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<br />IFile No. 07FEB22D I <br /> <br />.J <br /> <br /> . URAR: Sales Comnarison Comments <br /> Limited sufficient sold comoarables in this market area made it necessarvto extend the search bevond the sunnested 6 month time and <br /> distance nuidelines. The market has softened in the face of an economic slowdown. Channes in this market indicate that no timelmarket <br /> adiustments are deemed necessarv. Variations in desinn and architectural features are nrevalent in the immediate neiohborhood and <br /> market area. The annraiser has used exoerience assessors tax records and knowledne obtained from local market in determinino <br /> comnarable adiustment estimates. Site adiustments are not necessarilv made for size alone but rather for the nualitv of the ohvsical <br /> characteristics. Adiustments in the comoarable sales nrid are subiective and in some instances reasonable consideration is oiven to <br /> denreciation. The aooraiser has found throuoh exoerience andDTer review that the value adiustments made are comoarable to <br /> adiustments of other nracticino aooraisers. <br /> The direction of adiustments is mixed and the subiect is bracketed. All three comoarables are suoerior in oross Iivino area. Como one is <br /> the most similar in desinn features. Como two is the most recent and the least adiusted. Como three is the most oroximate. Eoual <br /> weinht is nlaced on all three comnarables. The value derived from the direct sales comoarison aooroach is well suooorted bv comos <br /> one and three and less stronolv suooorted bv como two. <br /> The Final Value is rounded down to the nearest $1 000 from the DSC Arinroach influenced bv current market trends. <br />. <br />. <br />. <br />. <br /> PrDvlde adenuate Information for the lender/client to reDlicale the below cost fioures and calculations. <br /> SUDOOr! for the ooinion of s~e value (summarv of comDarable land sales or other methods for esfimatinn s~e value\ Site value reflects County Assessors' Estimated <br /> Market Value. $78 000. <br /> ESTIMATED rl REPRODUCTION OR rl REPLACEMENT COST NEW OPINION OF sm VAlUE .____.__.._......................_... -.-.....-..........-.... =$ <br /> Source of cost data DWEUlNG So.Ft.@$ "''''___.h. =$ <br /> Qualw ratino from cost service Effective date of cost data SoH (al $ .--.......... =$ <br /> Comments on Cost AcDroach toross livino area calculations, denreciation, etc.) .....- .--- =$ <br /> The cost aooroach was not utilized oer recent Fannie Mae ouidelines. Garane/Caroor! So.Ft. (al $ .....--...-.- -$ <br />. Total Estimate Df Cost-New . =$ <br /> "_'____n <br /> Less Phvsical I Functional I Extemal <br /> Oenreclation I 1- -$( <br /> DeDreciated Cost of Imnrovements. ...______.................___.._..... $ <br /> 'As-is' Value of S~e Imnrovements ......................___.____......__....... =$ <br /> Estimated Remainino Economic Life tHUD and VA only) Years INDICATED VALUE BY COST APPROACH ......._...._._............................ =$ <br /> :(WfeIIl.pB.O~~mmQI~t1I1ia!J <br />ra Estimated Monthlv Market Rent $ n/a X Gross Rent MUIliDlier n/a -$ n/a Indicated Value bv Income AODroach <br />eI Summarv of Income Aooroach fincludino SUDDOr! for market rent and GRMl The income annroach is not used due to the lack of sufficient data with which to <br />_aninoful value estimate. Unittvnels) fl Detached n Attached <br /> 15 the develooer/builder in control of the Homeowners' Association IHOA1? . n Yes TT No <br /> Provide the followino information for PUDs ONLY it the develooer/builder is In control of the HOA and the subiectorooertv Is an attached dweUino untt. <br /> Lenal Name of Proiect <br />. T alai number of Dhases Total number of UMs T alai TUlmber of un~s sold <br /> Total number of un~ rented Total number of UMS for sale Data source(s) <br /> Was the orolect created bv the conversion of existino buildinotsl into a PUD? rlYes 1 No If Yes, date of conversion. <br />~ Does the Droiect contain anv multi-dwellina un~? [J Yes 0 No Data Source <br /> Are the units, common elements, and recreation facil~ies cDmolete? n Yes r l No fl No, describe the status of comole1ion. <br />. <br /> Are the commDn elements leased to or bv the Homeowners' Association? r l Yes n No fl Yes, describe the rental terms and ootions. <br /> Describe common elements and recreational facilities. -' <br /> <br />Uniform Residential Appraisal Report <br /> <br />RAMSEY <br />File # 07FEB22D <br /> <br />'1 <br />'.:a <br />. j <br /> <br />."-:Jl <br />., <br /> <br />:, <br />") <br /> <br />,; <br /><.j <br /> <br />~l <br />t <br />~'j <br /> <br />,,,..j <br /> <br />j <br /> <br />:--! <br />.j <br />>j <br />::1 <br /> <br />1 <br />) <br /> <br />Freddie Mac Form 70 March 2005 <br /> <br />Page 3 of 6 <br /> <br />Fannie Mae Form 1004 March 2005 <br /> <br />Form 1004- 'WinTOTAL' appraisal software by a la mode. inc.-1-8OQ.ALAMODE <br />