20250311094414467.pdf

Larry Todd Hunt, Petitioner V City Of Kentwood, Respondent · 25-002932-TT

Text extracted from the reviewed PDF, organized by page. OCR and reading order may contain errors; confirm details in the PDF below.

Page 1

3/11/2025 

Additional Information that needs to be presented to the City of Kentwood Assessor’s 

Office for Property 41-18-28-451-032. 

Basement in Bilevel is below grade. See Original Appraisal from 2012 page 2 of 6. See 

attached basement photos with measurements.

Page 2

No extractable text is available for this page; view the PDF below.

Page 3

Michigan Department of Treasury 

618 (Rev. 

11-12) 

Petition to Board of Review 

L-4035 

This form is issued under the authority of P.A. 206 of 1893, as amended. Filing 

is voluntary, however you may not appeal to the Michigan Tax Tribunal 

or the State Tax Commission unless you first protest to the Board of Review. 

TO BE COMPLETED BY OWNER OR OWNER'S AGENT 

Owner's Name (Please Print or Type) 

Petitioner's Name 

(If Other than Owner. 

Please Print or Type) 

Laery 

wT 

{ 

_- 

Township or City 

County 

FEATWD Ob 

Keng 

The undersigned protests the assessed value and/or the tentative taxable value and/or the property classification and/or the qualified 

agricultural property exemption of the following described property: 

Property Identified (Parcel code required. Property address & legal description optional) 

L)|- 

1) §g—28-45)— 032 

~~ 

r 

Protested Item 

] Assessed Value 

51 entative Taxable Value 

J Classification 

] Qualified Agricultural 

Property Exemption 

1. PROTEST OF ASSESSMENT 

(Complete this section for a protest of assessed value and/or tentative taxable value) 

Assessed Amount 

Vy Estimate of True Cash Value 

Vi Taxable Value 

Year 

A) 6 7, 

Foo 

322k, 000 

72, 654 

2-025 

] 

2. PROTEST OF CLASSIFICATION 

(Complete this section for a request to change the classification. The Board of Review must make their decision regarding classification in 

accordance with Section 211.34c of the Michigan Compiled Laws. The Board of Review shall not be influenced by the effect that a particular 

classification has on that property's status as a homeowner's principal residence or qualified agricultural property.) 

Classification of property on this year's assessment roll 

Classification should be (check one of the following): 

] Agricultural 

[J Industrial 

J Timber Cutover 

Utility (Personal Property Only) 

[|] commercial 

Residential 

[| Developmental 

3. PROTEST OF EXEMPTION FOR QUALIFIED AGRICULTURAL PROPERTY 

(If the assessor has denied or changed the percentage of the exemption from the 18 mills of local school operating tax for qualified agricultural 

property, the owner may appeal this action to the March Board of Review. THE BOARD OF REVIEW HAS NO AUTHORITY TO CONSIDER OR ACT 

UPON THE EXEMPTION FROM THE 18 SCHOOL OPERATING MILLS FOR HOMEOWNER'S PRINCIPAL RESIDENCE PROPERTIES.) 

Percent qualified agricultural exemption granted by assessor (Enter 0 if exemption 

Percent qualified agricultural exemption requested by owner (Enter 100 if full 

denied) 

exemption requested) 

4. REASON FOR PROTEST 

State reason(s) for protest of assessed value and/or the tentative taxable value and/or classification and/or qualified agricultural Prope exemption 

IN 

2024 

pESESSED 

TAXeptE 

VA 

[STB[472 

Lm 

rtigrn 

xs 

LOW 

7 DLE 

Thk 

INcrEASE 

/S 3.f. 

)

Page 4

~~,

Page 5

Schau Appraisals Inc 

5804 Charolais Dr SW 

Wyoming, Mi 49418 

616-299-0148 

10/15/2012 

VanDyk Mortgage Corp. 

- 103 

2449 Camelot Ct SE, Ste B 

Grand Rapids, Ml 49546 

Re: 

Property. 

2025 52nd St SE 

Kentwood, MI 49508 

Borrower: 

Larry Hunt 

File No 

092712-2 

Opinion of Value: $3 

160,000 

Effective Date: 

10/10/2012 

In accordance with your request, we have appraised the above referenced property. 

The report of that appraisal is 

attached. 

The purpose of the appraisal is to develop an opinion of market value for the properly 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 cily, 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 opinion of value reported above is as of the slated effective date and is contingent upon the certification and 

limiting conditions attached 

It has been a pleasure to assist you. 

Please do not hesilate to contact me or any of my staff if we can be of additional 

service to you 

Sincerely, 

Dana M. Schau 

Certification #: 1201005638 

State: MI 

Expires: 07/31/2014 

schauappraisals@gmail.com 

). 263-52493 79

Page 6

LOCATED AT 

2025 52nd St SE 

Kentwood, MI 49508 

See attached addenda. 

FOR 

VanDyk Mortgage Corp. - 103 

2449 Camelot Ct SE, Ste B 

Grand Rapids, Mi 49546 

OPINION OF VALUE 

160,000 

AS OF 

10/10/2012

Page 7

Ur 

Residential Appraisal 

Report 

Fle 09271 

The 

purpos 

summary 

appraisal 

report 

is 

fo prov 

e 

lender/client 

with 

an 

accurate, 

and 

adequately 

supported, 

jon 

of 

fhe fm 

value 

of 

the 

subject 

property 

| 

Property Addre: 

520d St SE 

City Kentwood 

State 

Mi 

Zp 

Oumet 

of Public Record 

Reitfer, per City of Kentwood 

County K 

Bomover 

Larry 

Hun 

Legal Description 

See attached addenda 

— 

Assessor's Parcel # 

 41-18-28-451-032 

Tax Year 

2011 

RE Taxes 

$2,364 

=| Neighborhood Name 

Kentwood 

_Map Reference 

MLS 18-28 

Census Tract 0127.01 

iy Ocoupant 

4 Owner [| Tenant 

[| 

Vacant 

Special Assessments 

SO 

[TJPUD 

 HOAS 0 

Tperyear 

[per month | 

Ld Properly Rights Appraised 

¢] Fee Simple 

[| Leasehold 

|_| Other (describe) 

BE Assignment Type 

D4] Purchase Transaction 

[| Refinance Transaction 

[| Other (desciibe) 

Lender/Client 

 VanDyk Mortgage Corp. 

- 103 

Address 

2449 Camelot Ct SE, Ste B, Grand Rapids, Ml 49546 

Is the subject property currently offered for sale ot has it been offered for sale in the twelve months prior to the effective date 

of 

this 

Report data source(s) used, offering price(s) and date(s} 

DOM 72;Per MLS #12039550, the subject was listed for $160,000 on 07/17/2012 and went 

pending on 09/27/2012 

~ 

1 D¢ did 

[did not analyze the contract for sale for the subject purchase transaction. Explain the tesulfs of fe analysis of 

the contract for sale or why fhe analysis 

was not 

performed. 

Arms length sale; The sales contract and all addendum were reviewed 

Conliact Price 

$160,000 

Date of Contract 

09/23/2012 

Is the property see the owner of public tecord? 

DQ Yes 

|_|Ho 

Daa Source(s) 

City of Kentwood. 

Is there any financial assistance (oan charges, sale concessions, gil or downpayment assistance, elc. 

fo be paid by any party on behalf of he borrower? 

Dives 

[ilo 

If Yes, report the fotal dollar amount and describe the ilems to be paid 

$4,500; 

The seller to contribute $4,500 for buyer's closing costs and prepaids. 

= 

© 

Ol 

Note: Race and the racial composition of the neighborhood are not appraisal factors. 

Neighborhood Characteristics 

One-Unit Housing Trends 

One-Unit Housing 

| 

Present Land Use % 

Location 

[J Urban 

Q Suburban 

[| Rural 

Property Values 

[| Increasing 

Stables 

|| Declining 

PRICE 

AGE 

| One-Unit 

86% 

i BuitUp 

DQ Over 75% 

[] 25-75% 

[| Under 25% 

| Demand/Supply 

|_| Shorlage 

DC) In Balance 

| 

| Over Supply | § (000) 

rs) 

| 2-4uit 

8%) 

[Jorovth 

[1] Rapid 

BC Stable 

[) Sow 

| Makelng Time 

[7] Under Sis 3 3-6mihs 

|| Overbmihs | 

25 

Low 

0 | Muliefamiy 

2% 

= Neighborhood Boundaries 

are 44th Street to the north, Breton Avenue to the east, M-6 to the south and 

350 

High 

140 | Commercial 

1% 

kell Eastern Avenue to the west. 

|_110 

Ped. 

35 

| Other 

3% 

Fo] Neighborhood Descriplion 

See altached addenda. 

iD = 

Market Conditions (including support for the above conclusions) 

See attached addenda. 

Dimensions 

70 x 198 

Area 

13,860 sf 

Shape 

Rectangular 

View N;Wir;Feeder street 

Specific Zoning Classification 

R-1-C 

Zoning Description 

Single Family Residential 

Zoning Compliance 

Bq Legal 

[1] Legal Nonconforming (Grandfathered Use) 

[| No Zoning 

[J Illegal (describe) 

Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? 

(< Yes 

[] No 

If No, describe 

Utilities 

Public 

Other (describe) 

Public 

Other (describe) 

Off-site Improvements - Type 

Public 

Private 

ITH Electricity 

pd 

[| Breakers 

Waler 

x 

[] Public 

Street Asphalt 

pd 

[Hl] 

(7) Gas 

D4 

[Natural gas 

Sanitary Sever 

XX 

[| Public 

Aly 

None 

0 

m] 

FEMA Special Flood Hazard Area 

[J Yes 

DQ No 

FEMA Flood Zone 

C 

FEMA Map # 

26010700108 

FEMA Map Dale 

11/18/1981 

Are the utilities and off-site improvements typical for the market area? 

D4 Yes 

[1 Mo 

If No, describe 

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, eic.)? 

[J Yes 

DQ No 

If Yes, describe 

See altached addenda. 

General Description 

Foundation 

Exterior Description 

ials/condilion | Interior 

‘materials/condition 

Units 3 One ["] One with Accessory Unit 

Concrete Slab 

[] Craw Space 

Foundation Walls 

Poured concrete-A 

[Floors 

CTNin/Lam/Crpt-A 

# of Stories 

1 

Full Basement 

[| Partial 

[Exterior Walls 

Stone&Vinyl-Avg 

Walls 

Drywall-Avg 

Type DC Det. [] Att. 

[1 S-Det/End Unit 

Area 

1,232 sqft. [Roof Surface 

Asphalt shingle-Avg 

_|Tim/Finish 

Wood-Avg 

> 

Existing [| Proposed 

[| Under Const. 

Finish 

95% {Gutters 

& Downspouts Aluminum-Average 

[Bath Floor 

Vinyl-Average 

Design (Style) 

Bi-Level 

I< Outside Entry/Exit 

[| Sump Pump 

[Window Type 

Csmnt/Slider-Avg 

Bath Wainscot Fiberglass-Avg 

Year Built 

2005 

Evidence of 

[| Infestation 

Storm Sash/insulated 

~ Thermo/Yes-Avg 

Car Storage 

[_ None 

Effective Age (Vis) 

2 

D: 

[Hl] 

Screens 

Yes-Average 

Driveway 

# of Cars 

6 

[J None 

Heating DC FWA 

[| 

| HWBB 

[| Radiant [Amentties 

[| Woodstove(s) # 

0 

|Driveway Surface 

Poured concrete 

(1 Drop Stair 

[1 stairs 

1 Other 

[Fuel Natural gas |_| Fireplace(s) 

# 

0 [ | Fence None 

Garage 

# of Cais 

2 

[J Floor 

D4 Scuttle 

Cooling 

(> Central Air Conditioning 

I Patioeck 

Both 

DJ Porch Cov stoop 

|] Carport 

# of Cars 

0 

[L_| Finished 

[7] Heated 

7 individual 

[CJ other 

[] Pool None 

¢ Other_UGSpking [34 At 

[Joe 

[7] Buitin 

z Appliances Dq Refrigerator) Range/Oven 

D<] Dishwasher 

DK] Disposal 

DS Microwave 

| | Washer/Dryer 

| | Other (describe) 

Finished area above grade contains: 

4 

Rooms 

2 

Bedrooms 

2.0 

Bath(s) 

1,240 

Square Feet of Gross Living Area Above Grade 

3 Additional features (special energy efficient items, etc). 

See attached addenda.

Page 8

FHANA Case No. 263-5249379 

Uniform Residential Appraisal Report 

; 

712.2 

a5 

comparable properties curently offered for sale in 

the subject neighborhood ranging 

in price from $140,000 

0S 

170,000 

59 

comparable sales 

in he subject neighborhood within the past fwelve months ranging 

in sale price fiom 5 

140,000 

0S 

170,000 

FEATURE 

[ 

SUBJECT 

COMPARABLE SALE # 1 

COMPARABLE SALE # 2 

COMPARABLE SALE # 3 

Addiess 

2025 52nd St SE 

4694 Middlebury Dr SE 

3335 Southbury Dr SE 

1893 Whistle Stop Dr SE 

Kentwood, MI 49508 

Kentwood, MI 49512 

Kentwood, 

MI 49512 

Kentwood, 

Mi 49508 

Proximity to Subject 

1.82 miles NE 

1.62 miles E 

0.55 miles NW 

Sale Price 

$ 

160,000] 

$s 

157,280 

Is 

160,000 

i 

$ 

154,801 

Sale Price/Gross Liv. Area 

$ 

129.03 sft. 

|S 

140.43 sqft 

S 

128.62 soft 

S 

140.56 sqft 

: 

Data Source(s) 

i 

GRAR MLS #11054875,D0M 168 GRAR MLS #11057076;D0M 217 |GRAR MLS #12009449;D0M 10 

Verification Source(s) 

Es 

{Public records 

Public records 

___|Public records 

i. 

VALUE ADJUSTMENTS 

DESCRIPTION 

DESORPTION 

| +()5 Adiusiment 

| 

DESCRIPTION 

| 

+) $ Adjustment | 

DESCRIPTION 

| +( § Adjustment _ 

Sales or Financing 

~ 

1AmLth 

Armlth 

ArmLth 

Concessions 

FHA; 1500 

-1,500|FHA; 2500 

| 

-2,500|Conv;0 

Date of Sale Time 

= 

s07/12:c07/12 

507/12:c06/12 

$03/12;¢02/12 

Location 

N;Res; 

N:Res; 

N;Res; 

NiRes; 

Leasehold/Fee Simple 

Fee Simple 

Fee Simple 

Fee Simple 

BN 

Fee Simple 

i 

13,860 sf 

11,664 sf 

0/10,019 sf 

010,367 sf 

0 

N;Wir;Feeder sirN;Res; 

0|N;Res; 

O|N;Res; 

0 

Design (Style) 

Bi-Level 

Bi-Level 

Bi-Level 

[Bi-Level 

Quality of Construction 

las 

Q3 

Q3 

a3 

[7 

0 

oo 

07 

C3 

[3] 

-10,000{C1 

-10,000{C3 

Above Grade 

Totat 

| Bdrms. 

| Baths | Total 

| Baims.| Baths 

. 

Total 

| Boims. 

| Baths | 

Total [Bdims. 

| Bais 

Room Count 

al 

2020 

al 

1 

[11 

+2500 

4 

[ 

1 

[11 

+2500 

4 

| 

2 

[20 

Gross Living Area 

1,240 sqit.| 

1,120 sqft. 

+3,000] 

1,244 

sqft 

0] 

1,102 

sat. 

+3,500 

Basement & Finished 

1232sf1170sfwo | 1120sf900sfwu 

+3,500 1244sf1100sfwu 

+2,500| 1102s{300sfwo 

+1,000 

Rooms Below Grade 

2rr2br1.0bato 

 |[1rr2br1.0bado 

+2,000} 1r73br1.0ba0o 

0} 1rr2br1.0ba0o 

___+2,000 

Functional Utihty 

2 Abv Grd Brms | 1 Abv Grd Brms 

0[1 Abv Grd Bris 

0|2 Abv Grd Brms 

| 

a. 

Heating/Cooling 

GFWAICAC 

__|GFWAICAC 

| 

GFWA/CAC 

GFWA/CAC 

| 

Energy Efficient (lems. 

Thrmo-pn wndw | Thrmo-pn wndw 

Thrmo-pn wndw 

Thrmo-pn wndw 

Garage/Carport 

2 C Alt Garage 

|2 C Att Garage 

2 C Att Garage 

2 C Alt Garage 

= Porch/Patio/Deck 

Cov/Deck/Patio | Cov/Patio 

do 

+1,000|Cov/Deck 

+1,000|Cov/Deck/Patio 

o Amenilies: 

UG Sprinkling 

[None 

+2,500| None 

+2,500{UG Sprinkling 

[74 Amenities: 

2 

5 Net 

Adj 

(Total) 

M+ 

[1-8 

3000 

[1+ 

D4- 

[5 

-4,000 

+ 

[- 

8 

6,500 

{7 Adjusted Sale Price 

Net Adj. 

19% 

Net Adj. 

25% 

Net Adj. 

4.2% 

J of Comparables 

Gross Adj. 

16.5% 

|S 

160,280[610ss 

Adj. 

13.1% 

|S 

156,000(6ross 

Adi. 

4.2% 

1S 

161,401 

21 > did 

| | did not research the sale or transfer history of the subject property and comparable sales. If not, explain 

My research 

| did 

did nol reveal any prior sales or transfers of the subject property for the three years prior lo the effective date of this appraisal. 

Data Source(s) 

Public records and MLS GRAR 

My research 

5¢ did 

[| did not reveal any prior sales of transfers of the comparable sales for the year prior to the date of sale of the comparable sale. 

Data Source(s) 

Public records and MLS GRAR 

Report the resulls of the research and analysis of the prior sale or Iransfer history of the subject property and comparable safes (report additional prior sales on page 3). 

ITEM 

SUBJECT 

COMPARABLE SALE #1 

COMPARABLE SALE #2 

COMPARABLE SALE #3 

Date 

of Prior Sale/Transfer 

11/11/2011 

11/11/2011 

Price of Prior Sale/Transfer 

$30,000 

$30,000 

Data Source(s) 

Public records/GRAR MLS 

_|Land only-Pub rcds/MLS 

Land only-Pub rcds/MLS 

Public records/GRAR MLS 

Effective Date of Data Source(s) 

10/05/2012 

10/05/2012 

10/05/2012 

10/05/2012 

Analysis of prior sale or transfer history of the subject property and comparable sales 

If the "Prior Sale/Transfer” is blank above, there have been no other 

sales or transfers in the past 3 years for that properly. The prior sales history of the subject and comparable sales revealed nothing other than 

what appear lo be arm's length transactions at sales prices consistent with competing properties. The local MLS was used as the primary 

source for the above prior sales data. Local MLS board members are required to report closed sales in three business days or less, 

indicating 

that the effective date of the data source is within three days of the date of this report. 

Summary of Sales Comparison Approach 

See attached addenda.

Page 9

Uniform Residential Appraisal Report 

File # 092712-2 

SUBJECT 

COMPARABLE SALE # 

4 

} 

COMPARABLE SALE 

i 

OMPARABLE 

Nature View Dr SE 

2011 52nd St SE 

amesiown Dr SE 

Address 

Kentwood, MI 49508 

Kentwood, 

MI 49512 

Kentwood, 

Ml 49508 

Kentwood, 

MI 49508 

Proximity to Subject 

1.50 miles E 

0.02 miles W 

0.63 miles SE 

BN 

Sale Piice 

B 

160,000] 

Is 

161,500] 

als 

140000 

os 

167,700 

Sale Price/Gross Liv. Area 

S 

 12903safL|S 

115.69 soft 

Ss 

s7ossat] 

S_ 

121.70 sft] 

EE 

Data Source(s) 

__ 

|GRARMLS #1 2012318,D0M 678 GRAR MLS #12039547,D0M 75 

|GRAR MLS #12035497,D0M 97. 

Verification Source(s) 

N 

5 

— 

Public records 

~ 

Public records. 

Public records 

VALUE ADJUSTHENTS 

DESCRIPTION 

DESCRIPTION 

| 

+(-) $ Adjustment 

DESCRIPTION 

| 

+(-) § Adjustment 

DESCRIPTION 

I +) S Adjustment 

Sales or Financing 

a 

ArmLin 

| 

Listing 

I 

Listing 

Concessions 

i 

cowo 

| 

; 

| 

-2,1001,0 

-2,500 

Date of Sale/Time. 

E 

 [s04/12;c03/12 

Active 

= Location 

N;Res; 

N;Res; 

N;Res; 

i 

(54 Leasehold/Fee Simple 

Fee Simple 

Fee Simple 

__|Fee Simple 

I 

Fee Simple 

i 

_ 

eh sie 

13,860 sf 

8,712 sf 

+2,500|31,360 sf 

-3,500(25265 

sf 

| 

2 

ba View 

N;Wir.Feeder sir B;Wir,Quist siree 

___-2,500|A:Feeder; 

+2,500|B;Wir,Quiel sire: 

155 Design (style) 

Bi-Level 

2 Story 

] 

0[1.5 Story 

o| Multi-Level 

F53) Quality of Construction 

Q3 

a3 

i 

a4 

+5,000[Q3 

{4 Actual Age 

7 

9. 

072 

1 

0/26 

4 Condition 

c3 

c3 

lca 

+5,000/C3 

bed Above Grade 

Total 

| Bdims. 

| Baths | Total |Bdums. 

| Bans. 

Total |8dims. 

| Baths 

Total |Bdrms. 

| Baths 

F7 Room Count 

4] 

220] 5] 

3 

21 

25000 

5 

| 

3 

120 

of 5! 

3 20 

0 

Id Gross Living Area 

1,240 sqft 

1,396 sqft! 

3,900 

1,604 sqft 

1.378 sqft, 

-3,400 

BE Basemen & Finished 

1232sf1170sfwo | 724s650sfwo 

| 

+5,000] 1048sf0sfin 

+7,500{946s1800sfwo 

+3,000 

Rooms Below Grade 

2rr2bri.0bato 

 [1rribri.Obato 

+4,000) 

410,000 1rribri.0bato 

____*3,000 

Functional Uiility 

2 Abv Grd Brms 

|3 Abv Grd Brms 

0[3 Abv Grd Brms 

0/3 Abv Grd Brms 

0 

Heating/Cooling 

GFWA/CAC 

__|GFWAICAC 

GHW/None 

+2,000| GFWA/CAC 

N 

Energy Efficient Items 

Thrmo-pn wndw | Thrmo-pn wndw 

Thrmo-pn wndw 

 Thrmo-pn wndw 

Garage/Carport 

2 C Att Garage 

|2 C Alt Garage 

2 C Det Garage 

02 C Alt Garage 

Porch/Patio/Deck 

Cov/Deck/Patio 

| Cov/Deck/Patio 

Stoop/Patio 

+2,000|Cov/Deck/Patio 

| 

Amenities: 

UG Sprinkling 

[UG Sprinkling 

Fireplace 

+1,000|2-Fireplaces 

| 

-1,000] 

Amenities: 

| 

a 

Net Adjustment (Total) 

X+ 

[1-18 

26000 

B+ 

[J- 

[s 

20300 

[J+ 

DQ- 

|s 

-5,900 

Adjusted Sale Price 

| Net Adj. 

16% 

Net Ad). 

145% 

Net Adj. 

35% 

of Comparables 

Gross Adj. 

12.6%($ 

164,100{Gross Adj. 

355% 

|$ 

160,300]6ross Adi. 

10.7% 

|S 

161,800 

Report the resulls 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). 

ITEM 

SUBJECT 

COMPARABLE SALE # 4 

COMPARABLE SALE # 5 

COMPARABLE SALE # 6 

Date of Prior Sale/Transfer 

S| Price of Prior Sale/Transfer 

8 Data Source(s) 

Public records/GRAR MLS | Public records/GRAR MLS 

{Public records/GRAR MLS _| Public records/GRAR MLS 

174 Efecive Date of Daa Source(s) 

| 10/05/2012 

10/05/2012 

10/05/2012 

10/05/2012 

i= Analysis of prior sale or iransfer history of the subject property and comparable sales 

Analysis/Comments 

2) 

z & 

= 

HS 9 

3) 

° 

id

Page 10

MA Ga 

YP 

Uniform Residential Appraisal Report 

File # 092712 

ication of Intended Use and Indented User: 

The Intended User of this appraisal report is the Lender/Client and HUD/FHA, 

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, 

purp 

f the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. 

No additional Intended Users are 

identified by the appraiser. 

he Intended 

Clarification of term "complete visual inspection": 

Certification #2 on page 5 of this report states that the appraiser has performed a "complete 

visual inspection” of the property. 

It should be understood that the "complete visual inspection” was performed within ihe context of the intended 

use and intended user identified on page 4 and clarified above. 

That is, the appraiser's inspection of the properly is for valuation purposes only 

and is strictly for the purpose of assisting the lender/client (and only the lender/client) in evaluating the property for a mortgage finance 

transaction 

The 

appraiser's inspection of the property 

was limited to what was readily 

observable without moving furniture, floor coverings or personal 

property. 

The appraiser's value of the properly was limited to surface areas only and can often be compromised by fandscaping, placement of 

personal property or even weather conditions. 

Most importantly, the appraiser's inspection of the properly is far different from and much less 

sive than the type of inspections performed to discover property defects. 

The appraiser is not a home inspector, building coniractor, pest 

control specialist or structural engineer. 

An 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 experis to address any area 

of concer 

No employee, 

director, officer, 

or agent of the lender, or any other third party acting as a joint venture pariner, independent contract, appraisal 

management company, 

or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result, or review 

of this assignment through coercion, extortion, 

collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. 

have not been contacted by anyone other than the intended user (lender/client as identified on the first page of this report), borrower, 

or 

designated contact to make an appointment to enter the property. 

| agree to immediately report any unauthorized contacts either personally, by 

phone or electronically to the client. 

ADDITIONAL COMMENTS 

I have not been contacted by anyone other than the intended user (lender/client as identified on the first page of this report), borrower, or 

designated contact to make an appointment to enter the property. 

| agree to immediately report any unauthorized contacts either personally, by 

phone or electronically to the client. 

| have agreed to the terms of payment from the client and consider the fee to be customary and reasonable 

for my specific market for this specific property and report type. 

| understand that according to the current requlations, that it is mandatory for the client or intended user of this report to inform the property 

regulatory agency if this report does not comply with USPAP Standards. 

Use of Cost Approach for Insurance Purposes: 

Replacement cost figures used in developing cost approach are for valuation purposes only. 

No one, client or third party, should rely on these figures for insurance purposes. The definition of "market value" on page 4 of this form is not 

consistent with definitions of "insurable value". Actual reconstructions costs can easily exceed the replacement cost figures used in this 

appraisal. 

COST APPROACH TO VALUE (not required by Fannie Mae) 

Provide adequale information for the lender/client to replicate the below cost figures and calculations. 

Support for the opinion of ile value (summary of comparable land sales or other methods for estimating site value) 

The vacant opinion of site value is based on the 

principle of allocation, as there are no recent vacant land sales similar to the subject in the subject property's market area. 

F5j| ESTIMATED 

[J REPRODUCTION OR 

54) REPLACEMENT COST NEW 

OPINION OF SITEVALUE __ ...._......._.._ 

_ 

= 

30,000 

bey Source 

of cost data Marshall and Swift 

DWELLING 

1,240 Soft @$ 

84.00 _.... 

=5 

104,160 

[4] Quality rating from cost service 

Average 

Effective date of cost data 

12/2005 

1,232 Soft @8 

20.00 

24,640 

ZB 

on Cost Approach (gross living area calculations, 

depreciation, 

etc.) 

B,D,C,P.C,S 

11,892 

I Cost per Marshall and Swift Cost Handbook and local contractors. 

Garage/Carport 

556 Saft. @$ 

91.00 

50,596 

[8] Estimated remaining economic life is 63 years based on age life method. 

Total Estimate of Cost-New 

191,288 

Land to value ratio is typical for area. 

Less 

Physical 

[Functional 

[Extemal 

No functional or external obsolescence was observed. 

Depreciation 

5, 892 

5,892) 

Please read the above comments regarding the use of cost approach 

Depreciated Cost of Improvements 

185,396 

information for insurance purposes. 

"As-is" Value of Site Improvements 

5,000 

Estimated Remaining Economic Life (HUD and VA only) 

63 Years | INDICATED VALUE BY COST APPROACH 

220,396 

i 

INCOME APPROACH TO VALUE (not required by Fannie Mae) 

5 Estimated Monthly Market Rent $ 

X Gross Rent 

Multipli 

=$ 

i 

Value by Income Approach 

$4 Summary of Income Approach (including 

support for market rent and GRM) 

PROJECT INFORMATION FOR PUDs (if applicable) 

Is the developer/builder in control of the Homeowners’ Association (HOA)? 

[1Yes 

[No 

Unittype(s) 

[Detached 

[| Attached

Page 11

File # 092712-2 

orm Resider 

This 

report 

form 

is 

designed 

fo 

rep 

an 

appraisal 

of 

a 

one-unit 

property 

or 

a 

one-unit 

property 

with 

an 

a 

ory 

unit; 

including 

a 

unit 

in 

a 

planned 

unit 

opment 

(PUD). 

This 

report 

form 

is 

not 

gned 

to 

report 

an 

appraisal 

of 

a 

manufactured 

home 

or 

a 

unit 

in 

a 

condominium 

of 

cooperative 

project. 

This 

appraisal 

report 

is 

subject 

fo 

lhe 

following 

scope 

of 

work, 

intended 

use, 

iniended 

user, 

definition 

of 

market 

value, 

statement 

of 

assumptions 

and 

limiting 

conditions, 

and 

cerifications. 

Modifications, 

additions, 

or 

deletions 

to 

the 

intended 

use, 

intended 

user, 

definition 

of 

market 

value, 

or 

assumptions 

and 

limiting 

conditions 

are 

not 

permitied. 

The 

appraiser 

may 

expand 

the 

scope 

of 

work 

to 

include 

any 

additional 

research 

or 

analysis 

necessary 

based 

on 

the 

complexity 

of 

this 

appraisal 

assignment. 

Modifications 

or 

deletions 

to 

the 

certifications 

are 

also 

not 

permitted. 

However, 

additional 

certifications 

that 

do 

not 

constitute 

material 

alterations 

to 

this 

appraisal 

report, 

such 

as 

those 

required 

by 

law 

or 

those 

related 

to 

the 

appraiser's 

confinuing 

education 

or 

membership 

in 

an 

appraisal 

organization, 

are 

permitted. 

SCOPE OF 

WORK: 

~~ 

The 

scope 

of 

work 

for 

this 

appraisal 

is 

defined 

by 

the 

complexity 

of 

this 

appraisal 

assignment 

and 

the 

reporting 

requirements 

of 

this 

appraisal 

report 

form, 

including 

the 

following 

definition 

of 

market 

value 

assumptions 

and 

limiting 

conditions, 

and 

cerlifications. 

The 

appraiser 

must, 

at 

a 

minimum: 

(1) 

perform 

a 

complete 

visual 

inspection 

of 

the 

interior 

and 

exterior 

areas 

of 

the 

subject 

property, 

(2) 

inspect 

the 

neighborhood, 

(3) 

inspect 

each 

of 

the 

comparable 

sales 

from 

at 

least 

the 

street, 

(4) 

research, 

verify, 

and 

analyze 

data 

from 

reliable 

public 

and/or 

private 

sources, 

and 

(5) 

report 

his 

or 

her 

analysis, 

opinions, 

and 

conclusions 

in 

this 

appraisal 

report. 

INTENDED USE: 

The 

intended 

use 

of 

this 

appraisal 

report 

is 

for 

the 

lender/client 

to 

evaluate 

the 

property 

that 

is 

the 

subject 

of 

this 

appraisal 

for 

a 

mortgage 

finance 

fransaction 

INTENDED USER: 

The 

intended 

user 

of 

this 

appraisal 

report 

is 

the 

lender/client 

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 

or 

she 

considers 

his 

or 

her 

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 

judgment. 

STATEMENT 

OF ASSUMPTIONS AND LIMITING CONDITIONS: 

The 

appraiser's 

certification 

in 

this 

report 

is 

subject 

to 

the 

following 

assumptions 

and 

limiting 

conditions: 

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, 

except 

for 

information 

that 

he 

or 

she 

became 

aware 

of 

during 

lhe 

research 

involved 

in 

performing 

this 

appraisal. 

The 

appraiser 

assumes 

that 

the 

title 

is 

good 

and 

marketable 

and 

will 

not 

render 

any 

opinions 

about 

the 

title 

2. 

The 

appraiser 

has 

provided 

a 

sketch 

in 

this 

appraisal 

report 

to 

show 

the 

approximate 

dimensions 

of 

the 

improvements. 

The 

sketch 

is 

included 

only 

to 

assist 

the 

reader 

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 

this 

appraisal 

report 

whether 

any 

portion 

of 

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, 

or 

as 

otherwise 

required 

by 

law. 

5. 

The 

appraiser 

has 

noted 

in 

this 

appraisal 

report 

any 

adverse 

conditions 

(such 

as 

needed 

repairs, 

deterioration, 

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 

research 

involved 

in 

performing 

the 

appraisal. 

Unless 

otherwise 

stated 

in 

this 

appraisal 

report, 

the 

appraiser 

has 

no 

knowledge 

of 

any 

hidden 

or 

unapparent 

physical 

deficiencies 

or 

adverse 

conditions 

of 

the

Page 12

APPRAISERS CERTIFICATION: 

jes 

and 

agrees 

that: 

1.1 

have, 

at 

a 

minimum, 

developed 

and 

reported 

this 

appraisal 

in 

accordance 

with 

the 

scope 

of 

work 

requirements 

stated 

in 

this 

appraisal 

report. 

2. 

| 

performed 

a 

complete 

visual 

inspection 

of 

the 

interior 

and 

exterior 

areas 

of 

the 

subject 

property. 

| 

reported 

the 

condition 

of 

the 

improvements 

in 

factual, 

specific 

terms 

identified 

and 

reported 

the 

physical 

deficiencies 

that 

could 

affect 

the 

livability, 

soundness, 

or 

structural 

integrity 

of 

the 

property. 

3. 

| 

performed 

this 

appraisal 

in 

accordance 

with 

the 

requirements 

of 

the 

Uniform 

Standards 

of 

Professional 

Appraisal 

Practice 

that 

were 

adopted 

and 

promulgated 

by 

the 

Appraisal 

Standards 

Board 

of 

The 

Appraisal 

Foundation 

and 

thal 

were 

in 

place 

at 

the 

time 

this 

appraisal 

report 

was 

prepared. 

4. 

| 

developed 

my 

opinion 

of 

the 

ma 

value 

of 

the 

that 

is 

the 

subject 

of 

this 

report 

based 

on 

the 

Ss 

comparison 

proach 

to 

value. 

| 

ve 

adequate 

ta 

to 

develop 

a 

reliab 

omparison 

approach 

for 

this 

appraisal 

assignment. 

| 

further 

ceriify 

that 

| 

considered 

the 

cost 

and 

income 

approaches 

to 

value 

but 

did 

not 

develop 

them, 

unless 

otherwise 

indicated 

in 

this 

report. 

5. 

| 

researched, 

verified, 

analyzed, 

and 

reported 

on 

any 

current 

agreement 

for 

sale 

for 

the 

subject 

property, 

any 

offering 

for 

sale 

of 

the 

subject 

property 

in 

the 

twelve 

months 

prior 

fo 

the 

effective 

date 

of 

this 

appraisal, 

and 

the 

prior 

sales 

of 

the 

subject 

property 

for 

a 

minimum 

of 

three 

years 

prior 

to 

the 

effective 

date 

of 

this 

appraisal, 

unless 

otherwise 

indicated 

in 

this 

report. 

6. 

| 

researched, 

verified, 

analyzed, 

and 

reported 

on 

the 

prior 

sales 

of 

fhe 

comparable 

sales 

for 

a 

minimum 

of 

one 

year 

prior 

to 

the 

date 

of 

sale 

of 

the 

comparable 

sale, 

unless 

otherwise 

indicated 

in 

this 

report 

7. 

1 

selected 

and 

used 

comparable 

sales 

ihat 

are 

locationally, 

physically, 

and 

functionally 

the 

most 

similar 

to 

the 

subject 

property 

8. 

| 

have 

not 

used 

comparable 

sales 

that were 

the 

result 

of 

combining 

a 

land 

sale 

with 

the 

contract purchase 

price 

of 

a 

home 

that 

has been 

built 

or 

will 

be 

built on 

the land. 

9. 

1 

have 

reported 

adjustments 

to 

the 

comparable 

sales 

that 

reflect 

the 

market's 

reaction 

to 

the 

differences 

between 

the 

subject 

property 

and 

the 

comparable 

sales. 

10. 

| 

verified, 

from 

a 

disinterested 

source, 

all 

information 

in 

this 

report 

that 

was 

provided 

by 

parties 

who 

have 

a 

financial 

interest 

in 

the 

sale 

or 

financing 

of 

the 

subject 

property 

11. 

1 

have 

knowledge 

and 

experience 

in 

appraising 

this 

type 

of 

property 

in 

this 

market 

area 

12. 

| 

am 

aware 

of, 

and 

have 

access 

to, 

the 

necessary 

and 

appropriate 

public 

and 

private 

data 

sources, 

such 

as 

multiple 

listing 

services, 

tax 

assessment 

records, 

public 

land 

records 

and 

other 

such 

data 

sources 

for 

the 

area 

in 

which 

the 

property 

is 

located. 

13. 

| 

obtained 

the 

information, 

estimates, 

and 

opinions 

furnished 

by 

other 

parties 

and 

expressed 

in 

this 

appraisal 

report 

from 

reliable 

sources 

that 

| 

believe 

to 

be 

true 

and 

correct. 

14. 

| 

have 

taken 

into 

consideration 

the 

factors 

that 

have 

an 

impact 

on 

value 

with 

respect 

to 

the 

subject 

neighborhood, 

subject 

property, 

and 

the 

proximity 

of 

the 

subject 

property 

to 

adverse 

influences 

in 

the 

development 

of 

my 

opinion 

of 

market 

value. 

| 

have 

noted 

in 

this 

appraisal 

report 

any 

adverse 

conditions 

(such 

as, 

but 

not 

limited 

to, 

needed 

repairs, 

deterioration, 

the 

presence 

of 

hazardous 

wastes, 

toxic 

substances, 

adverse 

environmental 

conditions, 

etc) 

observed 

during 

the 

inspection 

of 

the 

subject 

property 

or 

that 

| 

became 

aware 

of 

during 

the 

research 

involved 

in 

performing 

this 

appraisal. 

| 

have 

considered 

these 

adverse 

conditions 

in 

my 

analysis 

of 

the 

property 

value, 

and 

have 

reported 

on 

the 

effect 

of 

the 

conditions 

on 

the 

value 

and 

marketability 

of 

the 

subject 

property. 

15. 

| 

have 

not 

knowingly 

withheld 

any 

significant 

information 

from 

this 

appraisal 

report 

and, 

to 

the 

best 

of 

my 

knowledge, 

all 

statements 

and 

information 

in 

this 

appraisal 

report 

are 

true 

and 

correct. 

16. 

| 

stated 

in 

this 

appraisal 

report 

my 

own 

personal, 

unbiased, 

and 

professional 

analysis, 

opinions, 

and 

conclusions, 

which 

are 

subject 

only 

to 

the 

assumptions 

and 

limiting 

conditions 

in 

this 

appraisal 

report. 

17. 

| 

have 

no 

present 

or prospective 

interest 

in 

the 

property 

that 

is 

the 

subject 

of 

this 

report, 

and 

| 

have 

no 

present 

or 

prospective 

personal 

interest 

or 

bias 

wilh 

respect 

to 

the 

participants 

in 

the 

transaction. 

| 

did 

not 

base, 

either 

partially 

or 

completely, 

my 

analysis 

and/or 

opinion 

of 

market 

value 

in 

this 

appraisal 

report 

on 

the 

race, 

color, 

religion, 

sex, 

age, 

marital 

status, 

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 

or 

on 

any 

other 

basis 

prohibited 

by 

law. 

18. 

My 

employment 

and/or 

compensation 

for 

performing 

this 

appraisal 

or 

any 

future 

or 

anticipated 

appraisals 

was 

not 

conditioned 

on 

any 

agreement 

or 

understanding, 

written 

or 

otherwise, 

that 

| 

would 

report 

(or 

present 

analysis 

supporting) 

a 

predetermined 

specific 

value, 

a 

predetermined 

minimum 

value, 

a 

range 

or 

direction 

in 

value, 

a 

value 

that 

favors 

the 

cause 

of

Page 13

FHAVA Case No, 

26: 

2712-2 

sor 

distribute 

this 

successors 

and 

data 

collection 

or 

21. 

The 

lender/client 

may 

discl 

borrower; 

the 

mortgagee 

or 

its 

secondary 

market 

participants; 

appraisal 

assigns; 

reporting 

obtain 

the 

appraiser's 

or 

supervisory 

appraiser's 

(if 

applicable) 

relations, 

news, 

sales, 

or 

other 

media) 

22. 

| 

am 

aware 

that 

any 

disclosure 

or 

distribution 

of 

this 

appraisal 

report 

by 

me 

or 

the 

lender/client 

may 

be 

subject 

to 

cerfain 

provisions 

of 

laws 

and 

regulations. 

Further, 

| 

am 

also 

subject 

to 

the 

that 

pertain 

fo 

disclosure 

or 

distribution 

by 

me. 

23. 

The 

borrower, 

another 

lender 

at 

the 

request 

of 

the 

borrower, 

the 

mortgagee 

or 

ils 

successors 

secondary 

of 

any 

mortgage 

finance 

transaction 

that 

involves 

any 

one 

or 

more 

of 

if 

other 

insurers, 

government 

sponsored 

enterprises, 

and 

24. 

If 

this 

appraisal 

defined 

in 

applicable 

federal 

and/or 

state 

laws 

report 

was 

transmitted 

as 

an 

valid 

as 

if 

a 

paper 

version 

of 

this 

appraisal 

25. 

Any 

criminal 

Code, 

intentional 

or 

negligent 

misrepresentation(s) 

contained 

penalties 

including, 

but 

not 

limited 

to, 

fine 

or 

Section 

1001, 

et 

seq. 

or 

similar 

state 

laws. 

SUPERVISORY APPRAISER’S CERTIFICATION: 

1. 

| 

directly 

supervised 

the 

appraiser 

for 

this 

appraisal 

assignment, 

have 

read 

the 

appraisal 

report, 

and 

agree 

with 

the 

appraiser's 

appraiser's 

analysis, 

opinions, 

statements, 

conclusions, 

and 

the 

2. 

| 

accept 

full 

responsibility 

for 

the 

contents 

of 

this 

appraisal 

report 

including, 

but 

not 

limited 

to, 

the 

appraiser's 

analysis, 

opinions, 

statements, 

conclusions, 

and 

the 

appraiser's 

cerlification. 

3. 

The 

appraiser 

identified 

in 

this 

appraisal 

report 

is 

either 

a 

sub-contractor 

or 

an 

employee 

of 

the 

supervisory 

appraiser 

(or 

the 

appraisal 

firm), 

is 

qualified 

to 

perform 

this 

appraisal, 

and 

is 

acceptable 

to 

perform 

this 

appraisal 

under 

the 

applicable 

state 

law 

4. 

This 

appraisal 

report 

complies 

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 

at 

the 

time 

this 

appraisal 

report 

was 

prepared. 

5. 

If 

this 

appraisal 

report 

was 

transmitted 

as 

an 

“electronic 

record" 

defined 

in 

applicable 

federal 

and/or 

slate 

laws 

(excluding 

audio 

and 

video 

recordings), 

or 

a 

facsimile 

transmission 

of 

this 

appraisal 

report 

containing 

a 

copy 

or 

representation 

of 

my 

signaiure, 

report 

were 

delivered 

valid 

as 

if 

a 

paper 

version 

of 

this 

appraisal 

report 

to: 

fhe 

mortgage 

services; 

agency, 

or 

instrumentality 

of 

the 

United 

States; 

and 

any 

state, 

the 

Disirict 

of 

Columbia, 

or 

other 

jurisdictions; 

without 

having 

to 

consent. 

report 

may 

be 

disclosed 

or 

distributed 

to 

any 

other 

party 

(including, 

but 

not 

limited 

to, 

the 

public 

through 

advertising, 

public 

“electronic 

record” 

containing 

my 

(excluding 

audio 

and 

video 

recordings), 

or 

appraisal 

report 

containing 

a 

copy 

or 

representation 

of 

my 

signature, 

the 

appraisal 

report 

shall 

be 

as 

effective, 

enforceable 

and 

report 

were 

delivered 

containing 

my 

original 

hand 

written 

signature 

imprisonment 

or 

both 

The 

Supervisory 

Appraiser 

borrower; 

another 

lender 

at 

the 

request 

of 

the 

government 

sponsored 

enterprises; 

other 

appraisal 

organizations; 

any 

depariment, 

insurers; 

professional 

Such 

consent 

must 

be 

obtained 

before 

this 

appraisal 

the 

Uniform 

Standards 

of 

Professional 

Appraisal 

Practice 

gns, 

mortgage 

appraisal 

report 

as 

part 

market 

participants 

may 

rely 

on 

se 

patties, 

"electronic 

signature," 

as 

those 

terms 

are 

a 

facsimile 

transmission 

of 

this 

this 

appraisal 

report 

may 

result 

in 

civil 

under 

the 

provisions 

of 

Tile 

18, 

liability 

and/or 

United 

States 

certifies 

and 

agrees 

that: 

certification. 

containing 

my 

“electronic 

signature," 

as 

those 

terms 

are 

the 

appraisal 

report 

shall 

be 

as 

effective, 

enforceable 

and 

containing 

my 

original 

hand 

written 

signature. 

APPRAISER / 

“Mh 

| / 

Signature 

AA 

ath 

SUPERVISORY APPRAISER (ONLY IF REQUIRED) 

Company Name 

Signature 

Name 

Dana M. Schau 

Name 

Schau Appraisals Inc 

Company Name 

5804 Charolais Dr SW 

Company Address 

Company Address 

Wyoming, 

MI 49418 

Telephone Number ~~ 616-299-0148 

Email Address 

schauappraisals@gmail.com 

Telephone Number 

Email Address 

Date of Signature and Report 

10/15/2012 

Date of Signature 

Effective Date of Appraisal 

10/10/2012 

State Certification # 

State Certification # 

1201005638 

or State License # 

or State License # 

State 

or Other (describe) 

State # 

Expiration Date of Certification or License 

State 

MI 

Expiration Date of Certification or License 

07/31/2014 

SUBJECT PROPERTY 

ADDRESS OF PROPERTY APPRAISED 

{J 0id not inspect subject property

Page 14

UNIFORM APPRAISAL DATASE

(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Sta

(UAD) DEFINITIONS ADDENDUM

dardization Requirements)

Condition Ratings and Definitions

The improvements have been very recently constructed and have not previously been oc

and the dwelling features no physical depreciation.

pied. The entire structure and all components are new

“Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the

dwelling is

placed on a 100% new foundation and the recycled materials and the recycled components have been reha

ire-manufactured

into like-new condition. Recently constructed improvements that have not been previously occupied

are nof considered “new” if they have any

significant physical depr

insiructed dwellings that have been vacant for an extended period of time

without adeq

maintenance or upkeep).

The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components

are new or have been recently repaired, refinished, or rehabilitated.

Alf outdated components and finishes have been updated and/or replaced

with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and

are similar in condition to new construction

The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every

major building component, may be updated or recently rehabilitated. The structure has been well maintained.

The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been

adequately maintained

and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building

components have been adequately maintained and are functionally adequate

The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,

rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains

useable and functional as a residence.

The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,

soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many

or most major components

Quality Ratings and Definitions

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such

residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship

and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality

exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes

throughout the dwelling are of exceptionally high quality.

Dwellings with this quality rating are often custom designed

for construction on an individual property owner's site. However, dwellings in

this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly

modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The

workmanship, materials, and finishes throughout

the dwelling are generally of high or very high quality.

Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard

Page 15

UNIFORM APPRAISAL DATASET

(UAD) DEFINITIONS ADDENDUM

(Source:

Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Quality Ratings and Definitions (continued)

Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a

plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation

and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials

with limited refinements and upgrades

Dwellings with this quality raling are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings

are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or

expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical

systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions

to the original structure

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating or modernization. This description includes, but is not limited to, new homes.

Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major

components have been replaced or updated. Those over fifteen years of age are also considered not updated if the

appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained

and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

Updated

The area of the home has been modified to meet current market expectations. These modifications

are limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute

updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not

include significant alterations to the existing structure.

Remodeled

Significant finish and/or structural changes have been made that increase utility and appeal through

complete replacement and/or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include

some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation

of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)

square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not

included in the bathroom count. The number of full and half baths is reported by separating the two values using a

period, where the full bath count is represented to the left of the period and the half bath count is represented to the

right of the period.

Example:

3.2indicates three full baths and two half baths.

Page 16

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM 

(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) 

Abbreviations Used in Data Standardization Text 

56375 

‘Abbreviation 

Full Name 

Fields Where This Abbreviation May Appear 

ac 

Actes 

Area, Site 

AdjPrk 

Adjacent to Park 

Location 

AdjPvir 

Adjacent to Power Lines 

Location 

A 

Adverse 

Location & View 

Armlth 

Arms Lengih Sale 

Sale or Financing Concessions 

ba 

Bathroom(s) 

Basement & Finished Rooms Below Grade 

~ 

br 

[Bedroom 

Basemenl & Finished Rooms Below Grade 

B 

| 

Location & View 

Cash 

Sale or Financing Concessions 

Ciysky 

City View Skyline Views 

View 

ClyStr 

City Street View 

oo 

View 

a 

Comm 

Commercial Influence 

Location 

[ 

Contracted Date 

Date of Sale/Time 

Conv 

Conventional 

Sale or Financing Concessions 

Cri0rd 

Court Ordered Sale 

Sale or Financing Concessions 

DOM 

Days On Market 

Dala Sources 

e 

Expiration Dale 

Date of Sale/Time. 

Estate 

Estate Sale 

Sale or Financing Concessions 

FHA 

Federal Housing Authority 

Sale or Financing Concessions 

GfCse 

Golf Course 

Location 

Glivw 

Golf Course View 

View 

Ind 

Industrial 

Location & View 

in 

Interior Only Stairs 

Basement & Finished Rooms Below Grade 

Lndfl 

Landfill 

Location 

LtdSght 

Limited Sight 

View 

Listing 

Listing 

Sale or Financing Concessions 

Min 

Mountain View 

View 

N 

Neutral 

Location & View 

NonArm 

Non-Arms Length Sale 

Sale or Financing Concessions 

BsyRd 

Busy Road 

Location 

[J 

Other 

Basement & Finished Rooms Below Grade 

Prk 

Park View 

View 

Pstrl 

Pastoral View 

View 

Pvirln 

Power Lines 

View 

PubTm 

Public Transportation 

Location 

13 

Recreational (Rec) Room 

Basement & Finished Rooms Below Grade 

Relo 

Relocation Sale 

Sale or Financing Concessions 

REO 

REO Sale 

Sale or Financing Concessions 

Res 

Residential 

Location & View 

RH 

USDA - Rural Housing 

Sale or Financing Concessions 

Ss 

Settlement Date 

Date of Sale/Time 

Short 

Short Sale 

Sale or Financing Concessions 

sf 

Square Feet 

Area, Site, Basement 

sqm 

Square Meters 

Area, Site 

Unk 

Unknown 

Date of Sale/Time 

VA 

Veterans Administration 

Sale or Financing Concessions 

Ww 

Withdrawn Date 

Date of Sale/Time 

wo 

Walk Out Basement 

Basement & Finished Rooms Below Grade 

wu 

Walk Up Basement 

Basement & Finished Rooms Below Grade 

WirFr 

Water Frontage 

Location 

Wir 

Water View 

View 

Woods 

Woods View 

View 

Other Appraiser-Defined Abbreviations 

Abbreviation 

_Full Name 

Fields Where This Abbreviation May Appear

Page 17

Hunt

5 52nd St SE

ood

County

Kent

State

VanDyk Mortgage Corp,

- 103

Note:

Charles Schau, Limited Appraiser, provided professional assistance in the collection of data and the preparation of this

appraisal report

Legal Description:

E 70.0

W 210.0 FT OF S 264.0 FT OF SW

1/4 SE 1/4

N 40.0

FT OF

E 45.0 FT

S 40.0 FT

* SEC

28 T6N

R11IW 0.32 A

Note on Present Land

The "Other" listed on Present Land Use on Page

1 of URAR is vacant land

Neighborhood Description:

The neighborhood is comprised primarily of single family homes reflecting average quality and marketability.

Schools,

shopping, recreation and employment centers are all located within a reasonable distance when

considering the typical

suburban neighborhood.

The central business district of the city of Grand Rapids is located 6.5 miles northwest of the subject.

The scope of this assignment does not include any attempt at discovery of potentially adverse neighborhood influences such

as,

but not limited to nearby criminal activity,

registered sex offenders,

or interim rehabilitative facilities for felonious offenders

The subject property exceeds the predominate value for single family homes in the area.

However, there are many homes in

the area of similar and higher value than the subject.

The subject property market value is accepted in the market area.

Neighborhood Market Conditions:

The subject market consists of an average to average minus demand for single family residential homes and average

availability for financing.

Market conditions in the subject market area appear to be at the end of a cooling trend.

However,

supply is still exceeding demand.

The typical marketing time for appropriately priced homes is 3-6 months.

First signs that the

market may be at or near bottorn have emerged

There is an slight decrease in the foreclosure trend.

Research indicates that homes in this neighborhood/market that have

good design/appeal/condition and amenities, such as the subject property and most comparables, are holding value and are

not drastically affected by the foreclosures.

The neighborhood trend/correction appears to have stabilized and there is no

foreseen significant destabilization in the immediate future.

Adverse Site Conditions:

This is basically a flat site this is very typical of the neighborhood in terms of site, topography, view and general appeal.

provides a suitable setting for the improvements and is consistent with market expectations in this price range.

Landscaping

consists of some foundation plantings, shrubbery and a few trees.

While no readily apparent adverse easements,

encroachments or other adverse conditions were noted, many site-related issues are beyond the scope of the assignment

Statements regarding zoning compliance are intended only in the most general sense.

Zoning and building ordinances vary

significantly from one municipality to another, and can be extremely detailed.

The scope of this assignment does not include a

comparison of every potentially significant characteristic of the subject property's site and improvernents relative to zoning and

building ordinances.

Unless otherwise noted, standard utility and right-of-way easements are insignificant to value.

However,

a current locational or boundary survey, which was unavailable to the appraiser, may reveal encroachments, easements,

zoning violations or other matters of interest that could warrant modification of the appraiser's analysis and opinions.

This

appraisal is not an environmental assessment of the subject property and should not be relied on as such.

Additional Features:

Additional features include cathedral ceiling with paddle fan in living room, dining room and kitchen; recessed lighting in living

room, slider from eating area to rear deck, ceramic tile back splash in kitchen, master bedroom suite with full bathroom and

walk-in closet, solid surface countertops in bathrooms, and slider from family room to rear patio

Subject - Overall Condition of the Property:

Overall condition is acceptable and consistence with that typically found in this market and price range.

The subject

improvements appear to be properly constructed of materials and finish that are acceptable in this market and price range.

A "head and shoulders” inspection in the scuttle was completed.

All utilities were on at the time of the appraisal inspection.

All

mechanical systems appear to be functioning properly.

No "needed repairs" of significance were noted, although

it is possible that some may exist, especially

if they were not readily

visible to the appraiser. The home meets HUD minimum property standards.

The appraisal should not be relied on as a substitute for a home inspection.

Per Form 92564-CN, an appraisal is different from

a home inspection. Appraisals are for lenders; home inspections are for buyers. An appraisal is required to:

estimate the

Page 18

al Addendum

Larry

52nd St SE

Kentwood

Gounty

Kent

state MI

VanDyk Mortgage Corp.

- 103

and meet certain criteria unique to the subject.

Page

1 of the 1004 reflects the market in general in the subject's immediate

neighborhood.

(If neighborhood boundaries are extended due to a lack of sales with similar site conditions the stats will

include this extended geographic area.)

The subject properly and all sales comparables used in this report were researched going back three years.

If any sales

activity for the subject and or comparables were found

it is reported just below the market data grid.

In addition, unless

otherwise noted on Page

1 of the URAR, the subject is not currently offered for sale or has not been offered for sale in the

twelve month prior to the effective dale of this appraisal

Sales Comparison Analysis

- Summary of Sales Comparison Approach

After a thorough search of all available market data, the 6 comps used are

considered the best indicators of value and

simitarly in the final reconciliation

Comp #1

- #4 are closed sales.

In order to find comparable sales,

it was necessary fo use less recent sales.

No time

adjustment made as the market has stabilized during the past 12 months.

Comp #5 and #6 are current listings. Homes similar to the subject in the subject properly market area sell for approximately

1.5% less than list price.

Insufficient market sales of bi-level style homes required appraiser to use multi-level, 1.5 story and 2 story style homes.

design/style adjustment made.

Per MLS (including interior photos) and exterior inspection, appropriate quality of construction and condition adjustments

made.

Due to the number of updates in subject and comparables, no age adjustment made, as the age adjustment is

considered in condition adjustment.

An age adjustment would be considered a double adjustment.

No functional utility adjustment made between

- 3 bedroom homes, as they are all accepted in the marketplace.

In addition,

the square foot adjustment typically addresses this adjustment and any functional utility adjustment would be a double

adjustment.

Appraiser has a formula on file to determine basement square footage adjustment.

In addition to square footage below grade

adjustment, walkout basements are considered superior to full basements, as well as, daylight basements.

Appropriate

adjustments made.

In addition to the basement square footage adjustment, there is also a Rooms Below Grade adjustment,

Subject property and Comp #2 basement finishes are considered equal.

All adjustments are made based on the anticipated reaction of the buyers in the subject's immediate market

The Net and Gross adjustments for Comp #5 exceed industry standards.

However, the comparables used are considered the

best available.

Reconciliation and Final Value Conclusion:

This appraisal report is signed by an electronic signature.

No responsibility or liabilities are changed by the use of this

signature.

The most weight is given to the sales comparison approach as it accounts for the positive and negative factors at

work in the subject market area and adjustments have been made for all “significant” differences.

The Sale Comparison

Approach was given most weight as

it best reflects the actions of buyers and sellers in the market place.

The Cost Approach,

if provided, is reliable for new homes only, as it is weakened due to depreciation and land value estimates.

If provided,

it is for

reference and land value. The Income Approach is not applicable, as residences are typically purchased by comparison rather

than for income.

In addition, this type of property is not used as a single family rental.

The appraisal is in compliance with the Uniform Standards of Professional Appraisal practice (USPAP), the office of the

Comptroller of the Currency's (OCC) Minimum Appraisal Standards, and (OMB) The Office of Management & Budget.

This report is intended for use only by the referenced lender stated in the report and is not intended for use by any other party.

The function of the appraisal is to assist the client mentioned in the report in evaluating the subject property for lending

purposes.

Conditions of Appraisal:

The appraisal is completed with no conditions.

In addition, see the "Extra Comments” section at the bottom of this addendum

concerning appraisal inspection findings mentioned in the body of this appraisal.

This is a complete appraisal written in a

summary report.

Compliant with USPAP, OCC

& OMB regulations.

Extra Comment:

As part of this assignment, the appraiser has completed the 1004 form in a manner that clearly reflects the thoroughness of

the investigation and analysis of the appraisal findings.

The conclusions about the observed conditions of the property provide

Page 19

Supplemental Addendum 

[Barover/C 

nt 

Larry Hunt 

Property Address 

2025 52nd St SE 

Kentwood 

Counly 

Kent 

nder 

VanDyk Mortgage Corp. 

- 103 

other issues regarding the subject property, an expert in that field of specialty should be consulted. 

In the State of Michigan, appraisers are required to be licensed or certified and are regulated to the Michigan Department of 

Labor and Economic Growth, Bureau of Commercial Services, P.O. Box 30018, Lansing, MI 

48909, 

Additional Certification: 

The appraiser has not performed any prior services regarding the subject property, as an appraiser, or in any other capacity, 

within the 3 year period immediately preceding acceptance of this appraisal assignment

Page 20

FHANA 

Io. 

263-52 

Gomparabl 

Twelve Month Listing History 

- 

Page 

1 

ET TT 

— 

- 

- 

2025 52nd St SE 

. 

Kentwood 

County Kent 

State 

Mi 

49508 

Lender 

VanDyk Mortgage Corp. 

- 103 

4694 Middlebury Dr, Kentwood MI 49512 

Listing #: 11054875 

Picture History 

. 

p. 

p 

Listing Agent: Gregory A 

Sold 

(07/24/2012) 

’ 

sold 

(07/241 

’ 

DeHaan 

PE 

. 

Listing Office: ALLI 

el 

P 

281 

B 

i 

Selling 

Pr 

80 

EDWIN REALTY LLG 

Selling Date: 07/24/2012 

DOM/CDOM: 168/168 

[Date 

| 

Time 

[New Statusfold StatusfNew Price [Old Price [Selling Date [DOM|Ghange Type] 

anged By 

08/07/12 5:00:28 pm 

oid 

“rong 

167280 

157,280 

07/24/12 

168 Status 

Gregory 

Dean (K371942) 

07/07/1211:51:30 am 

5 

Aclive 

157,280 

157,280 

168 Status 

Ray Runyon (GRUNY 1300) 

06/30/12 4:24:53 pm 

erdng 

157,280 

157,280 

150 Status 

Ray Runyon (GRUNY 1300) 

03/16/12 3:11:32 pm 

Pending 

Active 

157,280 

157,280 

161 Status 

Lindsey Terbrack (K102472) 

10/07/1112:08:10 pm 

Active 

157,280 

0 

0 

New 

[e 

A 

(GDEHA7922) 

Comp #1 

3335 Southbury Dr, Kentwood Mi 49512 

Listing #: 11057076 

Picture History 

Listing Agent: Gregory A 

: 

Sold (07/20/2012) 

DeHaan 

" 

Listing Office: ALLEN 

. 

. 

Selling Price: 160,000 

EDWIN REALTY LLC 

Listing Date: 10/20/11 

Selling Date: 07/20/2012 

DOM/ICDOM: 217/217 

[Date 

| 

Time 

[New Status[Oid Status[New Price [Old Price [Selling Date [DOM|[Change Type| 

Changed By 

] 

07/26/124:23:02 pm 

Sold 

ding 

160,000 

158,130 

07/20/12 

217 Price/Stalus 

Gregory Detiaan 

(K371942) 

06/27/123:16:59 pm 

Pending 

Active 

156,130 

158,130 

222 Stalus 

Ray Runyon (GRUNY 1300) 

03/291123:15:33 pm 

Active 

Active 

158,130 

163,130 

132 Price 

Lindsey Terbrack (K102472) 

03/16/123:12:36 pm 

Pending 

163,130 

163,130 

119 Stalus 

Lindsey Terbrack (K102472) 

02/16/121:39:39 pm 

Active 

163,130 

163,130 

119 Status 

Wark Allen (K102425) 

10/20/115:05:32 pm 

163,130 

0 

0 

New 

Gregory, 

an (GDEHA7922) 

Comp #2 

Tax 1D: 41-18-28-179-010 

1893 Whistlestop Dr SE, Kentwood MI 49508 

Listing #: 12009449 Picture History 

Listing Agent: Katie 

Sold (03/18/2012) 

Karczewski 

i 

Listing Office: Keller 

Selling Price: 154,901 

(und 5 

EAC Co 

Selling Date: 03/19/2012 DOM/CDOM: 10/10 

Listing Date: 02/13/12 

[Date 

| 

Time 

[New Status|otd StatusNew Price [Old Price [Selling Date [DOM[Ghange Type] 

Changed By 

1 

03/21/1211:85.00 am 

Sod 

Penoing 

154,901 

149,900 

03/19/12 

10 

Frice/Status 

Tami Jo Drummond (GDRUMB080)

Page 21

1, 263-52493 

Larry Hunt 

Prope 

2025 

52nd St SE 

| 

City 

Kentwood 

i 

County 

Kent 

State 

Mi 

Zig Code 

49508 

Lender 

} 

VanDyk Mortgage Corp. 

- 103 

~ 

| 

Tax 1D: 411626352006 

3223 Nature View Dr SE, Kentwood Mi 49512 

Listing #: 

12012318 

Pictuce History 

Listing Agent: Jenifer | 

Pierce Pilcher 

Listing Office: Five Star 

Real Estale (Grands) 

Selling Date: 04/20/2012 DOMIGDOM: 6/678 

Date 

| 

Time 

fiw 

Staiuslod Stat 

0212 TATA 

So 

at 

o 

030 

55 

a0 

9307112 8.46.48 orm 

Soid (04/20/2012) 

Selling Price: 

161,500 

Listing Date: 03/07/12 

TORT 

Chonged 

| 

i 

Aaa 

Act 

Tax 10: 411828352006. 

3223 Nature View Or SE, Kentwood Mil 49512 

Expired (02/28(2612) 

Listing Office: Five Star 

Real Estale (Grandy) 

Expiration Date: 

02/28/12 DOM/CDOM: 505/672 

[Date] 

Time [Nsw Stetus|oid Status|iaw Prica [Old rics [Selling Date [O¥[Change 

Type] 

Changad By 

1 

CURRIES 

pn 

Taal 

Ace 

169900 

169.800 

5 Stas 

i 

ouiam 

654520m 

Active 

T0000 

174900 

BONTINIOSZ5 

em 

Active 

17ae00 

177500 

06211195455 

pm 

Active 

177500 

176500 

OuiETI 22532 pm 

Acie 

7850 

179900 

OVINE Som 

Acive 

ase 

12500 

WI033340 

pm 

Acie 

wis 

0 

Listing Price: 169,900 

Listing Date: 

10/11/10 

Comp #4 

Tax ID: 411828451 

2011 52nd St, Kentwood Mi 49508 

Listing # 12039547 

Picture History 

Listing Agent: Larry E 

Martin 

Listing Office: Really 

Executives Platinum Grp 

DOMICDOM: 83/83 

Active (07/17/2012) 

Listing Price: 140,000 

Listing Date: 07/17/12 

[Date 

[| 

Time 

[Now Status]Oid Status [New 

Price [Old Price [Selling Date [DOM|Change Type] 

Changed By 

1 

0717/12 8:50:25 pm 

Active 

Active 

140,000 

140,200 

0 

Price 

rry £ Martn (GMART1493) 

07/17/12 8:40:36 pm 

Active 

140,900 

0 

0 

New 

(GMART1493) 

Tax ID: 411828451 

2011 52nd St, Kentwood MI 49508 

=/ Listing # 11019603 

Picture History 

Expirod (00/20/2017) 

LiSnG Agent: Andres J 

Grashuis 

PR 

Listing Office: Greenridge 

| 

. 

N 

Listing Price: 129.900 

pu te acibrook) 

Listing Date: 04/13/11 

Explration Date: 09/28/11 DOM/CDOM: 168/168 

[Date 

| 

Time 

[New Status[Oid Status[New Price [Old Price [Selling Bate [Dom[Change Type] 

Changed By 

1 

09/28/11 11:59:59 pm 

Expired 

Active 

129,900 

129,900 

168 Status 

Rapattoni Staff (rapstaff) 

04/18/11 2:45:46 pm 

Active 

129,900 

0 

0 

New 

Christina Ebbers (GEBBE2547) 

Comp #5 

Tax ID: 411833426015 

2267 Jamestown, Kentwood MI 49508 

Listing #: 12035497 Picture History

Page 22

Mo. 263-5249379

Market Conditions Addendum to the Appraisal Report

eto,

0907127

The purpose of fi

The lender/c

clear

ant

understanding of fe marke!

dit

asighborbood.

This

is a

required addendum far all

appr

on or after Apil 1, 2009.

Property Address

2025 52nd St SE

City Kentwood

State

pol

ZIP Code 49508

Borrower

Larry Hunt

Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding

housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fil in all the information to fhe extent

its available and reliable and must provide analysis as indicated below.

If any required daa is unavailable of is considered unreliable, the appraiser must provide an

explanation.

It is recognized that not all data sources will be able fo provide dala for the shaded areas below; if it is available, however, the appraiser must include the data

in the analysis. If dala sources provide the required information as an average instead of the median, the appraiser should report the available figure and ideniify it as an

average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospeciive buyer of the

subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, efc.

dendurm is to provi

frends and

condition:

in the subject

Inventory Analysis

Prior 7-12 Honihis

Prior 4-6 Months

Current - 3 Monihs

Overall Trend

Total # of Comparable Sales (Sefiled)

Increasing ||

Stable

Declining

Absoipiion Rate (Total SalesMonths)

367

6.67

567

Increasing |[

| Stable

Declining

Total # of Comparable Active Listings

}

[| Declining

Stable

[1 Increasing

Months of Housing Supply (Total Listings/Ab Rate)

6.2

5 Declining

{1 Stable

[7] Increasing

Hiedian Sale

List Price, DOI, Sale/List %

Prior 7-12 Months

Prior 4-6 Months

Current -

3 Hors

Overall Trend

Median Comparable Sale Price

151,633

147,380

150,000

| Increasing |

Stable

[| Declining

Median Comparable Sales Days on Market

Declining

| Stable

[| Increasing

Median Comparable List Price

149,950

157,280

159,000

Increasing

Stable

Declining

Wedian Comparable Listings Days on Market

[] Declining

Stable

[] Increasing

Median Sale Price as % of List Price

98.75

98.94

98.34

Increasing

Stable

[] Declining

Seller- (developer, builder, etc. )paid financial assistance prevalent?

Dd Yes

[No

Declining

|| | Stable

| Increasing

Explain in detail the seller concessions frends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo

fees, options, etc).

Seller concessions were included in 50% of all sales during the prior 7-12 month time period, 45% of all sales during the

prior 4-6 month time period, and 71% of all sales during the current

- 3 months time period.

Seller concessions

are increasing.

Are foreclosure sales (REO sales) a factor in the market?

3 Yes

[| No

Ifyes, explain (including the trends in listings and sales of foreclosed properies).

Foreclosures were 5% of all sales during the 7-12 month time period; 10% of all sales during the 4-6 month time period, 12% of all sales

during the current - 3 month time period, and only 9% of all current listing are foreclosures.

Cite dala sources for above information.

All data compiled above was from the Grand Rapids Association of Realtors MLS using an Automated

Valuation Model (AVM). Property attributes are selected and the AVM report is run automatically. The data is included above. Foreclosure

and seller concessions are analyze separately by the appraiser, as they are not included in the AVM.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as

an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

The sales and currents listed above are all the sales similar to the subject within 2 miles of the subject. Many of the overall trends listed

above indicate positive reaction in the subject property's market area. The median comparable sale is on the decline while the median

comparable list price is on the increase. There is other dala that confirms an increase in the market of approximately 4% year to date.

However, the market is considered stable.

fhe subject is

a unitin a

injom

ive

project,

complete

the

following:

Project Name:

Subject Project Data

Prior 7-12 Months

Prior 4-6 Months

Current — 3 Months

Overall Trend

Tolal # of Comparable Sales (Setiled)

Increasing ||] Stable

Declining

Absorption Rate (Total Sales/Months)

[| Increasing |[ | Stable

[] Declining

Total # of Active Comparable Listings

Declining

{[] Stable

Increasing

Months of Unit Supply (Total Listings/Ab.Rate)

Declining

Stable

Increasing

Are foreclosure sales (REO sales) a factor in the project?

[JYes

[_INo

Iyes, indicate the number of REO listings and explain the trends in listings and sales of

foreclosed properties.

CONDO/CO-OP PROJECTS

Summarize the above trends and address the impact on the subject unit and project.

There is too little data to determine any trends.

Page 23

County 

Kent 

. 

State 

pl 

Zi 

Subject Front 

2025 52nd St SE 

Sales Price 

160,000 

Gross Living Area 

1,240 

Total Rooms 

4 

Total 

2 

Taal Bathrooms 

20 

Location 

N;Res; 

View 

NWir Feeder street 

Site: 

13,860 sf 

Quality 

Q3 

Age 

7 

Subject Rear 

Subject Street

Page 24

Comparable Photo P 

FHA/VA Case No, 263-5249379 

OV! 

it 

Larry Hunt 

i 

Properly Address 

2025 52nd St SE. 

~ 

~ 

EE 

i 

City 

Kentwood 

} 

County 

Kent 

State 

MI 

Zip Code 49508 

Lender 

VanDyk Mortgage Corp. 

- 103 

Gemparable 

1 

4694 Middlebury Dr SE 

Comparable 2 

3335 Southbury Dr SE 

Comparable 3 

1893 Whistle Stop Dr SE

Page 25

i Larry Hunt 

Comparabie Photo Page 

[Property Address 

2025 52nd St SE 

City 

Kentwood 

County 

Kent 

. 

State 

MI 

Zip Code 

49508 

Lender 

VanDyk Mortgage Corp. -103 

2011 52nd St SE 

Comparable 

4 

3223 Nature View Dr SE 

Comparable 

5 

Comparable 

6 

2267 Jamestown Dr SE

Page 26

FHANA 

denduin La 

County Kent 

Sle 

mi 

Zip Code 

49508 

| 

Lender 

VanDyk Morlgage Corp. 

- 103 

Additional front view 

Additional rear view 

Additional rear view 

Water view

Page 27

AVA 

ndum 

Larry Hunt 

2025 52nd St SE 

BN 

City 

Kentwood 

County_Kent 

Stale 

Mt 

49508 

Lender 

VanDyk Morlgage Corp. 

- 103 

BN 

Kitchen 

- main level 

Dining room 

- main level 

Living room 

- main level 

Bedroom 

- main level

Page 28

2026 52nd St SE 

: 

Kentwood 

~ 

oo 

Gounty 

Kent 

Stale 

Mi 

Zip Code 

49508 

Lender 

VanDyk Mortgage Corp. 

- 103 

Laundry - basement

Page 29

FHA/VA Case 

No. 263-5249379 

dendum 

Larry Hunt 

} 

| 

2025 52nd St SE 

LL 

| 

Kentwood 

__ County 

Kent 

. 

State 

fal 

Zip Code 

49508 

| 

VanDyk Mortgage Corp. - 103 

. 

Rec room 

- basement 

Mechanical 

ERGRLLL

Page 30

{Clien! 

Larry Hunt 

Address 

2025 52nd 

St SE 

Kentwood 

. 

County 

Kent 

VanDyk Mortgage Corp. 

- 103 

] 

~ 

_. 

lip Code 

49508 

wo 

Wood Deck 

ad 

44° 

gsth 

Dining 

Bedroom 

Bath 

Family Room 

Bedroom 

Kitchen 

Room 

Bath 

Basement 

8 

= 

First Floor 

El 

{1232 Sq fit} 

[1240 Sq ft] 

) 

c 

Rac Roam 

Living Room 

Bedroom 

H 

Bedroom 

5 

Foyer 

P 

aa’ 

22° 

32 

Iq 

2 Car Att Garage 

a 

[556 Sq ft] 

sem 

Area Calculations Summary 

Living Area 

3 

i 

© 

Calculation Details. 

First Floor 

124053

Page 31

Borrower/Client 

Larry Hunt 

- 

Location Map 

County Kent 

FHANA Case No. 263-5249 

Sle 

MI 

Zip Code 

49508 

379 

103 

Hts se 

stse 

% 

hiesnd 

E) 

3 

§ 

g 

[ 

2 

= 

I “ 

Siva 505% 

th SESE 

H 

1893 Whistle Stop Dr SE 

z 

0.55 miles NW 

H 

5, 

3335 Southbury Dr SE 

A 

% 

1.62 miles £ 

SUBJECT 

HM 

sabes: 

z 

2025 52nd SESE 

§ 

3 

COMPARABLE No. 5 

2011 52nd St SE 

0.02 miles W 

On, 

COMPARABLE No. 6 

wo Fine] 

2267 Jamestown Dr SE 

se 

gg 

hw 

0.63 miles SE 

Z 

Frost 

5 

iaycee 

pk, 

Ee 

® 

% 

E 

= 

& 

= 

600 $1 SE 

66th St SE 

3 

COMPARABLE No. 4 

3223 Nature View Dr SE 

1.50 miles & 

57nd St SE 

Basis Park 

60th SUSE

Page 32

NAVIGA ORS INSURAN 

COMPANY 

THIS IS A CLAIMS MADE INSURANCE POLICY. 

THIS POLICY APPLIES ONLY TO THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INSURED 

DURING THE POLICY PERIOD. ALL CLAIMS MUST BE REPORTED IN WRITING TO THE COMPANY 

DURING THE POLICY PERIOD OR WITHIN 60 DAYS AFTER THE END OF THE POLICY PERIOD. 

PLEASE READ THIS POLICY CAREFULLY. 

REAL ESTATE PROFESSIONAL ERRORS AND OMISSIONS INSURANCE POLICY 

DECLARATIONS 

poLICY NumBeR; 

__PHIZRELIZZBTIIV 

 penewar oF: 

1. 

NAMED INSURED: 

Schau Appraisals Inc 

2. 

ADDRESS: 

5804 Charolais Dr SW 

Grandville, MI 49418 

3. 

POLICY PERIOD: 

FROM: 

01/25/2012 

TO: 

01/25/2013 

12:01 AM. Standard Time al the address of the Named Insured as staled in Number 2 above. 

4. 

LIMITS OF LIABILITY: 

(Inclusive of claim expenses): 

A. 

$1,000,000 Limit of Liability 

- Fach Claim 

B. 

$1,000,000 Limit of Liability - Policy Aggregate 

5. 

DEDUCTIBLE: 

(Inclusive of claim expense): 

§ 5.000 

Each Claim 

6. 

PREMIUM: $740.00 

7. 

RETROACTIVE DATE: 

01/25/2000 

9 

3 

2 

A 

iLL 

8. 

FORMS ATTACHED: 

NAV REL NIC PF (02 11) 

NAV REL 300 MI (02 11) 

NAV REL 025 (02 11) NAV REL 021 (02 t1) NAV REL 008 (02 11) 

PROGRAM ADMINISTRATOR: 

Herbert H. Landy Insurance Agency Inc. 

75 Second Ave Suite 410

Page 33

License 

- 

E 

MICHIGAN 

Al 429834 

DEPLRTMENT OF LICENSING AND REGUDATORY AFFAIRS 

BUREAU OF COMMERCIAL SERVICES 

CERTIFIED RES 

{ APPRAISER 

i 

DANA MARIE SCHAU 

5804 CHAROLAIS DR Si 

GRANDVILLE 

HI 

4941 

1201005638 

07/31/2014 

BLO4NLA

Page 34

Dana Marie Schau

5804 Charolais Drive SW

Grandville, MI 49418

Office: 616-299-0148

Fax:

7073

Cellular: 616-299-0148

Email: schauapp

Is@gmail.com

Mission Statement:

It is the mission of Schau Appraisals Inc. to provide a timely, accurate, well documented appraisal,

while at the same time keeping the client informed every step of the process.

Licensed Real Estate Appraiser:

Perform Conventional, FHA, VA, and Rural Development residential app

construction, vacant land, and refinancing loans.

Determine market value for a variety of reasons other than financing.

Research, evaluate and collect data on subject property and all comparable sales.

Analyze subject

Utilize computer software program ACI to create appraisal forms with EDI capabilities.

Teaching and Training:

Worked on many committees to create, attempt, measure, and adjust goals for each school

Organized and coordinated many school wide programs.

Taught computer training to students, as well as teachers.

Taught fifth or sixth grade in the public schools for four years.

Clerical and Office:

Assisted construction department in a variety of clerical duties and computer support.

Developed employee manual for construction assistant position.

Proficient in many software packages including Microsoft Office and Adobe Acrobat.

Developed and implemented computer billing and reporting system.

Work History:

Certified Residential Appraiser, Schau Appraisals Inc., 4/09 - present

FHA Real Estate Appraiser, Schau Appraisals Inc., 1/00 - present

Licensed Real Estate Appraiser, Schau Appraisals Inc., 6/98

- present

Valuation Specialist, Kellogg Appraisals, 9/96 — 6/98

Elementary Teacher, 12/91 — 6/96

Clerical Assistant, Potter Rehabilitation Services/Potter Appraisal Services, 4/90-6/92

Real Estate Secretary, Gantos, Inc., 7/85-4/90

Education and Training:

Continuing Education, Northern Michigan University, Marquette, MI

Continuing Education, McKissock Appraisal School, Virtual Classroom

FHA Appraiser, National Institute of Fee Appraisers

State Licensed Appraiser, Northern Michigan University, Marquette, MI

Valuation Specialist, Holloway Institute, Lansing, MI,

Graduate Work, Western Michigan University, Kalamazoo, MI,

Is for purchases,

year,

1/99-present

5/03-7/05

8/99

1/98

9/96

5/92-5/93

Page 35

340 

Wolo» & Eu WENT ERR 

i EE

Page 36

No extractable text is available for this page; view the PDF below.

Page 37

4 

1 

i 

i 

Hi 

HOS 

i 

[51] 

hie 

il 

il 

vi 

2 

[4 

Bh 

itl i 

Id § 

| 

|! 

#) 

I 

Hi 

1! 

i 

[ 

Lf 

LAY 

| 

iii il 

& 

[BY 

{ik 

iil 

iff 

URES 

i 

il 

NEY 

\ 

i 

i) 

is 

HL 

H 

| 

J 

i 

iE 

| 

i 

1) 

il 

1341 

fi 

I 

J 

fi 

{el 

| 

I 

A 

gi 

'l il 

i if 

{| 

| 

Fl 

Eq 

lr 

Sith 

ig 

gr 

2 i 

14] 

| 

y 

res 

di 

id 

ff 

if 

bi 

i 

[i f 1% 

1] 

[] 

it 

[i 

il 

|i 

Lf 

- 

I] 

|] 

ir 

14 

ag 

Ie 

qi 

TT] 

TT 

1] 

I] 

iad, 

4 

Q 

Al el 

4 

5] 

Ty 

Bs 

Ys A 

Sc 

L 

Fy 

=r 

FLY CO 

a 

$i 

gt 

CI 

Sel 

Lg 

Hi 

); 

Ex 

J 

~ 

n 

i 

a 

i ¢ 

(TE 

oF 

He 

{34

Page 38

No extractable text is available for this page; view the PDF below.

Page 39

n 

38 

38 

40 

4 

9 

Fi 

oR 

" 

fe 

2 

hn 

%, | 

1%" 3 

81% 

°% 

4% 

p45 

72 

Leh 

ll 

%%7 

| 1 

Ti 

Ji

Page 40

i 

t

Page 41

14 

Pa 

Fe 

E 

hs 

« 

BT 

E~ 

HA 

= 

WE 

f= 

ov 

gris 

wg 

E 

<i 

rap 

it 

Tog 

Sy 

al 

Re 

og te 

£3 

= 

Let Ee 

Pe

Page 42

No extractable text is available for this page; view the PDF below.

Page 43

oe 

0, 

iim == 

<! 

ih 

1 

thibilililiti OE ili 

Eh hii 

ou 

/ 

iit 

ilrd 

£ 

/ 

up 

daldsdis 

c 

I 

f

Page 44

No extractable text is available for this page; view the PDF below.

Page 45

x fepdy 

4 

TL 

rey 

a 

State 

— 

A 

ir 

ee 

<= 

sy 

TR 

FEE 

Er 

—— 

TE 

FEET 

he Fl Ee 

ee ca 

Soa 

SET 

d= 

— 

ERR STE 

ee —— 

EE ER 

Ee 

tS Ss 

EET 

4 

[= 

-— 

Aq 

po 

| 

| 

I 

| 

=|

Page 46

i 

i

Page 47

Wr 

or 

(1 [8 

J 

pT 

(oJ! 

of 

1% 

1] 

= (51 

An 

~- Mm 

= 

TE 

ag &- 

Le 

i —— 

A 

—————. | 

- 8

Page 48

No extractable text is available for this page; view the PDF below.

PDF reading copy

← View full record