File No. TES25863 Page #2 SUMMARY OF SALIENT FEATURES Subject Address Legal Description SUBJECT INFORMATION City County State Zip Code Edmond OK Census Tract Map Reference SALES PRICE Sale Price Date of Sale CLIENT Borrower/Client Lender Size (Square Feet) DESCRIPTION OF IMPROVEMENTS Price per Square Foot Condition Total Rooms Bedrooms 10 Good 7 5 Baths APPRAISER Appraiser Date of Appraised Value Joel Baker VALUE Final Estimate of Value Form SSD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
RESIDENTIAL APPRAISAL SUMMARY REPORT SUBJECT ASSIGNMENT MARKET AREA DESCRIPTION Dockins Enterprises (405) - 210-5384 File No. TES25863 Page #3 File No.: TES25863 Property Address: City: Edmond State: OK Zip Code: County: Legal Description: Assessor's Parcel #: Tax Year: R.E. Taxes: Special Assessments: Borrower (if applicable): Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured Housing Project Type: PUD Condominium Cooperative Other (describe) HOA: 12.50 per year per month Market Area Name: Map Reference: Census Tract: The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client: Address: 9824B Mansfield Rd, Shreveport, LA 71118 Appraiser: Joel Baker Address: 3705 W Memorial, Oklahoma City, OK 73134 : Urban Suburban Rural Predominant One-Unit Housing Present Land Use Built up: Over 75% 25-75% Under 25% Occupancy PRICE AGE One-Unit % Growth rate: Rapid Stable Slow Owner (000) (yrs) 2-4 Unit % Property values: Increasing Stable Declining Tenant Low Multi-Unit % Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) High Comm'l % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) Pred % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): Change in Land Use Not Likely Likely * In Process * * To: Dimensions: 110x65x95x65 Site Area: Zoning Classification: R-1A Description: Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) / Highest & Best Use as improved: Present use, or Other use (explain) SITE DESCRIPTION Actual Use as of Effective Date: Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Topography Electricity OUC Street Asphalt Size Gas Water Sanitary Sewer OUC OUC City of Orlando Curb/Gutter Sidewalk Street Lights Shape Drainage Typical for area Storm Sewer Alley Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Site Comments: Site improvement and landscaping are typical for area. No apparent encroachments, easements, or other detrimental conditions noted at time of inspection other than typical utility easements. DESCRIPTION OF THE IMPROVEMENTS General Description Exterior Description Foundation Basement Heating # of Units Acc.Unit Foundation Slab Area Sq. Ft. Type # of Stories 1 Exterior Walls Concrete Block Crawl Space % Finished Fuel Elec. Type Det. Att. Roof Surface 40 Yr/Comp Basement Ceiling Design (Style) Gutters & Dwnspts. Metal/GOOD Sump Pump Walls Cooling Existing Proposed Und.Cons. Window Type Casement Dampness Floor Central X Actual (Yrs.) Storm/Screens Yes/Yes Settlement Outside Entry Other Effective (Yrs.) Infestation Unknown Interior Description Appliances Attic Amenities Car Storage Floors Carpet & Tile/Avg. Refrigerator P Stairs Fireplace(s) # 1 Woodstove(s) # Garage # of cars ( Tot.) Walls Trim/Finish Bath Floor Bath Wainscot Sheetrock/Avg. Wood/Avg. Tile/Avg. Tile/Avg. Range/Oven Disposal Dishwasher Fan/Hood Drop Stair Scuttle Doorway Floor 2 Patio Deck Porch Fence Attach. Detach. Blt.-In Carport Doors Microwave P Heated Pool Driveway Washer/Dryer P Finished Surface Concrete Finished area above grade contains: 7 Rooms 5 Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional features: The rear patio has been enclosed and insulated with double-paned windows. Ceramic tile and A/C. This is now a finished SUN ROOM. Describe the condition of the property (including physical, functional and external obsolescence): The property is in generally good condition and has been well maintained by the current owner. Repairs and conditions are consistent of other properties in this age bracket, and are due primarily to normal wear & tear on the property. Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 3/2007
RESIDENTIAL APPRAISAL SUMMARY REPORT TRANSFER HISTORY SALES COMPARISON APPROACH File No. TES25863 Page #4 File No.: TES25863 My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: Date: per the Mid-Oklahoma Price: Regional MLS System Source(s): MLS System 2nd Prior Subject Sale/Transfer Date: Price: Source(s): SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1204 Pine Vly 1208 Scotch Pine 1212 Bradford Place Edmond, OK Edmond, OK -4364 Edmond, OK Edmond, OK Proximity to Subject 0.22 miles E 0.17 miles SE 0.27 miles E Sale Price 186,500 183,500 182,000 Sale Price/GLA /sq.ft. 71.18 /sq.ft. 75.51 /sq.ft. 78.11 /sq.ft. Data Source(s) MLS County MLS MLS Verification Source(s) Public Records Inspection public records public records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) Adjust. DESCRIPTION +(-) Adjust. DESCRIPTION +(-) Adjust. Sales or Financing Conventional Conventional Conventional Concessions Date of Sale/Time 3/8/2006 2/15/2006 1/29/2006 Rights Appraised Fee Simple Fee Simple Fee simple Fee simple Pine Valley Pine Valley -500 The Orchards Site 7,000 Sq.Ft. +2,500 7,000 Sq.Ft. +2,500 6,700 Sq.Ft. Residential Residential Residential Design (Style) Ranch Ranch Ranch Quality of Construction 5-500 5-500 5-500 Condition Good good good Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 5 8 5 3-650 7 4 3-150 7 4 3 +350 Gross Living Area sq.ft. 2,620 sq.ft. 2,430 sq.ft. 2,330 sq.ft. Basement & Finished Rooms Below Grade Nonw Storm cellar +400 Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Cov/Stoop/Wood Cov/Stoop Cov/Stoop Cov/Stoop Net Adjustment (Total) + - 1,350 + - 1,750 + - -150 Adjusted Sale Price of Comparables 187,850 185,250 181,850 Summary of Sales Comparison Approach Sales recited are from subject neighborhood and are in acceptable proximity to the subject. They are the most recent and most comparable found. All value affecting dissimilarities were adjusted according to market reaction. Secondary market standards for net and gross adjustment percentages were met. The indicated range of values brackets the value of the subject. Greater weight is given Sales #1 and #2 in the reconciliation. Indicated Value by Sales Comparison Approach Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 3/2007
RESIDENTIAL APPRAISAL SUMMARY REPORT COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): File No.: File No. TES25863 Page #5 TES25863 COST APPROACH INCOME APPROACH PUD ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE = 52,300 Source of cost data: DWELLING 2,934 Sq.Ft. @ 46.99 = 137,869 Quality rating from cost service: Effective date of cost data: Sq.Ft. @ = Comments on Cost Approach (gross living area calculations, depreciation, etc.): Sq.Ft. @ = Sq.Ft. @ = Sq.Ft. @ = = Garage/Carport 656 Sq.Ft. @ 19.47 = 12,772 Total Estimate of Cost-New = 150,641 Less Physical Functional External Depreciation 21,048 10,000 =( 31,048 ) Depreciated Cost of Improvements = 119,593 ''As-is'' Value of Site Improvements = = = 0 Estimated Remaining Economic Life (if required): Years INDICATED VALUE BY COST APPROACH = 171,893 INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal. Estimated Monthly Market Rent X Gross Rent Multiplier = Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM): PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities: Pool/Workout Area/Golf Course Indicated Value by: Sales Comparison Approach Cost Approach (if developed) 171,893 Income Approach (if developed) Final Reconciliation Market actions of buyers and sellers are best analyzed by the Sales Comparison Approach. That approach is given greatest weight in the reconciliation. The Cost Approach provides confirmation of value only. The Income Approach was not developed. RECONCILIATION ATTACHMENTS This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of 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, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This is not a rental neighborhood, and insufficient data is available for the Income Approach. This is a summary report of a limited appraisal as defined by SR 2-2(b), USPAP. This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is:, as of:, which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Client Contact: Client Name: E-Mail: Address: 9824B Mansfield Rd, Shreveport, LA 71118 APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) SIGNATURES Supervisory or Appraiser Name: Joel Baker Co-Appraiser Name: Company: Low Carb Appraisals Company: Phone: (800) 252-6633 Fax: Phone: Fax: E-Mail: Joel@baytownappraisal.biz E-Mail: Date of Report (Signature): License or Certification #: 4/9/2006 11653 State: OK Date of Report (Signature): License or Certification #: State: Designation: Designation: Expiration Date of License or Certification: 1/1/2008 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only Inspection of Subject: Interior & Exterior Exterior Only Date of Inspection: Date of Inspection: Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 3/2007
Subject Photo Page Borrower/Client Property Address City Edmond County State OK Zip Code Lender File No. TES25863 Page #7 Subject Front Sales Price Gross Living Area Total Rooms 7 Total Bedrooms 5 Total Bathrooms Site Quality 10 Subject Rear Subject Street Form PIC3x5.SR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Subject Interior Photo Page Borrower/Client Property Address City Edmond County State OK Zip Code Lender File No. TES25863 Page #8 Subject Interior Sales Price Gross Living Area Total Rooms 7 Total Bedrooms 5 Total Bathrooms Site Quality Subject Interior Subject Interior Form PICPIX.SI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE