Main File No. 7521 Page #1 APPRAISAL OF REAL PROPERTY LOCATED AT: 970 Burns Dr SW LOT 4 FAIRMONT FOREST SUB, BLOCK D FOR: AS OF: 3/29/15 BY: MARK MEYER CR 244849 OPINION OF VALUE $140,000 Form GA4 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Main File No. 7521 Page #2 The Appraisal Network 4311 Sprucebough Drive Marietta, GA 30062 March 29, 2015 Re: Property: Borrower: File No.: 970 Burns Dr SW BEST BUY HOMES In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. 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 prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, MARK MEYER CR 244849 EX: 2/28/16
Main File No. 7521 Page #3 SUMMARY OF SALIENT FEATURES Subject Address Legal Description 970 Burns Dr SW LOT 4 FAIRMONT FOREST SUB, BLOCK D SUBJECT INFORMATION City County State Zip Code Atlanta FULTON GA 30310 Census Tract Map Reference 0066.01 LOCAL SALES PRICE Sale Price Date of Sale $ CLIENT Borrower/Client Client BEST BUY HOMES Size (Square Feet) 2,144 DESCRIPTION OF IMPROVEMENTS Price per Square Foot Condition Total Rooms Bedrooms $ 30 YEARS RENOVATED/GD 7 4 Baths 2 APPRAISER Appraiser Date of Appraised Value MARK MEYER 3/29/15 VALUE Final Estimate of Value $ 140,000 Form SSD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
SUBJECT ASSIGNMENT MARKET AREA DESCRIPTION The Appraisal Network (706)864-1010 Main File No. 7521 Page #4 7521 File No.: 7521 Property Address: 970 Burns Dr SW City: Atlanta State: GA Zip Code: 30310 County: FULTON Legal Description: LOT 4 FAIRMONT FOREST SUB, BLOCK D Assessor's Parcel #: 14-0121-0003-108 Tax Year: 2014 R.E. Taxes: $ 493 Special Assessments: $ Borrower (if applicable): BEST BUY HOMES Current Owner of Record: EPIC LIV, LLC Occupant: Owner Tenant Vacant Manufactured Housing Project Type: PUD Condominium Cooperative Other (describe) HOA: $ per year per month Market Area Name: FAIRMONT FOREST Map Reference: LOCAL Census Tract: 0066.01 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: VALUATION FOR PURCHASE OF PROPERTY RESIDENTIAL APPRAISAL SUMMARY REPORT Intended User(s) (by name or type): Client: Address: Appraiser: MARK MEYER Address: 4311 SPRUCEBOUGH DRIVE, MARIETTA, GA 30062 : Urban Suburban Rural Predominant One-Unit Housing Present Land Use Change in Land Use Built up: Over 75% 25-75% Under 25% Occupancy PRICE AGE One-Unit 75 % Not Likely Growth rate: Rapid Stable Slow Owner 95 $(000) (yrs) 2-4 Unit % Likely * In Process * Property values: Increasing Stable Declining Tenant 5 47 Low 8 Multi-Unit % * To: Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) 165 High 90 Comm'l % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 90+/- Pred 60-70 OTHER 25 % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): THE SUBJECT IS BOUNDED ON THE NORTH BY I-20 ON THE SOUTH BY GA-166, ON THE EAST BY I-85, AND ON THE WEST BY GA-29. THE SUPPLY & DEMAND FOR PROPERIES IN THIS MARKET AREA IS AT A SHORTAGE ON THE SUPPLY SIDE. IT IS CONSIDERED A SELLERS MARKET CURRENTLY WITH TYPICAL MARKETING TIMES FOR MOST HOMES AT 0-3 MONTHS WITH CONV, FHA, VA OR OWNER FINANCING. GENERAL MARKET CONDITIONS APPEAR TO STILL BE RAPIDLY INCREASING AFTER DECLINING DUE TO THE CRASH IN THE REAL ESTATE MARKET. IT IS CONSIDERED TYPICAL FOR SELLERS TO OFFER CONCESSIONS IN THIS MARKET. Dimensions: PLAT UNAVAILABLE Site Area:.17 AC+/- Zoning Classification: R1 Description: SINGLE FAMILY RESIDENTIAL 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: Summary of Highest & Best Use: HOME. SINGLE FAMILY RESIDENTIAL Use as appraised in this report: SINGLE FAMILY RESIDENTIAL THE HIGHEST AND BEST USE FOR THE SUBJECT PROPERTY IS AS A SINGLE FAMILY RESIDENTIAL Utilities Public Other Provider/Description Off-site Improvements Type Public Private Topography ROLLING HILLS Electricity Gas Water Sanitary Sewer Storm Sewer Street Curb/Gutter Sidewalk Street Lights Alley ASPHALT CONCRETE NONE PUBLIC NONE Size Shape Drainage TYPICAL OF AREA RECTANGULAR ADEQUATE 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 X FEMA Map # 13121C0358F FEMA Map Date 09/18/2013 Site Comments: DRAINAGE APPEARS TO BE ADEQUATE. NO ENCROACHMENTS OR EASEMENTS NOTED DURING INSPECTION. DESCRIPTION OF THE IMPROVEMENTS General Description Exterior Description Foundation Basement None Heating # of Units 1 Acc.Unit Foundation BLOCK/AVG Slab NONE Area Sq. Ft. Type FWA/HVAC # of Stories 2.0 Exterior Walls FRAME/AVG Crawl Space CRAWL % Finished Fuel GAS Type Det. Att. Roof Surface A.SHINGLE/AV Basement NONE Ceiling Design (Style) 2.0 STORY Gutters & Dwnspts. ALUM/AVG Sump Pump Walls Cooling HVAC Existing Proposed Und.Cons. Window Type DH/AVG Dampness Floor Central YES Actual (Yrs.) Effective (Yrs.) 30 YEARS 15 YEARS Storm/Screens NO/YES Settlement Infestation N. NOTED NIF Outside Entry Other Interior Description Appliances Attic None Amenities Car Storage None Floors CPT/TILE/HW/NEW Refrigerator Stairs Fireplace(s) # Woodstove(s) # Garage # of cars ( 2 Tot.) Walls Trim/Finish DRYWALL/AVG WOOD/AVG Range/Oven Disposal Drop Stair Scuttle Patio Deck Attach. Detach. Bath Floor TILE/NEW Dishwasher Doorway Porch STOOP Blt.-In Bath Wainscot Doors FBGLS/TILE/NEW WOOD/AVG Fan/Hood Microwave Washer/Dryer Floor Heated Finished Fence Pool Carport Driveway Surface 2 CONCRETE Finished area above grade contains: 7 Rooms 4 Bedrooms 2 Bath(s) 2,144 Square Feet of Gross Living Area Above Grade Additional features: See attached addenda. Describe the condition of the property (including physical, functional and external obsolescence): See attached addenda. 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
TRANSFER HISTORY SALES COMPARISON APPROACH 7521 File No.: 7521 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): PUB RECORDS, GSCCCA, REALIST, FMLS, MLS 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: NO PRIOR SALES WITHIN THE PAST Date: 36 MONTHS. Price: Source(s): 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 970 Burns Dr SW 1381 EVERHART STREET SW 1429 Allene Ave SW 1450 Allene Ave SW Proximity to Subject 0.50 miles NE 0.49 miles NE 0.49 miles NE Sale Price $ $ 120,000 $ 165,000 $ 157,500 Sale Price/GLA $ /sq.ft.$ 73.35 /sq.ft. $ 107.84 /sq.ft. $ 104.72 /sq.ft. Data Source(s) PUB RECORDS PUBLIC REC,FMLS,REALIST PUB REC,REALIST,FMLS PUB REC,REALIST,FMLS Verification Source(s) INSPECTION FMLS# 5294638, DOM 61 FMLS# 5308222, DOM 31 FMLS# 5351102, DOM 70 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing FHA CONVENTIONAL CONVENTIONAL Concessions $0 $3,100 $0 Date of Sale/Time 7/25/14 8/29/14 1/22/15 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Site.17 AC+/-.21 AC+/-.30 AC+/-.30 AC+/- Design (Style) 2.0 STORY 1.0 STORY 1.0 STORY 1.0 STORY Quality of Construction FRAME/AVG BCK/FRAME/AV 30 YEARS 9 YEARS 95 YEARS 95 YEARS Condition RENOVATED/GD GOOD +4,000 RENOVATED/GD RENOVATED/GD Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 4 2 6 3 2 6 3 2 7 4 2 Gross Living Area 2,144 sq.ft. 1,636 sq.ft. +10,160 1,530 sq.ft. +12,280 1,504 sq.ft. +12,800 Basement & Finished CRAWL CRAWL CRAWL CRAWL Rooms Below Grade Functional Utility TYPICAL TYPICAL TYPICAL TYPICAL Heating/Cooling FWA/HVAC FWA/HVAC FWA/HVAC FWA/HVAC Energy Efficient Items STANDARD STANDARD STANDARD STANDARD Garage/Carport 2 CAR-DRIVE 2 CAR-DRIVE 2 CAR-DRIVE -1,250 2 CAR-DRIVE Porch/Patio/Deck STOOP PORCH PORCH PORCH FIREPLACE NONE NONE 2-Fireplaces -3,000 NONE RESIDENTIAL APPRAISAL SUMMARY REPORT Main File No. 7521 Page #5 Net Adjustment (Total) + - $ 14,160 + - $ 8,030 + - $ 12,800 Adjusted Sale Price of Comparables $ 134,160 $ 173,030 $ 170,300 Summary of Sales Comparison Approach THE COMPARABLES UTILIZED ARE CONSIDERED THE BEST AVAILABLE AT THE TIME OF THE INSPECTION. COMPARABLES OVER SIX MONTHS OLD WERE USED BECAUSE THESE WERE THE BEST AVAILABLE. AFTER ADJUSTMENTS FOR DISSIMILAR FEATURES, THE SALES OFFER A REASONABLE ESTIMATE OF MARKET VALUE. PER INFORMATION OBTAINED IN THE MARKET CONDITIONS REPORT PERFORMED, IT WAS NOT DEEMED NECESSARY TO MAKE A SALES PRICE TO LIST PRICE RATIO ADJUSTMENT AS HOMES ARE SELLING AT 100 TO 101% OF LIST PRICE. MARKET PRICES ARE INCREASING RAPIDLY DUE TO HIGH DEMAND AND LOW INVENTORY IN THE SUBJECT MARKET. INTEREST RATES ARE STILL VERY LOW AND IS CAUSING A SURGE IN DEMAND. MARKET PRICES ARE RETURNING TO NORMAL AND MORE STABLE PRICES AFTER BEING DISTRESSED DUE TO THE MARKET CRASH IN 2008. Indicated Value by Sales Comparison Approach $ 140,000 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): Main File No. 7521 Page #6 7521 File No.: 7521 NOT APPLICABLE. THE COST APPROACH WAS NOT USED AS THE THE LIMITED NUMBER OF LOT SALES TO EXTRACT A LAND SALE FOR. THE CURRENT STATE OF THE MARKET AS WELL AS THE FLUCTUATING COST OF BUILDING MATERIALS IN THE ATLANTA AREA MAKES THIS APPROACH UNRELIABLE. COST APPROACH INCOME APPROACH PUD ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ Source of cost data: DWELLING Sq.Ft. @ $ =$ 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 Sq.Ft. @ $ =$ Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$( ) Depreciated Cost of Improvements =$ ''As-is'' Value of Site Improvements =$ =$ =$ Estimated Remaining Economic Life (if required): Years INDICATED VALUE BY COST APPROACH =$ 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: RECONCILIATION ATTACHMENTS Indicated Value by: Sales Comparison Approach $ 140,000 Cost Approach (if developed) $ Income Approach (if developed) $ Final Reconciliation The cost Approach to Value was not applicable in this appraisal or necessary for development of a credible appraisal because there were numerous comparable sale that providedsupport for the final opinion of value. This is a limited appraisal as defined by USPAP.The only approach to value considered was the sales comparison approach. The income Approach to value was not utilized due to owner occupancy. 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: See attached addenda. 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: $ 140,000, as of: 3/29/15, 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: APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) SIGNATURES Supervisory or Appraiser Name: MARK MEYER Co-Appraiser Name: Company: THE APPRAISAL NETWORK Company: Phone: 770-527-4040 Fax: Phone: Fax: E-Mail: markmeyer99@yahoo.com E-Mail: Date of Report (Signature): License or Certification #: March 30, 2015 244849 State: GA Date of Report (Signature): License or Certification #: State: Designation: Designation: Expiration Date of License or Certification: 02/28/2016 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 3/29/15 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
7521 File No.: 7521 FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 970 Burns Dr SW 919 Victory Dr SW 1396 Graham St SW 1827 Buckeye St SW Proximity to Subject 0.26 miles SE 0.43 miles NE 0.50 miles SE Sale Price $ $ 126,900 $ 120,500 $ 127,500 Sale Price/GLA $ /sq.ft.$ 72.72 /sq.ft. $ 112.83 /sq.ft. $ 119.38 /sq.ft. Data Source(s) PUB RECORDS PUB REC,REALIST,FMLS PUBLIC REC,FMLS,REALIST PUBLIC REC,FMLS,REALIST Verification Source(s) INSPECTION FMLS# 5303655, DOM 24 FMLS# 5333967, DOM 37 FMLS# 5279133, DOM 6 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing FHA CONVENTIONAL FHA Concessions $4,884 $2,377 $3,875 Date of Sale/Time 8/15/14 11/24/14 7/3/14 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Site.17 AC+/-.22 AC+/-.15 AC+/-.26 AC+/- Design (Style) 2.0 STORY 1.0 STORY 1.0 STORY SPLIT LEVEL Quality of Construction FRAME/AVG 30 YEARS 85 YEARS 92 YEARS 65 YEARS Condition RENOVATED/GD RENOVATED/GD RENOVATED/GD RENOVATED/GD Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 4 2 6 3 1.5 +1,250 6 3 1 +2,500 6 3 2 Gross Living Area 2,144 sq.ft. 1,745 sq.ft. +7,980 1,068 sq.ft. +21,520 1,068 sq.ft. +21,520 Basement & Finished CRAWL 1004 BSMT -5,020 CRAWL CRAWL Rooms Below Grade Functional Utility TYPICAL TYPICAL TYPICAL TYPICAL Heating/Cooling FWA/HVAC FWA/HVAC FWA/HVAC FWA/HVAC Energy Efficient Items STANDARD STANDARD STANDARD STANDARD Garage/Carport 2 CAR-DRIVE 2 CAR-ATT -3,000 2 CAR-DRIVE 1 CAR-CPT -1,250 Porch/Patio/Deck STOOP PORCH PORCH STOOP FIREPLACE NONE NONE NONE NONE ADDITIONAL COMPARABLE SALES Main File No. 7521 Page #7 SALES COMPARISON APPROACH Net Adjustment (Total) + - $ 1,210 + - $ 24,020 + - $ 20,270 Adjusted Sale Price of Comparables $ 128,110 $ 144,520 $ 147,770 Summary of Sales Comparison Approach PER INFO OBTAINED FROM A MLS AND FMLS MARKET ANALYSIS A SALES PRICE TO LIST PRICE ADJUSTMENT WAS NOT DEEMED NECESSARY DUE TO THE SALES PRICE TO LIST PRICE RATIO IN THE SUBJECT MARKET BEING AT 100%. 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.(AC) "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 3/2007
7521 File No.: 7521 FEATURE SUBJECT COMPARABLE SALE # 7 COMPARABLE SALE # 8 COMPARABLE SALE # 9 Address 970 Burns Dr SW 1411 Hartford Ave SW 1829 SYLVAN RIDGE DRIVE 1444 Allene Ave SW Proximity to Subject 0.36 miles NE 0.48 miles S 0.50 miles NE Sale Price $ $ 120,000 $ 169,900 $ 139,900 Sale Price/GLA $ /sq.ft.$ 72.16 /sq.ft. $ 101.61 /sq.ft. $ 85.51 /sq.ft. Data Source(s) PUB RECORDS PUBLIC REC,FMLS,REALIST PUBLIC REC,FMLS,REALIST PUBLIC REC,FMLS,REALIST Verification Source(s) INSPECTION FMLS# 5362338, DOM 12 FMLS# 5505989, DOM 23 FMLS# 5362338, DOM 12 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing FHA ACTIVE LISTING ACTIVE LISTING Concessions $2,725 Date of Sale/Time 12/15/14 ACTIVE LISTING ACTIVE LISTING Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Site.17 AC+/-.13 AC+/-.18 AC+/-.22 AC+/- Design (Style) 2.0 STORY 1.5 STORY 2.0 STORY 1.0 STORY Quality of Construction FRAME/AVG FRAME/AVG 30 YEARS 82 YEARS 10 YEARS 95 YEARS Condition RENOVATED/GD RENOVATED/GD RENOVATED/GD RENOVATED/GD Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 4 2 6 3 2 6 3 2.5-1,250 6 3 2 Gross Living Area 2,144 sq.ft. 1,663 sq.ft. +9,620 1,672 sq.ft. +9,440 1,636 sq.ft. +10,160 Basement & Finished CRAWL 1232 UNFIN -6,160 CRAWL CRAWL Rooms Below Grade Functional Utility TYPICAL TYPICAL TYPICAL TYPICAL Heating/Cooling FWA/HVAC FWA/HVAC FWA/HVAC FWA/HVAC Energy Efficient Items STANDARD STANDARD STANDARD STANDARD Garage/Carport 2 CAR-DRIVE 2 CAR-DET -3,000 2 CAR-DRIVE 2 CAR-DET -3,000 Porch/Patio/Deck STOOP PORCH PORCH PORCH FIREPLACE NONE 1-FIREPLACE -1,500 1-FIREPLACE -1,500 1-FIREPLACE -1,500 ADDITIONAL COMPARABLE SALES Main File No. 7521 Page #8 SALES COMPARISON APPROACH Net Adjustment (Total) + - $ -1,040 + - $ 6,690 + - $ Adjusted Sale Price of Comparables $ 118,960 $ 176,590 $ Summary of Sales Comparison Approach 5,660 145,560 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.(AC) "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 3/2007
Main File No. 7521 Page #9 General Text Addendum File No. 7521 Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client ADDITIONAL COMMENTS FORECLOSURE ACTIVITY: PER GA LAW, THE APPRAISER MUST REPORT ON THE EFFECT OF FORCLOSURES (IF ANY) ON THE SUBJECT'S MARKET VALUE AND MARKETABILITY. THESE FACTORS WERE CONSIDERED IN THE ANALYSIS OF THE SUBJECTS MARKET AND FINAL OPINION OF MARKET VALUE. THE EFFECT OF FORECLOSURES HAS ALREADY BEEN REFLECTED IN THE COMPARABLES CHOSEN BY THE APPRAISER AND THEREFORE THE EFFECT ON THE OPINION OF VALUE. CONDITION OF THE APPRAISAL/ COMMENTS ON APPRAISER CERTIFICATION #23 THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/ CLIENT. THE INTENDED USE IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR A MORTGAGE FINANCE TRANSACTION, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL FORM AND DEFINITION OF MARKET VALUE. THE APPRAISER IDENTIFIES NO ADDITIONAL INTENDED USERS. COMMENTS REGARDING THE CONDITION OF THE SUBJECT: THE APPRAISERS INSPECTION OF THE PROPERTY WAS LIMITED TO WHAT WAS READILY OBSERVABLE. UNLESS OTHERWISE STATED, THE APPRAISER DID NOT VIEW ATTIC, CRAWLSPACE OR ANY OTHER AREA THAT WOULD INVOLVE THE USE OF LADDERS OR SPECIAL EQUIPMENT. THE APPRAISERS VIEWING OF THE PROPERTY WAS LIMITED TO SURFACE AREAS. SURFACE AREAS CAN OFTEN BE COMPROMISED BY LANDSCAPING, PLACEMENT OF PERSONAL PROPERTY, OR WEATHER CONDITIONS. MOST IMPORTANTLY, THE APPRAISERS INSPECTION OF THE PROPERTY IS FAR DIFFERENT FORM AND MUCH LESS INTENSIVE THAN THE TYPE OF INSPECTIONS PERFORMED TO DISCOVER PROPERTY DEFECTS. THE APPRAISER IS NOT A HOME INSPECTOR, CONTRACTOR, PEST CONTROL SPECIALIST, OR STRUCTURAL ENGINEER. AND APPRAISAL IS NOT A SUBSTITUTE FOR A HOME INSPECTION, OR AN INSPECTION BY A QUALIFIED EXPERT IN DETERMINING ISSUES SUCH AS, BUT NOT LIMITED TO, FOUNDATION SETTLEMENT OR STABILITY, MOISTURE PROBLEMS, WOOD DESTROYING (OR OTHER) INSECTS, RODENTS OR PESTS, RADON GAS, OR LEAD-BASED PAINT. THE CLIENT IS INVITED AND ENCOURAGED TO EMPLOY THE SERVICES OF APPROPRIATE EXPERTS TO ADDRESS ANY AREAS OF CONCERN. COMMENTS REGARDING MARKET CONDITIONS AND MORTGAGE FINANCING: NO ADJUSTMENT FOR FINANCING WAS MADE UNLESS OTHERWISE STATED, AS THESE WERE CONSIDERED TOBE TYPICAL AND PREVALENT TRANSACTIONS IN THIS MARKET. IT WOULD APPEAR FROM THE ANALYSIS OF THE MARKET THAT THERE IS NOT A PREVALENCE OF LOAN DISCOUNTS, INTEREST BUY-DOWNS AND/OR CONCESSIONS, WHICH WOULD HAVE AN IMPACT ON THE SUBJECT PROPERTY'S MARKET VALUE, UNLESS OTHERWISE STATE IN THE REPORT. COMMENT REGARDING GEORGIA LAW: MY ANALYSIS, OPINIONS AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEEN PREPARED, IN CONFORMITY WITH THE GEORGIA REAL ESTATE APPRAISER CLASSIFICATION AND REGULATION ACT, AND THERULES AND REGULATIONS OF THE GEORGIA REAL ESTATE AND APPRAISERS BOARD. GEORGIA LAW CHAPTER 539-3-02 EFFECTIVE 08/01/2006. STANDARDS RULE 2-3: I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: MY ENGAGEMENT IN THIS ASSIGNMENT OR IN ANY FUTURE ASSIGNMENTS IS NOT CONTINGENT UPON DEVELOPING OR REPORTING PREDETERMINED RESULTS OF MY ANALYSIS, OPINIONS AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEEN PREPARED, IN CONFORMITY WITH THE GEORGIA REAL ESTATE APPRAISERS CLASSIFICATION AND REGULATION ACT AND THE RULES AND REGULATIONS OF THE GEORGIA REAL ESTATE APPRAISERS BOARD AND USPAP. NO ONE PROVIDED SIGNIFICANT PROFESSIONAL ASSISTANCE TO THE PERSON SIGNING THIS REPORT. UNLESS OTHERWISE STATED IN THIS REPORT. (SEE SUBSEQUENT COMMENTS.) GP Residential : Description of the Improvements - Additional Features THE SUBJECT PROPERTY HAS GRANITE COUNTER TOPS, STAINLESS STEEL APPLIANCES, NEW OR REFINISHED CABINETS, NEW VANITIES, NEWLY REFINISHED HARDWOOD FLOORS, NEW FIXTURES, NEW PAINT THROUGHOUT. HARDWOOD IN FAMILY ROOM. CERAMIC TILE IN BATHS, NEW HVAC SYSTEM. THE HOME IS BEING COMPLETELY RENOVATED. GP Residential : Reconciliation - Conditions of Appraisal THE SUBJECT PROPERTY IS APPRAISED SUBJECT TO THE HOME BEING COMPLETELY RENOVATED AND BROUGHT UP TO DATE.THE VALUE OF THE SUBJECT PROPERTY HAS BEEN BASED ON THE PROPERTY BEING RENOVATED AND IN NEW TO GOOD CONDITION AFTER THE REPAIRS AND RENOVATIONS HAVE BEEN MADE. IF THE PROPERTY IS NOT RENOVATED OR COMPLETED AS WAS SPECIFIED IN THIS REPORT, THE VALUE CAN BE SUBSTANTIALLY LOWER THAN APPRAISED IN THIS REPORT. THE APPRAISER IS NOT AN INSPECTOR AND MAKES NO WARRANTY OR STATEMENT AS SUCH. IT IS RECOMENDED THAT A CERTIFIED INSPECTOR COMPLETE AND ASSESSMENT ON THE SUBJECT PROPERTY. Prior Services - The appraiser of this report, as indicated in the signature section, has NOT provided any prior services for the subject property in the 36 months prior to the effective date of the report. THE EXPECTED MARKET EXPOSURE TIME FOR THE SUBJECT PROPERTY IS 3-6 MONTHS. Form TADD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Main File No. 7521 Page #10 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he 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.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 judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: conditions: The appraiser's certification that appears in the appraisal report is subject to the following 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. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The 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. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management ncy (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. 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. 5. The 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. These 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. The 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. 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, the appraisal report must not be considered as an environmental assessment of the property. 7. The 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. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The 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 States or any state or the District of Columbia; 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. The 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 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 The Appraisal Network (706)864-1010 Form ACR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Main File No. 7521 Page #11 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I 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. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I 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, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I 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. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I 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. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or 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. I 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. I 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. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I 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 I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I 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. I further certify that I 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 I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I 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, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I 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. ADDRESS OF PROPERTY APPRAISED: APPRAISER: 970 Burns Dr SW, SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: MARK MEYER Name: Date Signed: March 30, 2015 Date Signed: State Certification #: 244849 State Certification #: or State License #: or State License #: State: GA State: Expiration Date of Certification or License: 02/28/2016 Expiration Date of Certification or License: Did Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Subject Photos Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #12 Subject Front 970 Burns Dr SW Sales Price Gross Living Area 2,144 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 2 Site.17 AC+/- Quality FRAME/AVG 30 YEARS Subject Rear Subject Street Form PICPIX.SR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #13 SIDE SIDE FAMILY ROOM DINING KITCHEN BEDROOM Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #14 BATH BEDROOM BEDROM BEDROOM BATH BATH Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #15 BEDROOM Comments: Comments: Comments: Comments: Form PICFOUR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Comparable Photos 1-3 Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #16 Comparable 1 1381 EVERHART STREET SW Prox. to Subject 0.50 miles NE Sales Price 120,000 Gross Living Area 1,636 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2 Site.21 AC+/- Quality 9 YEARS Comparable 2 1429 Allene Ave SW Prox. to Subject 0.49 miles NE Sales Price 165,000 Gross Living Area 1,530 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2 Site.30 AC+/- Quality BCK/FRAME/AV 95 YEARS Comparable 3 1450 Allene Ave SW Prox. to Subject 0.49 miles NE Sales Price 157,500 Gross Living Area 1,504 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 2 Site.30 AC+/- Quality 95 YEARS Form PICPIX.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Comparable Photo Page Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #17 Comparable 4 919 Victory Dr SW Prox. to Subject 0.26 miles SE Sales Price 126,900 Gross Living Area 1,745 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.5 Site.22 AC+/- Quality 85 YEARS Comparable 5 1396 Graham St SW Prox. to Subject 0.43 miles NE Sales Price 120,500 Gross Living Area 1,068 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1 Site.15 AC+/- Quality 92 YEARS Comparable 6 1827 Buckeye St SW Prox. to Subject 0.50 miles SE Sales Price 127,500 Gross Living Area 1,068 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2 Site.26 AC+/- Quality 65 YEARS Form PICPIX.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Comparable Photo Page Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #18 Comparable 7 1411 Hartford Ave SW Prox. to Subject 0.36 miles NE Sales Price 120,000 Gross Living Area 1,663 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2 Site.13 AC+/- Quality 82 YEARS Comparable 8 1829 SYLVAN RIDGE DRIVE Prox. to Subject 0.48 miles S Sales Price 169,900 Gross Living Area 1,672 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.5 Site.18 AC+/- Quality FRAME/AVG 10 YEARS Comparable 9 1444 Allene Ave SW Prox. to Subject 0.50 miles NE Sales Price 139,900 Gross Living Area 1,636 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2 Site.22 AC+/- Quality 95 YEARS Form PICPIX.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Map Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #19 Form MAP.LOC "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Building Sketch Borrower/Client BEST BUY HOMES Property Address City 970 Burns Dr SW Atlanta County FULTON State GA Zip Code 30310 Client Main File No. 7521 Page #20 38' 38' 8' 8' 30' 30' Laundry Form SKT.BldSkI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 1 Main File No. 7521 Page #21 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 2 Main File No. 7521 Page #22 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 3 Main File No. 7521 Page #23 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 4 Main File No. 7521 Page #24 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 5 Main File No. 7521 Page #25 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 6 Main File No. 7521 Page #26 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
License Main File No. 7521 Page #27 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE