitted. permitted.

SCOPE SCOPE OF OF WORK: WORK:

The The scope scope of of work work for for this this appraisal appraisal is is defined defined by by the the complexity complexity of of this this appraisal appraisal assignment assignment and and the the

reporting reporting requirements requirements of of this this appraisal appraisal report report form, form, including including the the following following definition definition of of market market value, value, statement statement of of

assumptions assumptions and and limiting limiting conditions, conditions, and and certifications. certifications. The The appraiser appraiser must, must, at at a a minimum: minimum: (1) (1) perform perform a a complete complete visual visual

inspection inspection of of the the interior interior and and exterior exterior areas areas of of the the subject subject property, property, (2) (2) inspect inspect the the neighborhood, neighborhood, (3) (3) inspect inspect each each of of the the

comparable comparable sales sales from from at at least least the the street, street, (4) (4) research, research, verify, verify, and and analyze analyze data data from from reliable reliable public public and/or and/or private private sources, sources,

and and (5) (5) report report his his or or her her analysis, analysis, opinions, opinions, and and conclusions conclusions in in this this appraisal appraisal report. report.

INTENDED INTENDED USE: USE:

The The intended intended use use of of this this appraisal appraisal report report is is for for the the lender/client lender/client to to evaluate evaluate the the property property that that is is the the

subject subject of of this this appraisal appraisal for for a a mortgage mortgage finance finance transaction. transaction.

INTENDED INTENDED USER: USER:

The The intended intended user user of of this this appraisal appraisal report report is is the the lender/client. lender/client.

DEFINITION DEFINITION OF OF MARKET MARKET VALUE: VALUE:

The The most most probable probable price price which which a a property property should should bring bring in in a a competitive competitive and and open open

market market under under all all conditions conditions requisite requisite to to a a fair fair sale, sale, the the buyer buyer and and seller, seller, each each acting acting prudently, prudently, knowledgeably knowledgeably and and assuming assuming

the the price price is is not not affected affected by by undue undue stimulus. stimulus. Implicit Implicit in in this this definition definition is is the the consummation consummation of of a a sale sale as as of of a a specified specified date date and and

the the passing passing of of title title from from seller seller to to buyer buyer under under conditions conditions whereby: whereby: (1) (1) buyer buyer and and seller seller are are typically typically motivated; motivated; (2) (2) both both

parties parties are are well well informed informed or or well well advised, advised, and and each each acting acting in in what what he he or or she she considers considers his his or or her her own own best best interest; interest; (3) (3) a a

reasonable reasonable time time is is allowed allowed for for exposure exposure in in the the open open market; market; (4) (4) payment payment is is made made in in terms terms of of cash cash in in U. U. S. S. dollars dollars or or in in terms terms

of of financial financial arrangements arrangements comparable comparable thereto; thereto; and and (5) (5) the the price price represents represents the the normal normal consideration consideration for for the the property property sold sold

unaffected unaffected by by special special or or creative creative financing financing or or sales sales concessions* concessions* granted granted by by anyone anyone associated associated with with the the sale. sale.

*Adjustments *Adjustments to to the the comparables comparables must must be be made made for for special special or or creative creative financing financing or or sales sales concessions. concessions. No No adjustments adjustments are are

necessary necessary for for those those costs costs which which are are normally normally paid paid by by sellers sellers as as a a result result of of tradition tradition or or law law in in a a market market area; area; these these costs costs are are

readily readily identifiable identifiable since since the the seller seller pays pays these these costs costs in in virtually virtually all all sales sales transactions. transactions. Special Special or or creative creative financing financing

adjustments adjustments can can be be made made to to the the comparable comparable property property by by comparisons comparisons to to financing financing terms terms offered offered by by a a third third party party institutional institutional

lender lender that that is is not not already already involved involved in in the the property property or or transaction. transaction. Any Any adjustment adjustment should should not not be be calculated calculated on on a a mechanical mechanical

dollar dollar for for dollar dollar cost cost of of the the financing financing or or concession concession but but the the dollar dollar amount amount of of any any adjustment adjustment should should approximate approximate the the market's market's

reaction reaction to to the the financing financing or or concessions concessions based based on on the the appraiser's appraiser's judgment. judgment.

STATEMENT STATEMENT OF OF ASSUMPTIONS ASSUMPTIONS AND AND LIMITING LIMITING CONDITIONS: CONDITIONS:

subject subject to to the the following following assumptions assumptions and and limiting limiting conditions: conditions:

The The appraiser's appraiser's certification certification in in this this report report is is

1. 1.

to to it, it, except except for for information information that that he he or or she she became became aware aware of of during during the the research research involved involved in in performing performing this this appraisal. appraisal. The The

appraiser appraiser assumes assumes that that the the title title is is good good and and marketable marketable and and will will not not render render any any opinions opinions about about the the title. title.

The The appraiser appraiser will will not not be be responsible responsible for for matters matters of of a a legal legal nature nature that that affect affect either either the the property property being being appraised appraised or or the the title title

2. 2.

The The sketch sketch is is included included only only to to assist assist the the reader reader in in visualizing visualizing the the property property and and understanding understanding the the appraiser's appraiser's determination determination

of of its its size. size.

The The appraiser appraiser has has provided provided a a sketch sketch in in this this appraisal appraisal report report to to show show the the approximate approximate dimensions dimensions of of the the improvements. improvements.

3. 3.

(or (or other other data data sources) sources) and and has has noted noted in in this this appraisal appraisal report report whether whether any any portion portion of of the the subject subject site site is is located located in in an an

identified identified Special Special Flood Flood Hazard Hazard Area. Area. Because Because the the appraiser appraiser is is not not a a surveyor, surveyor, he he or or she she makes makes no no guarantees, guarantees, express express or or

implied, implied,

The The appraiser appraiser has has examined examined the the available available flood flood maps maps that that are are provided provided by by the the Federal Federal Emergency Emergency Management Management Agency Agency

regarding regarding

this this

determination. determination.

4. 4.

unless unless specific specific arrangements arrangements to to do do so so have have been been made made beforehand, beforehand, or or as as otherwise otherwise required required by by law. law.

The The appraiser appraiser will will not not give give testimony testimony or or appear appear in in court court because because he he or or she she made made an an appraisal appraisal of of the the property property in in question, question,

5. 5.

presence presence of of hazardous hazardous wastes, wastes, toxic toxic substances, substances, etc.) etc.) observed observed during during the the inspection inspection of of the the subject subject property property or or that that he he or or

she she became became aware aware of of during during the the research research involved involved in in performing performing the the appraisal. appraisal. Unless Unless otherwise otherwise stated stated in in this this appraisal appraisal

report, report, the the appraiser appraiser has has no no knowledge knowledge of of any any hidden hidden or or unapparent unapparent physical physical deficiencies deficiencies or or adverse adverse conditions conditions of of the the

property property (such (such as, as, but but not not limited limited to, to, needed needed repairs, repairs, deterioration, deterioration, the the presence presence of of hazardous hazardous wastes, wastes, toxic toxic substances, substances,

adverse adverse environmental environmental conditions, conditions, etc.) etc.) that that would would make make the the property property less less valuable, valuable, and and has has assumed assumed that that there there are are no no such such

conditions conditions and and makes makes no no guarantees guarantees or or warranties, warranties, express express or or implied. implied. The The appraiser appraiser will will not not be be responsible responsible for for any any such such

conditions conditions that that do do exist exist or or for for any any engineering engineering or or testing testing that that might might be be required required to to discover discover whether whether such such conditions conditions exist. exist.

Because Because the the appraiser appraiser is is not not an an expert expert in in the the field field of of environmental environmental hazards, hazards, this this appraisal appraisal report report must must not not be be considered considered as as

an an environmental environmental

The The appraiser appraiser has has noted noted in in this this appraisal appraisal report report any any adverse adverse conditions conditions (such (such as as needed needed repairs, repairs, deterioration, deterioration, the the

assessment assessment of of the the property. property.

6. 6.

completion, completion, repairs, repairs, or or alterations alterations on on the the assumption assumption that that the the completion, completion, repairs, repairs, or or alterations alterations of of the the subject subject property property will will

be be performed performed in in a a professional professional manner. manner.

The The appraiser appraiser has has based based his his or or her her appraisal appraisal report report and and valuation valuation conclusion conclusion for for an an appraisal appraisal that that is is subject subject to to satisfactory satisfactory

Freddie Freddie Mac Mac Form Form 70 70 March March 2005 2005

UAD UAD Version Version 9/2011 9/2011

Page Page 4 4 of of 6 6

Fannie Fannie Mae Mae Form Form 1004 1004 March March 2005 2005

FormForm 1004UAD1004UAD —— "WinTOTAL""WinTOTAL" appraisalappraisal softwaresoftware byby aa lala mode,mode, inc.inc. —— 1-800-ALAMODE1-800-ALAMODE

Page #6
Page #6
Page #6 Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # F i l e
Page #6 Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # F i l e

Uniform Residential Appraisal Report

Uniform Residential Appraisal Report

File #

File #

APPRAISER'S APPRAISER'S CERTIFICATION: CERTIFICATION:

The The Appraiser Appraiser certifies certifies and and agrees agrees that: that:

1. 1.

this this

I I have, have, at at a a minimum, minimum, developed developed and and reported reported this this appraisal appraisal in in accordance accordance with with the the scope scope of of work work requirements requirements stated stated in in

appraisal appraisal

report. report.

2. 2.

of of the the improvements improvements in in factual, factual, specific specific terms. terms. I I identified identified and and reported reported the the physical physical deficiencies deficiencies that that could could affect affect the the

livability, livability, soundness, soundness, or or structural structural integrity integrity of of the the property. property.

I I performed performed a a complete complete visual visual inspection inspection of of the the interior interior and and exterior exterior areas areas of of the the subject subject property. property. I I reported reported the the condition condition

3. 3.

Practice Practice that that were were adopted adopted and and promulgated promulgated by by the the Appraisal Appraisal Standards Standards Board Board of of The The Appraisal Appraisal Foundation Foundation and and that that were were in in

place place at at the the time time this this appraisal appraisal report report was was prepared. prepared.

I I performed performed this this appraisal appraisal in in accordance accordance with with the the requirements requirements of of the the Uniform Uniform Standards Standards of of Professional Professional Appraisal Appraisal

4. 4.

comparison comparison approach approach to to value. value. I I have have adequate adequate comparable comparable market market data data to to develop develop a a reliable reliable sales sales comparison comparison approach approach

for for this this appraisal appraisal assignment. assignment. I I further further certify certify that that I I considered considered the the cost cost and and income income approaches approaches to to value value but but did did not not develop develop

them, them, unless unless otherwise otherwise indicated indicated in in this this report. report.

I I developed developed my my opinion opinion of of the the market market value value of of the the real real property property that that is is the the subject subject of of this this report report based based on on the the sales sales

5. 5.

sale sale of of the the subject subject property property in in the the twelve twelve months months prior prior to to the the effective effective date date of of this this appraisal, appraisal, and and the the prior prior sales sales of of the the subject subject

property property for for a a minimum minimum of of three three years years prior prior to to the the effective effective date date of of this this appraisal, appraisal, unless unless otherwise otherwise indicated indicated in in this this report. report.

I I researched, researched, verified, verified, analyzed, analyzed, and and reported reported on on any any current current agreement agreement for for sale sale for for the the subject subject property, property, any any offering offering for for

6. 6.

to to the the date date of of sale sale of of the the comparable comparable sale, sale, unless unless otherwise otherwise indicated indicated in in this this report. report.

I I researched, researched, verified, verified, analyzed, analyzed, and and reported reported on on the the prior prior sales sales of of the the comparable comparable sales sales for for a a minimum minimum of of one one year year prior prior

7. 7.

I I selected selected and and used used comparable comparable sales sales that that are are locationally, locationally, physically, physically, and and functionally functionally the the most most similar similar to to the the subject subject property. property.

8. 8.

has has been been built built or or will will be be built built on on the the land. land.

I I have have not not used used comparable comparable sales sales that that were were the the result result of of combining combining a a land land sale sale with with the the contract contract purchase purchase price price of of a a home home that that

9. 9.

property property and and the the comparable comparable sales. sales.

I I have have reported reported adjustments adjustments to to the the comparable comparable sales sales that that reflect reflect the the market's market's reaction reaction to to the the differences differences between between the the subject subject

10. 10.

the the sale sale or or financing financing of of the the subject subject property. property.

I I verified, verified, from from a a disinterested disinterested source, source, all all information information in in this this report report that that was was provided provided by by parties parties who who have have a a financial financial interest interest in in

11. 11.

I I have have knowledge knowledge and and experience experience in in appraising appraising this this type type of of property property in in this this market market area. area.

12. 12.

services, services, tax tax assessment assessment records, records, public public land land records records and and other other such such data data sources sources for for the the area area in in which which the the property property is is located. located.

I I am am aware aware of, of, and and have have access access to, to, the the necessary necessary and and appropriate appropriate public public and and private private data data sources, sources, such such as as multiple multiple listing listing

13. 13.

reliable reliable sources sources that that I I believe believe to to be be true true and and correct. correct.

I I obtained obtained the the information, information, estimates, estimates, and and opinions opinions furnished furnished by by other other parties parties and and expressed expressed in in this this appraisal appraisal report report from from

14. 14.

property, property, and and the the proximity proximity of of the the subject subject property property to to adverse adverse influences influences in in the the development development of of my my opinion opinion of of market market value. value. I I

have have noted noted in in this this appraisal appraisal report report any any adverse adverse conditions conditions (such (such as, as, but but not not limited limited to, to, needed needed repairs, repairs, deterioration, deterioration, the the

presence presence of of hazardous hazardous wastes, wastes, toxic toxic substances, substances, adverse adverse environmental environmental conditions, conditions, etc.) etc.) observed observed during during the the inspection inspection of of the the

subject subject property property or or that that I I became became aware aware of of during during the the research research involved involved in in performing performing this this appraisal. appraisal. I I have have considered considered these these

adverse adverse conditions conditions in in my my analysis analysis of of the the property property value, value, and and have have reported reported on on the the effect effect of of the the conditions conditions on on the the value value and and

marketability marketability of of the the subject subject property. property.

I I have have taken taken into into consideration consideration the the factors factors that that have have an an impact impact on on value value with with respect respect to to the the subject subject neighborhood, neighborhood, subject subject

15. 15.

statements statements and and information information in in this this appraisal appraisal report report are are true true and and correct. correct.

I I have have not not knowingly knowingly withheld withheld any any significant significant information information from from this this appraisal appraisal report report and, and, to to the the best best of of my my knowledge, knowledge, all all

16. 16.

are are subject subject only only to to the the assumptions assumptions and and limiting limiting conditions conditions in in this this appraisal appraisal report. report.

I I stated stated in in this this appraisal appraisal report report my my own own personal, personal, unbiased, unbiased, and and professional professional analysis, analysis, opinions, opinions, and and conclusions, conclusions, which which

17. 17.

prospective prospective personal personal interest interest or or bias bias with with respect respect to to the the participants participants in in the the transaction. transaction. I I did did not not base, base, either either partially partially or or

completely, completely, my my analysis analysis and/or and/or opinion opinion of of market market value value in in this this appraisal appraisal report report on on the the race, race, color, color, religion, religion, sex, sex, age, age, marital marital

status, status, handicap, handicap, familial familial status, status, or or national national origin origin of of either either the the prospective prospective owners owners or or occupants occupants of of the the subject subject property property or or of of the the

present present owners owners or or occupants occupants of of the the properties properties in in the the vicinity vicinity of of the the subject subject property property or or on on any any other other basis basis prohibited prohibited by by law. law.

I I have have no no present present or or prospective prospective interest interest in in the the property property that that is is the the subject subject of of this this report, report, and and I I have have no no present present or or

My My employment employment and/or and/or compensation compensation for for performing performing this this appraisal appraisal or or any any future future or or anticipated anticipated appraisals appraisals was was not not

conditioned conditioned on on any any agreement agreement or or understanding, understanding, written written or or otherwise, otherwise, that that I I would would report report (or (or present present analysis analysis supporting) supporting) a a

18. 18.

predetermined predetermined specific specific value, value, a a predetermined predetermined minimum minimum value, value, a a range range or or direction direction in in value, value, a a value value that that favors favors the the cause cause of of

any any party, party, or or the the attainment attainment of of a a specific specific result result or or occurrence occurrence of of a a specific specific subsequent subsequent event event (such (such as as approval approval of of a a pending pending

mortgage mortgage loan loan application). application).

19. 19.

relied relied on on significant significant real real property property appraisal appraisal assistance assistance from from any any individual individual or or individuals individuals in in the the performance performance of of this this appraisal appraisal

or or the the preparation preparation of of this this appraisal appraisal report, report, I I have have named named such such individual(s) individual(s) and and disclosed disclosed the the specific specific tasks tasks performed performed in in this this

appraisal appraisal report. report. I I certify certify that that any any individual individual so so named named is is qualified qualified to to perform perform the the tasks. tasks. I I have have not not authorized authorized anyone anyone to to make make

a a

responsibility responsibility for for it. it.

I I personally personally prepared prepared all all conclusions conclusions and and opinions opinions about about the the real real estate estate that that were were set set forth forth in in this this appraisal appraisal report. report. If If I I

change change to to any any item item in in this this appraisal appraisal report; report; therefore, therefore, any any change change made made to to this this appraisal appraisal is is unauthorized unauthorized and and I I will will take take no no

20. 20.

ordered ordered and and will will receive receive this this appraisal appraisal report. report.

I I identified identified the the lender/client lender/client in in this this appraisal appraisal report report who who is is the the individual, individual, organization, organization, or or agent agent for for the the organization organization that that

Freddie Freddie Mac Mac Form Form 70 70 March March 2005 2005

UAD UAD Version Version 9/2011 9/2011

Page Page 5 5 of of 6 6

Fannie Fannie Mae Mae Form Form 1004 1004 March March 2005 2005

FormForm 1004UAD1004UAD —— "WinTOTAL""WinTOTAL" appraisalappraisal softwaresoftware byby aa lala mode,mode, inc.inc. —— 1-800-ALAMODE1-800-ALAMODE

Page #7
Page #7

1 1

Page #7 1 1 Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # F i

Uniform Residential Appraisal Report

Uniform Residential Appraisal Report

File #

File #

21. 21. The The lender/client lender/client may may disclose disclose or or distribute distribute this
21.
21.
The The lender/client lender/client may may disclose disclose or or distribute distribute this this appraisal appraisal report report to: to: the the borrower; borrower; another another lender lender at at the the request request of of the the
borrower; borrower; the the mortgagee mortgagee or or its its successors successors and and assigns; assigns; mortgage mortgage insurers; insurers; government government sponsored sponsored enterprises; enterprises; other other
secondary secondary market market participants; participants; data data collection collection or or reporting reporting services; services; professional professional appraisal appraisal organizations; organizations; any any department, department,
agency, agency, or or instrumentality instrumentality of of the the United United States; States; and and any any state, state, the the District District of of Columbia, Columbia, or or other other jurisdictions; jurisdictions; without without having having to to
obtain obtain the the appraiser's appraiser's or or supervisory supervisory appraiser's appraiser's (if (if applicable) applicable) consent. consent. Such Such consent consent must must be be obtained obtained before before this this appraisal appraisal
report report may may be be disclosed disclosed or or distributed distributed to to any any other other party party (including, (including, but but not not limited limited to, to, the the public public through through advertising, advertising, public public
relations, relations, news, news, sales, sales, or or other other media). media).
22.
22.
I I am am aware aware that that any any disclosure disclosure or or distribution distribution of of this this appraisal appraisal report report by by me me or or the the lender/client lender/client may may be be subject subject to to certain certain
laws laws and and regulations. regulations. Further, Further, I I am am also also subject subject to to the the provisions provisions of of the the Uniform Uniform Standards Standards of of Professional Professional Appraisal Appraisal Practice Practice
that that pertain pertain to to disclosure disclosure or or distribution distribution by by me. me.
23.
23.
The The borrower, borrower, another another lender lender at at the the request request of of the the borrower, borrower, the the mortgagee mortgagee or or its its successors successors and and assigns, assigns, mortgage mortgage
insurers, insurers, government government sponsored sponsored enterprises, enterprises, and and other other secondary secondary market market participants participants may may rely rely on on this this appraisal appraisal report report as as part part
of of any any mortgage mortgage finance finance transaction transaction that that involves involves any any one one or or more more of of these these parties. parties.
24.
24.
If If this this appraisal appraisal report report was was transmitted transmitted as as an an "electronic "electronic record" record" containing containing my my "electronic "electronic signature," signature," as as those those terms terms are are
defined defined in in applicable applicable federal federal and/or and/or state state laws laws (excluding (excluding audio audio and and video video recordings), recordings), or or a a facsimile facsimile transmission transmission of of this this
appraisal appraisal report report containing containing a a copy copy or or representation representation of of my my signature, signature, the the appraisal appraisal report report shall shall be be as as effective, effective, enforceable enforceable and and
valid valid as as if if a a paper paper version version of of this this appraisal appraisal report report were were delivered delivered containing containing my my original original hand hand written written signature. signature.
25.
25.
Any Any intentional intentional or or negligent negligent misrepresentation(s) misrepresentation(s) contained contained in in this this appraisal appraisal report report may may result result in in civil civil liability liability and/or and/or
criminal criminal penalties penalties including, including, but but not not limited limited to, to, fine fine or or imprisonment imprisonment or or both both under under the the provisions provisions of of Title Title 18, 18, United United States States
Code, Code, Section Section 1001, 1001, et et seq., seq., or or similar similar state state laws. laws.
SUPERVISORY SUPERVISORY APPRAISER'S APPRAISER'S CERTIFICATION: CERTIFICATION:
The The Supervisory Supervisory Appraiser Appraiser certifies certifies and and agrees agrees that: that:
1.
1.
I I directly directly supervised supervised the the appraiser appraiser for for this this appraisal appraisal assignment, assignment, have have read read the the appraisal appraisal report, report, and and agree agree with with the the appraiser's appraiser's
analysis, analysis, opinions, opinions, statements, statements, conclusions, conclusions, and and the the appraiser's appraiser's certification. certification.
2.
2.
I I accept accept full full responsibility responsibility for for the the contents contents of of this this appraisal appraisal report report including, including, but but not not limited limited to, to, the the appraiser's appraiser's analysis, analysis, opinions, opinions,
statements, statements, conclusions, conclusions, and and the the appraiser's appraiser's certification. certification.
3.
3.
The The appraiser appraiser identified identified in in this this appraisal appraisal report report is is either either a a sub-contractor sub-contractor or or an an employee employee of of the the supervisory supervisory appraiser appraiser (or (or the the
appraisal appraisal firm), firm), is is qualified qualified to to perform perform this this appraisal, appraisal, and and is is acceptable acceptable to to perform perform this this appraisal appraisal under under the the applicable applicable state state law. law.
4.
4.
This This appraisal appraisal report report complies complies with with the the Uniform Uniform Standards Standards of of Professional Professional Appraisal Appraisal Practice Practice that that were were adopted adopted and and
promulgated promulgated by by the the Appraisal Appraisal Standards Standards Board Board of of The The Appraisal Appraisal Foundation Foundation and and that that were were in in place place at at the the time time this this appraisal appraisal
report report
was was
prepared. prepared.
5.
5.
If If this this appraisal appraisal report report was was transmitted transmitted as as an an "electronic "electronic record" record" containing containing my my "electronic "electronic signature," signature," as as those those terms terms are are
defined defined in in applicable applicable federal federal and/or and/or state state laws laws (excluding (excluding audio audio and and video video recordings), recordings), or or a a facsimile facsimile transmission transmission of of this this
appraisal appraisal report report containing containing a a copy copy or or representation representation of of my my signature, signature, the the appraisal appraisal report report shall shall be be as as effective, effective, enforceable enforceable and and
valid valid as as if if a a paper paper version version of of this this appraisal appraisal report report were were delivered delivered containing containing my my original original hand hand written written signature. signature.
APPRAISER
APPRAISER
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Signature
Signature
Signature
Name
Name
Name
Name
Company Name
Company Name
Company Name
Company Name
Company Address
Company Address
Company Address
Company Address
Telephone Number
Telephone Number
Telephone Number
Telephone Number
Email Address
Email Address
Email Address
Email Address
Date of Signature and Report
Date of Signature and Report
11/14/2012
11/14/2012
Date of Signature
Date of Signature
Effective Date of Appraisal
Effective Date of Appraisal
11/07/2012
11/07/2012
State Certification #
State Certification #
State Certification #
State Certification #
or State License #
or State License #
or State License #
or State License #
State
State
or Other (describe)
or Other (describe)
State #
State #
Expiration Date of Certification or License
Expiration Date of Certification or License
State
State
PA
PA
Expiration Date of Certification or License
Expiration Date of Certification or License
06/30/2013
06/30/2013
SUBJECT PROPERTY
SUBJECT PROPERTY
Did not inspect subject property
Did not inspect subject property
ADDRESS OF PROPERTY APPRAISED
ADDRESS OF PROPERTY APPRAISED
Did inspect exterior of subject property from street
Did inspect exterior of subject property from street
411
411
Manton Street
Manton Street
Date of Inspection
Date of Inspection
Philadelphia, PA 19147
Philadelphia, PA 19147
Did inspect interior and exterior of subject property
Did inspect interior and exterior of subject property
APPRAISED VALUE OF SUBJECT PROPERTY $
APPRAISED VALUE OF SUBJECT PROPERTY $
375,000
375,000
Date of Inspection
Date of Inspection
LENDER/CLIENT
LENDER/CLIENT
Name
Name
COMPARABLE SALES
COMPARABLE SALES
Company Name
Company Name
Company Address
Company Address
Melville, NY
Melville, NY
Did not inspect exterior of comparable sales from street
Did not inspect exterior of comparable sales from street
11747
11747
Did inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Email Address
Email Address
Date of Inspection
Date of Inspection

Freddie Mac Form 70 March 2005

Freddie Mac Form 70 March 2005

UAD Version 9/2011

UAD Version 9/2011

Page 6 of 6

Page 6 of 6

Fannie Mae Form 1004 March 2005

Fannie Mae Form 1004 March 2005

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Page #8 1 1 Uniform Residential Appraisal Report Uniform Residential Appraisal Report File # File
Page #8
1 1
Uniform Residential Appraisal Report
Uniform Residential Appraisal Report
File #
File #
FEATURE
FEATURE
SUBJECT
SUBJECT
COMPARABLE SALE # 4
COMPARABLE SALE # 4
COMPARABLE SALE # 5
COMPARABLE SALE # 5
COMPARABLE SALE # 6
COMPARABLE SALE # 6
Address
Address
411
411
Manton Street
Manton Street
302
302
Salter St
Salter St
1322
1322
S American St
S American St
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Proximity to Subject
Proximity to Subject
0.24
0.24
miles N
miles N
0.19
0.19
miles SE
miles SE
Sale Price
Sale Price
$ $
0 0
$
$
439,900
439,900
$
$
449,000
449,000
$
$
Sale Price/Gross Liv. Area
Sale Price/Gross Liv. Area
$
$
sq.ft.
sq.ft.
$
$
191.26
191.26
sq.ft.
sq.ft.
$
$
192.87
192.87
sq.ft.
sq.ft.
$
$
sq.ft.
sq.ft.
Data Source(s)
Data Source(s)
TRENDMLS #6099025;DOM 88
TRENDMLS #6099025;DOM 88
TRENDMLS #5713430;DOM 912
TRENDMLS #5713430;DOM 912
Verification Source(s)
Verification Source(s)
Tax records
Tax records
Tax records
Tax records
VALUE ADJUSTMENTS
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
+(-) $ Adjustment
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
+(-) $ Adjustment
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
+(-) $ Adjustment
Sales or Financing
Sales or Financing
Listing
Listing
Listing
Listing
Concessions
Concessions
Date of Sale/Time
Date of Sale/Time
Active
Active
Active
Active
Location
Location
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
Leasehold/Fee Simple
Leasehold/Fee Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Site
Site
928
928
sf
sf
928
928
sf
sf
1098
1098
sf
sf
0
0
View
View
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
Design (Style)
Design (Style)
Rowhome
Rowhome
Rowhome
Rowhome
Rowhome
Rowhome
Quality of Construction
Quality of Construction
Q2
Q2
Q2
Q2
Q2
Q2
Actual Age
Actual Age
0 0
0 0
0 0
Condition
Condition
C1
C1
C1
C1
C1
C1
Above Grade
Above Grade
Total
Total
Bdrms.
Bdrms.
Baths
Baths
Total
Total
Bdrms.
Bdrms.
Baths
Baths
Total
Total
Bdrms.
Bdrms.
Baths
Baths
Total
Total
Bdrms.
Bdrms.
Baths
Baths
Room Count
Room Count
6 6
4
4
2.1
2.1
6 6
3 3
2.1
2.1
0
0
5
5
3 3
2.1
2.1
0
0
Gross Living Area
Gross Living Area
1,944
1,944
sq.ft.
sq.ft.
2,300
2,300
sq.ft.
sq.ft.
-8,900
-8,900
2,328
2,328
sq.ft.
sq.ft.
-9,600
-9,600
sq.ft.
sq.ft.
Basement & Finished
Basement & Finished
648sf518sfwu
648sf518sfwu
648sf518sfwu
648sf518sfwu
700sf600sfwu
700sf600sfwu
0
0
Rooms Below Grade
Rooms Below Grade
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
Functional Utility
Functional Utility
Average
Average
Average
Average
Average
Average
Heating/Cooling
Heating/Cooling
FWA/CAC
FWA/CAC
FWA/CAC
FWA/CAC
FWA/CAC
FWA/CAC
Energy Efficient Items
Energy Efficient Items
None Noted
None Noted
None Noted
None Noted
None Noted
None Noted
Garage/Carport
Garage/Carport
None
None
None
None
None
None
Porch/Patio/Deck
Porch/Patio/Deck
Patio
Patio
Deck
Deck
0
0
Patio
Patio
List/Sale
List/Sale
N/A
N/A
List/Sale
List/Sale
-24,194
-24,194
List/Sale
List/Sale
-24,695
-24,695
Net Adjustment (Total)
Net Adjustment (Total)
+
+
- -
$
$
-33,094
-33,094
+
+
- -
$
$
-34,295
-34,295
+
+
- -
$
$
Adjusted Sale Price
Adjusted Sale Price
Net Adj.
Net Adj.
7.5
7.5
%
%
Net Adj.
Net Adj.
7.6
7.6
%
%
Net Adj.
Net Adj.
%
%
of Comparables
of Comparables
Gross Adj.
Gross Adj.
7.5
7.5
%
%
$
$
406,806
406,806
Gross Adj.
Gross Adj.
7.6
7.6
%
%
$
$
414,705
414,705
Gross Adj.
Gross Adj.
%
%
$
$
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
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
ITEM
SUBJECT
SUBJECT
COMPARABLE SALE # 4
COMPARABLE SALE # 4
COMPARABLE SALE # 5
COMPARABLE SALE # 5
COMPARABLE SALE # 6
COMPARABLE SALE # 6
Date of Prior Sale/Transfer
Date of Prior Sale/Transfer
01/04/2012
01/04/2012
Price of Prior Sale/Transfer
Price of Prior Sale/Transfer
$65,000
$65,000
Data Source(s)
Data Source(s)
Trend MLS/Tax Records
Trend MLS/Tax Records
Trend MLS/Tax Records
Trend MLS/Tax Records
Trend MLS/Tax Records
Trend MLS/Tax Records
Effective Date of Data Source(s)
Effective Date of Data Source(s)
11/07/2012
11/07/2012
11/07/2012
11/07/2012
11/07/2012
11/07/2012
Analysis of prior sale or transfer history of the subject property and comparable sales
Analysis of prior sale or transfer history of the subject property and comparable sales
N/A
N/A
Analysis/Comments
Analysis/Comments
Comps. # 4 and # 5 are active listings.
Comps. # 4 and # 5 are active listings.
Freddie Mac Form 70 March 2005
Freddie Mac Form 70 March 2005
UAD Version 9/2011
UAD Version 9/2011
Fannie Mae Form 1004 March 2005
Fannie Mae Form 1004 March 2005
HISTORYANALYSIS
HISTORYANALYSIS
/
/
COMMENTS
COMMENTS
SALES COMPARISON APPROACHSALE
SALES COMPARISON APPROACHSALE

Form 1004UAD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Form 1004UAD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

SINGLE FAMILY COMPARABLE RENT SCHEDULE

SINGLE FAMILY COMPARABLE RENT SCHEDULE

Page #9
Page #9

This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant

This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant

difference between the comparables and the subject property.

difference between the comparables and the subject property.

ITEM ITEM SUBJECT SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO.
ITEM
ITEM
SUBJECT
SUBJECT
COMPARABLE NO. 1
COMPARABLE NO. 1
COMPARABLE NO. 2
COMPARABLE NO. 2
COMPARABLE NO. 3
COMPARABLE NO. 3
411
411
Manton Street
Manton Street
513
513
Carpenter St
Carpenter St
514
514
Montrose St
Montrose St
1241
1241
S 2nd St
S 2nd St
Address
Address
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
Philadelphia, PA 19147
0.23
0.23
miles N
miles N
0.26
0.26
miles N
miles N
0.22
0.22
miles E
miles E
Proximity to Subject
Proximity to Subject
Date Lease Begins
Date Lease Begins
YEAR TO
YEAR TO
YEAR TO
YEAR TO
YEAR TO
YEAR TO
YEAR TO
YEAR TO
Date Lease Expires
Date Lease Expires
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
Monthy Rental
Monthy Rental
If Currently
If Currently
Rented: $
Rented: $
0 0
$
$
2,200
2,200
$
$
2,250
2,250
$
$
1,900
1,900
Less: Utilities
Less: Utilities
$
$
0
0
$
$
0
0
$
$
0
0
$
$
0
0
Furniture
Furniture
0
0
0
0
0
0
0
0
Adjusted
Adjusted
Monthly Rent
Monthly Rent
$
$
$
$
2,200
2,200
$
$
2,250
2,250
$
$
1,900
1,900
Inspection
Inspection
Inspection
Inspection
Inspection
Inspection
Inspection
Inspection
Data Source
Data Source
Tax Records
Tax Records
Tax Records
Tax Records
Tax Records
Tax Records
Tax Records
Tax Records
RENT ADJUSTMENTS
RENT ADJUSTMENTS
DESCRIPTION
DESCRIPTION
DESCRIPTION
DESCRIPTION
+( – )$ Adjust.
+( – )$ Adjust.
DESCRIPTION
DESCRIPTION
+( – )$ Adjust.
+( – )$ Adjust.
DESCRIPTION
DESCRIPTION
+( – )$ Adjust.
+( – )$ Adjust.
Rent
Rent
None
None
None
None
None
None
Concessions
Concessions
Noted
Noted
Noted
Noted
Noted
Noted
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
N;Res;Urban
Location/View
Location/View
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
N;CtyStr;
Rowhome
Rowhome
Rowhome
Rowhome
Rowhome
Rowhome
Rowhome
Rowhome
Design and Appeal
Design and Appeal
Average
Average
Average
Average
Average
Average
Average
Average
0 0
0 0
0 0
0 0
Age/Condition
Age/Condition
C1
C1
C1
C1
C1
C1
C1
C1
Above Grade
Above Grade
Total
Total
Bdrms
Bdrms
Baths
Baths
Total
Total
Bdrms
Bdrms
Baths
Baths
Total
Total
Bdrms
Bdrms
Baths
Baths
Total
Total
Bdrms
Bdrms
Baths
Baths
Room Count
Room Count
6 6
4
4
2.1
2.1
6 6
4
4
2.0
2.0
+50
+50
6 6
4
4
2.0
2.0
+50
+50
5
5
3 3
2.0
2.0
+50
+50
Gross Living Area
Gross Living Area
1,944
1,944
Sq. Ft.
Sq. Ft.
2,280
2,280
Sq. Ft.
Sq. Ft.
0 0
2,280
2,280
Sq. Ft.
Sq. Ft.
0 0
1,744
1,744
Sq. Ft.
Sq. Ft.
0 0
Other (e.g., basement,
Other (e.g., basement,
648sf518sfwu
648sf518sfwu
760sf608sfwu
760sf608sfwu
760sf608sfwu
760sf608sfwu
581sf465sfwu
581sf465sfwu
etc.)
etc.)
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
1rr0br0.0ba0o
Other:
Other:
Net Adj. (total)
Net Adj. (total)
+
+
$
$
50
50
+
+
$
$
50
50
+
+
$
$
50
50
Indicated Monthly
Indicated Monthly
Market Rent
Market Rent
$
$
2,250
2,250
$
$
2,300
2,300
$
$
1,950
1,950
Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents and
Comments on market data, including the range of rents for single family properties, an estimate of vacancy for single family rental properties, the general trend of rents and
vacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.)
vacancy, and support for the above adjustments. (Rent concessions should be adjusted to the market, not to the subject property.)
All adjustments are market
All adjustments are market
indicators.
indicators.
Final Reconciliation of Market Rent:
Final Reconciliation of Market Rent:
The market data of similar single family dwellings is considered reliable in estimating the market rent for
The market data of similar single family dwellings is considered reliable in estimating the market rent for
subject property.
subject property.
I
I
(WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF
(WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF
11/07/2012
11/07/2012
20 12
20 12
TO BE $
TO BE $
2,200
2,200
Appraiser(s) SIGNATUR
Appraiser(s) SIGNATUR
Review Appraiser SIGNATURE
Review Appraiser SIGNATURE
(If applicable)
(If applicable)
NAME
NAME
NAME
NAME

Freddie Mac Form 1000 (8/88) [Y2K]

Freddie Mac Form 1000 (8/88) [Y2K]

Form 1000 (8/88) [Y2K] Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88) Fannie

Fannie Mae Form 1007 (8/88)

Fannie Mae Form 1007 (8/88)

Form RSL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Form RSL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Operating Income Statement

Operating Income Statement

Page #10
Page #10

One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property

One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property

Property Address

Property Address

411

411

Manton Street

Manton Street

Street

Street

Philadelphia

Philadelphia

City

City

PA

PA

State

State

19147

19147

Zip Code

Zip Code

General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must

General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must

complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for

complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for

utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

Unit No. 1

Unit No. 1

Unit No. 2

Unit No. 2

Unit No. 3

Unit No. 3

Unit No. 4

Unit No. 4

Total

Total

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Currently Currently Expiration Expiration Current Rent Current Rent Market Rent Market Rent Rented Rented Date
Currently
Currently
Expiration
Expiration
Current Rent
Current Rent
Market Rent
Market Rent
Rented
Rented
Date
Date
Per Month
Per Month
Per Month
Per Month
No
No
YEAR TO YEAR
YEAR TO YEAR
$
$
$
$
2,200
2,200
No
No
$
$
$
$
No
No
$
$
$
$
No
No
$
$
$
$
$ $
$ $
2,200
2,200
Paid Paid Paid Paid Utility Expense Utility Expense By Owner By Owner By Tenant By
Paid
Paid
Paid
Paid
Utility Expense
Utility Expense
By Owner
By Owner
By Tenant
By Tenant
Electricity
Electricity
Gas
Gas
Fuel Oil
Fuel Oil
Fuel (Other)
Fuel (Other)
Water/Sewer
Water/Sewer
Trash Removal
Trash Removal

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for

the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any

the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any

previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to the

previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to the

applicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender must

applicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender must

provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate

provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate

financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the

financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the

projections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those

projections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those

projections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items that

projections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items that

appear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as an

appear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as an

annual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents because

annual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents because

the property is proposed, new, or currently vacant, market rents should be used.

the property is proposed, new, or currently vacant, market rents should be used.

Annual Income and Expense Projection for Next 12 months

Annual Income and Expense Projection for Next 12 months

Adjustments by Adjustments by Income Income (Do not include income for owner-occupied units) (Do not
Adjustments by
Adjustments by
Income
Income
(Do not include income for owner-occupied units)
(Do not include income for owner-occupied units)
By Applicant/Appraiser
By Applicant/Appraiser
Lender's Underwriter
Lender's Underwriter
Gross Annual Rental (from unit(s) to be rented)
Gross Annual Rental
(from unit(s) to be rented)
(Market)
(Market)
$
$
26,400
26,400
$
$
Other Income (include sources)
Other Income (include sources)
+
+
0 0
+
+
Total
Total
$
$
26,400
26,400
$
$
Less Vacancy/Rent Loss
Less Vacancy/Rent Loss
– –
792 792
( (
3
3
%)
%) –
(
(
%)
%)
Effective Gross Income
Effective Gross Income
$
$
25,608
25,608
$
$
Expenses (Do not include expenses for owner-occupied units)
Expenses (Do not include expenses for owner-occupied units)
Electricity
Electricity
Gas
Gas
Fuel Oil
Fuel Oil
Fuel
Fuel
(Type -
(Type -
)
)
Water/Sewer
Water/Sewer
Trash Removal
Trash Removal
INC. IN RE TAXES
INC. IN RE TAXES
Pest Control
Pest Control
Other Taxes or Licenses
Other Taxes or Licenses
Casual Labor
Casual Labor
This includes the costs for public area cleaning, snow removal, etc., even
This includes the costs for public area cleaning, snow removal, etc., even
though the applicant may not elect to contract for such services.
though the applicant may not elect to contract for such services.
Interior Paint/Decorating
Interior Paint/Decorating
200
200
This includes the costs of contract labor and materials that are required to
This includes the costs of contract labor and materials that are required to
maintain the interiors of the living unit.
maintain the interiors of the living unit.
General Repairs/Maintenance
General Repairs/Maintenance
400
400
This includes the costs of contract labor and materials that are required to
This includes the costs of contract labor and materials that are required to
maintain the public corridors, stairways, roofs, mechanical systems,
maintain the public corridors, stairways, roofs, mechanical systems,
grounds, etc.
grounds, etc.
Management Expenses
Management Expenses
These are the customer expenses that a professional management
These are the customer expenses that a professional management
company would charge to manage the property.
company would charge to manage the property.
Supplies
Supplies
200
200
This includes the costs of items like light bulbs, janitorial supplies, etc.
This includes the costs of items like light bulbs, janitorial supplies, etc.
Total Replacement Reserves - See Schedule on Pg. 2
Total Replacement Reserves - See Schedule on Pg. 2
680
680
Miscellaneous
Miscellaneous
Total Operating Expenses
Total Operating Expenses
$
$
1,480
1,480
$
$
This Form Must Be Reproduced By Seller
This Form Must Be Reproduced By Seller
Freddie Mac
Freddie Mac
Fannie Mae
Fannie Mae
Page 1 of 2
Page 1 of 2
Form 998 Aug 88
Form 998 Aug 88
Form 216 Aug 88
Form 216 Aug 88
Aug 88 Form 998 Aug 88 Form 216 Aug 88 Form 216 Aug 88 Form INC2

Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Form INC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Page #11
Page #11

Replacement Reserve Schedule

Replacement Reserve Schedule

Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements

Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements

or are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that have

or are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that have

a a

etc. - should be expensed on a replacement cost basis.

etc. - should be expensed on a replacement cost basis.

remaining life of more than one year - such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,

remaining life of more than one year - such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,

Equipment

Equipment

Replacement

Replacement

Cost

Cost

Remaining

Remaining

Life

Life

By Applicant/

By Applicant/

Appraiser

Appraiser

Lender

Lender

Adjustments

Adjustments

Stoves/Ranges Stoves/Ranges

 

@ @

$

$

500 500

ea.

ea.

÷

÷

15

15

Yrs.

Yrs.

x

x

1

1

Units = $

Units = $

33

33

$

$

Refrigerators

Refrigerators

 

@

@

$

$

800

800

ea.

ea.

÷

÷

15

15

Yrs.

Yrs.

x

x

1

1

Units = $

Units = $

53

53

$

$

Dishwashers

Dishwashers

 

@

@

$

$

500

500

ea.

ea.

÷

÷

15

15

Yrs.

Yrs.

x

x

1

1

Units = $

Units = $

33

33

$

$

A/C Units

A/C Units

@

@

$

$

4,000

4,000

ea.

ea.

÷

÷

15

15

Yrs.

Yrs.

x

x

1

1

Units = $

Units = $

267

267

$

$

C.

C.

Washer/Dryers

Washer/Dryers

@

@

$

$

ea.

ea.

÷

÷

Yrs.

Yrs.

x

x

Units = $

Units = $

$

$

HW Heaters

HW Heaters

 

@

@

$

$

400

400

ea.

ea.

÷

÷<