SUMMARY APPRAISAL OF THE PROPERTY LOCATED AT. as of. for

Transcription

1 UMMY L F H Y LD eattle, W as of 10/15/1998 for 445 orth Blvd. eattle, W by tauber eal state ppraisal nc th hilomath,

2 roperty Description U B J G H B H D U D D F M V M M M omplete ppraisal nalysis - ummary ppraisal eport UFM DL L eattle W Lot 23, Foothills /D ounty. B.. / ,200 0 John Doe John Hancock X X X 150/yr. Foothills , ddress 445 orth Blvd., eattle, W Bill Jones ddress 400 University venue., uite, eattle, W X 20% X occupancy $ (000) G (yrs) ne Family 95 X ot Likely Likely X X X / X X redominant X ndustr. roperty ddress ity tate Zip ode Legal Description ssessor's arcel o. ax Year.. axes $ pecial ssessments $ Borrower urrent wner ccupant: wner enant Vacant roperty rights appraised Fee imple Leasehold roject ype UD ondominium (HUD/V only) H$ /Mo. eighborhood or roject ame Map eference ensus ract ale rice $ Date of ale Description and $ amount of loan charges/concessions to be paid by sell Lender/lient ppraiser Location Urban uburban ural redominant ingle family housing resent land use % Land use change Built up ver 75% 25-75% Under 25% Growth rate apid table low wner Low 2-4 fam n process roperty values ncreasing table Declining enant High Multi-family o: Demand/supply hortage n balance ver supply Vacant (0-5%) ommercial Marketing time Under 3 mos. 3-6 mos. ver 6 mos. Vacant (over 5%) ote: ace and the racial composition of the neighborhood are not appraisal factors. eighborhood boundaries and characteristics: ubject is bounded to the north by erkins oad, to the east by Bloubonnet oad, to the south by Highland oad, and to the west by ollege Drive. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): he subject neighborhood has average market appeal and competes favorably with other neighborhoods in the subject market area. mployment centers are easily accessible and commute times during peak traffic periods are considered reasonable. chools, parks and shopping are all closeby. he stability of employment is considered average. o unfavorable conditions were observed which would adversely affect value or marketability. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time -- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): he property values within the subject neighborhood have been increasing at a rate of 6% for the past twelve months. his increase is supported by the sales data included included in the ales omparison pproach. his increase has been brought about by a shortage of housing this this price range. hese conditions should continue for at least the next twelve months. *** ee dditional omments *** roject nformation for UDs (f applicable) -- s the developer/builder in control of the Home wners' ssociation (H)? Yes o pproximate total number of units in the subject project 150 pproximate total number of units for sale in the subject project 3 Describe common elements and recreational facilities: Dimensions ite area orner Lot Yes o ize pecific zoning classification and description Zoning compliance Legal Legal nonconforming (Grandfathered use) llegal o zoning Drainage Highest & best use as improved: resent use ther use (explain) View Utilities ublic ther ff-site mprovements ype ublic rivate Landscaping lectricity treet Driveway urface Gas urb/gutter pparent easements Water idewalk FM pecial Flood Hazard rea Yes o anitary sewer X treet lights ncandescent X FM Zone Map Date 11/91 torm sewer X lley Gravel X FM Map o omments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): GL D X D FUD BM UL o. of Units Foundation lab rea q. Ft. oof o. of tories xterior Walls rawl pace % Finished eiling ype (Det./tt.) oof urface Basement eiling Walls Design (tyle) Gutters & Dwnspts. ump ump Walls Floor xisting/roposed Window ype Dampness Floor one ge (Yrs.) torm/creens ettlement utside ntry Unknown ffective ge (Yrs.) Manufactured House nfestation M Foyer Living Dining Kitchen Den Family m. ec. m. Bedrooms # Baths Laundry ther rea q. Ft. Basement eighborhood sign, common ground in boulevard, and insurance. 100Fx200Lx90x190 opography Level, slopes to street 18,525 +/- square feet X ypical subdivision lot Multi-Family hape ectangular, typical X dequate X verage, typical street rofessional X sphalt boulevard X oncrete X oncrete X ypical X oncrete X X eptic systems are typical for the subject neighborhood. he subject septic system does not adversely affect the value or marketability of the subject property. *** ee dditional omments *** ne oncrete slab oncrete one 2 Brick/Wd/t one 80% 12" X Detached sphalt shng one ainted 3.5" X raditional ooper / ainted one xisting Wooden, DH / arpet 5 one one o Yes X 5 / one Yes Level Level Floors Wood Wood Wood Brick Brick arpt ile ile 8 4 3F2H 1,392 Finished area above grade contains: ooms; Bedroom(s); Bath(s); quare Feet of Gross Living rea Materials/ondition HG KH QU. M G: Floors Wood,Brk,pt/Good ype entral efrigerator X one Fireplace(s) # 2 X one Walls ainted /Good Fuel Gas ange/oven X tairs atio atio X Garage # of cars rim/finish Wood/Good ondition Good Disposal X Drop tair 2 Deck Deck X ttached 2 Bath Floor eramic/good LG Dishwasher X cuttle orch orch X Detached Bath Wainscot W. aper/good entral Yes Fan/Hood X Floor Fence 6'Wood X Built-n Doors 7' Wood/Good ther one Microwave X Heated ool ool X arport ondition Good Washer/Dryer Finished Driveway 1 dditional features (special energy efficient items, etc.): riple crown molding in Foyer, Living oom, and Dining oom. Kitchen includes ub-zero refrigerator, Whirlpool cemaker, ee additional comments.. ondition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.: ince the improvements are five years old, some minor painting was observed. his cost should not exceed $1,000. he physical incurable depreciation estimate is based on an effective age of 5 years and a physical life of 80 years. ee additional comments... dverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property.: he apprasier did not observe any forms of adverse enviornmental conditions that would negatively impact the value of the property appraised. Freddie Mac Form H. G 1 F 2 Fannie Mae Form F x

3 Valuation ection H L M L Y omplete ppraisal nalysis - ummary ppraisal eport UFM DL L 60,000 File o. MD VLU = $ omments on ost pproach (such as, source of cost estimate, MD DU -W-F MVM: site value, square foot calculation and for HUD, V and FmH, the Dwelling 1,392 q. $ = $ 74,361 estimated remaining economic life of the property): he BM q. $ = ther area 336 $ = 15,808 Garage/arport 528 q. $ = 10,560 otal stimated ost ew = $ Less hysical Functional xternal Depreciation = $ Depreciated Value of mprovements = $ "s-is" Value of ite mprovements = $ DD VLU BY H 184,383 = $ 184,383 M UBJ MBL. 1 MBL. 2 MBL. 3 VLU DJUM D D + (-) $ djustment D + (-) $ djustment D + (-) $ djustment ales or Financing oncessions Date of ale/ime Location 6.3 Leasehold/Fee imple 100,729 6,346 6,346 94,383 30,000 ample replacement cost of the home is based on the Marshall wift publication of construction prices. ubject is judged to be a very good quality. he land value was based on three comparable land sales in Woodchase. Lot 11 at $58,000, Lot 44 at 65,000, and Lot 56 at $60, Main treet 300 Main treet 400 Main treet ddress eattle Foothills /D Foothills /D Foothills /D roximity to ubject djacent lot to north 1 block west 2 blocks south ales rice $ 325,000 $ 309,000 $ 327,000 $ 335,000 rice/gross Liv. rea $ / $ / $ / $ / Data and/or Verification ource nspection ontract nspection ourthouse/33,b2332 nspection ourthouse/44,b2234 nspection ourthouse/22,b2122 v. $260,00 v. $240,000 v. $272,000 7%, $0 conc 7%, $0 conc. 7%, $0 conc. 05/01/ /14/ /12/1998 Urban verage +10,000 Good verage +10,000 Fee imple Fee imple Fee simple Fee simple 100x x x200-4, x210-8,000 verage, typ verage, typ verage, typ verage, typ raditional raditional raditional raditional Very good Very good Very good Very good 5/5 8/8 3/3 5/5 Good Good Good -1,000 Good ite View Design and ppeal Quality of onstruction ge ondition bove Grade otal Bdms Baths otal Bdms Baths otal Bdms Baths otal Bdms Baths oom ount Gross Living rea q. Ft. q. Ft. q. Ft. q. Ft F2H , , ,000 1,392 3, ,770 3, ,520 3, ,770 Basement & Finished 2500 F -37, F -30, F -30,000 ooms Below Grade Functional Utility Heating/ooling nergy fficient tems Garage/arport orch, atio, Deck, Fireplace(s), etc. Fence, ool, etc. 1,600 F Fin Good ent/ent verage Garage (3) orch, atio Deck,F2 ool,6'wood 2000 F Fin Good ent./ent. verage Garage (2) orch,atio Deck,F2 ool,6'wood -4,000 1,600 F Fin Good ent./ent. verage +500 pt. (3) orch,atio Deck,F2 ool,6'wood 1,600 F Fin Good ent./ent. verage Garage (4) orch,atio Deck,F2 ool,6'wood -500 Built-ins ustom ustom ustom ustom X -176,770 X -164,520 X -148,270 et dj. (total) + - $ + - $ + - $ djusted ales rice Gross 64.7% Gross 50.9% Gross 50.8% of omparable $ $ $ omments on ales omparison (including the subject property's compatibility to the neighborhood, etc.): et -57.2% 132,230 et -50.3% 162,480 et -44.3% 186,730 ll of the comparable sales are located in Woodchase subdivision. djustments were necessary for dissimilarities in market condition, site, condition, square footage, car storage, porches, and fencing. discussion of the adjustments applied to each of the comparable sales is included in the dditional omments ddendum. L M UBJ MBL. 1 MBL. 2 MBL. 3 Date, rice and Data ource, for prior sales within year of appraisa $288,000 ourthouse $304,000 ourthouse (6%) $266,000 ourthouse (6.08%) $305,000 ourthouse (5.73%) nalysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: ubject property was on the market for 62 days prior to contract. he contract price is $325,000. he list price of the property was $329,500. DD VLU BY L M H $ 325,000 DD VLU BY M H (f pplicable) stimated Market ent $ / /Mo. x Gross ent Multiplie / = $ / his appraisal is made X "as is" subject to the repairs, alterations, inspections or conditions listed belo subject to completion per plans and specifications. onditions of ppraisal: ppraisal is made "as is" Final econciliation: he ales omparison pproach (325,000) offers the most reliable estimate of the market value. he ost pproach ($327,800) is supportive of this indication. he ncome pproach was not applied because the typical purchaser is an owner occupant. he purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (evised ). (W) M H MK VLU, DFD, F H L Y H H UBJ F H, F (WHH H D F D H FFV D F H ) B $ : UVY (LY F QUD): /15/ ,000 ignature ignature Did Did ot Bill Jones John. upervisor,, ame ame nspect roperty Date eport igned June 30, 1999 Date eport igned June 30, 1999 tate ertification # tate tate ertification # 0633 tate W r tate License # tate r tate License # tate F-1234 Freddie Mac Form H. G 2 F 2 Fannie Mae Form F

4 Borrower or wner roperty ddress DDL MM ity ounty tate Zip ode Lender or lient John Doe eattle. B.. W GHBHD BUD he neighborhood boundaries are based on radical changes in the land uses. hese land uses change from single family residential to rural uses to the north and east, commercial uses to the south, and industrial uses to the west. MK D GHBHD Because of this imbalance, the marketing time of area properties has reduced to less than three months for competitively priced properties. his reduced marketing time should continue until the supply and demand is more in balance. rea properties are typically financed with thirty year conventional loans centering on 80% of the market value. nterest rates have centered on 7% for the past several months. o determination was made concerning the subject septic system's adequacy or condition. atural Gas is available on the subject street but has not yet been brought onto the subject site. he site includes a 5' front sidewalk servitude and a 7.5' rear servitude for public utilities. he site is professionally landscaped with several large flower beds in the front and rear yard. he site also includes a 6' wooden privacy fence with three gates, a edbird water sprinkling system, and a subsurface drainage system in the courtyard that ties into the gutters. DDL FU G Monogram range with downdraft, G microwave, G oven and Granite counter tops. here are also five solid brass Hunter ceiling fans with lights, a custom infrared controlled built-in audio-video system, a security system, and built-in cabinets in the living room, keeping room, and laundry. here is an office off of the keeping room with a built-in desk and cabinets. he master bathroom includes a large two person Jacuzzi, and a large 4' by 6' steam shower with two shower heads. D F MVM he improvements have a well designed modern floor plan and no functional deficiencies were observed. here are no adverse external influences in the immediate area, and the economy is remaining strong; therefore, the subject property is not adversely affected by external economic forces. MM L M omparable umber ne is a similar residence with in a slightly inferior location (+$15,400), slightly more square footage (-$4,500), a slightly superior finished basement (-$6,000), and a slightly inferior garage (+$3,000). Because omparable umber 1 sold in May of 1993, a market condition adjustment of (+$7,800) was applied. his adjustment was based on a 6% inflation factor. o other adjustments were warranted. fter adjustments this sale indicated a value of $324,700 and a unit value of $92.77 per square foot. he Gross and et adjustments calculate to; Gross 11.9% and et 5.1%. omparable umber wo is also a similar residence with a slightly superior location (-$15,700), a slightly larger lot (-$4,000), slightly superior condition (-$1,000), slightly more square footage (-$9,000), a three car carport (+$2,000), and a slightly inferior porch (+$8,100). o other adjustments were warranted. fter adjustments this sale indicated a value of $325,400 and a unit value of $92.97 per square foot. he Gross and et adjustments calculate to; Gross 12.2% and et.5%. omparable umber hree is also a similar residence with a slightly larger lot (-$8,000), slightly more square footage (-$9,000), and a four car garage (-$3,000). Because omparable umber hree sold in pril of 93, an adjustment of (+10,200) was applied. o other adjustments were warranted. fter adjustments this sale indicated a value of $325,200 and a unit value of $92.91 per square foot. he Gross and et adjustments calculate to; Gross 9% and et 2.9%. F

5 HGH DDDUM John Doe eattle. B.. W Borrower or wner roperty ddress ity ounty tate Zip ode Lender or lient F VW F UBJ Y VW F UBJ Y F UBJ Y F

6 HGH DDDUM John Doe eattle. B.. W Borrower or wner roperty ddress ity ounty tate Zip ode Lender or lient MBL #1 200 Main treet Foothills /D rice $309,000 rice/f Date 05/01/1997 ge 8/8 oom ount Living rea 3,650 Value ndication $132,230 MBL #2 300 Main treet Foothills /D rice $327,000 rice/f Date 04/14/1998 ge 3/3 oom ount Living rea 3,400 Value ndication $162,480 MBL #3 400 Main treet Foothills /D rice $335,000 rice/f Date 10/12/1998 ge 5/5 oom ount Living rea 3,250 Value ndication $186,730 F

7 KH DDDUM John Doe eattle. B.. W Borrower or wner roperty ddress ity ounty tate Zip ode Lender or lient 22' Deck 22' 12' 40' 4' Bedroom Bath Dinette Kitchen Family oom 28' 1 Bath 22' Living oom Bedroom Bedroom 24' 6 22' orch 18' 4' Garage 22' UMMY Q F M LUL DL Living rea First Floor orches/atios Deck oof orch Garage/arport ttached Garage First Floor 22.0 X 14.0 = X 26.0 = X 2.0 = 44.0 otal agle ppraisal cott Baker KH F

8 L M John Doe eattle. B.. W Borrower or wner roperty ddress ity ounty tate Zip ode Lender or lient F

9 DF F MK VLU: he 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. mplicit 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 considers his 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.. 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. *djustments to the comparables must be made for special or creative financing or sales concessions. o 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. pecial 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. ny adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessions but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. M F LMG D D ' F G D LMG D: is subject to the following conditions: he appraiser's certification that appears in the appraisal report 1. he appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. he appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. he property is appraised on the basis of it being under responsible ownership. 2. he appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. he appraiser has examined the available flood maps that are provided by the Federal mergency Management gency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified pecial Flood Hazard rea. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. he 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. 5. he appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. he separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. he appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, 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 normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. he 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, the appraisal report must not be considered as an environmental assessment of the property. 7. he appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. he appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. he appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform tandards of rofessional ppraisal ractice. 9. he 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 completion of the improvements will be performed in a workmanlike manner. 10. he appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United tates or any state or the District of olumbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. he appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form age 1 of 2 Fannie Mae Form 1004B 6-93

10 ample File o. ' F: he ppraiser certifies and agrees that: 1. have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. f a significant item in a comparable property is superior to, or more favorable than, the subject property, have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, have made a positive adjustment to increase the adjusted sales price of the comparable. 2. have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. have not knowingly withheld any significant information from the appraisal report and believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. have no present or prospective interest in the property that is the subject to this report, and have no present or prospective personal interest or bias with respect to the participants in the transaction. did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, 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. 5. have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. performed this appraisal in conformity with the Uniform tandards of rofessional ppraisal ractice that were adopted and promulgated by the ppraisal tandards Board of he ppraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those tandards, which does not apply. acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate developed is consistent with the marketing time noted in the neighborhood section of this report, unless have otherwise stated in the reconciliation section. 8. have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. further certify that have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that had market evidence to support them. have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. f relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. certify that any individual so named is qualified to perform the tasks. have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, will take no responsibility for it. UVY ' F: f a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. DD F Y D:, eattle, W : UVY (only if required): ignature: ignature: ame: ame: Date igned: June 30, 1999 Date igned: June 30, 1999 tate ertification #: tate ertification #: or tate License #: or tate License #: tate: Bill Jones F-1234 xpiration Date of ertification or License: tate: John. upervisor,, W 0633 xpiration Date of ertification or License: Did Did ot nspect roperty Freddie Mac Form age 2 of 2 Fannie Mae Form 1004B 6-93 F