3789 Kipling Appraisal

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3789 Kipling Appraisal
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  INVOICE FROM: Telephone Number:Fax Number: TO: Telephone Number:Fax Number:Alternate Number:E-Mail: INVOICE NUMBERDATEREFERENCE Internal Order #:Lender Case #:Client File #:Main File # on form:Other File # on form:Federal Tax ID:Employer ID: Lender:Client:Purchaser/Borrower:Property Address:City:County:State:Zip:Legal Description: $DESCRIPTIONFEESAMOUNT SUBTOTAL PAYMENTSAMOUNT Check #:Date:Description:Check #:Date:Description:Check #:Date:Description: SUBTOTAL TOTAL DUE Form NIV5 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODEAdvanced Appraisal Service Memphis Nick LeeAdvanced Appraisal Services MemphisP.O. Box 38496Germantown, TN 38183901.497.3606Brett Clothier Memphis Invest, LLC130 Timber CreekCordova, TN 38018901.751.7191901.751.7317brett@memphisinvest.com000002111/3/200900000210000021000002127-0991855Memphis Invest, LLCMemphis Invest, LLCMemphis Invest, LLC3789 Kipling AveMemphisShelbyTN38128-2117Lot 0228 Nam Ni Estates Blk A-3URAR250.00250.00250.00901.529.7018 Form NIV5 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODEAdvanced Appraisal Service Memphis Nick LeeAdvanced Appraisal Services MemphisP.O. Box 38496Germantown, TN 38183901.497.3606Brett Clothier Memphis Invest, LLC130 Timber CreekCordova, TN 38018901.751.7191901.751.7317brett@memphisinvest.com000002111/3/200900000210000021000002127-0991855Memphis Invest, LLCMemphis Invest, LLCMemphis Invest, LLC3789 Kipling AveMemphisShelbyTN38128-2117Lot 0228 Nam Ni Estates Blk A-3URAR250.00250.00250.00901.529.7018 INVOICE FROM: Telephone Number:Fax Number: TO: Telephone Number:Fax Number:Alternate Number:E-Mail: INVOICE NUMBERDATEREFERENCE Internal Order #:Lender Case #:Client File #:Main File # on form:Other File # on form:Federal Tax ID:Employer ID: Lender:Client:Purchaser/Borrower:Property Address:City:County:State:Zip:Legal Description: $DESCRIPTIONFEESAMOUNT SUBTOTAL PAYMENTSAMOUNT Check #:Date:Description:Check #:Date:Description:Check #:Date:Description: SUBTOTAL TOTAL DUE Page #1Main File No. 0000021  LOCATED AT:FOR:AS OF:BY: Form GA6 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODE 3789 Kipling AveLot 0228 Nam Ni Estates Blk A-3Memphis, TN 38128-2117Memphis Invest, LLC130 Timber CreekCordova, TN 3801811/3/2009Nick Lee APPRAISAL OF REAL PROPERTY  Form GA6 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODE 3789 Kipling AveLot 0228 Nam Ni Estates Blk A-3Memphis, TN 38128-2117Memphis Invest, LLC130 Timber CreekCordova, TN 3801811/3/2009Nick Lee APPRAISAL OF REAL PROPERTY LOCATED AT:FOR:AS OF:BY: Page #2Main File No. 0000021  Uniform Residential Appraisal Report File #    S   U   B   J   E   C   T   C   O   N   T   R   A   C   T   N   E   I   G   H   B   O   R   H   O   O   D   S   I   T   E   I   M   P   R   O   V   E   M   E   N   T   S The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property AddressCityStateZip CodeBorrowerOwner of Public RecordCountyLegal DescriptionAssessor's Parcel #Tax YearR.E. Taxes $Neighborhood NameMap ReferenceCensus TractOccupantOwnerTenantVacantSpecial Assessments $PUDHOA $per yearper monthProperty Rights AppraisedFee SimpleLeaseholdOther (describe)Assignment TypePurchase TransactionRefinance TransactionOther (describe)Lender/ClientAddressIs the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?YesNoReport data source(s) used, offering price(s), and date(s).Ididdid not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.Contract Price $Date of ContractIs the property seller the owner of public record?YesNoData Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?YesNoIf Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics LocationUrbanSuburbanRuralBuilt-UpOver 75%25-75%Under 25%GrowthRapidStableSlow One-Unit Housing Trends Property ValuesIncreasingStableDecliningDemand/SupplyShortageIn BalanceOver SupplyMarketing TimeUnder 3 mths3-6 mthsOver 6 mths One-Unit Housing PRICE$ (000)AGE(yrs)LowHighPred. Present Land Use % One-Unit%2-4 Unit%Multi-Family%Commercial%Other%Neighborhood BoundariesNeighborhood DescriptionMarket Conditions (including support for the above conclusions)DimensionsAreaShapeViewSpecific Zoning ClassificationZoning DescriptionZoning ComplianceLegalLegal Nonconforming (Grandfathered Use)No ZoningIllegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?YesNoIf No, describe UtilitiesPublicOther (describe)PublicOther (describe) ElectricityGasWaterSanitary Sewer Off-site Improvements - TypePublicPrivate StreetAlleyFEMA Special Flood Hazard AreaYesNoFEMA Flood ZoneFEMA Map #FEMA Map DateAre the utilities and off-site improvements typical for the market area?YesNoIf No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?YesNoIf Yes, describe General Description UnitsOneOne with Accessory Unit# of StoriesTypeDet.Att.S-Det./End UnitExistingProposedUnder Const.Design (Style) Year BuiltEffective Age (Yrs) Foundation Concrete SlabCrawl SpaceFull BasementPartial BasementBasement Areasq.ft.Basement Finish%Outside Entry/ExitSump PumpEvidence ofInfestationDampnessSettlement Exterior Descriptionmaterials/condition Foundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens Interiormaterials/condition FloorsWallsTrim/FinishBath FloorBath WainscotAtticNoneDrop StairStairsFloorScuttleFinishedHeatedHeatingFWAHWBBRadiantOtherFuelCoolingCentral Air ConditioningIndividualOtherAmenitiesFireplace(s) #Patio/Deck PoolWoodstove(s) #FencePorchOtherCar StorageNoneDriveway# of CarsDriveway SurfaceGarage# of CarsCarport# of CarsAtt.Det.Built-inAppliancesRefrigeratorRange/OvenDishwasherDisposalMicrowaveWasher/DryerOther (describe)Finished area above grade contains:RoomsBedroomsBath(s)Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?YesNoIf Yes, describeDoes the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?YesNoIf No, describe Page 1 of 6Freddie Mac Form 70 March 2005Fannie Mae Form 1004 March 2005 000002100000213789 Kipling AveMemphisTN38128-2117Memphis InvestSecretary of Housing and Urban DevShelbyLot 0228 Nam Ni Estates Blk A-3090043 000062008916.39Egypt Central731B0205.22n/aN/Adetermine fair market valueMemphis Invest, LLC130 Timber Creek, Cordova, TN 38018See attached addenda.n/an/an/an/an/an/a202507508050751015The subject is bound by Egypt Central Road to the north, Raleigh MillingtonRoad to the east, Frayser Raleigh Road to the south, and New Allen Road to the south.See attached addenda.General market conditions in the neighborhood are stable. Supply and demand appear inbalance with typical marketing times being over six months. There are competitive neighborhoods nearby. Financing is available with affordablerates from local lending institutions. Typical exposure times in the subject market area are around six months.68 x 1250.20 acres +/-generally rectangularsuburbanRS-6Single Family ResidentialasphaltnoneX47157C0285F9/28/2007No adverse easements or encroachments observed. Typical building setback lines and utility easements are assumed. The current improvementconforms to zoning regulations.1traditional/ranch196415nonenoneconcrete slab/avgbrick/avgcomposite/avgnone/avgmetal dh/avgyes/no/avgyes/avgcpt/tile/avgdwall/wd panel/avgwood/paint/avgtile/avgtile/avggaswindwd/chaincoveredstorage+/- 3aggregate1 P 6311,013covered front porch, wood and chain fence, attached carport, storage closet/laundry area off of carportSee attached addenda.No adverse conditions were observed however the appraiser is not an expert in this technical field. Advanced Appraisal Service MemphisForm 1004 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODE 000002100000213789 Kipling AveMemphisTN38128-2117Memphis InvestSecretary of Housing and Urban DevShelbyLot 0228 Nam Ni Estates Blk A-3090043 000062008916.39Egypt Central731B0205.22n/aN/Adetermine fair market valueMemphis Invest, LLC130 Timber Creek, Cordova, TN 38018See attached addenda.n/an/an/an/an/an/a202507508050751015The subject is bound by Egypt Central Road to the north, Raleigh MillingtonRoad to the east, Frayser Raleigh Road to the south, and New Allen Road to the south.See attached addenda.General market conditions in the neighborhood are stable. Supply and demand appear inbalance with typical marketing times being over six months. There are competitive neighborhoods nearby. Financing is available with affordablerates from local lending institutions. Typical exposure times in the subject market area are around six months.68 x 1250.20 acres +/-generally rectangularsuburbanRS-6Single Family ResidentialasphaltnoneX47157C0285F9/28/2007No adverse easements or encroachments observed. Typical building setback lines and utility easements are assumed. The current improvementconforms to zoning regulations.1traditional/ranch196415nonenoneconcrete slab/avgbrick/avgcomposite/avgnone/avgmetal dh/avgyes/no/avgyes/avgcpt/tile/avgdwall/wd panel/avgwood/paint/avgtile/avgtile/avggaswindwd/chaincoveredstorage+/- 3aggregate1 P 6311,013covered front porch, wood and chain fence, attached carport, storage closet/laundry area off of carportSee attached addenda.No adverse conditions were observed however the appraiser is not an expert in this technical field. Advanced Appraisal Service MemphisForm 1004 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODE Uniform Residential Appraisal Report File #      S   U   B   J   E   C   T   C   O   N   T   R   A   C   T   N   E   I   G   H   B   O   R   H   O   O   D   S   I   T   E   I   M   P   R   O   V   E   M   E   N   T   S The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property AddressCityStateZip CodeBorrowerOwner of Public RecordCountyLegal DescriptionAssessor's Parcel #Tax YearR.E. Taxes $Neighborhood NameMap ReferenceCensus TractOccupantOwnerTenantVacantSpecial Assessments $PUDHOA $per yearper monthProperty Rights AppraisedFee SimpleLeaseholdOther (describe)Assignment TypePurchase TransactionRefinance TransactionOther (describe)Lender/ClientAddressIs the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?YesNoReport data source(s) used, offering price(s), and date(s).Ididdid not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.Contract Price $Date of ContractIs the property seller the owner of public record?YesNoData Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?YesNoIf Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics LocationUrbanSuburbanRuralBuilt-UpOver 75%25-75%Under 25%GrowthRapidStableSlow One-Unit Housing Trends Property ValuesIncreasingStableDecliningDemand/SupplyShortageIn BalanceOver SupplyMarketing TimeUnder 3 mths3-6 mthsOver 6 mths One-Unit Housing PRICE$ (000)AGE(yrs)LowHighPred. Present Land Use % One-Unit%2-4 Unit%Multi-Family%Commercial%Other%Neighborhood BoundariesNeighborhood DescriptionMarket Conditions (including support for the above conclusions)DimensionsAreaShapeViewSpecific Zoning ClassificationZoning DescriptionZoning ComplianceLegalLegal Nonconforming (Grandfathered Use)No ZoningIllegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?YesNoIf No, describe UtilitiesPublicOther (describe)PublicOther (describe) ElectricityGasWaterSanitary Sewer Off-site Improvements - TypePublicPrivate StreetAlleyFEMA Special Flood Hazard AreaYesNoFEMA Flood ZoneFEMA Map #FEMA Map DateAre the utilities and off-site improvements typical for the market area?YesNoIf No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?YesNoIf Yes, describe General Description UnitsOneOne with Accessory Unit# of StoriesTypeDet.Att.S-Det./End UnitExistingProposedUnder Const.Design (Style) Year BuiltEffective Age (Yrs) Foundation Concrete SlabCrawl SpaceFull BasementPartial BasementBasement Areasq.ft.Basement Finish%Outside Entry/ExitSump PumpEvidence ofInfestationDampnessSettlement Exterior Descriptionmaterials/condition Foundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens Interiormaterials/condition FloorsWallsTrim/FinishBath FloorBath WainscotAtticNoneDrop StairStairsFloorScuttleFinishedHeatedHeatingFWAHWBBRadiantOtherFuelCoolingCentral Air ConditioningIndividualOtherAmenitiesFireplace(s) #Patio/Deck PoolWoodstove(s) #FencePorchOtherCar StorageNoneDriveway# of CarsDriveway SurfaceGarage# of CarsCarport# of CarsAtt.Det.Built-inAppliancesRefrigeratorRange/OvenDishwasherDisposalMicrowaveWasher/DryerOther (describe)Finished area above grade contains:RoomsBedroomsBath(s)Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?YesNoIf Yes, describeDoes the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?YesNoIf No, describe Page 1 of 6Freddie Mac Form 70 March 2005Fannie Mae Form 1004 March 2005 Page #3Main File No. 0000021  Uniform Residential Appraisal Report File #    S   A   L   E   S   C   O   M   P   A   R   I   S   O   N   A   P   P   R   O   A   C   H   R   E   C   O   N   C   I   L   I   A   T   I   O   N There arecomparable properties currently offered for sale in the subject neighborhood ranging in price from $to $.There arecomparable sales in the subject neighborhood within the past twelve months ranging in sale price from $to $.FEATURESUBJECTCOMPARABLE SALE # 1COMPARABLE SALE # 2COMPARABLE SALE # 3AddressProximity to SubjectSale Price$$$$Sale Price/Gross Liv. Area$sq.ft.$sq.ft.$sq.ft.$sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTSDESCRIPTIONDESCRIPTION+(-) $ AdjustmentDESCRIPTION+(-) $ AdjustmentDESCRIPTION+(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade TotalBdrms.BathsTotalBdrms.BathsTotalBdrms.BathsTotalBdrms.Baths Room CountGross Living Areasq.ft.sq.ft.sq.ft.sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck Net Adjustment (Total)+-+-+-$$$Adjusted Sale Priceof Comparables$$$Net Adj.%Gross Adj.%Net Adj.%Gross Adj.%Net Adj.%Gross Adj.%Ididdid not research the sale or transfer history of the subject property and comparable sales. If not, explainMy researchdiddid 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)My researchdiddid not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.Data Source(s)Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).ITEMSUBJECTCOMPARABLE SALE #1COMPARABLE SALE #2COMPARABLE SALE #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable salesSummary of Sales Comparison ApproachIndicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $Cost Approach (if developed) $Income Approach (if developed) $ This appraisal is made as is ,subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted,subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, orsubject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$, as of, which is the date of inspection and the effective date of this appraisal. Page 2 of 6Freddie Mac Form 70 March 2005Fannie Mae Form 1004 March 2005 000002100000214915,00095,0004915,00095,0003789 Kipling AveMemphis, TN 38128-2117n/asuburban/avgFee Simple0.20 acres +/-suburbantraditional/ranchbrick/avga45/e15average6311,013nonenone finishedaveragecent/centnormalc-1-acov porch Swimming Pool none noted06/16/09;05/14/09$65,603;$65,603crt hse rec11/3/20094199 Trudy StreetMemphis, TN 381280.19 miles W60,00054.95MAAR ML#3155231MAARdata, courthouse records$3,600 concessVA05/05/2009suburban/avgFee Simple0.26 ac/sim valsuburbantraditional/ranchbrick/siding/avga44/e15average631.5-1,0001,0920nonenone finishedaveragecent/centnormalc-1-acov porchnone noted-1,000 1.71.7 59,000no sale intwelve months prior crt hse rec11/3/20094126 Hobson RoadMemphis, TN 381280.21 miles SW64,00049.88MAAR ML#1416521MAARdata, courthouse recordsnone notedconventional08/13/2009suburban/avgFee Simple0.17 ac/sim valsuburbantraditional/ranchbrick/siding/avga42/e15average6311,283-5,400nonenone finishedaveragecent/centnormalc-1-acov porchnone noted-5,400 8.48.4 58,600no sale intwelve months prior crt hse rec11/3/20094335 Hallview DriveMemphis, TN 381280.99 miles SE66,08248.77MAAR ML#3101438MAARdata, courthouse recordsnone notedconventional10/12/2009suburban/avgFee Simple0.25 ac/sim valsuburbantraditional/ranchbrick/siding/avga39/e15average632-2,0001,355-6,840nonenone finishedaveragecent/centnormalc-2-a-1,000porch,pationone noted-9,840 14.914.9 56,24208/21/2009$0; QCDcrt hse rec11/3/2009courthouse recordscourthouse recordsPer courthouse records, the subject property was foreclosed on for $65,603 on 05/14/2009 by US Bank National Association. The subject then transferred to the current owner on 06/16/2009 for $65,603. Due to thedistressed nature of the prior transfers, no consideration is given to this sale when determining an opinion of value. Sale #3 transferred via quit claimdeed on 08/21/2009, however no value considerations were transferred and this was not an arm's length transaction. None of the other comparables have transferred in the twelve months prior to the sale utilized.See attached addenda.57,50057,50062,885The sales comparison approach is relied on. The cost approach was also considered, however is not as reliable an indicator of value due to the ageof the subject property. The income approach is not applicable as there was insufficient data to develop a gross rent multiplier.This report is written subject tocompletion of repairs, renovation, and improvements per the client of this appraisal report.57,50011/3/2009 Form 1004 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODE 000002100000214915,00095,0004915,00095,0003789 Kipling AveMemphis, TN 38128-2117n/asuburban/avgFee Simple0.20 acres +/-suburbantraditional/ranchbrick/avga45/e15average6311,013nonenone finishedaveragecent/centnormalc-1-acov porch Swimming Pool none noted06/16/09;05/14/09$65,603;$65,603crt hse rec11/3/20094199 Trudy StreetMemphis, TN 381280.19 miles W60,00054.95MAAR ML#3155231MAARdata, courthouse records$3,600 concessVA05/05/2009suburban/avgFee Simple0.26 ac/sim valsuburbantraditional/ranchbrick/siding/avga44/e15average631.5-1,0001,0920nonenone finishedaveragecent/centnormalc-1-acov porchnone noted-1,000 1.71.7 59,000no sale intwelve months prior crt hse rec11/3/20094126 Hobson RoadMemphis, TN 381280.21 miles SW64,00049.88MAAR ML#1416521MAARdata, courthouse recordsnone notedconventional08/13/2009suburban/avgFee Simple0.17 ac/sim valsuburbantraditional/ranchbrick/siding/avga42/e15average6311,283-5,400nonenone finishedaveragecent/centnormalc-1-acov porchnone noted-5,400 8.48.4 58,600no sale intwelve months prior crt hse rec11/3/20094335 Hallview DriveMemphis, TN 381280.99 miles SE66,08248.77MAAR ML#3101438MAARdata, courthouse recordsnone notedconventional10/12/2009suburban/avgFee Simple0.25 ac/sim valsuburbantraditional/ranchbrick/siding/avga39/e15average632-2,0001,355-6,840nonenone finishedaveragecent/centnormalc-2-a-1,000porch,pationone noted-9,840 14.914.9 56,24208/21/2009$0; QCDcrt hse rec11/3/2009courthouse recordscourthouse recordsPer courthouse records, the subject property was foreclosed on for $65,603 on 05/14/2009 by US Bank National Association. The subject then transferred to the current owner on 06/16/2009 for $65,603. Due to thedistressed nature of the prior transfers, no consideration is given to this sale when determining an opinion of value. Sale #3 transferred via quit claimdeed on 08/21/2009, however no value considerations were transferred and this was not an arm's length transaction. None of the other comparables have transferred in the twelve months prior to the sale utilized.See attached addenda.57,50057,50062,885The sales comparison approach is relied on. The cost approach was also considered, however is not as reliable an indicator of value due to the ageof the subject property. The income approach is not applicable as there was insufficient data to develop a gross rent multiplier.This report is written subject tocompletion of repairs, renovation, and improvements per the client of this appraisal report.57,50011/3/2009 Form 1004 — WinTOTAL appraisal software by a la mode, inc. — 1-800-ALAMODE Uniform Residential Appraisal Report File #      S   A   L   E   S   C   O   M   P   A   R   I   S   O   N   A   P   P   R   O   A   C   H   R   E   C   O   N   C   I   L   I   A   T   I   O   N There arecomparable properties currently offered for sale in the subject neighborhood ranging in price from $to $.There arecomparable sales in the subject neighborhood within the past twelve months ranging in sale price from $to $.FEATURESUBJECTCOMPARABLE SALE # 1COMPARABLE SALE # 2COMPARABLE SALE # 3AddressProximity to SubjectSale Price$$$$Sale Price/Gross Liv. Area$sq.ft.$sq.ft.$sq.ft.$sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTSDESCRIPTIONDESCRIPTION+(-) $ AdjustmentDESCRIPTION+(-) $ AdjustmentDESCRIPTION+(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade TotalBdrms.BathsTotalBdrms.BathsTotalBdrms.BathsTotalBdrms.Baths Room CountGross Living Areasq.ft.sq.ft.sq.ft.sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck Net Adjustment (Total)+-+-+-$$$Adjusted Sale Priceof Comparables$$$Net Adj.%Gross Adj.%Net Adj.%Gross Adj.%Net Adj.%Gross Adj.%Ididdid not research the sale or transfer history of the subject property and comparable sales. If not, explainMy researchdiddid 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)My researchdiddid not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.Data Source(s)Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).ITEMSUBJECTCOMPARABLE SALE #1COMPARABLE SALE #2COMPARABLE SALE #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable salesSummary of Sales Comparison ApproachIndicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $Cost Approach (if developed) $Income Approach (if developed) $ This appraisal is made as is ,subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted,subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, orsubject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$, as of, which is the date of inspection and the effective date of this appraisal. Page 2 of 6Freddie Mac Form 70 March 2005Fannie Mae Form 1004 March 2005 Page #4Main File No. 0000021
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