DOCKET NO: FBT-CV18-6075189-S
`
`:
`:
`
`SUPERIOR COURT
`OF FAIRFIELD
`
`LENDINGHOME FUNDING CORPORATION,
`A DELAWARE CORPORATION
`
`V.
`
`EATON INVESTMENTS, LLC, A CT LIMITED
`LIABILITY COMPANY
`
`AT BRIDGEPORT
`
`September 10, 2018
`
`MOTION FOR JUDGMENT OF STRICT FORECLOSURE AND FINDING OF
`ENTITLEMENT OF POSSESSION
`
`The Plaintiff, LENDINGHOME FUNDING CORPORATION A DELAWARE
`
`CORPORATION,moves that a Judgment of Strict Foreclosure enter in this action and that the
`
`Court make a findingthat the Plaintiff is entitled to possession of the subject premises upontitle
`
`to the subject premises vesting in the Plaintiff. The plaintiff submits that law days ought to be
`
`assigned to the defendant(s) in the following order:
`
`Law Day 1:
`
`Eaton Investments, LLC, A Limited Liability Company
`
`In accordance with the requirement of subsection (d) of P.B. Sec. 352, the plaintiff states
`
`that a military service affidavit is not needed for defendant Eaton Investments. LLC. A Limited
`
`Liability Company.
`
`Plaintiff,
`LENDINGHOME FUNDING
`CORPORATION A DELAWARE
`CORPORATION
`
`MW O , 2018
`
`Dated:
`
`ORAL ARGUMENTIS REQUESTED
`TESTIMONY MAYBE REQUIRED
`
`David A. Shaw, Esq.
`Marinosci Law Group, P.C,
`275 West Natick Road, Suite 500
`Warwick, RI 02886
`(401) 234-9200
`Juris No. 303532
`
`

`

`PRELIMINARY STATEMENT OF DEBT
`
`Pursuant to Sec. 23-18(b) of the Connecticut Practice Book (2010), the followingis a
`
`preliminary statementof the Plaintiff's monetary claim calculated as of August 31, 2018:
`
`Principal balance of $101,200.00, together with accrued interest in the amount of
`
`$19,073.39 calculated from 10/1/2017 to 8/31/2018 at the rate of 21.50% per annum, Property
`
`Taxes of $10,070.10, plus counsel fees and court costs.
`
` 2!
`
`David A. Shaw, Esq.”
`
`

`

`Certification of Service
`
`Thisis to certify that, pursuant to Connecticut Practice Book Section 10-13, a copy of the
`foregoing Motion and the Appraisal, attached hereto as Exhibit B, (P.B. Sec. 23-16) has been
`served, byfirst-class mail, postage prepaid on September 10, 2018 to the following:
`
`*non-Appearing*
`
`IN.
`
`Commissioner of the Superior Court
`
`PURSUANTTO FEDERAL LAW, THIS LAW FIRM IS A DEBT COLLECTOR. WE ARE
`ATTEMPTING TO COLLECT A DEBT AND ANY INFORMATION OBTAINED WILL BE
`USED FOR THAT PURPOSE. HOWEVER,IF YOU ARE IN BANKRUPTCY OR
`RECEIVED A BANKRUPTCY DISCHARGEOF THIS DEBT, THIS COMMUNICATIONIS
`NOT AN ATTEMPT TO COLLECT THE DEBT AGAINST YOU PERSONALLY,BUTIS
`NOTICE OF A POSSIBLE ENFORCEMENTOF THE LIEN AGAINST THE COLLATERAL
`PROPERTY.
`
`

`

`Exhibit B
`
`

`

`_ Page # 1 of 18
`
`APPRAISAL OF REAL PROPERTY
`
`LOCATED AT
`1045-1047 Hancock Avenue
`
`Bridgeport, CT 06605
`
`http://BudkofskyAppraisal.Com
`
`FOR
`FCI LenderServices, Inc.
`Marinosci Law Group, PC, 275 West Natick Road, Suite 500
`Warwick, RI 02886
`
`AS OF
`08/21/2018
`
`BY
`Alan Budkofsky
`Budkofsky Appraisal Co
`One Regency Drive, Suite 109
`Bloomfield, CT 06002
`(860) 243-0007
`Budappraisal@hotmail.com
`
`Form GA6NV_LT - "TOTAL"appraisal software by ala mode,inc. - 1-800-ALAMODE
`
`

`

`Page # 2 of 18
`
`Budkofsky Appraisal Co
`One Regency Drive
`Bloomfield, CT 06002
`(860) 243-0007
`http://BudkofskyAppraisal.Com
`
`08/30/2018
`
`FCI LenderServices, Inc.
`
`Marinosci Law Group, PC, 275 West Natick Road, Suite 500
`Warwick, RI 02886
`
`Re: Property:
`
`Borrower:
`File No.:
`
`1045-1047 Hancock Avenue
`Bridgeport, CT 06605
`Eaton Investments LLC
`17531000
`
`Opinion of Value: $
`Effective Date:
`
`120,000
`08/21/2018
`
`Budappraisal@hotmail.com
`
`This report is based on a physical analysis of the site and improvements,a locational analysis of the neighborhood and
`city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the
`report was preparedin accordance with the Uniform Standards of Professional Appraisal Practice.
`
`In accordance with your request, we have appraised the above referenced property. The report of that appraisalis
`attached.
`
`The purposeofthe appraisalis to develop an opinion of market value for the property described in this appraisal report,
`as improved,in unencumberedfee simple title of ownership.
`
`The opinion of value reported aboveis as of the stated effective date and is contingent upon the certification and limiting
`conditions attached.
`
`It has been a pleasureto assist you. Please do not hesitate to contact me or any of mystaff if we can be of additional
`service to you.
`
`Sincerely,
`
`ta pLp/oT
`
`Alan Budkofsky
`Budkofsky Appraisal Co.
`Certification General #: RCG.0000091
`
`State: CT
`
`Expires: 04/30/2019
`
`

`

`Budkofsky Appraisal Co (860) 243-0007|Page # 3 0f 18|
`Exterior-Only Inspection Residential Appraisal Report
`ries isasoco
`property
`appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject
`purpose of this summary
`The
`
`Property Addtess __StateCTZipCode06605 _1045-1047 Hancock Avenue _ ityBridgeport _
`
`
`
`
`
`OwnerofPublic Record Eaton Investments LLC __
`Borrower Eaton Investments LLC
`_
`County Fairfield
`Legal Description Volume 9515, Page 184
`_ a
`
`Tax Year_ 2017
`Assessor's Paroal # 26/1216/50
`___ RE. Taxes$ $.426
`Map Reference 14860
`Nefghborhood Name N/A
`___ Census Tract 0710.00
`
`
`
`
`
`Occupant []Owner [] Tenant (COperyear[_]per month[_] Vacant Soecial Assessments $ N/A [J PUD HOA$
`
`
`
`PropartyRights Appraised [Fee Simple
`[_] Leasehold
`[_] Other(describe)
`_
`
`Assignment Type
`{_] Purchase Transaction
`{_] Refinance Transaction
`_<) Other (describe) Legal Matter
`
` Lender/Client FCI Lender Services, Inc. Address Marinosci Law Group, PC, 275 West NatickRoad.Suite 500, Warwick, RI 02886 _
`
`
`\s the Subject property currently offered for sale or has it been offered for sale inthe twelve monthsprior to the effective date of this appraisal?
`Yes
`[_] No
`Report data source(s) used, offering price(s), and date(s).
`Per the CT MLSthesubject's 11/08/2017 listing, at $159,900 increased to $175,000, was cancelled
`on 02/05/2018.
`
`[_] did [J did not analyze thecontractfor sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
`|
`performed.
`=
`=
`
`
`Contract Price $
`Date of Contract
`Is the propertyseller the owner of public record?
`{_] Yes
`[_]No Data Source(s)
`Is there anyfinancial assistance (loan charges, sale concessions,gift or downpaymentassistance,etc.) to be paid by any party on behalf of the borrower?
`) If Yes, report the total dollar amount and describe theitems to bepaid.
`
`
`_
`[1 Yes
`
`
`
`[(_] No
`
`Note: Race and the racial composition of the neighborhood are not appraisalfactors.
`
`Neighborhood Characteristics
`|
`One-Unit Housing Trends
`One-UnitHousing
`| Present Land Use %
`Location ><) Urban
`[_] Suburban
`[_] Rural
`| Property Values
`(_] Increasing
`BX) Stable.
`PRICE
`AGE
`‘One-Unit
`__ 30%
`(_] Declining
`|
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`DX) Over 75% [_] 25-75%Py Suit-Un [_] Under 25% | Demand/Supply [_] Shortage—[_] InBalance J Over Supply | $(000) {yrs}|2-4 Unit 40 %
`
`
`
`
`
`
`
`
`
`
`24 Growth Stable=(_] Slow [_] Under 3 mths[_]3-6 mthsRapid Marketing Time DX] Over6mths| 30 Low 10 Multi-Family 10%
`
`
`
`ry NeighborhoodBoundaries
`‘The subject's neighborhoodis bound to the west and north by Fairfield Avenue,
`|
`300High 90+ | Commercial
`10%
`
`
`
`
`4 to the east byIranistan Avenue.and to the south byCedar Creek. 60+=Other150 Pred. 10%
`‘Neighborhood Description
`The subject's area has no adverse neighborhood conditions. Thearea is close to major roads, employmentandtypical
`amenities, The "Other 10%" entry in the above "Present Land use" section referstoundeveloped land.
`
`
`
`The marketis considered slow, with an oversupplyof available multi-family dwellings. _
`Market Conditions (including support for the above conclusions)
`Based on this data, it was determined that six months or more would be necessaryto market the subject property. Thismarketing time mayallow __
`local and regional economies to stabilize.
`‘Shape MostlyRectangular
`_ Area_0.10 ac
`Dimensions Lot dimensionsare not available.
`Zoning Description 9,000 SF Residential
`Specific Zoning ClassificationRC
`
`
`
`Zoning Compliance [_] Legal
`[XJ Legat Nonconforming (Grandfathered Use) {_] No Zoning {_|
`Illegal (describe)
`
`[_] No__IfNo,describe
`Yes
`(s the highest and best use of subjectproperty as improved (or as proposed erplans and specifications) the present use?
`
`
`Private
`Public
`Utilities
`Public
`Other (describe)
`Public Other(describe)
`Off-site Improvements - Type
`
`
`
`xX
`Elecbicity
`BY
`[I Water |
`Street_Asphalt
`LI
`C]
`Gas
`x
`0
`Sanitary Sewer DB]
`Alley None ee
`
`FEMA Special Flood Hazard Area
`L_] Yes
`}<) No
`FEMAFlood Zone x
`FEMAMap # 0900100437G
`FEMA Map Date 07/08/2013
`__
`
`
`
`
`Ave theutilities and off-site improvements typical for the market area?
`&X Yes
`No
`IfNo, describe
`_
`
`Ave there anyadversesite conditions or externalfactors (easements, encroachments, environmental conditions, land uses, etc.)?
`L] Yes
`No__
`If Yes, describe
`
`
`
`
`
`
`
`
`
`
`Source(s) UsedforPhysical Characteristics of Property
`Aporaisal Files
`MLS
`DX] Assessment and Tax Records
`[|_| Prior Inspection
`Property Owner
`
`Data Source for GrossLiving Area__ Land Records/CT MLS
`_] Other (describe)
`ieneral Description
`ieneral Description
`Heating/Cooling
`Amenities
`r
`Storage
`
`
`
`
`
`UnitsBQOne|_|Concrete Slab|_|Crawl Space FWA|_|HWBBOne with Accessory Unit Fireplace(s)# ———_||__ None _
`
`#of Stores
`2.5
`Full Basement
`(_] Finished
`__] Radiant
`|_| Woodstovels) #
`—|[_j Driveway
`_# of Cars
`Type [X] Det. (J Att. J S-Det/End Unit
`|(_] Partial Basement
`[_] Finished
`(_] Other
`J Patio/Deck
`Driveway Surface
`Asphalt
`|Exterior WallsDX! Existing ["] Proposed {_] Under Const. Siding|Fuel Gas DX! Porch Open [)Garace #ofCas
`
`
`
`
`
`Design (Style)
`[Lj Carport
`2 Family
`Roof Surface Composition
`_|[_] CentralAir Conditioning
`|) Poot
`# of Cars
`
`Year Built
`[_] Attached
`1900
`Gutters & DownspoutsAluminum
`iO Individual
`[_] Fence
`(_] Detached
`
`Effective Age (Yrs) 20
`Window Type
`Double Hung
`_{(_] Other
`J Other
`C1 Buitt-in
`
`
`Range/Oven
`{_| Wastie:/Dryer
`Appliances «_]
`Refrigerator
`Dishwasher
`Disposal
`[|_| Microwave
`Other (describe)
`Finishedarea above grade contains: 2,178 Square Feet of Gross Living Area Above Grade 8 Rooms 4 Bedrooms 2.0 Bathis)
`
`
`
`
`Additional features (special energyefficient items,etc.)
`I was unable to enter the subject. All data was obtained from publicrecords.
`oe
`
`Describethe condition of the oroperty and data source(s)(includingapparent needed repairs, deterioration, renovations, remodeling, etc.). Upon an exterior inspection ofthe
`subjectproperty,it was observed to be in fair condition. The subject appears to have been neglected and is showing signs of deferred maintenance.
`Based on an exterior inspection the occupant is unknown.
`———
`
`
`View Urban
`
`i
`
`
`
`
`
`
`
`
`Are there any apparent physical deficiencies or adverse conditions that affect thelivability, soundness,or structural integrity of the property?
`L] Yes BI No
`if Yes, describe.
`_
`
`_
`
`Does the propertygenerally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?
`
`Yes L]No If No, describe.
`
`
`Freddie Mac Form 2055 March 2005
`
`Page 1 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055 - "TOTAL"appraisal software by a la mode,inc. - 1-800-ALAMODE
`
`€
`

`

`Page # 4 of 18 |
`
`————
`
`
`
`
`
`F
`
` A118/E20
`
`
`
`
`
`18-03792
`ri. 4
`Exterior-Only Inspection Residential Appraisal Report
`17531000
`
`
`
`
`
`
`
`There are 3_comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 160,000
`
`to$ 250,000
`
`
`
`
`
`There are 3__comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 127,500
`to$ 210,000
`
`FEATURE
`SUBJECT
`COMPARABLE SALE # 1
`COMPARABLE SALE # 2
`
`COMPARABLE SALE # 3
`
`
`
`82 Benham Ave
`1045-1047 Hancock Avenue
`1028 Hancock Ave
`420 Wood Ave
`Address
`
`
`
`
`
`
`
`
`
`
`__|Bridgeport, CT 06605
`J
`Bridgeport, CT 06605
`| Bridgeport, CT 06605
`Bridgeport,CT 06605_
`
`Proximity to Subject
`__||
`10.04 miles E
`;
`|0.57 miles NE
`__|0.67 miles NE
`
`
`Sale Price
`__{$
`eS 210,000
`165,000|
`$
`_|$
`127.500
`Sale Price/Gross Liv. Area
`$
`sqft,$
`129,95 sqit|
`it
`$
`64,53 sq.ft]
`_|$ 48.48 sat.)
`
`
`
`DataSouree{s)
`|SmartMLS #170048170;DOM 76_|SmartMLS #170036534;DOM 33 |SmartMLS #170022862:DOM 154
`
`
`Verification Source(s)
`may 1
`Exterior Inspection
`Exterior Inspection
`| ExteriorInspection
`I
`
`
`
`
`
`
`WALUE ADJUSTMENTS |+(-)SAdjustment |DESCRIPTION DESCRIPTION +(-) $ Adjustment| DESCRIPTION DESCRIPTION _| +(-) $ Adjustment
`
`
`Sales or Financing
`Conventional
`Conventional
`Conventional
`
`
`
`
`|
`a
`|
`Goncessions
`_|!
`None Noted
`_|None Noted
`____|NoneNoted
`|
`=
`012972018 | slaOIS
`|
`Dateof Sale/Time_
`03/27/2018
`i
`Urban
`|Urban
`Urban
`il
`Location
`|Urban.
`|
`
`
`
`[
`Fee Simple
`_|Fee Simple
`(Fee Simple
`__||
`Leasshold/Fee Simple
`| FeeSimple
`|
`
`
`
`
`
`
`
`Site ___|0.08 Acres_0.13 Acres0.10 ac 0.15 Acres | | —
`
`
`
`
`_ll
`Urban
`|
`Urban
`View
`Urban
`|
`|
`Urban
`
`
`
`
`‘|2 Family
`|
`2Family |
`Design (Style)
`2 Family
`J
`_
`|2 Family
`
`
`
`/ of Construction
`Average
`| Average
`|
`Average
`|
`_
`Average
`
`
`
`_A108/E10
`-40,000, 4126/E10 j 40,000A1S1/E20
`|
`|
`
`
`
`|Fair_
`=
`Superior
`L
`-20,000| Superior
`|
`-20,000Fair
`|
`
`
`
`Total|Bdrms, Baths|Total Bdrms.| Baths Total|Bdrms.|BathsTotal Bdrms. Baths _
`
`
`
`
`Room Count
`8) 4/20/104 (20,—
`12.7 3.0
`_
`O14]
`6
`| 40,
`-10,000
`
`
`
`2,178 80.ft.
`1,616 Sq.ft
`GrossLiviny Area
`+16,860, 2,557Sq.ft.
`-11,370
`2,630 sq.ft|
`Full
`Full
`Full
`Full
`Basement & Finished
`
`
`
`
`| Unfinished
`500 SF Finished
`-5,000 Unfinished
`I
`Unfinished
`Rooms Below Grade
`
`
`= Functional Utility
`Average
`Average
`Average
`|—
`[Average
`|
`
`|Adequate/None | Adequate/None_|
`Adequate/None_|
`|Adequate/None |
`= Heating/Cooling
`
`
`
`fe) Energy Efficient items
`Average
`Average — |Average
`|
`Average |
`
`
`
`a
`None
`2 Car Detached
`-10,000| None
`|
`_|2 Car Detached |
`
`Open/No(No-
`|Open/No/No
`Open/No/No
`Open/No/No
`ES
`
`
`
`
`=
`=
`=
`Fa
`
`
`
`
`|
`I
`|
`|
`|
`—
`a
`
`
`
`Fe] NetAdjustment (Total)
`|
`+ K- i$
`-58.140,
`+ K- |
`-1.370Ci+ R- |$
`_-23,560
`
`
`
`
`
`
`bed Adjusted Sale Price
`NetAdj.
`27.7 %
`etAd.
`43.3%
`|NetAdj.
`185 %
`
`
`18.5 % $
`wy of Comparables
`Gross Adj. 43,7 %|$
`151,860|Gross Ad). 43.3 %/$
`93,630 Gross Adj.
`
`
`
`
`| DX) did
`_] did not researchthesale or transfer historyof the subject property and comparable sales.if not, explain
`
`
`
`
`
`
`
`
`
`
`My research
`BX] did
`[—] did not reveal any orior sales or transfers of the subject property for the three years nrior to the effective date ofthisappraisal.
`DataSource(s) CT MLS/Town _
`————
`
`
`Myresearch
`did X) did not reveal anyprior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
`
`
`
`(ata Source(s}
`CT MLS
`_
`a
`
`
`
`Report the results of the research and analysis of the prior sale or transfer history of the subject properyand comparable sales (report additional prior sales onpage3)
`
`
`
`
`(TEM
`[
`SUBJECT
`|
`COMPARABLESALE #1
`COMPARABLE SALE #2
`|
`COMPARABLESALE #3
`
`
`—_|,
`Date of Prior Sale/Transfer
`10/11/2016
`___ 01/26/2017
`|12/01/2010
`_
`03/12/2010
`
`
`| $45,000
`| $65,000
`$100,000
`Price of Prior Sale/Transfer
`($69,900
`
`
`|CT MLS
`|CT MLS
`CT MLS
`Data Source(s)
`Land Records
`
`
`
`|
`Effective Dateof Data Source(s)
`| 08/29/2018
`08/28/2018
`08/28/2018
`08/28/2018
`
`
`Analysis of prior sale or transferhistory of the subject property and comparable sales
`_—_Nolistingsor sales for the subject were noted within thepast three years,
`
`
`except as otherwise indicated. The comparables have not transferred in the last 12 months, other than noted in the sales comparison approach.
`
`
`
`
`
`
`
`
`‘Dueto a lack ofsales of dwellings of similar size and age, research was expanded bevond the customarysix
`Summary of Sales Comparison Approach
`months from thedate of sale. The comparable sales used are considered to be the most recent and similar available. The subject property was
`
`bracketed as well as possible with the available sales data. All adjustments reflect local market trends, values and conditions, and are considered to
`|be reasonable and fair as well as practical and necessary.
`
`
`
`RECONCILIATION
`
`
`
`
`
`
`
`=
`120,000
`indicated Value by: Sales Comparison Approach$—120,000 Cost Approach(if developed)$ Income Approach(if developed) $
`
`
`The most weight was given to the sales comparison approach. The estimated land value is $30,000.
`_
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`[_] subject to completion per plans and specifications on the basis of a hypothetical conditionthat the improvementshave been
`This appraisal is made DX} "as is’,
`
`completed,
`[_] subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or [_] subjectto the
`
`
`following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: See Supplemental Addendum
`
`
`
`Based on a visual inspection of the exterior areas of the subject property from at least the street, 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
`
`
`§_120,000 as of 08/21/2018 . Which is the date of inspection and the effective date of this appraisal.
`
`
`
`
`
`
`Freddie Mac Form 2055 March 2005
`Page 2 of 6
`Fannie Mae Form 2055 March 2005
`
`
`
`Form 2055 - "TOTAL"appraisal software by a la mode,inc. - 1-800-ALAMODE
`
`

`

`| Page #5 of18
`
`18-03792
`Fite # 17531000
`
`DOrt
`
`
`
`
`
`
`Exterior-Only Inspection Residential Appraisal Re
`
`
` UaeSknSCOMMENTS
`
`
`
`
`
`
`
`
`
` See Supplemental Addendum :
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`COST APPROACH TO VALUE(not required by Fannie Mae)
`[
`Provide adequate information for the lender/client to replicate the below cost figures and calculations.
`
`
`Support for the opinionof site value (summary of comparable land sales or other methods forestimatingsite value)
`
`
`
`
`
`
`
`
`Fs
`
`
`
`
` ESTIMATED REPRODUCTION OR[|REPLACEMENT COST NEW [OPINION OF SITE VALUE._.-------- =$
`
`
`
`
`
`
`
`Source of cost data
`[DWELLING
`SAL@$ =$
`
`
`Effective date of cost data
`Quality ratingfrom costservice
`|
`SoAt.@$ =$
`
`
`
`LOMmMentsONLOStAHHTOACH|| a
`
`
`
`‘Garage/Carport
`SoR@$ =$
`
`
`fe} accrued depreciation based on the subject'seffective age.
`Total Estimate of CostNew _aweee-.=$
`
`
`
`_ Functional_ExternalLess Physical
`
`
`
`
`
`
`Depreciation
`|
`=$_
`)
`
`
`
`|
`Depreciated Cost of Improvements =$
`
`
`|"As-is" Value of Site Improvements =
`
`
`
`
`
`Estimated Remaining Economic Life (HUD and VA onl
`Years INDICATED VALUEBYCOSTAPPROACHvoce=
`
`|INCOME|
`
`
`
`INCOME APPROACHTO VALUE (not required by FannieMae)
`
`‘Estimated Monthly Market Rent $
`2,400
`X Gross Rent Multiplier
`120,000 _—_Ihdicated Value byIncomeApproach
`50
`=$
`
`
`
`
`Summary of Income Approach (including support for market rent and GRM)
`The GRMisin line with the market.
`
`
`
`
`
`
`PROJECT INFORMATION FOR PUDs(if applicable)
`olin yi
`
`
`
`
`
`
`Is the developer/ouilderin control of the Homeowners’ Association (HOA)?
`[_] Yes
`[_] No
` Unittype(s} [-]Detached
`[_] Attached
`
`Provide the following information for PUDs ONLYif the develoner/builderis in controlof the HOA and the subject properyis an attached dwelling unit.
`
`
`Legal Name of Project
`_
`
`
`=|Total numberofphases Total numberof units Total numberof units sold
`
`
`p= Tota! number of units rented
`Total numberof units for sale
`Data source(s)
`
`
`
`4 2s the project created by the conversion of existing building/s) intoaPUD?
`—_(_] Yes
`[_] No if Yes, date of conversion
`
`
`
`Fay
`(Joesthe projectcontain any multi-dwelling units?
`Yes
`[_]
`No Data Source(s)
`
`
`
`
`
`
`
`-
`Fa ‘ve the units, commonelements, and recreation facilities complete?
`[7] Yes_[-] No If No, describe the status of completion.
`
`
`
`
`
`
`
`
`
`Are the commonelements leased to or by the Homeowners’ Association?
`[_] No.
`If Yes, describetherental terms and ostions.
`[_] Yes
`
`Gescribe common elements andrecreationalfacilities.
`
`
`
`
`Freddie Mac Form 2055 March 2005
`
`Page 3 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055 - "TOTAL"appraisal software by a la mode,inc. - 1-800-ALAMODE
`
`

`

`Exterior-Only Inspection Residential Appraisal Report rie 17531000
` This
`
`form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
`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.
`
`
`
`This appraisal
`report
`is
`subject
`to the following scope of work,
`intended use,
`intended user, definition of market value,
`to the intended
`statement
`of assumptions and limiting
`conditions,
`and certifications. Modifications,
`additions, or deletions
`
`
`
`intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
`use,
`
`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
`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.
`
`
`
`
`
`
`
`
`Page # 6 of 18
`
`18-03792
`
`limited to,
`(including, but not
`the physical characteristics
`The appraiser must be able to obtain adequate information about
`condition,
`room count, gross
`fiving 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
`
`
`for a mortgage finance transaction. subject of this appraisal
`
`INTENDED USER: The intended user of
`this appraisal
`report
`is
`the lender/client.
`
`
`
`The most probable price which a property should bring in a competitive and open
`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.
`the consummation of a sale as of a specified date and
`Implicit
`in this definition is
`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
`the title.
`appraiser assumes that
`the title is good and marketable and will not
`render any opinions about
`
`
` 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
`
`
`
`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
`the subject property or that he or
`presence of hazardous wastes,
`toxic substances, etc.) observed during the inspection of
`
`this appraisal
`she became aware of during the research involved in performing this
`appraisal. Unless otherwise stated in
`
`
`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.
`
`
`
`
`
`
`
`
`
`
`
`
`report whether any portion of the subject site is located in an
`(or other data sources) and has noted in this appraisal
`identified Special Flood Hazard Area. Because the appraiser
`is not a surveyor, he or she makes no guarantees, express or
`implied,
`regarding this determination.
`
`
`
`
`
`
`
`
`
`
`
`
`to satisfactory
`is subject
`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
`
`Page 4 of 6
`
`Fannie Mae Form 2055 March 2005
`
`Form 2055 - "TOTAL"appraisal software by a la mode, inc. - 1-800-ALAMODE
`
`

`

`Page # 7 of 18
`
`18-03792
`
`the subject property, any offering for
`for sale for
`researched, verified, analyzed, and reported on any current agreement
`|
`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
`
`the comparable sales for a minimum of one year prior
`
`| selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
`
`8.
`
`| have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
`
`Exterior-Only inspection Residential Appraisal Report
`rie# 17531000
`
`
`that:
`APPRAISER’S CERTIFICATION:
`The Appraiser
`certifies
`and
`agrees
`
`
`in accordance with the scope of work requirements
`stated in
`1.
`| have, at a minimum, developed and reported this appraisal
`this
`appraisal
`report.
`
`
`
`
`
`2.
`| performed a visual
`inspection of
`the exterior areas of the subject property from at
`least
`the street.
`|
`reported the condition
`of
`the improvements
`in factual, specific terms.
`|
`identified and reported the physical deficiencies
`that could affect
`the livability,
`the property.
`soundness, or structural
`integrity of
`
`
`the Uniform Standards of Professional Appraisal
`of
`in accordance with the requirements
`| 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.
`
`
` 4.
`
`| developed my opinion of the market value of
`the real property that
`is
`the subject of
`this report based on the sales
`
`
`sales comparison approach
`comparison approach to value.
`| have adequate
`comparable market data to develop a
`reliable
`for this appraisal assignment.
`|
`further certify that
`| considered the cost and income approaches to value but did not develop
`
`them, unless otherwise indicated in this
`report.
`
`
`report.
`
`
`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.
`has been built or will be built on the land.
`
`
`
`
`the market's reaction to the differences between the subject
`reflect
`| have reported adjustments to the comparable sales that
`9.
`property and the comparable sales.
` 10.
`
`| verified, from a disinterested source, ail
`information in this report that was provided by parties who have a financial
`interest
`in
`the subject property.
`the sale or financing of
`
` 11.
`| have knowledge and experience in appraising this type of property in this market area.
`
`
`12.
`| am aware of, and have access to,
`the necessary and appropriate public and private data sources, such as multiple listing
`located. services, tax assessment records, public land records and other such data sources for the area in which the property is
`
`
`
`
` 13.
`
`| obtained the information,
`estimates,
`and opinions
`fumished by other parties and expressed in this appraisal
`report
`from
`reliable
`sources that
`| believe to be true and correct.
`
`
` 14,
`to the subject neighborhood, subject
`| have taken into consideration the factors that have an impact on value with respect
`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.
`
` 15.
`to the best of my knowledge,all
`report and,
`information trom this appraisal
`| have not knowingly withheld any significant
`statements and information in
`this appraisal
`report are true and correct.
`
`
`
`| stated in this appraisal
`16.
`report my. own personal, unbiased, and professional analysis, opinions, and conclusions, which
`are subject only to the assumptions and limiting conditions in this appraisal
`report.
`
`
`is the subject of this report, and | have no present or
`in the property that
`| have no present or prospective in