Main File No. 7579 Page #1 APPRAISAL OF REAL PROPERTY LOCATED AT: 5710 Brookstone Walk NW BROOKSTONE IB LOT 34 BLOCK I, UNIT 3 Acworth, GA 30101 FOR: AS OF: 5/7/15 BY: MARK MEYER CR 244849 OPINION OF VALUE $430,000 Form GA4 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Main File No. 7579 Page #2 The Appraisal Network 2625 Friendship Road Buford, GA 30519 May 07, 2015 Re: Property: Borrower: File No.: 5710 Brookstone Walk NW Acworth, GA 30101 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. 7579 Page #3 SUMMARY OF SALIENT FEATURES Subject Address Legal Description 5710 Brookstone Walk NW BROOKSTONE IB LOT 34 BLOCK I, UNIT 3 SUBJECT INFORMATION City County State Zip Code Acworth COBB GA 30101 Census Tract Map Reference 0302.36 LOCAL SALES PRICE Sale Price Date of Sale $ CLIENT Borrower/Client Client Size (Square Feet) 3,436 DESCRIPTION OF IMPROVEMENTS Price per Square Foot Location Age Condition Total Rooms Bedrooms $ AVERAGE 26 YEARS GOOD/RENOV 9 5 Baths 3.5 APPRAISER Appraiser Date of Appraised Value MARK MEYER 5/7/15 VALUE Final Estimate of Value $ 430,000 Form SSD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
SUBJECT ASSIGNMENT MARKET AREA DESCRIPTION The Appraisal Network (770) 527-4040 Main File No. 7579 Page #4 7579 File No.: 7579 Property Address: 5710 Brookstone Walk NW City: Acworth State: GA Zip Code: 30101 County: COBB Legal Description: BROOKSTONE IB LOT 34 BLOCK I, UNIT 3 Assessor's Parcel #: 20-0231-0-106-0 Tax Year: 2014 R.E. Taxes: $ 3,061 Special Assessments: $ 0 Borrower (if applicable): Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured Housing Project Type: PUD Condominium Cooperative Other (describe) HOA: $ per year per month Market Area Name: BROOKSTONE Map Reference: LOCAL Census Tract: 0302.36 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 SALE OF PROPERTY RESIDENTIAL APPRAISAL SUMMARY REPORT Intended User(s) (by name or type): AGF PROPERTIES, LLC Client: Address: Appraiser: MARK MEYER Address: 4311 SPRUCEBOUGH DRIVE, MARIETTA, GA 30062 Location: 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 5 120 Low 7 Multi-Unit % * To: Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) 620 High 55 Comm'l % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 300+/- Pred 35-45 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 HWY-41, ON THE SOUTH BY GA-120, ON THE EAST BY GA-41, AND ON THE WEST BY GA-92. THE SUPPLY & DEMAND FOR PROPERIES IN THIS MARKET AREA IS NEAR EQUILIBRIUM BUT LEANING TOWARD THE DEMAND SIDE. IT IS CONSIDERED A SELLER'S MARKET 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:.35 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 View 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 # 13067C0077G FEMA Map Date 12/16/2008 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 POURED/AVG Slab NONE Area Sq. Ft. 2,128 Type FWA/HVAC # of Stories 2 Exterior Walls Crawl Space CRAWL % Finished 85 Fuel GAS Type Det. Att. Roof Surface A.SHINGLE/AV Basement NONE Ceiling DRYWALL Design (Style) 2.0 STORY Gutters & Dwnspts. ALUM/AVG Sump Pump Walls DRYWALL Cooling HVAC Existing Proposed Und.Cons. Window Type DH/AVG Dampness Floor CPT/TILE Central YES Actual Age (Yrs.) Effective Age (Yrs.) 26 YEARS 15 YEARS Storm/Screens NO/YES Settlement Infestation N. NOTED NIF Outside Entry YES Other Interior Description Appliances Attic None Amenities Car Storage None Floors HWD/CPT/TILE/NEW Refrigerator Stairs Fireplace(s) # 1 FP Woodstove(s) # Garage # of cars ( 4 Tot.) Walls Trim/Finish Bath Floor Bath Wainscot Doors DRYWALL/AVG WOOD/AVG TILE/NEW FBGLS/TILE/NEW WOOD/AVG Range/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer Drop Stair Scuttle Doorway Floor Heated Finished Patio Deck Porch Fence Pool REAR STOOP Attach. Detach. Blt.-In Carport Driveway Surface 2 2 CONCRETE Finished area above grade contains: 9 Rooms 5 Bedrooms 3.5 Bath(s) 3,436 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): THE SUBJECT PROPERTY IS IN RENOVATED/ NEW CONDITION. NO DEFERED MAINTENANCE, FUNCTIONAL OR EXTERNAL OBSOLESCENCE NOTED DURING THE INSPECTION OF THE SUBJECT 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
TRANSFER HISTORY SALES COMPARISON APPROACH 7579 File No.: 7579 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 5710 Brookstone Walk NW 5941 DOWNINGTON RIDGE 1319 Fallsbrook Ter NW 5888 Brookstone Walk NW Acworth, GA 30101 Acworth, GA 30101 Acworth, GA 30101 Acworth, GA 30101 Proximity to Subject 0.66 miles W 0.18 miles W 0.86 miles NW Sale Price $ $ 420,000 $ 419,900 $ 395,000 Sale Price/GLA $ /sq.ft.$ 117.55 /sq.ft. $ 120.52 /sq.ft. $ 100.20 /sq.ft. Data Source(s) PUB RECORDS PUBLIC REC,FMLS,REALIST PUBLIC REC,FMLS,REALIST PUBLIC REC,FMLS,REALIST Verification Source(s) INSPECTION FMLS# 5284822, DOM 60 FMLS#5298476, DOM 1 FMLS# 5266184, DOM 103 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing CONVENTIONAL CONVENTIONAL VA Concessions $10,000 $5000 $5030 Date of Sale/Time 4/24/15 7/8/14 7/31/14 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location AVERAGE AVERAGE AVERAGE AVERAGE Site.35 AC+/-.34 AC+/-.59 AC+/-.30 AC+/- View Design (Style) 2.0 STORY 2.0 STORY 2.0 STORY 2.0 STORY Quality of Construction Age 26 YEARS 14 YRS 20 YEARS 19 YEARS Condition GOOD/RENOV RENOVATED/GD UPDATED/GOOD RENOVATED/GD Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 9 5 3.5 9 5 4-1,500 8 4 3.5 8 4 3.5 Gross Living Area 3,436 sq.ft. 3,573 sq.ft. -3,562 3,484 sq.ft. 0 3,942 sq.ft. -13,156 Basement & Finished 2128 BSMT 1567 BSMT +2,805 1622 BSMT +3,036 1283 BSMT +5,070 Rooms Below Grade 1809 FIN 600 FIN +19,344 1538 FIN +3,252 929 FIN +10,560 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-ATT 2 CAR-ATT 2 CAR-ATT 2 CAR-ATT Porch/Patio/Deck DECK PATIO DECK PORCH FIREPLACE 2-Fireplaces NONE 2-Fireplaces 2-Fireplaces POOL -8,000 RESIDENTIAL APPRAISAL SUMMARY REPORT Main File No. 7579 Page #5 Net Adjustment (Total) + - $ 17,087 + - $ -1,712 + - $ 2,474 Adjusted Sale Price of Comparables $ 437,087 $ 418,188 $ 397,474 Summary of Sales Comparison Approach THE COMPARABLES UTILIZED ARE CONSIDERED THE BEST AVAILABLE AT THE TIME OF THE INSPECTION. AFTER ADJUSTMENTS FOR DISSIMILAR FEATURES, THE SALES OFFER A REASONABLE ESTIMATE OF MARKET VALUE. SALES PRICES IN THE ATLANTA MARKET ARE RAPIDLY INCREASING. THE SUBJECT MARKET IS EXPERIENCING A HIGH AMOUNT OF REAL EASTATE INVESTOR ACTIVITY. HOMES ARE BEING RENOVATED AND THE AREA IS BEING IMPROVED. THE SALES PRICES IN THE ATLANTA MARKET AS A WHOLE HAVE INCREASED BY OVER 14% SINCE 2013.THIS DATA HAS BEEN OBTAINED FROM MLS, FMLS AND CORE LOGIC AS WELL AS REALTY TRAC. Indicated Value by Sales Comparison Approach $ 430,000 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. 7579 Page #6 7579 File No.: 7579 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: Indicated Value by: Sales Comparison Approach $ 430,000 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 sales that provided support for the final opinion of value. The only approach to value considered was the sales comparison approach. The income Approach to value was not utilized due to owner occupancy. 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: 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: $ 430,000, as of: 5/7/15, 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 #: May 16, 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: 5/7/15 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
7579 File No.: 7579 FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 5710 Brookstone Walk NW 5811 Brookstone Walk NW 5729 BROOKSTONE DRIVE 5601 FORKWOOD DRIVE Acworth, GA 30101 Acworth, GA 30101 Acworth, GA 30101 Acworth, GA 30101 Proximity to Subject 0.57 miles W 0.57 miles W 0.30 miles N Sale Price $ $ 380,000 $ 418,750 $ 520,000 Sale Price/GLA $ /sq.ft.$ 114.98 /sq.ft. $ 106.07 /sq.ft. $ 166.72 /sq.ft. Data Source(s) PUB RECORDS PUBLIC REC,FMLS,REALIST PUBLIC REC,FMLS,REALIST PUBLIC REC,FMLS,REALIST Verification Source(s) INSPECTION FMLS# 5242443, DOM 106 FMLS# 5330951, DOM 146 FMLS# 5536098, DOM 1 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing VA CONVENTIONAL ACTIVE LISTING Concessions $1025 $5,090 Date of Sale/Time 6/11/14 3/2/15 ACTIVE LISTING Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location AVERAGE AVERAGE GOLF COURSE -15,000 GOLF COURSE -15,000 Site.35 AC+/-.34 AC+/-.29 AC+/-.29 AC+/- View Design (Style) 2.0 STORY 2.0 STORY 2.0 STORY 2.0 STORY Quality of Construction Age 26 YEARS 21 YEARS 16 YEARS 20 YEARS Condition GOOD/RENOV GOOD +10,000 VERY GOOD VERY GOOD Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 9 5 3.5 8 4 3.5 8 4 3.5 8 4 3.5 Gross Living Area 3,436 sq.ft. 3,305 sq.ft. +3,406 3,948 sq.ft. -13,312 3,119 sq.ft. +8,242 Basement & Finished 2128 BSMT 1300 BSMT +6,624 2920 BSMT -6,336 1398 BSMT +5,840 Rooms Below Grade 1809 FIN 1300 FIN +8,144 1623 FIN +2,976 777 FIN +16,512 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-ATT 2 CAR-ATT 2 CAR-ATT 2 CAR-ATT Porch/Patio/Deck DECK DECK DECK DECK FIREPLACE 2-Fireplaces 1-Fireplace +2,000 1-FIREPLACE 1-FIREPLACE POOL -8,000 7481 Main File No. 7579 Page #7 SALES COMPARISON APPROACH Net Adjustment (Total) + - $ 22,174 + - $ -31,672 + - $ Adjusted Sale Price of Comparables $ 402,174 $ 387,078 $ Summary of Sales Comparison Approach 15,594 535,594 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
6' Building Sketch Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #8 2' 8' 10' 2.83' 12' 6' 2' 24' 6' 2.83'3' 10' 16' 2' 50' 2' 24' 2' 2' 3' 24' 6' 24' Form SKT.BldSkI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Building Sketch Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #9 2' 6' 8' 10' 2.83' 12' 6' 2' 2' 24' 6' 2.83'3' 2' 3' Form SKT.BldSkI "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Main File No. 7579 Page #10 General Text Addendum File No. 7579 Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 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 CORIAN COUNTER TOPS, STAINLESS STEEL APPLIANCES, NEW CARPET THROUGHOUT OR NEWLY REFINISHED HARDWOODS, NEW FIXTURES, NEW PAINT THROUGHOUT, GLASS OR TRAVERTINE TILE BACKSPLASH IN KITCHEN. NEWLY FINISHED BASEMENT GP Residential : Reconciliation - Conditions of Appraisal THE SUBJECT PROPERTY IS APPRAISED "AS IS". THE APPRAISER IS NOT AN INSPECTOR AND MAKES NO WARRANTY OR STATEMENT AS SUCH. IT IS RECOMENDED THAT A CERTIFIED INSPECTOR COMPLETE AN 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 1-3 MONTHS. Form TADD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Main File No. 7579 Page #11 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 Agency (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 (770) 527-4040 Form ACR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Main File No. 7579 Page #12 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: 5710 Brookstone Walk NW, Acworth, GA 30101 SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: MARK MEYER Name: Date Signed: May 16, 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 Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #13 SUBJECT FRONT 5710 Brookstone Walk NW Sales Price Gross Living Area 3,436 Total Rooms 9 5 3.5 Location AVERAGE View Site.35 AC+/- Quality Age 26 YEARS Subject Rear Subject Street Form PICPIX.SR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #14 SIDE SIDE DINING ROOM FAMILY ROOM BUTLERS PANTRY SITTING AREA Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #15 BREAKFAST AREA 1/2 BATH MASTER BEDROOM MASTER BATH KITCHEN BEDROOM Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #16 BEDROOM BATH BEDROOM BATH BEDROOM FINISHED BASEMENT Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #17 BASEMENT BATH FINISHED BASEMENT FINISHED BASEMENT FINISHED BASEMENT FINISHED BASEMENT FINISHED BASEMENT Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Comparable Photos 1-3 Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #18 COMPARABLE 1 5941 DOWNINGTON RIDGE Prox. to Subject 0.66 miles W Sales Price 420,000 3,573 9 Total Bedrooms 5 Total Bathrooms 4 Location AVERAGE View Site.34 AC+/- Quality Age 14 YRS Comparable 2 1319 Fallsbrook Ter NW Prox. to Subject 0.18 miles W Sales Price 419,900 Gross Living Area 3,484 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 3.5 Location AVERAGE View Site.59 AC+/- Quality Age 20 YEARS Comparable 3 5888 Brookstone Walk NW Prox. to Subject 0.86 miles NW Sales Price 395,000 Gross Living Area 3,942 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 3.5 Location AVERAGE View Site.30 AC+/- Quality Age 19 YEARS Form PICPIX.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Comparable Photo Page Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #19 COMPARABLE 4 5811 Brookstone Walk NW Prox. to Subject 0.57 miles W Sales Price 380,000 3,305 8 Total Bedrooms 4 Total Bathrooms 3.5 Location AVERAGE View Site.34 AC+/- Quality Age 21 YEARS Comparable 5 5729 BROOKSTONE DRIVE Prox. to Subject 0.57 miles W Sales Price 418,750 Gross Living Area 3,948 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 3.5 Location GOLF COURSE View Site.29 AC+/- Quality Age 16 YEARS Comparable 6 5601 FORKWOOD DRIVE Prox. to Subject 0.30 miles N Sales Price 520,000 Gross Living Area 3,119 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 3.5 Location GOLF COURSE View Site.29 AC+/- Quality Age 20 YEARS Form PICPIX.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Location Map Borrower/Client Property Address City 5710 Brookstone Walk NW Acworth County COBB State GA Zip Code 30101 Client Main File No. 7579 Page #20 Form MAP.LOC "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 1 Main File No. 7579 Page #21 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 2 Main File No. 7579 Page #22 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 3 Main File No. 7579 Page #23 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 4 Main File No. 7579 Page #24 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 5 Main File No. 7579 Page #25 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Market Trends - Page 6 Main File No. 7579 Page #26 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
License Main File No. 7579 Page #27 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE