DBD-CV18-6024823-S
`
`REVERSE MORTGAGE SOLUTIONS, INC.
`
`VS.
`
`SUSAN M. SMITH, ET AL
`
`:
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`:
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`:
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`:
`
`SUPERIOR COURT
`
`J.D. OF DANBURY
`
`AT DANBURY
`
`SEPTEMBER 05, 2018
`
`RETURN OF APPRAISAL
`
`Your Committee hereby submits the Affidavit of Appraiser and the appraisal
`report of David Pender for 27 Bates Farm Road, Ridgefield, Connecticut, as per Order of
`the Court.
`
`THE COMMITTEE
`
`
`
`Osvaldo G. Machado, Committee
`Hoekenga & Machado, LLC
`193 Main Street
`
`Danbury, CT 06810
`(203) 792-3300 ext. 302
`Juris No.: 419767
`
`
`
`
`
`
`

`

`DOCKET NO. DBDCV1860248235
`
`REVERSE MORTGAGE SOLUTIONS, INC.
`
`VS
`
`SUSAN M. SMITH et aI
`
`SUPERIOR COURT
`
`JUDICIAL DISTRICT
`
`OF DANBURY
`
`SEPTEMBER 4, 2018
`
`AFFIDAVIT OF APPRAISER
`
`I, David Pender, being duly sworn, depose and say:
`
`1.
`
`I am licensed and certified by the State of Connecticut as a real estate appraiser, Connecticut
`License No. RCR.0000973.
`
`2.
`
`I am familiar with real estate property values in the town of Ridgefield.
`
`3. At the request of the client, I performed an appraisal of the property located at 27 Bates Farm
`
`Road, Ridgefield, CT.
`
`4. My appraisal report is attached hereto and made part of. As of the date, lam of the opinion that
`
`the property therein described has a value, as follows:
`Value of Land:
`5 I50 ,000
`
`Value of Improvements:
`
`5 l‘iS ,000
`
`Total Value of Property:
`
`$995 ,000
`
`Date of Appraisal:
`
`.
`
`September 4, 2018
`
`I request a fee of $375.00 for thp appraisal/services rendered.
`..
`J
`I)
`1/
`.
`-'
`.-
`..'~. _.Z.)+//- [E .1737- A
`
`David N. Pender
`
`License # RCR.0000973
`
`10 Oxbow Lane, Guilford, CT.
`
`/ l)’
`Subscribed and sworn to, before me, this L day of September 2018
`
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`NOTARY PUBLIC Commission Expires:
`
`

`

`Davld N. Pender
`
`
`mom:
`
`Davld N. Pender
`
`INVOICE
`
`INVOICE NUMBER
`
`Gullford, cr 06437
`
`Fax Number:
`Telephone Number: 203-619-2415
`
`TO:
`I
`
`
`
`Judicial District of Danbury
`
`146 White Street
`Danbury, CT 06810
`
`E—Mall:
`Telephone Number:
`Alternate Number:
`
`Fax Number:
`
`09/04/2018
`
`REFERENCE
`
`Invoice Dale:
`
`Due Dale:
`
`lnlernal Order #:
`Lender Case #:
`Cllenl Flle #:
`
`FHA/VA Case #:
`Main Flle # on form: DBDCV1860248238
`
`OlhevFllei'OH form: 27batesfarm
`Federal Tax '91
`Employer ID:
`
`
`
`DESCRIPTION
`Lender:
`Purchaser/Borrower:
`Property Address:
`Olly:
`County:
`Legal Descrlpllon:
`
`Judicial District of Danbury
`Susan M. Smith et a1
`27 Bates Farm Road
`Ridgefield
`Falrl'ield
`V853 P996 6/18/07 (Appraisal Report)
`
`FEES
`
`Single Family-Drlve By
`
`‘- .
`Judicial District of Danbury
`
`Ollent:
`
`ZIP:
`
`06877
`
`AMOUNT
`
`PAYMENTS g: 3
`Check #:
`Check #:
`Check #:
`
`:
`:
`:
`
`Descrlpllon:
`Descrlpllon:
`Descriptlon:
`
`SUBTOTAL
`
`SUBTOTAL
`
`TOTAL DUE
`
`$
`
`Form N|V5D — 'WlnTOTAL" appraisal software by a la mode, Inc. — 1-800-ALAMODE
`
`

`

`APPRAISAL OF REAL PROPERTY
`
`LOCATED AT:
`27 Bates Farm Road
`V853 P996 6/18/07 (Appraisal Report)
`Ridgefleld, CT 06877
`
`FOR:
`Judicial Dlstrlct of Danbury
`146 White Street
`Danbury, CT 06810
`
`AS OF:
`09/04/2018
`
`BY:
`David N. Fender
`Fender Property Assoclates
`10 Oxbow Lane, Guilford, CT 06437
`
`Form GA3 — ”WlnTOTAL" appralsal soflware by a la mode. Inc. -— 1-300-ALAMODE
`
`

`

`David N. Pender
`
`27bates fa rm
`tnsection ResidentialAnralsalReIort Fileatnnncvrsoouszas
`Exterior-Ont
`waist Inn 1
`is to twice the lenderrcltenl with an anaemia. and aduuatel
`sell
`
`Kill Bode Dnfl'r'l'
`(‘1‘
`State
`1'! Iintos II'nrnI Reed
`City Itidgefioki
`Property AddIESS
`
`Borrower Susan M.Smithetnl
`Owner Of Public EIBCDTII Susan M. SIuItIII-t nl
`£0th [’lgjrflt'ltl
`_
`
`LEQEIIDESGFIIJIIDI'I V853 P996 errant? (Amernisnl Report}
`_______
`Tax Year 2017
`Assessor‘s Parcel#
`F070029
`
`I5 Neighborhood Name
`[)nnbun
`than Reference
`trotsua Tract 2.452Ito
`rare-2
`__
`
`In Occupant
`[iii] Owner
`I_l Tenant
`0
`HUI‘IS o
`@r [cot
`l Iermonllt
`I__|Vacant
`Special Assessmentst
`I_lPtJt‘l
`
`EDPrnpoIty Rights Appraised
`EC: Fee Simple H Leasehold
`_l Other {describe}
`I-‘urI-I-iusure
`Assignmenttyte
`I_I Purchase Transaction
`I_I Retinance Transaction
`[8] Other toescdbe}
`
`LenchICIlent
`Judicial Diettrict ul' DrlnllunI
`Address
`[-16 White Street. Dtlnllun'. CT “68 I It
`E53 ‘I'es LI hie
`Is the sub act I
`I- It currently ottered tor sale or has It been offered for sale in the twelve months [lot to the elfective date ot this appraisal?
`BEEN data soureeja used. uttering prlceIsI and date SI.
`[fimgfiflflhlk recorded! 1.5. The fiuflfl‘clfimpvl'h' was not lL-Ited at the time ui‘ inspecliun.1‘he
`stlh'ccl “Ins l'uitl-Ii in the test I! months I'm 53 l 5.|J|||l IInI‘l on the market her 96 do III. The listin_ ox ircd III'3I'II I It. {(Trh’llfifl! 10044518? List Date “24/!!!
`l
`I__I did
`I‘] did not analyze the contract tor sale tor the subject purchase transaction. Explain the results ol the analysis of the contract for sale or why the analysis was not
`
`
`
`§ _Gonlract Price 5
`Date ol Contract
`Is the property seller the center 01 public lecord?
`i" | Yes
`|
`I No Data SourceIs]
`
`'5 Is there any tinanctal assistance (loan charges sale concessions gilt or downpayment assistance. etc.) to be paid by any party on behalf ol the borrower?
`I_I Yes
`["_| No
`
`
`I
`
`
`
`
`
`
`h
`II] ‘iiI
`%
`
`
`.
`Neighborhood Characteristics
`One-UnltHeustng Trends
`
`Location I_I Urban
`[2;] Suburban
`I
`I Rural
`Property IIralues I' I Increasing
`L'-j Stable
`AQE____ One-Unit
`_ _I Declining
`PRICE
`QMUP H OveITS'ttI
`l—I 254535
`I_l Undor25‘lt
`[ternrlntlrSupIntI I_l Shortage
`E III Balance 7 OverSuppty
`credo}
`may
`2-4 Unit
`Low
`l—I haptd
`E'fl Stable
`I_l Slew
`Marketing 'l'e‘ne F] Under 3 Inths I__] 3l5 mitts
`"_I Overt“: mitts
`Ittll
`u
`l‘hulli-Famlty
`Higil
`Nunh- Dnnlml'v lawn Ijnc. .‘iIIIII'II- New ‘Iork :mm- lIlIIi“I'IIIIIIJ tunl1 lino. Fuxl—
`Till}
`ISII
`Commercial
`"
`PI’EIII
`II)I1IILturItIlI:ddlng luwll. lines. Weetl- New \‘urk slnh- line.
`300
`50
`Other
`Neighborhood Description
`An nflhII _I-I1Il nilfllll _l__lIe [Tl IIInImpiup-nnnt rIIte I_1_1_I.1__li'Il.‘l1hlJ_l remain: lImII-I Iil1lll_the national rate. Rent est:rte supply and
`market activity remains stable timeIn '3an In declining hnnle \nlucs nncl mortgage interest ratesfitment tn morirel‘Is II‘I'ilrllfli‘ III this section III' Itldgr.floltl.
`
`
`Market Conditions (recording rapport tor the above conclusions]
`The real estate mnrkclplucelstarted to III-ethn- In ands mi Is emrentl' stable at this time. NII
`there It
`ears to be sufficient bank finnlu‘in_ available to sutisf I the current level of demand at this time
`
`Dimensions See attached deed
`Area 23.511 sf
`Shape Irregular
`IIIcItr mill-”fl..— _
`Speciilc Eoning Classification RA
`Eoninq Doser‘notion Residential - i new: min
`
`zoning Compliance I_l Legal F.) Legal Nonconlonning {Grandtatheretl Uset H No inning I_l Illegal {describe}
`
`Is the highest and best use of subleot property as improved [or as proposed per piano and spectllcatlona} the present use?
`i:-_:] Yes
`I__! No
`II happening"
`
`
`Private
`Public
`Utilities
`Public Othertdeecrlbo)
`Publlc Othertdeeorlbot
`Ott—sltetrnprovemaots~‘type
`I21
`W
`ectrlclty
`fl.__t:
`Im—[Tfl \xen
`Street Aspllnll
`Water
`
`
`I.)
`_I_.|
`I_I
`I—
`Sanitary Sewer I7
`.. Septic
`Alloy None
`
`FEMA I'viztp Date oorttrrento
`FEMA Specter FtoodHazardArea
`FEMAhta. # oeootcozasrr
`IQ] Yes
`Are the utiities and ott-site Improvementsthcat for the market area?
`r'| No
`It No. describe
`
`Are thereayadverse sitecondilionsorexternal tactors IFEFIPIIIFFIISLencIeachmenle environmental pendltlens. land uses. etc.I?
`I_I Yes
`I2] No
`"Yes, describe
`
`NII II
`ureut IIII\en.I I-mIditIIIIIs encrunclInII-nts. or Innd uses Nu easements that affect nIeIrkIl-ahilln. Wells and septic systems are common tn the urea
`
`and are nut cIInIiiderctl udverm: In nlurkrtnhlfitx. I'ulIliI: wnturiercwcr were: not IWI'IIIIIIIII: “n the Kin-cl at (In: IIIIII: ul tile IIISpchi-Dtl. ”-lhIrcI is no adverse
`
`'1 MSOS‘ISIIIOHIIII'IEI Terr RPEQIOSI_ __
`Data Source for Gross Ltvlnu Area
`
`‘‘‘‘‘‘‘‘‘‘
`EhreplaceIe] at!
`I
`None
`
`
`_ Finished
`Radiant
`I_j WmdstoveIsI# It
`Driveway
`# otCars
`t
`
`
`Finished
`_ Other
`If! Pntlottlcclr Wood
`Driveway Sortace
`nspIInII
`Proposed I_8I Under Coost Exterior Walls
`wqutng
`Fuel
`0"
`II 7 Porch None
`:‘IGarae
`# of Cars
`I
`Ranch
`Root Surface
`All In SlIrAv_
`Central Air Bonitlltonttt
`_
`| Pool Num-
`Carport
`# of Cars
`0
`Design {Style}
`'
`‘
`I9‘rh
`Gutters & DohnspoulsAtnmrAvg
`Individual
`[7 Fence I339};
`_ Attached H Detached
`Year Built
`Window type
`that tlun_ Av _ Other
`[17;] Other stII-It
`': Built-in
`'
`__
`‘
`'
`.
`I Other [describe]
`
`3 Bedrooms
`l.1
`912 Square Feel at Green Living Area Above Grade
`Bathts}
`The subiect prupcrt‘r in n rIInI-EI Istvie dwelling with the rxteriur III leverage overal't condition. 'l'ltel'c is n
`:.°_"°_E’!!‘.l’!',-EE'!B£1LR.“WEE and a Sllt'lst' finished leuSImI-IIt III'IJR.
`
`0 Describe the condition of the property and data eourceIs} Including apparent needed repalrs. deterioration, renovations. IeIIIodeEng. etc].
`(“III'I‘hI-I-I- win no Internet or
`I
`J9; repairer Iteeeaean- for IIIuriLIIIuLIIIItv. The entrain-r utilized the
`I nuts II III I I sent ce for the property details.
`
`
`
`
`
`
`
`__
`
`redefined.
`
`Are there any apparent physical deficiencies or adverse conditions that aftect the livability. soundness. or structural integrity of the property?
`
`It Yus. describe.
`
`Nu ulmnrent III-I'iclerlclesgr l_lli-\'t‘_l§_l' ccfliithme elegy-red hfJIII;nfly_r:pjgr_ellg.fl_‘l"l1evpyHeather;gnu]flmtliljeryo I_ictermim- the structural IIItI-grflv ofthe
`
`Iroporty.
`
`
`lft'Io. describe.
`No
`'< Yes
`Does the propertypenendly conform to the neighborhood [lunclionalulillly style condition. use. cooslnrcllon. etc. I
`
`
`lil Yes
`
`['IIE’I No
`
`Freddie Mac Form 2055 March 2005
`
`UAD Version 9/2011
`
`Page 1 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055UAD — 'WinTOTAL' appraisal software by a la mode, inc. — t -BOO»ALAMODE
`
`

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`27batesl‘arm
`.
`.
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`Insectlon Resrdentlal till ll‘alSc'll Re on File# DBDCV1860248238
`Exterior—Ont
`
`comparable properties currentiy_ottered for sale in the subject neighborhood ranging in price from 3
`275.000
`105
`350.1_l_00_
`T_here are
`5
`There are
`7
`comarabie sales in the sub'ect neihbomood within the tast twelve months rant-in in sale nice from $ 275.000
`loS 350.000
`
`FEATURE
`SUBJECT
`COMPARABLE SALE # 1
`COMPARABLE SALE #2
`COMPARABLE SALE 11' It
`27 Bates Farm Road
`232 Mountain Road
`19 Topcrest Lane
`6 Rainbow Drive
`Address
`
`R_i(_‘lgefie_l_d_,_CT 06877
`Ridgefield, CT 06877
`_ Ridgefield. CT 06877
`Ridgcfietd. CT 06877
`
`Proximity to Subject
`_ _
`__
`0.84 miles NW
`v _
`_0_.t}7 miles W
`0.36 miles N
`
`336.000
`S
`110.1100
`is
`Sale Price
`$
`
`Sale Price/Gross Liv. Area
`3
`sq.ft. 5
`368.55 sq.tt.j___
`_
`3110.19 sqtt.
`$
`405.80 sq.tt.
`
`Data Sourcetsl
`Puolic Records/CTMLS;DOM 196 Public Reenrds/CTMLSflQlL/l 90 Public Records/CTM LSgDOM 26
`
`Verification Source/s)
`CTM LStll7001 1786 v1059 P1227 CTMlsr/l70053968 V1062 P1298 CTMLS#170082356 V1064 Pl 12
`
`VALUE ADJUSTMENTS
`DESCRIPTION
`+(-) SAdiustment
`DESCRIPTION
`+j-) $ Adjushnent
`j
`DESCRIPTION
`+ -i $ Adiuslment
`DESCRIPTION
`Sales or Financing
`ArnlLth
`ArmLth
`ArnlLth
`
`C_op_c_e_s_§ions
`Conv;0
`Couv;0
`Canv50
`
`pity-apt Sale/Time
`504/18:Unk
`s06/18;rlnk
`s07/1Milk
`
`. Nchs;
`'
`..iN;Ress.
`. 2
`. times;
`N=R°S=
`FttSinmle
`.
`'flePPWFBiSFDPie.
`..l.F§'¢'. Show?"
`Fl“? Simbll‘
`F00 Simple
`23.522 sf
`Site
`l6.534 sf
`[.11 ac
`16.553 31'
`
`\Aew
`N;Res:
`N:Res;
`_N5ReS'I
`Ngkes:
`_
`_
`
`Design (Styiel
`DleRallch
`DTl;Ranch
`I)'l'l:Ranch
`DTléRanch
`Ouality oi Construction
`03
`Q3
`03
`9.}
`Actual Age
`48
`59
`49
`0 60
`_Co_ndttion
`c4
`C3
`-30.000 c3
`-32.000 C3 _
`_
`Above Grade
`Total Bdrms. Baths
`Total Bdrms. Baths
`+4.01mlMlerms. Baths
`Total Bdrms, Baths
`
`
`+3.000l
`Room Count
`_ 6
`3
`LL 6 _2__ _1.0
`+3000!
`6 l
`3
`1.0
`6
`3
`1.0
`
`Gross Living Area
`.
`912 sqtt.
`814 sq.it.
`+2.500
`1,066 sq.it.
`-3.900
`828 soil.
`Basemenl& Finished
`912sr500srwu
`814sf0sf1vu
`+5,00u 1066sr350srwu
`+1.500 828sl700srwu
`
`Rooms Below Grade
`Irr0|Jr0.0l)aOo
`0 lrr0hr0.0ha0n
`IrrOhr0.0ba00
`_
`_
`Average
`FUHCliOI'lal Utility
`Average
`Average
`Average
`FHA/None
`0 Heating/Cooling
`llW/None
`HW/None
`FHA/None
`
`None
`None
`None
`_____ None
`
`_lghildw
`2dw
`2d1v
`.
`Ighildw
`E grape/Calm
`
`" Porch/Patto/Deck
`Wood Deck
`WDIPatio
`Wood Deck
`yv__oorl_l)_gel_r_
`
`Fireplaces. woodstoves. etc
`_1_ Fireplace; _
`_l_ fireplace
`__No_r_1e
`2 Fireplaces
`-4.000
`Shed
`Shed
`.
`None
`_ _+'."QQ.
`None
`None
`None
`
`
`
`
`
`
`
`'
`
`_
`
`$
`
`-3l.900
`
`m + B] -
`-
`i1 _+_‘ M -
`8 Net Ad'uslmenthpta)
`Net Adj.
`9,5 %
`8.8 91
`Net Adj.
`Net Adj.
`2.9 tr;
`0, Adjusted Sale Price
`304.100
`2.91.900 Gross Adi
`14.1 ‘11: 5
`17.2 %
`291.400 Gross Ad'.
`Gross Ad'.
`17.8 %
`E 01 Com-arables
`or:
`I
`I552] did
`L_J did not research the sale or transfer history at the subject property and comparable sales. It nol._o§pprri
`
`
`
`t_| did L1 did 1101 111003] 2101000! so as or transient at the subject property by the throeycars rotor to the attractive date at this appraisal.
`My research
`Data SOUTCelS)
`Assessor/CTMLS
`_
`_
`. _ _
`_
`
`My monarch
`[7 did E-fl dill not reveal 311pr so as or boosters oi the comparable saipp‘lprltip yplarpriplrnlp _I_t_rp_drltel.gtswgalplilhcjom risotto trait.
`
`Data Sourcetsl
`Assessor/CTM LS
`_ _
`
`Report the results of the research and analysis of the prior sale or transfer history of the subject property and com a_rat_l|e sales (Leport additional prior sales on page 3).
`
`ITEM
`SUBJECT
`COMPARABLE SALE #1
`Ip
`CDMPARABLE SALE 11‘3“
`.
`COMPARABLE_SALE #3
`
`Date of Prior Sale/Transfer
`
`Price of Prior Sale/Transter
`Assessor/CTMIS
`Assessor/CTM LS_
`Assessor/CTM LS
`Assessor/CTMLS
`Data Source(s)
`opp/112018
`09/04/2018
`09/04/2018
`09/04/2018
`Effective Date of Data Sourcets)
`
`Analysis of prior sale or transfer history of the subject property and comparable sales
`There were no noted transfers for the sales within the past vear. There
`were no transfers for tile subject in the past three vears.
`
`
`
`
`
`
`
`
`
`These were the best available sales from which an indication of value could be estimated. All sales were adiusted
`Summary of Sales Comparison Approach
`less than 15% net & less than 25%gfoss._as set ftp‘tll on the ppove chart. All sales were closed transactions located witllin 1 mile front the subject
`
`PL ‘ggtv. All sales have closed within the last 6 mnnths. Equal weight was allocated to all sales emploved within this process. Adjustmept Differentials:
`
`Site-55 l00/.0laga B_athr_onn1:$6i000/hatll._ (FBA-$3_.9I_]0/hatl_l)yBedfnpm—Sitt’lflq. GLA-SZS/sf. FBA-Slfl/sf. CAC—$5.000. Garage-$4.000/bay;
`_l_7_ilfep_la_c_e_—_$4,0_0_0_/openin11.Allsglgs had superior c00diti0r1_v_s thgsuhiect warranting downward adjustments.
`
`
`
`indicated Value b Sales Comparison Anroach 3
`295.000
`
`palpated Value by: Sales Comparison Approach 5
`205.0011
`Cost Approach tit developed] S
`195,392
`income Approach {it dovetapgdj 5
`
`Greatest weight allocated to the sales conlparison approach which provides the most supportable value indication for residential housing in this area.
`Cos_t_approach_provides strong support for the final value estimated witllill tllis report. Tile exposure time for properties ill this marketplace is
`
`ppprnximatelv 3 months. The appraiser has not performed anv services On the subject propertv ill the last tllree vears.
`
`
`
`
`
`This appraisal is made M "as is".
`subject to completion per plans and specifications on the basis 01 a hypothetical condition that the improvements have been
`
`
`
`
`
`completed.
`subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed. or
`subject to the
`tollow_i_n_g reguired inspection based on _the extraordinary assumption that the condition or deficiency does not require alteration or repain This appraisal is_ma11e_[_1er an
`_
`uteriur drive-In- inspection
`_____
`__
`__
`Based on a visual inspection oi the exterior areas of the sub'oct property from at least the street, defined son 0 of work, statement of assumptions and limiting
`conditions, and appraiser's certification, my (our) opinion 1:
`the market valueI as dottned. oi the real propo
`that is the subject of this report is
`5
`295.0110
`as of
`09/04/2018
`which Is the date of Ins-potion and tho oliaotiua date of this 11- - sisal.
`Freddie Mac Form 2055 March 2005
`UAD Version 9/2011
`Page 2 of 6
`Fannie Mae Form 2055 March 2005
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` RECONCILIATION
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`Form 2055UAD — 'WinTOTAL" appraisal soilware by a la mode. inc. —1—BOO—ALAMODE
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`

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`27batesfarn1
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`Flle# DBDCV186024823S
`Insmctlon ReSIdentlal A. ”$53! Fle-ort
`EXterlor-onl
`This is a summarv report which conforms to USPAP/FIRREA guidelines The scope of work required by Fannie_Mae for the 2005 URAR Form 1004
`does not include the development of 9 Cost Approach or Income Approach when used for loans 5910110!th to Fannie Mae. ’l‘vpical age life method of
`estimating accrued depreciation was emplovcd within this report.
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` ADDITIONALCOMMENTS
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`COST APPHGAL‘H TO VALUE (not required by Fannie 3100} -
`Provide adequate Inlormatlon tor the londorictluul to replicate the below cost llgurcs and calculations.
`Land value b: 1105an upon flmll‘fll'ilfl‘s analyst-r nl'
`IMIHI tor the opinion or site \raiue [summary at comparable land sales or other methods It!’_c§||l‘llali'lfl5ilfl value]
`vacant lot soles throughout Ridgefield. It is typical for land values to exceed 30% of total value in this area.
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`5 Source 01 cost data Mill'slltlfl 5d,, Swill
`DWELLING
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`Eflective date of cost data 09/18
`a. Quality rating from cost service Avg
`Basement
`.
`.Comments on CoslApproach [gross li_ving area calculationsLdeprectatiOn,yetc.)_ __
`FP. EBA WI)
`Buildin_ sketch is
`resented witlrirrfillc addenda section of report. Q1155
`fiaflgflamgd
`huildiruz acceleratesu sidearm.treat.municipal.0210.90nA.D.00resiatioo.is...
`based on a lifespan of 100 years.
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`25" SCI-F'- @ 5
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`[5.00
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`Functional
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`External
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`36.798
`.OTL
`DEPT
`110.392
`Deprecated Cost or inpmvunicnts
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`35.000
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`Fill-ts" tram at Site Improvements
`..
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`195.391
`INDICATED VALUE BY COST APPROACH ..
`75 Years
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`INOOIIIE APFi-IDACH 10 IIALliEjr-mtraqulrad by Fannie 1100}
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`Indicated Value by tncome Approach
`X Gross Rent Multiplier
`Estimated Monthly Market Rent$
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`Summary 01 Income Approach tinctuding_s_upport tor market rent and GRM)
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`..
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`........ ..
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`|INCOME|
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`Ileahta
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`is the developeribuitder in control oi the Homeowners' Association [HOA]?
`|__| Yes J No
`Dlfllaclifld
`'7 Attached
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`Provide the lollowing information tor PUDs ONLY it the developer/builder is in control of the HOA and the wheat Drooert
`is an attached dweltin unil
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`Legal Name of Proiect
`Total number at units sold
`Total number oi units
`g Total number oi phases
`Data source(s)
`Total number cl units for sale
`Total number oi units rented
`5 Was the project created by the conversion ot existing bullding(s) into a PUD? D Yes E] No It Yes, dateolgorurerslrfl _ __
`:1 Does the project contain any mum-dwelling units?
`|
`| Yes
`[ml No Data Sourcats]
`Are the units. common ctemonts. and recreation Iaclllties complete?
`H Yes D No II No. describe the statusoi completion.
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`Are the common elements leased to or by the Homeowners' Association? |_| Yes Kl No It Yes, describe the rental terms raid OWN-5.—
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`Describe common elements and recreational lacilities.
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`_
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`Freddie Mac Form 2055 March 2005
`
`UAD Version 9/2011
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`Page 3 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055UAD —— 'WinTOTAL" appraisal software by a la mode. inc. —1-800-ALAMODE
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`lorfruruucrsne YALLE... . -__.QESTIMATED [f__ 05130000000000 gngemceueulcosrugw 150.000
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`012 8qu @ $
`912 Sq.Ft. @$
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`100.00
`20.00
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`..
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`15:00
`18,240
`34.000
`3,750
`147.190
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`Exterior-Uni
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`[[15 action ResidentiaIA raisalFle 0”:
`
`This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
`including a unit
`in a planned unit development (PUD). This report form is not designed to report an appraisal of a
`manufactured home or a unit
`in a condominium or cooperative project.
`
`27 batesfarm
`File# DBDCV186024823S
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`intended user, definition of market value,
`intended use,
`is subject to the following scope of work,
`This appraisal report
`statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
`use,
`intended user. definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
`expand the scope of 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.
`
`is defined by the complexity of this appraisal assignment and the
`SCOPE OF WORK: The scope of work for this appraisal
`reporting requirements of this appraisal report form,
`including the following definition of market value, statement 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.
`
`The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to,
`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, multiple listing services,
`tax and assessment records, prior inspections.
`appraisal files,
`information provided by the property owner. etc.
`
`INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
`subject of this appraisal for a mortgage finance transaction.
`
`INTENDED USER: The intended user of this appraisal report is the lender/client.
`
`DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
`market under all conditions requisite to a fair sale, the buyer and seller. each acting prudently, knowledgeably and assuming
`the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
`the passing of title from seller to buyer under conditions whereby:
`(1) buyer and seller are typically motivated; (2) both parties
`are well
`informed or well advised. and each acting in what he or she considers his or her own best interest;
`(3) a reasonable
`time is allowed for exposure 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.
`
`*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
`necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
`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 ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject
`to the following assumptions and limiting conditions:
`
`1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
`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.
`
`2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
`(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
`identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
`implied. regarding this determination.
`
`3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
`unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
`
`4. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
`presence of hazardous wastes.
`toxic substances, etc.) observed during the inspection of the subject property or that he or
`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,
`adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
`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.
`
`5. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
`completion. repairs, or alterations on the assumption that the completion. repairs, or alterations of the subject property will be
`performed in a professional manner.
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`Freddie Mac Form 2055 March 2005
`
`UAD Version 9/2011
`
`Page 4 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055UAD — ”WinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE
`
`
`
`

`

`Exterior-Ont
`
`lns-ection Residential A I II'BISBI Heoort
`
`27batesfarm
`Flle# Deocvrssouszss
`
`APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
`
`l have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
`1.
`this appraisal
`report.
`
`I reported the condition
`I performed a visual inspection of the exterior areas of the subject property from at least the street.
`2.
`of the improvements in factual. specific terms.
`I
`identified and reported the physical deficiencies that could affect the livability,
`soundness. or structural
`integrity of the property.
`
`in accordance with the requirements of the Uniform Standards of Professional Appraisal
`I performed this appraisal
`3.
`Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
`place at the time this appraisal report was prepared.
`
`I developed my opinion of the market value of the real property that is the subject of this report based on the sales
`4.
`comparison approach to value.
`I have adequate comparable market data to develop a reliable sales comparison approach
`for this appraisal assignment.
`I further certify that I considered the cost and income approaches to value but did not develop
`them, unless otherwise indicated in this report.
`
`I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
`5.
`sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
`property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
`
`I researched, verified, analyzed. and reported on the prior sales of the comparable sales for a minimum of one year prior
`6.
`to the date of sale of the comparable sale, unless otherwise indicated in this report.
`
`7.
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`I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
`
`I 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.
`
`I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
`9.
`property and the comparable sales.
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`l verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
`10.
`the sale or financing of the subject property.
`
`11.
`
`l have knowledge and experience in appraising this type of property in this market area.
`
`
`
`I am aware of, and have access to, the necessary and appropriate public and private data sources. such as multiple listing
`12.
`services, tax assessment records, public land records and other such data sources for the area in which the property is located.
`
`I obtained the information. estimates, and opinions furnished by other parties and expressed in this appraisal report from
`13.
`reliable sources that
`I believe to be true and correct.
`
`l have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
`14.
`property, and the proximity of the subject property to adverse influences in the development of my opinion of market value.
`I
`have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
`presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
`subject property or that I became aware of during the research involved in performing this appraisal.
`l 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.
`
`l have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
`15.
`statements and information in this appraisal report are true and correct.
`
`I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
`16.
`are subject only to the assumptions and limiting conditions in this appraisal report.
`
`l have no present or prospective interest in the property that is the subject of this report, and I have no present or
`17.
`prospective personal interest or bias with respect to the participants in the transaction.
`I 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 the
`present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
`
`18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
`conditioned on any agreement or understanding. written or otherwise, that I would report (or present analysis supporting) a
`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 occurrence of a specific subsequent event (such as approval of a pending
`mongage loan application).
`
`I
`If
`I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report.
`19.
`relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
`or the preparation of this appraisal report,
`I have named such individual(s) and disclosed the specific