INVOICE 07/06/2016 P.O. BO 1232 BRENHAM 77834 (979) 836-5599 467-04-5866 DATE FILE NUMBER CASE NUMBER Client: 420 E. MAIN STREET BELLVILLE, TEAS 78940 Attention: Mr. CLIFF MAHON Item Total APPRAISAL FEE FOR SERVICES RENDERED $ 475.00 Borrower: FAYETTEVILLE, T 78940 WM SUTHERLAND SURVEY, ABSTRACT 96 (R000066971) Total: $ 475.00 Thank you
SUMMARY APPRAISAL REPORT OF THE PROPERTY LOCATED AT FAYETTEVILLE, T 78940 as of JUNE 30, 2016 for 420 E. MAIN STREET BELLVILLE, TEAS 78940 by P.O. BO 1232 BRENHAM 77834
P.O. BO 1232 BRENHAM 77834 (979) 836-5599 July 6, 2016 420 E. MAIN STREET BELLVILLE, TEAS 78940 Property - FAYETTEVILLE, T 78940 Borrower - - Case No. - Dear Mr. MAHON: In accordance with your request, I have prepared an appraisal of the real property located at CUTOFF ROAD, FAYETTEVILLE, T. The purpose of the appraisal is to provide an opinion of the market value of the property described in the body of this report. Enclosed, please find the report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of JUNE 30, 2016 is : $831,000 The opinion of value expressed in this report is contingent upon the Limiting Conditions attached to this report. It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know. Respectfully submitted, KATHY McKINNEY T Certification #T 1321159-G T Certification #T 1321159-G
IDENTIFICATION NEIGHBORHOOD Appraisal Report LAND APPRAISAL REPORT LOCAL FAYETTEVILLE AUSTIN T 78940 WM SUTHERLAND SURVEY, ABSTRACT 96 (R000066971) N/A N/A UNK Borrower Census Tract Map Reference Legal Description Sale Price $ Date of Sale Loan Term yrs. Property Rights Appraised Fee Leasehold De Minimis PUD Actual Real Estate Taxes $ UNKNOWN (yr.) Loan charges to be paid by seller $ N/A Other sales concessions NONE Lender/Client Address 420 E. MAIN STREET, BELLVILLE, TEAS, 78940 VACANT LAND KATHY McKINNEY MARKET VALUE/FEE SIMPLE Occupant Appraiser Instructions to Appraiser Location Urban Suburban Rural Good Avg. Fair Poor Built Up Over 75% 25% to 75% Under 25% Employment Stability Growth Rate Fully Dev. Rapid Steady Slow Convenience to Employment Property Values Increasing Stable Declining Convenience to Shopping Demand/Supply Shortage In Balance Over Supply Convenience to Schools Marketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos. Adequacy of Public Transportation Present Land Use 70 % 1 Family % 2-4 Fam % Apts. % Condo % Commercial Recreational Facilities % Industrial 30 % Vacant % Adequacy of Utilities Change in Present Land Use Not Likely Likely (*) Taking Place (*) Property Compatibility (*) From VACANT To RESIDENTIAL Protection from Detrimental Conditions Predominant Occupancy Owner Tenant % Vacant Police and Fire Protection Single Family Price Range $ 125K to $ 500K Predominant Value $ 300K General Appearance of Properties Single Family Age 5 yrs. to 75+ yrs. Predominant Age 40 yrs. Appeal to Market SITE Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, noise) ACCORDING TO TEAS A&M REAL ESTATE CENTER THE TEAS ECONOMY IS SLOWING WITH AN ANNUAL NON-AGRICULTURAL JOB GROWTH OF 1.5 PERCENT WHICH IS LOWER THAN THE NATIONAL GROWTH RATE OF 1.9 PERCENT. *** See Additional Comments *** Dimensions SURVEY = 98.942 ACRES P/SURVEY Corner Lot NONE Highest and best use: Present use Other (specify) SINGLE FAMILY RESIDENTIAL ROLLING Zoning Classification Present improvements do do not conform to zoning regulations Elec. Public Other (Describe) OFF SITE IMPROVEMENTS Topo TRANSMI. Street Access: Public Private Size TYPICAL Gas Surface GRAVEL Shape IRREGULAR Water Maintenance: Public Private View SCATTERED TREES San. Sewer Storm Sewer Curb/Gutter Drainage APPEARS ADEQUATE Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions) THE PROPERTY IS ACCESSED FROM THE WASHINGTON COUNTY SEAT OF BRENHAM BY TRAVELING SOUTHWEST ON FM 389 TO "" BEING JUST TO THE NORTHEASTERN LINE OF THE SMALL RURAL COMMUNITY OF SHELBY. *** See Additional Comments *** Underground Elect. & Tel. Sidewalk Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? No Yes The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. MARKET DATA ANALYSIS Address ITEM Subject Property COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Proximity to Subj. Sales Price $ $ $ $ Price $ $ $ $ Data Source Date of Sale and DESCRIPTION DESCRIPTION Time Adjustment Location Site/View Site Area 5011 FM 2754 FM 2502 1115 FM 2502 FAYETTEVILLE, T 78940 BELLVILLE BLEIBLERVILLE BELLVILLE 12.12 miles E 7.96 miles E 10.60 miles E N/A 8,489.00 8,334.00 9,100.00 417,000.00 815,144.00 818,400 INSPECTION TLS#84159/COLDWELL BNKR TLS #75852/B. JOHNSON R.E. TLS#36837/HODDE R.E. + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment N/A 12-19-2014-0- 12-21-2015-0- 8/11/2015-0- AVERAGE AVERAGE -0- AVERAGE -0- AVERAGE -0- OPEN/WOODED OPEN/WOODED -0- OPEN/WOODED -0- OPEN WOODED -0- TYP/ 98.942 AC TYP/49.12 ACRES -0- TYP/97.81 ACRES -0- TYP/89.93 ACRES -0- IMPROVEMENTSNONE NONE -0- NONE -0- NONE -0- EASEMENT TRANS/PIPELINE PAD SITE/PIPELINE -0- PAD SITE/PIPELINE -0- NONE -700 RECONCILIATION Sales or Financing Concessions Net Adj. (Total) Plus Minus $ Plus Minus $ Plus Minus $ Indicated Value of Subject $ $ $ Comments on Market Data: I ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF to be $ Appraiser(s) CONVENTIONAL CONVENTIONAL -0- CONVENTIONAL -0- CONVENTIONAL -0- -700 Gross 0.0% Gross 0.0% Gross 7.7% Net 0.0% 8,489.00 Net 0.0% 8,334.00 Net -7.7% 8,400.00 A SEARCH WAS CONDUCTED THROUGH TLS, HAR AND LANDS OF TEAS MULTIPLE LISTING SERVICES FOR PROPERTIES IN WESTERN AUSTIN COUNTY, SOUTH WESTERN WASHINGTON COUNTY, *** See Additional Comments *** Comments and Conditions of Appraisal: THE APPRAISAL IS PREPARED SUBJECT TO CONDITIONS THE APPRAISER IS CURRENTLY UNAWARE. THE INTENDED USER OF THIS APPRAISAL REPORT IS BILL JOHNSON REAL ESTATE. THE INTENDED USE IS FOR CONSIDERATION OF LISTING PROPERTY ON THE MARKET FOR SALE. *** See Additional Comments *** Final Reconciliation: THE MARKET APPROACH TO VALUE REFLECTS THE ACTIONS BETWEEN BUYERS AND SELLERS ON PROPERTIES SIMILAR TO THAT OF THE APPRAISED. *** See Additional Comments *** JUNE 30 2016 831,000 Review Appraiser (if applicable) Signature Signature Name KATHY McKINNEY Date 07/06/2016 Name State T License Certification # T 1321159-G State License Certification # Did Did Not Physically Inspect Property Date
ADDITIONAL COMMENTS FAYETTEVILLE AUSTIN T 78940 Lender or Client Borrower or Owner Legal THE SCOPE OF THE APPRAISAL IS THE PROCESS OF COLLECTING, CONFIRMING AND REPORTING THE DATA WHICH HAS BEEN UTILIZED IN THE REPORT. OUR FIRM HAS BEEN ASKED TO PROVIDE AND OPINION OF CURRENT VALUE OF THE SUBJECT PROPERTY AS OF THE EFFECTIVE DATE OF THIS APPRAISAL. THE PROCESS OF COLLECTING DATA AND INFORMATION CONCERNING THE SUBJECT PROPERTY AND COMPARABLE CONSISTED OF CONTACTING REAL ESTATE BROKERS, TITLE COMPANIES, AND APPROPRIATE LENDING INSTITUTIONS. FACTUAL DATA COLLECTED ON THE COMPARABLE SALE INCLUDE CHARACTERISTICS OF EACH SALE, CONSIDERATION OF SALES PRICE GIVEN, THE ETENT OF FINANCING MADE AVAILABLE, IF ANY, AND THE DATE OF SALE. THE LEGAL DESCRIPTION AND OWNERSHIP HISTORY OF THE SUBJECT PROPERTY WERE PROVIDED BY OUR CLIENT. ADDITIONAL DATA, SPECIFICALLY WHEN JUDGED RELEVANT TO THE VALUATION OF THE SUBJECT, WAS PROCURED FROM THE APPROPRIATE SECONDARY SOURCES. THE INFORMATION INCORPORATED IN THIS APPRAISAL REPORT IS AN INDEPENDENT AND OBJECTIVE STUDY OF THE SUBJECT. THE APPRAISER HAS UTILIZED BOTH THE DIRECT AND INDIRECT APPROACH TO VALUE. DEFINITION OF MARKET VALUE: MARKET VALUE IS 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 AND 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 ACTING IN WHAT THEY CONSIDER THEIR OWN BEST INTEREST; 3. A REASONABLE TIME IS ALLOWED FOR EPOSURE 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. THIS DEFINITION IS FROM REGULATIONS PUBLISHED BY FEDERAL REGULATORY AGENCIES PURSUANT TO TITLE I OF THE FINANCIAL INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT (FIRREA) OF 1989 BETWEEN JULY 5, 1990, AND AUGUST 24, 1990, BY THE FEDERAL RESERVE SYSTEM (FRS), NATIONAL CREDIT UNION ADMINISTRATION (NCUA), FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC), THE OFFICE OF THRIFT SUPERVISION (OTS), AND THE OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC). PRIOR SERVICE: I HAVE PERFORMED NO SERVICES, AS AN APPRAISER OR IN ANY OTHER CAPACITY, REGARDING THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT WITHIN THE THREE-YEAR PERIOD IMMEDIATELY PRECEDING ACCEPTANCE OF THIS ASSIGNMENT.
ADDITIONAL COMMENTS Page 2 FAYETTEVILLE AUSTIN T 78940 Lender or Client Neighborhood ALL TEAS INDUSTRIES ECEPT MINING, LOGGING AND MANUFACTURING HAD MORE JOBS IN NOVEMBER OF 2015 THAN NOVEMBER OF 2014. THOUGH THE TOTAL EMPLOYMENT EPANDED IT WAS WEIGHED DOWN BY THE MANUFACTURING AND OIL AND GAS SECTORS ESPECIALLY IN HOUSTON. THE ECONOMY CONTINUES TO GROW BUT AT A MORE MODEST PACE IN THE FACE OF LOWER ENERGY PRICES AND A STRONG DOLLAR.. HOUSING DEMAND REMAINS STRONG THROUGHOUT TEAS WHILE NEW CONSTRUCTION WAS CONSTRAINED BY A SHORTAGE OF SKILLED LABOR AND LIMITED DEVELOPED LOTS. SINGLE FAMILY HOUSING CONSTRUCTION PERMITS STATEWIDE REMAINED FLAT IN OCTOBER WITH DECLINES IN AUSTIN AND HOUSTON AND SLOWING IN DALLAS. NO MAJOR MARKET HAS REACHED ITS PRIOR PEAKED PERMITTING LEVELS. HOUSING STARTS IN TEAS OVERALL CONTINUED TO CLIMB IN OCTOBER TO HELP ALLEVIATE THE RESTRICTED SUPPLY. INVENTORY FOR EISTING HOMES ACROSS TEAS REMAINS LOWER WITH MODEST UP TICKS IN THE LAST SEVERAL MONTHS TO 3.5 MOTHS OF INVENTORY IN OCTOBER WITH 6.5 MONTHS OF INVENTORY CONSIDERED BALANCED. NUMBERS OF DAYS AN EISTING HOME WAS ON THE MARKET HAS REMAINED LOW REFLECTING THE TIGHT SUPPLY. NEW HOMES HAD A SOMEWHAT LONGER SALES PERIOD IN OCTOBER IN AUSTIN AND HOUSTON IN COMPARISON TO DALLAS AND SAN ANTONIO. THE AVERAGE STATEWIDE DIFFERENCE TO SELL A NEW HOME VERSUS AN EISTING HOME WAS 41 DAYS THE LARGEST DIFFERENCE SINCE JANUARY OF 2011. AVERAGE AND MEDIAN SALES PRICES HAVE RISEN DRAMATICALLY IN TEAS SINCE 2011. CONSTRAINTS ON SUPPLY AND STRONGER DEMAND HAVE BEEN REFLECTED IN THE PRICE GAINS WITH HOUSTON AND AUSTIN LEADING IN THE FIRST HALF OF 2015. DUE TO RECENT DECLINES IN THE ENERGY SECTOR, HOUSTON IS SHOWING SIGNS OF A SOFTENING PRICE GROWTH WITH DALLAS SHOWING STRONGER PRICE APPRECIATION. THE APPRAISED IS LOCATED WITHIN THE CENTRAL PORTION OF AUSTIN COUNTY. NEIGHBORHOOD BOUNDARIES CAN BE CONSIDERED TO BE THOSE OF THE AUSTIN/WASHINGTON COUNTY LINE TO THE NORTH AND HIGHWAY 36 TO THE WEST. THE SOUTHERN BOUNDARY OF THE NEIGHBORHOOD CAN BE CONSIDERED TO BE HIGHWAY 159 WITH AN EASTERN BOUNDARY OF THE AUSTIN/WALLER COUNTY LINE TO THE EAST. THE NEIGHBORHOOD IS RURAL IN NATURE BEING OPEN COUNTRY SIDE WITH ROLLING HILLS. TRACTS OF LAND TYPICALLY RANGE FROM APPROIMATELY 10 TO 15 ACRES UP TO SEVERAL HUNDRED ACRES IN SIZE.THE MAJORITY OF THE PARCELS ARE IMPROVED WITH SINGLE FAMILY RESIDENCES WITH A MI OF PERMANENT RESIDENTS WITH WEEKEND RESIDENCES AS WELL. THE ABSENTEE LAND OWNERS TYPICALLY RESIDE WITHIN THE CITY OF HOUSTON AND COMMUTE TO THE AREA DURING THE WEEKENDS AND HOLIDAYS. THE VACANT PARCELS OF LAND AS WELL AS THOSE OF LARGER ACREAGE ARE USED IN RURAL AGRICULTURAL PRODUCTION OF LIVESTOCK AND HAY. Site WITH A LEFT(SOUTH) ON. THE PROPERTY BEGINS JUST TO THE SOUTH OF THE INTERSECTION OF FM 389 AND. BEING PLACED ON THE EASTERN LINE OF THE GRAVEL COUNTY MAINTAINED, THE PROPERTY CONTAINS SUBSTANTIAL FRONTAGE ON. A MINIMAL AMOUNT OF ADDITIONAL ROAD FRONTAGE IS ON THE GRAVEL COUNTY MAINTAINED WOLFF ROAD. FRONTAGE ON WOLFF ROAD IS ENCUMBERED BY A TRANSMISSION LINE AND A PIPE LINE EASEMENT. THE COMBINATION OF THE TRANSMISSION LINE EASEMENT AND THE PIPELINE EASEMENT ARE A COMBINED WIDTH OF 150 FEET FOLLOWING THE NORTHERN BOUNDARY OF THE PARCEL. THE SOUTHEASTERN BOUNDARY OF THE COMBINED EASEMENT IS HEAVILY WOODED WITH SCATTERED TREES ON
ADDITIONAL COMMENTS Page 3 FAYETTEVILLE AUSTIN T 78940 Lender or Client APPROIMATELY 3/4 OF THE REMAINING SOUTHERN LINE OF THE EASEMENTS. THE TREE LINE PROVIDES FOR A VISUAL BOUNDARY FOR A PORTION OF THE EASEMENTS. THE PARCEL OF LAND IS SLOPING WITH A SLIGHT ROLL TO THE TOPOGRAPHY. THERE IS A SMALLER POND IN THE NORTH EASTERN QUADRANT WITH A LARGER POND/LAKE IN THE CENTRAL PORTION OF THE PROPERTY. GRASSED TO THE TRACT ARE IN GOOD CONDITION WITH AREAS OF MATURE TREES AND WOODED AREAS. FENCING INSPECTED WAS FIVE WIRE BARB WIRE FENCING IN GOOD CONDITION. IN ADDITION TO THE FRONTAGE ON, CUTOFF ROAD DEAD ENDS INTO SKULL CREEK ROAD. AS A RESULT, THE PROPERTY ALSO CONTAINS FRONTAGE ON SKULL CREEK ROAD. Comments on Market Data AND EASTERN FAYETTE COUNTY FOR THE SALE OF VACANT PARCELS OF LAND, SIMILAR IN SIZE TO THE APPRAISED THAT HAVE CHANGED OWNERSHIP IN THE RECENT PAST. THE SALES WERE PREDOMINATELY RESEARCHED FOR THOSE PARCELS OF LAND ENCUMBERED BY A TRANSMISSION AND PIPELINE. NO RECENT TRANSACTIONS WERE LOCATED WITH A TRANSMISSION LINE THOUGH A 137.10 ACRE PARCEL OF LAND ENCUMBERED BY THE SAME TRANSMISSION LINE AND PIPE LINE SOLD ON THE NORTHERN LINE OF FM 389 ACROSS THE ROAD FROM THE APPRAISED SITE ON 9-30-2011 FOR $6,637 PER ACRE. DUE TO THE AGE OF THE TRANSACTION, IT IS MENTIONED BUT WILL NOT BE UTILIZED. WITH NO SALES LOCATED IN THE ABOVE MENTIONED AREA, TWO PROPERTIES OF A SIZE SIMILAR TO THE APPRAISED HAVE CHANGED OWNERSHIP THAT CONTAINED A PAD SITE WITH ABOVE GROUND STORAGE TANKS. EACH SALES ONE AND TWO WERE ADDITIONALLY ENCUMBERED BY AT LEAST ONE PIPELINE. WITH THE LACK OF IDENTIFIED SALES WITH TRANSMISSION LINES, THOSE SALE WITH PAD SITED WERE UTILIZED. THOSE PROPERTIES WITH PAD SITES REFLECT THE MARKET PLACES EMPHASIS OF PROPERTIES WITH ABOVE GROUND ENCUMBRANCES BETWEEN $8,334 AND $8,489 OR $8,400 PER ACRE. SALE NUMBER THREE WITH NO ENCUMBRANCES REFLECT A MARKET VALUE OF $9,100 PER ACRE. PAIRING OF SALES ONE AND TWO TO SALE NUMBER THREE REFLECTS A NEGATIVE ADJUSTMENT OF $700.00 PER ACRE FOR THE TRANSMISSION AND PIPELINE EASEMENT. THE THREE SALES REFLECT AND INDICATED MARKET VALUE OF THE APPRAISED BETWEEN $8,334 AND $8,489 PER ACRE OR $8,400 PER ACRE ON 98.942 ACRES OR $831,112 ROUNDED TO $831,000. IT SHOULD BE NOTED THE 25.0 ACRE PARCEL OF VACANT LAND TO THE NORTH OF THE APPRAISED SITE WITH FRONTAGE ON FM 389 SOLD ON MAY 12, 2016 FOR $10,000 PER ACRE. THE SMALLER PARCEL OF LAND WAS NOT ENCUMBERED BY A TRANSMISSION LINE OR A PIPELINE EASEMENT. Comments and Conditions of Appraisal SUBJECT TO THE STATED SCOPE OF WORK, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER. THE REPORTED ANALYSES, OPINIONS, AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEEN PREPARED, IN CONFORMITY WITH THE REQUIREMENTS OF THE CODE OF PROFESSIONAL ETHICS AND STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OF THE APPRAISAL INSTITUTE, WHICH INCLUDE THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. THE USE OF THIS REPORT IS SUBJECT TO THE REQUIREMENTS OF THE APPRAISAL INSTITUTE RELATING TO REVIEW BY ITS DULY AUTHORIZED REPRESENTATIVES. THE NATIONAL ASSOCIATION OF INDEPENDENT FEE
ADDITIONAL COMMENTS Page 4 FAYETTEVILLE AUSTIN T 78940 Lender or Client APPRAISERS HAS A MANDATORY PROGRAM OF CONTINUING EDUCATION FOR DESIGNATED MEMBERS. I HAVE SUCCESSFULLY COMPLETED THIS PROGRAM FOR THE CYCLE ENDING DECEMBER 31, 2016. AS OF THE DATE OF THIS REPORT, I, KATHY MCKINNEY HAS COMPLETED THE STANDARDS AND ETHICS EDUCATION REQUIREMENTS OF THE APPRAISAL INSTITUTE FOR ASSOCIATE MEMBERS. I, KATHY McKINNEY HAVE BEEN APPRAISING PROPERTIES SIMILAR TO THE APPRAISED, IN THIS AREA, SINCE 1986. I HAVE NO PRESENT OF PROSPECTIVE INTEREST IN THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT AND NO PERSONAL INTEREST WITH RESPECT TO THE PARTIES INVOLVED. "THIS APPRAISAL ASSIGNMENT WAS NOT MADE, NOR WAS THE APPRAISAL RENDERED ON THE BASIS OF A REQUESTED MINIMUM VALUATION, SPECIFIC VALUATION, OR AN AMOUNT WHICH WOULD RESULT IN APPROVAL OF A LOAN." THE APPRAISER ACKNOWLEDGES THE CONFIDENTIALITY OF THIS ASSIGNMENT AND AGREES TO NO DISCLOSE FACTUAL DATA OBTAINED FROM THE CLIENT. I HAVE PERFORMED NO SERVICES, AS AN APPRAISER OR IN ANY OTHER CAPACITY, REGARDING THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT WITHIN THE THREE-YEAR PERIOD IMMEDIATELY PRECEDING ACCEPTANCE OF THIS ASSIGNMENT. Final Reconciliation THE DOLLAR AND PERCENTAGE OF ADJUSTMENTS IS MINIMAL WHICH LENDS STRENGTH TO THE INDICATION OF VALUE AT $84,500. THE COST APPROACH TO VALUE WAS CONSIDERED BUT WAS JUDGED TO BE INAPPLICABLE DUE TO THE LACK OF STRUCTURAL IMPROVEMENTS. PROPERTIES SUCH AS THE APPRAISED ARE TYPICALLY PURCHASED AS OWNER OCCUPIED AND NOT ON RENTAL INCOME POTENTIAL. AS A RESULT, THE INCOME APPROACH TO VALUE IS JUDGED TO BE IN APPLICABLE AS GRIMM WAS NOT AVAILABLE. EMPHASIS IS PLACED ON THE SALES COMPARISON APPROACH TO VALUE AT $831,000.
MULTI-PURPOSE APPRAISAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Borrower/Client City FAYETTEVILLE County AUSTIN State T Zip Code 78940 Lender This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC) and the Federal Reserve. This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. PURPOSE & FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to assist the above-named Lender in evaluating the subject property for lending purposes. This is a Federally related transaction. ETENT OF APPRAISAL PROCESS The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The Reproduction Cost is based on MARSHALL AND SWIFT VALUATION supplemented by the appraiser's knowledge of the local market. Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, if present, is specifically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. The subject property is located in an area of primarily owner-occupied single family residences and the Income Approach is not considered to be meaningful. For this reason, the Income Approach was not used. The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier is based on prior and/or current analysis of prices and market rates for residential properties. For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. SUBJECT PROPERTY OFFERING INFORMATION According to the subject property: has not been offered for sale in the past 30 days. is currently offered for sale for $. was offered for sale within the past 30 days for $. Offering information was considered in the final reconciliation of value. Offering information was not considered in the final reconciliation of value. Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. SALES HISTORY OF SUBJECT PROPERTY According to THE AUSTIN COUNTY APPRAISAL DISTRICT the subject property: has not transferred in the past thirty-six months. has transferred in the past thirty-six months. All prior sales which have occurred in the past thirty-six months are listed below and reconciled to the appraised value, either in the body of the report or in the addenda. Date Sales Price Document # Seller Buyer 10-12-2007 N/A #075771 UNKNOWN FEMA FLOOD HAZARD DATA The subject property is not located in a FEMA Special Flood Hazard Area. The subject property is located in a FEMA Special Flood Hazard Area. Zone FEMA Map/Panel # Map Date Name of Community The community does not participate in the National Flood Insurance Program. The community does participate in the National Flood Insurance Program. It is covered by a regular program. It is covered by an emergency program. FW-70M Item #130990 July 1991 48015C0025E 9-3-2010 AUSTIN COUNTY
CURRENT SALES CONTRACT The subject property is currently not under contract. The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section. The contract and/or escrow instructions were reviewed. The following summarizes the contract: Contract Date Amendment Date Contract Price Seller The contract indicated that personal property was not included in the sale. The contract indicated that personal property was included. It consisted of Estimated contributory value is $ Personal property was not included in the final value estimate. Personal property was included in the final value estimate. The contract indicated no financing concessions or other incentives. The contract indicated the following concessions or incentives:. If concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, so that the final value conclusion is in compliance with the Market Value defined herein.. MARKET OVERVIEW Include an explanation of current market conditions and trends. 3 TO 6 months is considered a reasonable marketing period for the subject property based on DISCUSSIONS WITH LOCAL REAL ESTATE AGENT.. ADDITIONAL CERTIFICATION (1) The Appraiser certifies and agrees that: The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice ("USPAP"), except that the Departure Provision of the USPAP does not apply. (2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurence of a subsequent event. (3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. ADDITIONAL COMMENTS APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Appraiser's Signature Effective Date JUNE 30, 2016 Date Prepared July 6, 2016 Appraiser's Name (print) KATHY McKINNEY Phone # ( 979 ) 836-5599 State T License Certification # T 1321159-G Tax ID # 467-04-5866 CO-SIGNING APPRAISER'S CERTIFICATION The co-signing appraiser has personally inspected the subject property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser. The co-signing appraiser has not personally inspected the interior of the subject property and: has not inspected the exterior of the subject property and all comparable sales listed in the report. has inspected the exterior of the subject property and all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by the co-signing appraiser. The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the addenda section of this appraisal CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Co-Signing Appraiser's Signature Effective Date Date Prepared Co-Signing Appraiser's Name (print) Phone # ( ) State T License Certification # Tax ID # FW-70M Item #130990 July 1991
F.I.R.R.E.A. ADDENDUM Borrower or Owner City FAYETTEVILLE County AUSTIN State T Zip Code 78940 Lender or Client Purpose of the Appraisal PURPOSE:TO ESTIMATE THE "AS IS" MARKET VALUE OF THE PROPERTY AS OF THE DATE OF INSPECTION, IN FEE SIMPLE INTEREST WITHOUT REGARD TO ANY INDEBTEDNESS. PREPARED ACCORDING TO USPAP FOR CONSIDERATION OF LISTING PROPERTY ON THE MARKET FOR SALE. Scope of Work THE PROPERTIES PHYSICAL CHARACTERISTICS AND SURROUNDING LAND USES WERE INSPECTED TO ASSIST IN THE ESTIMATION OF THE APPRAISED HIGHEST AND BEST USE AND THE MARKET ANALYSIS. SALES RESEARCH WAS CONDUCTED AND REAL ESTATE BROKERS, BUYERS/SELLERS AND OTHER KNOWLEDGEABLE INDIVIDUALS WERE CONTACTED TO CONFIRM SALES AND LISTINGS, AND TO VERIFY CURRENT MARKET ATTITUDES AND TRENDS. THE SALES GATHERED WERE ANALYZED TO VALUE THE APPRAISED PROPERTY. NO PERSONAL PROPERTY RELATING TO THE REAL ESTATE WAS INCLUDED IN THE VALUE ESTIMATE. Report of the prior year sales history for the subject property Is the subject property currently listed? Yes No List Price: $ Has the property sold during the prior year? Yes No If yes, describe below Marketing Time What is your estimate of marketing time for the subject property? 3 months Describe below the basis (rationale) for your estimate? BASED UPON DISCUSSIONS WITH LOCAL REAL ESTATE AGENTS IN THE AREA, THE EPOSURE TIME FOR PROPERTIES SUCH AS THE APPRAISED IS FROM 3-5 MONTHS. Non-real property transfers Does the transaction involve the transfer of personal property, fixtures, or intangibles that are not real property? Yes No If yes, provide description and valuation below. Additional Comments Additional Certification 1. The acceptance of this appraisal assignment by the appraiser was not based on a requested minimum valuation, a specified valuation, or an approval of the loan. 2. The appraiser certifies that the compensation for this appraisal is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result of the occurrence of a subsequent event. 3. This appraisal has been prepared to conform with the Uniform Standards of Professional Appraisal practice ("USPAP") adopted by the Appraisal Standards Board of the Appraisal foundation, except the Departure Provision, unless otherwise stated below. 4. The appraiser has disclosed within this appraisal report, or below, all steps taken that were necessary or appropriate to comply with the Competency provision of the USPAP. Date: July 6, 2016 Appraiser(s): KATHY McKINNEY Date: Review Appraiser(s): Form 953
Client OVERHEAD PER GOOGLE EARTH=FOR REFERENCE ONLY FAYETTEVILLE AUSTIN T 78940
Client FLOOD PLAIN MAP FAYETTEVILLE AUSTIN T 78940
Client PHOTOGRAPH ADDENDUM FAYETTEVILLE AUSTIN T 78940 STREET SCENE WOLFF ROAD FRONTAGE EASEMENT TO LEFT OF PHOTOGRAPH PROPERTY
Lender or Client PHOTOGRAPH ADDENDUM FAYETTEVILLE AUSTIN T 78940 EASEMENT LOOKING TO WEST FROM WOLFF ROAD EASEMENTS LOOKING WEST TO EAST FROM PROPERTY
Client PHOTOGRAPH ADDENDUM FAYETTEVILLE AUSTIN T 78940 PROPERTY PROPERTY PROPERTY
Client PHOTOGRAPH ADDENDUM FAYETTEVILLE AUSTIN T 78940 PROPERTY LOOKING ACROSS SMALLER POND TOWARD EASEMENT PROPERTY
Client COMPARABLE SALES MAP FAYETTEVILLE AUSTIN T 78940
Client APPRAISERS CERTIFICATION FAYETTEVILLE AUSTIN T 78940