DOCKET NO.: AAN-CV-22-6046058-S
`
`DEUTSCHE BANK NATIONAL TRUST
`COMPANY,AS TRUSTEE
`
`V.
`
`BRIAN NICHOLS, ET AL
`
`;
`
`:
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`;
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`:
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`SUPERIOR COURT
`
`J.D. OF ANSONIA/MILFORD
`
`AT MILFORD
`
`JUNE 26, 2024
`
`AFFIDAVIT OF LISA NICHOLS,
`PURSUANT TO CONN. GEN.STAT.§ 61-11(g),
`IN SUPPORT OF MOTION TO OPEN & VACATE JUDGMENT
`
`I, Lisa Nichols, being duly sworn, do hereby depose andsay:
`
`1.
`
`m
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`Be
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`I am overthe age of eighteen.
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`I believe in the obligations of an oath.
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`I am a named Defendantin the above-captioned case, and therefore have personal
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`knowledgeof the facts stated herein, and they are true and correct.
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`child.
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`4.
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`5.
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`6.
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`“2
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`I am the daughter and heir of the decedent, Judith Nichols.
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`I reside in the subject property as my primary residence with my disabled minor
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`Judgmentofstrict foreclosure entered on May 16, 2023.
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`Atthe time ofjudgment, the Plaintiffs own appraisal valued the property at
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`$250,000 wherein the debt was found to be just over $309,000, resulting in the Court entering
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`judgmentofstrict foreclosure.
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`8.
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`Thereafter, I, through probate, worked with a buyerto sell the property at a price
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`demandedbythe Plaintiff, which was 95% of the appraised value.
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`9.
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`10.
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`Then abruptly, the Plaintiff ordered a new appraisal.
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`Onor about January 25", 2024, the lender conducted a new drive-by appraisal of
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`the property which returned a value of $460,000, or almost double the initial appraised value. A
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`

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`copy ofsaid appraisal is attached hereto as Exhibit “A”.
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`11.
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`Since the Plaintiff is adamantthat the value of the property is $460,000 asset
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`forth on the attached Exhibit “A”, the Plaintiff admits there is more than $100,000 in equity in
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`the subject property.
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`12.
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`Therefore, the Plaintiff is asking this court to unfairly and inequitably maintain
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`strict foreclosure which will result in the Plaintiff making a windfall of more than $100,000 to
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`the detriment and unfair prejudice of me and mysiblings, whoare the heirsto the estate of my
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`decedent mother.
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`13.
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`This property is the only asset of the estate. Therefore, I pray upon this court to
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`open and vacate the judgmentofstrict foreclosure and compelthe Plaintiff to move for judgment
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`of foreclosure by sale to preserve and protect the only asset ofthe estate, to wit, the subject
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`property.
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`14.
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`That based upon the above-stated facts, it is hereby respectfully submitted that the
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`Motion to Open and Vacate Judgmentfiled simultaneously herewith wasfiled for good cause
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`arising after the Court’s prior ruling on the previous Motion to Open Judgment in compliance
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`with Practice Book Section 61-11(g).
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`Lisa Nichols
`
`din
`Subscribed and sworn to before methis Le day of June 2024.
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`
`
`€ommissioner-of-the-Super.
`=
`Notary Public Qin
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`My commission expires:
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`Id / QP [9675
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`

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`Exhibit “A”
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`

`

`RJW APPRAISAL GROUP,
`
`FOR:
`Select Portfolio Servicing, Inc.
`3217 Decker Lake Dr
`West Valley City, UT 84119
`
`SUMMARY APPRAISAL OF REAL PROPERTY
`
`LOCATED AT:
`275 Riverview Ave
`VIP: 4216/445
`Shelton, CT 06484
`
`AS OF:
`05/30/2024
`
`BY:
`RONALD STEIN
`
`Form GA1 - "TOTAL"appraisal software by a la mode,inc. - 1-800-ALAMODE
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`

`

`Ronald Stein
`
`Exterior-Only Inspection Residential Appraisal Report—siex ee
`
`
`
`
`City Shelton
`State CT
`ZipCode 06484
`275 Riverview Ave
`Property Address
`Owner of Public Record
`Estate of Judith Nichols
`County Fairfield
`Borrower_Estate of Judith Nichols
`
`
`Legal Description V/P: 4216/445
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`
`
`Tax Year 2023
`R.E, Taxes$ 4,372
`Assessor's Parcel#
`1388
`
`
`
`
`Map Reference
`Census Tract 1106.02
`Neighborhood Name
`Shelton Center
`(] Pup
`0
`HOAS O
`(_] peryear [| per month
`Special Assessments $
`Occupant 5€ Owner [|Tenant
`|_| Vacant
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`
`
`Property Rights Appraised i Fee Simple [| Leasehold_|_| Other (describe)
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`Assignment Type J Purchase Transaction intemal marketalmarketvaluefforclient_{_| Refinance Transaction —_Other (descrive)
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`SeeSelect Portfolio Servicing,Inc.
`Address
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`ae data oe used,offering price(s), and date(s)
`No MLSlistings noted for the subject within the past 12 months.
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`
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`
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`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
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`—2]
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`4 Contract Price $ |¥es[|No Data Source{s}Date of Contract ts the property seller the owner of public record? [
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`Zz Is there any financial assistance(loan charges, sale concessions,gift or downpayment assistance, etc.) to be paid by any party on behalf ofthe borrower?
`{] Yes
`{_] No
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`
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`If Yes, reportthetotal dollar amount and describe the itemsto be paid
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`
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`Note: Race and the racial composition of the neighborhoodare not appraisalfactors.
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`One-Unit Housing Trends: One-Unit HousingNeighborhood Characteristics Present Land Use %
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`Location [| Urban x Suburban AGE—_| One-Unit_[__] Rural Property Values [| Sain x Stable {_]Declining PRICE 95 %
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`Pa Bult-Un ||Shortage DX In Balance oOverSupply|$ (000)DX] Over 75% [_) 25-75% [] Under25% | Demand’Supply (yrs) | 2-4 Unit %
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`p24 Growth | MarketingTime 5 a mths [|] 3-6mths[] Over6mths|230 20|Multi-Family[_] Rapid Dd) Stable [] Slow Low
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`Fa] Neighborhood Boundaries 130.|Commercial‘Rte 110 to the north; RobertsSt tothe east, Rte 106 to the south; and Ten 750 High %
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`
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`_| Other
`5%
`i> Coat Lnto the west.
`450
`Pred.
`70
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`
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`Faq Neighborhood Description_—The subjectproperty is located in a well established residential neighborhoodbuilt up of similar type dwellings of most!
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`
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`ce average quality, condition & appeal.Alllocal amenities including schools, places of worship, shopping & major employment centers are easily
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`
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`accessible from the subject. Other 5% land useincludes schools, parks, etc.typical of residential neighborhoods.
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`Growthrate is stable. Property values appearto berelatively stable during the past 24
`Market Conditions {including support for the above conclusions)
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`
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`months. Properly valued and marketed properties should sell within a 1-3 month time frame. Supply and demandare in balance. No adverse
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`marketing conditions noted at the time of inspection.
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` View_N:Res:
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`Area_ 10019 sf
`Shape Rectangular
`Dimensions See legaldescription
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`Zoning Description Residential 1 family, 7500sf min lot size
`Specific Zoning Classification R-4
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`Zoning Gompfiance [| No Zoning[_| Illegal (describe)(Xj Legal [_| Legal Nonconforming (Grandfathered Use) _
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`Is the highest and best use of subject property as improved (or as proposedperplans and specifications) ihe present use? x Yes|| No IifNo.describe The subject's
`highest and best useis its current use.
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`
`
`
`Utilities
`PublicOiher(describe)
`Public
`Other (describe)
`Off-site Improvements - Type
`Public
`Private
`
`
`
`
`
`
`x
`CL]
`Street_ Asphalt
`x
`LI
`Water
`
`
`
`
`
`
`
`[J
`Sanitary Sewer
`5X)
`Alley None
`
`FEMA SpecialFlood Hazard Area
`FEMA Map Dale 06/18/2010
`[] Yes
`[No FEMAFloodZone x
`FEMA Map # 99001C0305F
`
`
`Yes [} No_IfNo, describe Are the utilities and off-site improvementstypical for the market area?
` D<) No If Yes, describe
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`
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` =
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`47930
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`
`
`
` |_| Property Owner
`
`Prior Inspection
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`hasBe Onewith Accessory Unit
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`
`
`
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`
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`Full Basement “3 Finished
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`# of Stories
`1.75
` Radiant |_| Woodstove(s) # O
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`
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`
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`Partial Basement [| Finished
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`
`
`
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`I<) Other __||_| Patioeck None_[DrivewaySurfaceUnknown Asphalt_
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`Type € Det. ["j Att [| S-Det /End Unit
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`
`
`Exterior Walls
`Vinyl Siding
`Fuel |X) Garage#ofCars2Oil ™ Porch Enclosed
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`
`
`%fssna [| Proposed
`_["} UnderConst,
`
`
`
`Design (Style)
`Cape
`Roof Surface
`Asphalt Shal
`
`|_| Central Air Gandtioning
`{|_| Pool_None
`[_]Camot
` #ofCas
`Oo
`
`
`
`YearBuilt
`1925
`Gutters & Downspouts Aluminum
`|_]Individual
`z Fence None
`Attached
`
`
`
`
`Effective Age (Yrs) 30
`Window Type
`Other
`|| Other None
`None
`
`
`
`
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`|_| RelrigeratorAppliances ||Dishwasher|_| Range/Qven |_| Disposal Microwave |_| Washer/Dryer §<) Other (describe) Unknown
`
`
`
`
`
`
`
`Finished area above grade contains:
`7 Rooms
`3 Bedrooms
`2.1 Bathis)
`1,983 Square Feet of Gross Living Area Above Grade
`Ldnekdilateae
`
`Additional features (special enargyefficient items, etc.)
`Perprior subject tax assessor record, the subject has a part finished basement.
`
`
`
`Describe the condition of the property and data source(s) {including apparent needed repairs, deterioration, renovations, remodeling, etc,}.
`C4:Based on an exterior
`
`
`
`the subiect property is considered to be in average overall condition, no repairs noted.Interior information, where
`inspection from the street only,
`
`
`
`fd Supplied on report,
`is taken from tax assessor and/or MLSlistings when available. Appraiser makes an extraordinary assumption that the
`
`
`
`
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`subject's interior condition quality of improvements as weil as exterior areas not viewable from the street are in same condition as viewable
`
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`ject may havesignificant impact on the subject's marketability and the value estimate established in this
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`report. Site map not available: Road construction in progress directly next to subject with large number of workers on road in front of subject.
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`Are there any apparent physical deficiencies or adverse conditions that affect the livability, soundness,orstructuralintegrity of the property?
`[J Yes BX No
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`It Yes, desotibe.
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`
`
`{f No, describe.
`
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`Doesthe property generally conform to the neighborhood(functionalutility, style, condition, use, construction,etc.)?
`x Yes (J No
`
`
`Freddie Mac Form 2055 March 2005
`UAD Version 9/2011
`Page 1 of 6
`Fannie Mae Form 2055 March 2005
`
`Form 2055UAD- TOTAL" appraisal software by a la mode,inc. - 1-800-ALAMODE
`
`

`

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`
`
`0009120
`File# 5859390
`Exterior-Only Inspection Residential Appraisal Report
`
`ta$
`439,900
`
`comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 394,900
`
`
`to$ 470,000
`comparable sales in the subject netahborhood within the past twelve months ranging in sale price from $ 445.000
`
`
`
`FEATURE
`SUBJECT
`COMPARABLE SALE # 1
`COMPARABLE SALE #2
`COMPARABLE SALE # 3
`
`
`275 Riverview Ave
`62 Ten Coat Ln
`42 Fort Hill Ave
`104 New St
`
`
`
`
`Shelton, CT 06484
`Shelton, CT 06484
`Sheiton, CT 06484
`Shelton, CT 06484
`
`
`Proximity to Subject
`0.23 miles W
`0.39 miles SE
`0.34milesSE_
`
`
`
`
`
`Sale Price
`|s
`470.000
`$
`465,000
`8
`445,000
`
`
`
`Sale Price/Gross Liv. Area
`sqft.|$
`295.04 sq.ft.)
`$297.70 saft.
`$225.66 soft)
`Data Source(s)
`MLS # 170622110;DOM 11
`MLS # 170571789;DOM 31
`MLS# 170573509:DOM11
`
`
`
`Verification Source(s}
`MLS/Tax Records
`MLS/Tax Records
`MLS/Tax Records
`
`VALUE ADJUSTMENTS
`DESCRIPTION
`DESCRIPTION
`| +{-) $ Adjustment
`DESCRIPTION
`+{-) $ Adjustment
`DESCRIPTION
`
`
`ArmLth
`ArmLth
`Sales orFinancing
`ArmLth
`|
`
`
`
`Conv;0
`VA;0
`Concessions
`FHA:O
`
`
`
`Date of Sale/Time
`i
`$04/24:c03/24
`|
`$08/23;c07/23
`+23,250|s07/23;c06/23_|
`+24,475
`
`
`
`N:Res;
`Location
`N:Res:
`|
`N:Res;
`N:Res:
`
`
`
`|
`Leasehold/Fee Simple
`|Fee Simple
`|
`Fee Simple
`|Fee Simple
`|FeeSimple
`
`+20,000|4792 sf
`|
`+10,000|4792 sf
`+10,000
`Site
`|10019 sf
`{12197 sf
`|
`
`
`
`
`N:Res:
`|
`NiRes:
`View
`N:Res;
`IN;Res;
`
`
`0}DT2.0;Colonial
`DT1:RRanch
`|
`0
`Design (Style)
`DT1.75:Cape
`_|DT1.75;Cape
`
`
`
`
`
`Quality of Construction
`Q4
`|
`Q4
`Q4
`
`
`99
`45
`-20,000|23
`|
`-40,000|34
`Actual Age
`-30,000
`
`
`
`
`
`Condition
`1c4
`C3
`-30,000)C4
`|
`
`
`
`
`
`
`Above Grade |Bdrms,| Baths|TotalTotal | Bdrms.| Baths Total |Bdrms.| Baths|
`
`
`
`
`
`
`
`
`
`Room Count 6|3[71 3]21| 61 3 |20| 43,500, | 20/| +3,500| 5 | | 0
`
`
`
`
`
`
`
`
`
`1,983 _sa-ft.
`1,593 sa.ft.
`GrossLiving Area
`L
`1,562 sat.
`+10,525)
`|
`0
`
`
`Basement&Finished 960sf450sfwu=|430sfOsfwo +7,000) 1032sf810sfwo -5,500)472sf0sfwu +7,000
`
`
`
`
`
`4rrObr0.Obado
`0} 1rObr0. 1 ba0o
`-2,500
`Rooms Below Grade
`0)
`
`Good
`Good
`Good
`|Good
`|
`FunctionalUtility
`
`
`ei Heating/Cooling
`foil,NoCAC
`__|Oil, No CAC
`Gas, No CAC
`0|Gas CAC
`|
`-3,000
`
`9 Energy Efficient tems
`None
`None
`None
`None
`|
`
`7g Garage/Carport
`2qd1dw
`2qbi2dw
`0) 2qbi2dw
`| 2qbi2dw
`|
`0
`
`s Porch/Patio/Deck
`Porch
`Deck
`0) Deck
`0| Patio
`0
`
`
`
`
`4.
`+FP
`
`&ao
`
`
`
`
`5 Net Adjustment (Total) -12,750||j+ R-_|[i+ &- |s |$ -725|_ + [)- |§ 8,475
`
`
`
`
`
`eA Adjusted Sale Price
`Net Adj.
`27%
`Net Adj.
`0.2%
`Net Adj.
`1.9%
`Py of Comparables
`Gross Ad.
`19.8% |$
`457,250|Gross Ad.
`20.5 %!$
`464,275|Gross Adj.
`_16.7%|$
`453,475
`
`
`
`ba)
`DM) cid
`|
`|
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`
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`My researchBE did
`_|
`did not reveal anypriorsales ortransfers of the subject property for the three yearsprior to the effective date of this appraisal.
`
`Data Source(s)
`MLS/Town Records
`
`My research [| did
`(€]
`cid not revealany prior sales or transfers of the comparable sales for the yearprior to the date of sale of the comparable sale,
`
`Data Source(s)_M@LS/Town 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)
`
`
`
`ITEM
`SUBJECT
`|
`COMPARABLESALE #1
`COMPARABLE SALE #2
`|
`COMPARABLESALE #3
`
`
`Date ofPrior Sale/Transfer
`03/30/2023
`|
`|
`
`
`Price of Prior Sale/Transfer
`\$o
`|
`|
`
`
`
`Data Source(s)
`VIP: 42161445
`| MLS/Town Records
`MLS/Town Records
`|MLS/Town Records
`
`
`
`
`
`05/30/2024
`|osv30/2024
`05/30/2024
`Effective Date of Data Source(s)
`|05/30/2024
`
`The subject transferred 03/30/2023 as estate, noted above. No other
`
`
`Analysis ofprior sale or transfer history of the subject property and comparable sales
`
`
`
`sales/transfers noted for the subject within the past 3 years of the dateof this report. No prior sales/transfers_noted for all sales comparables
`
`
`within 1
`year of their above respective sales dates.
`
`
`
`
`
`
`All sales are located within 1/2 mile of subject, are adjusted for newer dwellings and transferred within the
`Summary of Sales Comparison Approach
`
`prior 10 months. Notransfers noted within the subject's local market to bracket upper end of subject's older dwelling age. Sale 1 located on
`
`
` uphill site. Sales 2 & 3 given pro-rated market time adjustmentsfor their older contract dates, based on an average 6% yearover year value
`
`increase in the
`subject's city. Stronger weight given sale 1, most recenttransfer. Sales used most recenttransfers and most comparable to the
`
`
` results.
`located within 1 mile, expandedto 12 month transfers including dwellings built up to 1991 including ranch styled dwellings due to very limited
`
`
`
`460,000
`
`
`Indicated Value by Sales Comparison Approach $
`
`460,000
`Income Approach (if developed) $
`Cost Approach (if developed) $
`Indicated Value by: Sales Comparison Approach $
`
`The cost and income approachesto value not developed, don't applyin this analysis.
`
`
`
`rh the subject property was inspected from the street, exterior only.
`
`RECONCILIATIO
`
`
`
`
`This appraisalis made
`
`
`Dd “as is",
`subject
`to completion per plans and specifications on the basis of a hypothetical condition that
`the improvements have been
`
`
`
`
` subject to the
`
`completed,
`subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or
`
`
`
`
`
`fol
`llowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
`
`
`inspection of the exterior areas of the subject
`Based on a visual
`property from at least the street, defined scope of work, statement of assumptions and limiting
`
`
`
`market value, as defined, of the real property that is the subject of this report
`is
`conditions, and appraiser's certification, my (our) opinion of the
`
`ction and the effective date of this appraisal.
`, which is the date of
`$
`460,000
`, as of
`05/30/2024
`inspe
`
`Fannie Mae Form 2055 March 2005
`Freddie Mac Form 2055 March 2005
`UAD Version 9/2011
`Page 2 of 6
`
`23
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`There are
`There are
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`Address
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`+(-) $ Adjustment
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`Form 2055UAD - "TOTAL" appraisal software by ala mode,inc. - 1-800-ALAMODE
`
`

`

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`FIRREACertification Statement:
`
`The appraiser certifies and agrees that this appraisal was prepared in accordancewith the requirementsof Title XI of the FinancialInstitutions,
`Reform, Recovery,
`and Enforcement Act_(FIRREA)of 1989, as amended (12 U.S.C. 3331 et seq.),
`and any applicable implementing
`requlationsin effect at the time the appraiser sians the appraisal certification-
`
`Appraiser Independence:
`
`The appraiser has prepared this appraisalin full compliance with applicable Appraiser Independence Requirements and has no!performed
`
`participated in, or been associated with any activity in violation of those requirements.
`
` ADDITIONALCOMMENTS Appraiser Fee: $300
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`
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`EXPOSURETIME:
`
`Opinion of reasonable Exposure Time: 1-3 months.
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`AMC Fee: $50
`
`AMCLicense #: AMC.0000224
`
`Exterior-Only Inspection Residential Appraisal Report—ries posses ADDITIONAL CERTIFICATION:
`
`
`
`
`COST APPROACH TO VALUE(nat required hy Fannie Mae)
`Provide adequate information forthe lender/client to replicate thebelow cost figures and calculations.
`Support for the opinionofsite value (summary of comparable land sales or other methodsfor estimating site value)
`to lack of vacant land sales.
`
`
`_
`
`Site value derived using extraction method due
`
`(eleawait
`
`|] REPRODUCTION OR
`FQ ESTIMATED
`4 Sourceof cost data
`Effective date of cost data
`Quality rating from cost service
`Comments on Cost Approach(grossliving area calculations, depreciation, etc.)
`
`REPLACEMENT COST NEW
`
`OPINION OF SITE VALUE
`DWELLING
`
`|
`
`Garage/Carport
`pf TotalEstimate of CostNew
`| Less
`Physical
`Depreciation
`Depreciated Cost of Improvements
`"As-is" Value of Site Improvements
`
`240,000
`
`Sa.Ft_@ $
`Sq.Ft. @ $
`
`SQA.@$
`
`Functional
`
`
`
`fam Estimated Remaining Economic Life (HUD and VA only)
`
`|INDICATED VALUEBYCOSTAPPROACH st
`30 Years
`
`INCOME APPROACH TO VALUE(notrequired by FannieMae)
`a
`X Gross Rent Multiplier
`=$
`Estimated Monthly Market Rent $
`Summary af Income Approach(including support for market rent and GAM)
`
` ete
`
`Indicated Value by Income Approach
`
`
`see PROJECT INFORMATION FOR PUDs (ifapplicable) ats
`
`Is the developer/builder in control of the Homeowners’ Association (HOA)?
`(] Yes
`[_|.No
`Unit type(s)
`Detached
`Attached
`
`Providethe following information for PUDs ONLYif the developer/builderis in control of the HOA and the subject property is an attached dwelling unit.
`Legal Name of Project
`Total numberof units
`Total number of phases
`Total numberof units sold
`
`Total numberof units rented
`Total numberof units for sale
`Data source(s)
`
`
`Wasthe project created by ihe conversionofexisting building(s) into a PUD?
`|_| No_If Yes, date of conversion
`Yes
`Doesthe project contain any
`multi-dwefling units?
`Yes [| No Data Source(s}
`Are the units, common elements, and recreation facilities complete?
`{_] Yes
`
`
`
`No
`
`If No, describe ihe status of complation.
`
`gd
`
`Are the commonelements leased to or by the Homeowners’ Association? [|Yes ||No If Yes, describethe rental terms and options.
`
`
`
`Describe commonelements and recreationalfacilities.
`
`Freddie Mac Form 2055 March 2005
`
`UADVersion 9/2011
`
`Page 3 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055UAD- "TOTAL"appraisal software by a la mode,inc. - 1-800-ALAMODE
`
`

`

`Exterior-Only Inspection Residential Appraisal Report
`
`a one-unit property or a one-unit property with an accessory unit;
`form is designed to report an appraisal of
`report
`including a unit
`in
`a planned unit development
`(PUD). This
`report
`form is not designed to report
`an appraisal of
`a
`manufactured home or
`a
`unit
`in
`a
`condominium or cooperative
`project.
`
`intended user, definition of market value,
`intended use,
`to the following scope of work,
`subject
`is
`report
`This appraisal
`limiting
`conditions,
`and
`certifications. Modifications,
`additions,
`or deletions
`to the
`intended
`assumptions
`and
`statement
`of
`use,
`intended user,
`definition of market value, or assumptions
`and limiting
`conditions are not permitted. The
`appraiser may
`expand the
`scope of work to include
`any additional
`research or analysis necessary based on the complexity of
`this appraisal
`assignment. Modifications or deletions
`to the certifications
`are
`also not permitted. However,
`additional
`certifications
`that do
`not constitute material alterations to this appraisal
`report,
`such as those required by law or those related to the appraiser's
`continuing
`education or membership in
`an
`appraisal
`organization,
`are
`permitted.
`
`this appraisal assignment and the
`is defined by the complexity of
`this appraisal
`scope of work for
`SCOPE OF WORK: The
`this
`appraisal
`report
`form,
`including the following
`definition
`of market value,
`statement
`of
`reporting
`requirements
`of
`assumptions and limiting conditions, and certifications, The appraiser must, at a minimum:
`(1) perform a visual
`inspection of
`the exterior areas of
`the subject property from at
`least
`the street,
`(2)
`inspect
`the neighborhood,
`(3)
`inspect each of
`the
`comparable
`sales from at
`least
`the
`street,
`(4)
`research,
`verify,
`and analyze data
`from reliable public
`and/or private
`sources,
`and (5)
`report his or her analysis, opinions,
`and conclusions
`in this appraisal
`report.
`
`limited to,
`(including, but not
`the physical characteristics
`able to obtain adequate information about
`The appraiser must be
`condition,
`room count, gross
`living
`area,
`etc.)
`of
`the subject property from the exterior-only inspection and reliable public
`and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses
`for comparable sales
`such as, but not
`limited to, muttiple
`listing services,
`tax and assessment
`records,
`prior
`inspections,
`appraisal
`files,
`information
`provided
`by the
`property owner,
`etc.
`
`report
`this appraisal
`intended use of
`The
`INTENDED USE:
`subject of
`this appraisal
`for a mortgage finance transaction.
`
`is
`
`for the lender/client
`
`to evaluate the property that
`
`is
`
`the
`
`INTENDED USER:
`
`The intended user of
`
`this appraisal
`
`report
`
`is
`
`the lender/client.
`
`and open
`competitive
`a
`price which a property should bring in
`The most probable
`DEFINITION OF MARKET VALUE:
`market under
`all
`conditions
`requisite to a
`fair
`sale,
`the buyer and seller,
`each acting prudently, knowledgeably and assuming
`the price is not affected by undue stimulus,
`Implicit
`in this definition is the consummation of a sale as of a specified date and
`the passing of
`title from seller
`to buyer under conditions whereby:
`(1) buyer and seller are typically motivated;
`(2) both parties
`are well
`informed or well advised, and each acting in what he or she considers his or her own best
`interest;
`(3) a reasonable
`time is allowed for exposure in the open market;
`(4) payment
`is made in terms of cash in U. S, dollars or in terms of financial
`arrangements
`comparable
`thereto;
`and
`(5)
`the
`price
`represents
`the
`normal
`consideration for
`the
`property sold
`unaffected
`by
`special or creative financing or sales concessions* granted by anyone associated with the sale.
`
`are
`sales concessions. No adjustments
`special or creative financing or
`to the comparables must be made for
`*Adjustments
`law in a market area;
`these costs are
`Necessary for those costs which are normally paid by sellers as a
`result of
`tradition or
`readily identifiable
`since the seller pays
`these costs
`in virtually all
`sales
`transactions. Special or creative financing
`adjustments
`can be made to the comparable property by comparisons to financing terms offered by a third party institutional
`lender
`that
`is not already involved in
`the property or transaction. Any adjustment should not be calculated on a mechanical
`dollar
`for dollar cost of
`the financing or concession but
`the dollar amount of any adjustment
`should approximate the market's
`reaction to the financing
`or concessions based on the
`appraiser's
`judgment,
`
`STATEMENT OF ASSUMPTIONSAND LIMITING CONDITIONS:
`to the following assumptions
`and limiting conditions:
`
`The appraiser's
`
`certification in
`
`this
`
`report
`
`is
`
`subject
`
`the property being appraised or the title
`1. The appraiser will not be responsible for matters of a legal nature that affect either
`to it, except
`for
`information that he or she became aware of during the research involved in performing this appraisal. The
`appraiser assumes that
`the title
`is good and marketable and will not
`render any opinions about
`the title.
`
`are provided by the Federal Emergency Management Agency
`that
`flood maps
`available
`examined the
`appraiser has
`2. The
`(or other data sources) and has noted in this appraisal
`report whether any portion of
`the subject site is
`located in an
`identified Speciat Flood Hazard Area. Because the appraiser
`is not
`a surveyor, he or
`she makes no guarantees,
`express or
`implied,
`regarding this determination.
`
`the property in question,
`in court because he or she made an appraisal of
`3. The appraiser will not give testimony or appear
`unless
`specific arrangements to do so have been made beforehand, or as otherwise required by law.
`
`rie sesoseo This
`
`the
`(such as needed repairs, deterioration,
`conditions
`any adverse
`report
`appraisal
`appraiser has noted in this
`4. The
`inspection of
`the subject property or
`that he or
`substances,
`etc.) observed during the
`of hazardous wastes,
`toxic
`presence
`she became
`aware
`of during the
`research involved
`in
`performing this
`appraisal. Unless otherwise
`stated in
`this
`appraisal
`report,
`the appraiser has
`no knowledge
`of
`any hidden or unapparent physical deficiencies or adverse
`conditions
`of
`the
`property
`(such as,
`but not
`limited to,
`needed repairs,
`deterioration,
`the presence
`of hazardous wastes,
`toxic
`substances,
`such
`adverse
`environmental
`conditions,
`etc.)
`that would make
`the property fess valuable,
`and has
`assumed that
`there
`are
`no
`conditions
`and makes
`no guarantees or warranties,
`express or
`implied. The
`appraiser will not be
`responsible for any such
`conditions that do exist or
`for any engineering or
`testing that might be
`required to discover whether such conditions
`exist.
`Because the appraiser
`is not
`an expert
`in
`the field of environmental hazards,
`this appraisal
`report must not be considered as
`an
`environmental
`assessment
`of
`the
`property.
`
`to satisfactory
`subject
`is
`that
`report and valuation conclusion for an appraisal
`5. The appraiser has based his or her appraisal
`completion,
`repairs, or alterations on the assumption that
`the
`completion,
`repairs, or alterations of
`the subject property will be
`performed
`in
`a_ professional manner.
`
`Freddie Mac Form 2055 March 2005
`
`UAD Version 9/2011
`
`Page 4 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055UAD - "TOTAL"appraisal software by a la mode,inc. - 1-800-ALAMODE
`
`

`

`The Appraiser
`
`certifies
`
`and
`
`agrees
`
`that:
`
`1.
`this
`
`at
`| have,
`appraisal
`
`a minimum, developed and reported this appraisal
`report.
`
`in accordance with the scope of work requirements
`
`stated in
`
`| performed a visual
`2.
`the improvements
`in
`of
`soundness, or
`structural
`
`reported the condition
`|
`the street.
`least
`the subject property from at
`the exterior areas of
`inspection of
`factual,
`specific terms.
`|
`identified and reported the physical deficiencies
`that could affect
`the livability,
`integrity of
`the property.
`
`of Professional Appraisal
`the Uniform Standards
`of
`requirements
`accordance with the
`in
`appraisal
`performed this
`|
`3.
`adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were
`Practice that were
`place
`at
`the time this appraisal
`report was prepared.
`
`in
`
`the market value of
`| developed my opinion of
`4.
`|
`have
`adequate
`comparison approach to value.
`further certify that
`for this appraisal assignment.
`|
`them,
`unless otherwise
`indicated in
`this
`report.
`
`report based on the sales
`this
`is the subject of
`the real property that
`reliable
`sales
`comparison approach
`comparable market data to develop
`a
`| considered the cost and income approaches to value but did not develop
`
`any offering for
`the subject property,
`sale for
`for
`and reported on any current agreement
`analyzed,
`verified,
`researched,
`|
`5.
`this appraisal, and the prior sales of
`the subject
`sale of
`the subject property in the twelve months prior to the effective date of
`property for a minimum of
`three years prior to the effective date of
`this appraisal, unless otherwise indicated in this
`report
`
`the comparable sales for a minimum of one year prior
`researched, verified, analyzed, and reported on the prior sales of
`|
`6.
`to the date of
`sale of
`the comparable sale, unless otherwise indicated in this
`report.
`
`7.
`
`| selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
`
`| have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
`8.
`has been built or will be built on the land.
`
`| have reported adjustments to the comparable sales that
`9.
`property
`and the
`comparable
`sales.
`
`reflect
`
`the market's reaction to the differences between the subject
`
`all
`from a disinterested source,
`| verified,
`10.
`the sale or financing of
`the subject property.
`
`information in this report
`
`that was provided by parties who have a financial
`
`interest
`
`in
`
`11.
`
`| have knowledge
`
`and experience
`
`in appraising this
`
`type of property in this market area.
`
`the necessary and appropriate public and private data sources, such as multiple listing
`| am aware of, and have access to,
`12.
`services,
`tax assessment
`records, public land records and other such data sources for the area in which the property is
`located.
`
`| obtained the
`13.
`reliable
`sources that
`
`information,
`| believe
`
`and opinions
`estimates,
`to be
`true and correct.
`
`furnished by other parties
`
`and expressed in
`
`this
`
`appraisal
`
`report
`
`from
`
`Exterior-Only Inspection Residential Appraisal Report—rie# en APPRAISER'S CERTIFICATION:
`
`subject
`to the subject neighborhood,
`an impact on value with respect
`| have taken into consideration the factors that have
`14.
`property,
`and the proximity of
`the subject property to adverse influences
`in the development of my opinion of market value.
`|
`have noted in this appraisal
`report any adverse conditions
`(such as, but not
`limited to, needed repairs, deterioration,
`the
`the
`presence of hazardous wastes,
`toxic
`substances,
`adverse
`environmental
`conditions,
`etc.) observed during the
`inspection of
`subject property or that
`| became aware of during the research involved in performing this appraisal.
`| have considered these
`adverse conditions in my analysis of
`the property value, and have reported on the effect of
`the conditions on the value and
`marketability of
`the
`subject property.
`
`information from this appraisal
`| have not knowingly withheld any significant
`15.
`statements
`and information in
`this
`appraisal
`report
`are
`true
`and correct.
`
`report and,
`
`to the best of my knowledge,
`
`all
`
`and professional
`report my own personal, unbiased,
`this appraisal
`stated in
`|
`16.
`are subject only to the assumptions and limiting conditions in this appraisal
`report.
`
`analysis, opinions,
`
`and conclusions, which
`
`is the subject of this report, and | have no present or
`in the property that
`| have no present or prospective interest
`17.
`prospective personal
`interest or bias with respect
`to the participants
`in the transaction.
`| did not base, either partially or
`completely, my analysis and/or opinion of market value in this appraisal
`report on the race, color,
`religion,
`sex, age, marital
`status, handicap,
`familial status, or national origin of either the prospective owners or occupants of
`the subject property or of
`present owners or occupants of
`the properties in the vicinity of
`the subject property or on any other basis prohibited by law.
`
`the
`
`employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
`18. My
`a
`conditioned on any agreement or understanding, written or otherwise,
`that
`| would report
`(or present analysis
`supporting)
`predetermined specific value,
`a predetermined minimum value,
`a
`range or direction in value,
`a value that
`favors
`the cause of
`any party, or the attainment of a
`specific result or occurence of a specific subsequent event
`(such as approval of a pending
`mortgage
`loan
`application).
`
`|
`If
`report.
`forth in this appraisal
`the rea! estate that were set
`| personally prepared all conclusions and opinions about
`19.
`this appraisal
`the performance of
`relied on significant
`real property appraisal assistance from any individual or
`individuals
`in
`or the preparation of
`this appraisal
`report,
`| ha