27155-Gail-Appraisal.pdf
Jared G McWherter, Petitioner V City Of Warren, Respondent · 24-003594-TT
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Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 PURPOSE OF APPRAISAL. Mr. Jared McWherter asked that I appraise the home for tax appeal tribunal. He asked that I appraise home as of March 31, 2023 and use comparables from April 1st 2021 to March 31, 2023. Assessor is not valuing the pool as a positive or a negative. This appraiser is not valuing the pool as a positive or a negative even though most buyers would want to remove a pool over 30 years old at a cost of likely $15,000 or more and consider it in their purchase offer. Assessor is not giving any value to basement finish. This appraiser is not giving any value to basement finish. 1 23
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Produced by ClickFORMS Software 800-622-8727 INVOICE Date: File No. Prepared for: Property Appraised: Work Performed: $ $ $ $ $ $ Total Amount Due: $ Please make checks payable to: 02/15/2025 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren , MI 48093 Mr. Jared McWherter 27155 Gail Warren, MI 48093 Residential Appraisal Report 500.00 500.00 TIMESAVINGAPPRAISAL.COM 59250 Glacier Club Dr Washington Township, MI 48094
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of As Of: Prepared For: Prepared By: 27155 Gail Warren, MI 48093 3/31/2023 Mr. Jared McWherter 27155 Gail Warren , MI 48093 JOSEPH D MANZELLA TIMESAVINGAPPRAISAL.COM 59250 Glacier Club Dr Washington Township, MI 48094
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RE: File No. Case No. Dear In accordance with your request, I have personally inspected and prepared an appraisal report of the real property located at: The purpose of this appraisal is to estimate the market value of the property described in the body of this appraisal report. Enclosed, please find the appraisal report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of is: $ The opinion of value expressed in this report is contingent upon the limiting conditions attached to this report. It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know. Respectfully submitted, Signature: TIMESAVINGAPPRAISAL.COM 59250 Glacier Club Dr Washington Township, MI 48094 02/15/2025 Mr. Jared McWherter 27155 Gail Warren , MI 48093 Mr. Jared McWherter 27155 Gail Warren, MI 48093 250029 Mr. McWherter 27155 Gail, Warren, MI 48093 3/31/2023 265,000 JOSEPH D MANZELLA
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Produced by ClickFORMS Software 800-622-8727 File No. Residential Appraisal Report The purpose of this appraisal report is to provide the client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address City State Zip Code Owner Intended User County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Intended Use Client Address Is 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? Yes No Report data source(s) used, offerings price(s), and date(s). SUBJECT I did did 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 not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data 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 purchaser? Yes No If Yes, report the total dollar amount and describe the items to be paid. CONTRACT 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 Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit % Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000) (yrs) 2-4 Unit % Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family % Neighborhood Boundaries High Commercial % Pred. Other % Neighborhood Description Market Conditions (including support for the above conclusions) NEIGHBORHOOD Dimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning 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 Electricity Water Street Gas Sanitary Sewer Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and/or off-site improvements typical for the market area? Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe. SITE General Description Foundation Exterior Description materials/condition Interior materials/condition Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors # of Stories Full Basement Partial Basement Exterior Walls Walls Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars Attic None Heating FWA HWBB Radiant Amenities Woodstove(s) # Driveway Surface Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars Finished Heated Individual Other Pool Other Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional 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? Yes No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe IMPROVEMENTS NL - Residential 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. 27155 Gail Warren MI 48093 Jared McWherter Jared McWherter Macomb SUPERVISORS PLAT OF LONE MAPLE FARMS LOT 47 L.24 P.50 12-13-15-380-026 2024 9,247.63 S/P LONE MAPLE FARMS D 4 2619 X X estimate market value as of 3/31/2023 using sales from (4/1/2021 to 3/31/2023) Mr. Jared McWherter 27155 Gail, Warren , MI 48093 X subject home was listed on the market 11/4/2022, went pending 11/30/2022 and closed 2/14/2023 for $195,000 Realcomp MLS #20221058597 X X X X X X 65 398 200 28 97 67 70 10 20 The subject boundaries are Frazho Rd to the south, 12 Mile Rd to the north, Van Dyke Ave to the west and Hoover Rd to the east. Just City of Warren, Center Line School District Warren is a suburban community just north of Detroit. Subject is located in a neighborhood consisting of a mix of ranch, colonial and split level styled homes. Subject is within 3/4 mile from Kroger Grocery Store, Home Depot, 1.3 miles of city center with the city offices, police department. 1-mile from Henry Ford Hospital, multiple fast food establishments within a mile. No external depreciation noted. See comments - Neighborhood Marketing Conditions 100.00 x 136.07 x 100.00 x 135.56 Appx: 13,582 sf Rectangular N;Res; R-1-C One family residential district X X SUBJECT ZONED FOR SINGLE FAMILY, USED AS SINGLE FAMILY. HIGHEST AND BEST USE IS PRESENT USE. X X X X concrete X none X X 260129-0382G 09/29/2006 X X X 1.0 X X DT1;Ranch 1959 25 X 1,634 block/average brick/average comp shingle alum/average vin sliders/average insulated/average yes/average hrdwd-laminate/average plaster/average wood/average ceramic/average ceramic/aver X X gas X X 1 X conc X inground X cyclone X conc X 6 concrete X 2 X X X X 6 3 1.5 1,749 none Subject was purchased in February of 2023 in dated condition. It has since had some updates made which includes refinishing wood flooring, newer kitchen counter tops, pool was made usable again after being purchased by current owner. Age of pool is over 30 years ago, no value given to pool. The pool may actually be a detriment to some buyers wanting it removed and filled. To be consistent with assessor, no value given to pool or basement finish. X X 2 23
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Produced by ClickFORMS Software 800-622-8727 Net Adj: 3% Gross Adj : 6% Net Adj: 2% Gross Adj: 2% Net Adj: 1% Gross Adj: 4% File No. Residential Appraisal Report There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ . There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ . FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - $ + - $ + - $ Adjusted Sale Price of Comparables $ $ $ I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) My research did did 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). ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach SALES COMPARISON ANALYSIS Indicated 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 been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following 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 limiting conditions, 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 RECONCILIATION $ , as of . NL - Residential 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. N/A N/A N/A N/A N/A N/A 27155 Gail Warren, MI 48093 0.00 N;Res; Fee Simple 13582 sf N;Res; DT1;Ranch Q4 66 average 6 3 1.5 1,749 basement average gfa/cac none 2 car att porch, patio Fireplaces 1 Fireplace 27799 Gail Dr Warren, MI 48093 0.33 miles N 256,000 182.08 REALCOMP#2210036746;DOM 3 Warren Assessor ArmLth Conv;0 s06/21;c05/21 N;Res; Fee Simple 13068 sf 0 N;Res; DT1;Ranch Q4 65 0 average 6 3 1.5 1,406 +12,000 basement average gfa/cac none 2 car att porch, encl patio -4,000 1 Fireplace X 8,000 264,000 27283 Gail Dr Warren, MI 48093 0.08 miles N 270,000 166.26 REALCOMP#20221009642;DOM 4 Warren Assessor ArmLth Conv;5000 s07/22;c06/22 N;Res; Fee Simple 13504 sf 0 N;Res; DT1;Ranch Q4 62 0 average 6 3 1.5 1,624 +4,400 basement average gfa/cac none 2 car att porch,deck 1 Fireplace X 4,400 274,400 27754 Santa Ana Dr Warren, MI 48093 0.55 miles NE 260,000 164.87 REALCOMP#20230006058;DOM 26 Warren Assessor ArmLth FHA;0 s04/23;c03/23 N;Res; Fee Simple 9583 sf 0 N;Res; DT1;Ranch Q4 66 0 average 6 3 1.5 1,577 +6,000 basement average gfa/cac none 2 car att porch, encl patio -4,000 1 Fireplace X 2,000 262,000 X X Public Records X Public Records 02/14/23 $195,000 CD public record 02/03/2025 04/07/2021 $1 QCD Public Records 02/03/2025 Public Records 02/03/2025 Public Records 02/03/2025 265,000 265,000 0 X 265,000 3/31/2023 3 23
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Produced by ClickFORMS Software 800-622-8727 File No. ADDITIONAL COMMENTS COST APPROACH TO VALUE (if applicable) Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ Source of cost data Dwelling Sq. Ft. @ $ =$ Quality rating from cost service Effective date of cost data Sq. Ft. @ $ =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.) Garage/Carport Sq. Ft. @ $ =$ Total Estimate of Cost-new =$ Less Physical Functional External Depreciation =$ ( ) Depreciated Cost of Improvements =$ "As-is" Value of Site Improvements =$ COST APPROACH Estimated Remaining Economic Life (HUD and VA only) Years Indicated Value By Cost Approach =$ INCOME APPROACH TO VALUE (if applicable) Estimated Monthly Market Rent $ X Gross Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) INCOME PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowner's Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data source. Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowner's Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. PUD INFORMATION Page of Residential Appraisal Report NL - Residential 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. TIMESAVINGAPPRAISAL.COM 250029 CASE NO. ADDENDUM THIS ADDENDUM IS TO BECOME A PART OF THE ORIGINAL APPRAISAL SUBMITTED TO YOU REGARDING THE ABOVE DESCRIBED PROPERTY. COMMENTS ON SALES COMPARISON A THOROUGH SEARCH FOR COMPARABLE SALES WAS MADE IN THIS NEIGHBORHOOD AND IN THE MARKET AREA. AFTER INVESTIGATION, CONVERSATIONS WITH AREA BROKERS, SALES PEOPLE & RESEARCH OF THE MLS SYSTEM, THE APPRAISER FOUND THAT COMPARABLE SALES COLLECTED FOR THIS REPORT WERE THE MOST RECENT AND MOST RELEVANT AVAILABLE AT THIS TIME. COMPARABLES CHOSEN FROM A TIME PERIOD OF APRIL 1ST, 2021 AND MARCH 31ST 2023 AS PER ASSESSOR. IN AN EFFORT TO BE CONSISTING WITH ASSESSORS OFFICE, NO VALUE GIVEN TO POOL OR BASEMENT FINISH. THE POOL MAY ACTUALLY BE A DETRIMENT BEING OVER 30 YEARS OLD. ADJUSTMENTS APPLIED FOR IMPROVEMENTS, SPECIAL FEATURES AND AMENITIES WHERE NECESSARY. LACK OF AN ADJUSTMENT INDICATES A SIMILAR OR EQUAL VALUE, IN THE OPINION OF THE APPRAISER. ALL COMPARABLE SALES HAVE BEEN VERIFIED AS CLOSED BY THE LISTING OFFICE AND/OR ASSESSORS OFFICE RECORDS. ALL COMPARABLES WERE CONSIDERED IN DETERMINING THE SUBJECTS ESTIMATED MARKET VALUE. Market approach is only approach utilized as it reflects the actions of typical buyers and sellers in marketplace. Income approach considered but not utilized due to lack of rentals and fact it is not a relied upon in the maketplace as a value indicator for single family homes in the marketplace. cost approach not relied upon in marketplace as a value indicator. 40 1,749 Bsmt. 1,634 726 0 38 0 0 0 0 4 23
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Net Adj: 3% Gross Adj : 3% Net Adj: 0% Gross Adj: 0% Net Adj: 0% Gross Adj: 0% Produced by ClickFORMS Software 800-622-8727 File No. Owner Property Address Zip Code City County State Client Address FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - $ + - $ + - $ Adjusted Sale Price of Comparables $ $ $ Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach SALES COMPARISON ANALYSIS Page of TIMESAVINGAPPRAISAL.COM EXTRA COMPARABLES 4-5-6 250029 CASE NO. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 27155 Gail Warren, MI 48093 0.00 N;Res; Fee Simple 13582 sf N;Res; DT1;Ranch Q4 66 average 6 3 1.5 1,749 basement average gfa/cac none 2 car att porch, patio Fireplaces 1 Fireplace 4 27127 Gail Dr Warren, MI 48093 0.02 miles S 265,000 176.67 REALCOMP#20221017398;DOM 3 Doc#28842-2 ArmLth Conv;0 s09/22;c07/22 N;Res; Fee Simple 13504 sf 0 N;Res; DT1;Ranch Q4 67 0 average 6 3 1.5 0 1,500 +8,700 basement Average gfa/cac None 2 car att porch, patio 2 Fireplaces X 8,700 273,700 5 6 02/14/23 $195,000 CD public record 02/03/2025 4 public record 02/06/2025 5 6 5 23
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Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 ADDENDUM AND ADDITIONAL COMMENTS & CONDITIONS THIS ADDENDUM IS TO BECOME A PART OF THE ORIGINAL REVIEW SUBMITTED TO YOU REGARDING THE ORIGINAL APPRAISAL REPORT. THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE FOR THE SUBJECT PROPERTY AS DEFINED HEREIN FOR A FEDERALLY REGULATED MORTGAGE. THE FUNCTION OF THIS APPRAISAL IS TO ASSIST THE LENDER IN EVALUATING THE SUBJECT PROPERTY. NO DISCLOSURE STATEMENT HAS BEEN PROVIDED TO THIS REVIEWER BY THE OWNER, BROKER, AND/OR LENDER, DETAILING ANY HIDDEN OR UNAPPARENT DEFECT OR CONDITION IN THE STRUCTURE, PLUMBING, ELECTRICAL, HEATING, COOLING AND/OR MECHANICAL EQUIPMENT, SOIL AND SUBSOIL OF THE PROPERTY THE REVIEWER ASSUMES THAT THERE ARE NO HIDDEN OR UNAPPARENT DEFECTS OR CONDITIONS, AS ABOVE STATED, WHICH WOULD RENDER IT MORE OR LESS VALUABLE. THE REVIEWER ASSUMES THAT ALL MAINTENANCE, UPDATING, REMODELING, AND/OR ALTERATIONS TO THE ORIGINAL STRUCTURE'S HAVE BEEN COMPLETED IN GOOD WORKLIKE MANNER IN ACCORDANCE WITH LEGAL REQUIREMENTS AND THE BUILDING CODE OF THE LOCAL MUNICIPALITY. THIS REVIEWER DOES NOT HOLD HER/HIMSELF OUT TO BE AN EXPERT AND/OR LICENSED CONTRACTOR IN ANY MATTERS OTHER THAN THE PROFESSION OF REAL ESTATE APPRAISER. ANY/ALL REPAIR CONDITIONS, REQUIRED BY THIS APPRAISER, ARE NOT TO BE CONSTRUED TO INCLUDE ALL DEFECTS OR CONDITIONS THAT MAY EXIST OR AFFECT THE ESTIMATE OF MARKET VALUE. IT IS RECOMMENDED THAT A LICENSED CONTRACTOR BE CONSULTED AND/OR EMPLOYED TO ASCERTAIN ANY/ALL UNDISCLOSED HIDDEN OR UNAPPARENT DEFECTS. AS NOTED ABOVE. NO INSPECTION HAS BEEN COMPLETED BY THIS REVIEWER TO DETERMINE THE EXISTENCE OF ANY TOXIC AND/OR HAZARDOUS SUBSTANCES THAT MAY AFFECT THE MARKETABILITY OF THE RESIDENCE AND/OR THE HEALTH OF THE OCCUPANTS, SUCH AS UREA FORMALDEHYDE FOAM INSULATION, RADON GAS, LEAD BASE PAINT, ASBESTOS, INFESTATION, MILDEW, MOLDS,ETC. AND THIS APPRAISER ASSUMES THAT THE SUBJECT DOES NOT HAVE ANY ADVERSE SUBSTANCES PRESENT THAT WOULD AFFECT THE ESTIMATE OF MARKET VALUE. THE EXISTENCE OF THESE POTENTIALLY HAZARDOUS SUBSTANCES OR MATERIALS WAS NOT OBSERVED BY THE APPRAISER; NOR DO WE HAVE ANY KNOWLEDGE OF THE EXISTENCE OF SUCH MATERIALS ON OR IN THE PROPERTY. THE APPRAISER, HOWEVER IS NOT QUALIFIED TO DETECT SUCH SUBSTANCES THE EXISTENCE OF UREA-FORMALDEHYDE FOAM INSULATION, RADON GAS, LEAD BASE PAINT, ASBESTOS, MOLD, MILDEW, INFESTATION OF ANY KIND OR OTHER POTENTIALLY HAZARDOUS WASTE MATERIAL MAY HAVE AN EFFECT ON THE PROPERTY. WE URGE THE CLIENT TO RETAIN AN EXPERT IN THIS FIELD IF DESIRED. MY COMPENSATION IS NOT CONTINGENT UPON THE REPORTING OF A PREDETERMINED VALUE OR DIRECTION IN VALUE THAT FAVORS THE CAUSE OF THE CLIENT, THE AMOUNT OF THE VALUE ESTIMATE, THE ATTAINMENT OF STIPULATED RESULT, OR THE OCCURRENCE OF A SUBSEQUENT EVENT. MY ANALYSES, OPINIONS, AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEEN PREPARED IN CONFORMITY WITH TITLE XL OF THE FEDERAL FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND ENFORCEMENT ACT OF 1989 (FIRREA) AND ITS REGULATIONS AS WELL AS THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP). THE DEPARTURE PROVISION HAS NOT BEEN UTILIZED. APPRAISERS ARE REQUIRED TO BE LICENSED AND ARE REGULATED BY THE MICHIGAN DEPT. OF CONSUMER & INDUSTRY SERVICES, BUREAU OF OCCUPATIONAL AND PROFESSIONAL REGULATIONS, P.O. BOX 30018, LANSING, MI 48909. SCOPE OF WORK DETAILED THE APPRAISER PERFORMED A VISUAL OBSERVATION OF THE SUBJECT PROPERTY, BOTH THE INTERIOR AND EXTERIOR OF ALL BUILDINGS ON THE SUBJECT PROPERTY. ALL COMPONENTS, UTILITIES, APPEAR TO BE IN OPERABLE WORKING ORDER AND IN AVERAGE CONDITION FOR THE AGE OF THE HOME WITHIN ITS MARKET AREA, UNLESS OTHERWISE NOTED ON PAGE ONE. A VISUAL OBSERVATION WAS MADE OF THE ROOF FROM THE GROUND. VISUAL OBSERVATION OF FOUNDATION, SITE AND UNLESS OTHERWISE NOTED, APPEAR TO BE IN AVERAGE CONDITION. SHOULD THE LENDER BE CONCERNED AS TO THE STRUCTURAL INTEGRITY OF THE DWELLING OR EXACT OPERATING CONDITION OF ALL COMPONENTS, A LICENSED HOME INSPECTOR SHOULD BE RETAINED. IN MOST CASES, THE VISUAL INSPECTION MAY BE HINDERED BY PERSONAL BELONGING, SHRUBS, FINISHED BASEMENTS, LACK OF ADEQUATE ATTIC ACCESS,. 2) THE APPRAISER VIEWS THE NEIGHBORHOOD 3) VIEWS EACH OF THE EXTERIOR OF COMPARABLES FROM THE STREET. 4) RESEARCH, VERIFY AND ANALYZE FROM RELIABLE PUBLIC AND OR PRIVATE SOURCES 5) AND CLEARLY REPORTS THE ANALYSIS, OPINIONS, OBSERVATIONS AND CONCLUSIONS IN THIS APPRAISAL REPORT. 6) THIS REPORT IS PRIVATE AND WILL NOT BE SHARED BY THE APPRAISER WITH ANYONE, BUT THE CLIENT UNLESS ORDERED TO BY A COURT OF LAW. 6 23
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Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 MILES FROM MY OFFICE THE SUBJECT PROPERTY IS LOCATED 16.3-MILES FROM MY OFFICE. THIS ASSIGNMENT REQUIRES GEOGRAPHIC COMPETENCY AS PART OF THE SCOPE OF WORK. I HAVE SPENT SUFFICIENT TIME IN THE SUBJECTS MARKET AND UNDERSTAND THE NUANCES OF THE LOCAL MARKET AND THE SUPPLY AND DEMAND FACTORS RELATING TO THE SPECIFIC PROPERTY TYPE AND THE LOCATION INVOLVED. SUCH UNDERSTANDING WILL NOT BE IMPARTED SOLELY FROM A CONSIDERATION OF SPECIFIC DATA SUCH AS DEMOGRAPHICS, COSTS, SALES AND RENTALS. THE NECESSARY UNDERSTANDING OF LOCAL MARKET CONDITIONS PROVIDES THE BRIDGE BETWEEN A SALE AND A COMPARABLE SALE OR A RENTAL AND A COMPARABLE RENTAL. INTENDED USER INTENDED USER OF THIS REPORT IS Jared McWherter. UTILITIES ALL UTILITIES WERE ON AND IN WORKING ORDER. REASONABLE EXPOSURE TIME EXPOSURE TIME - A REASONABLE EXPOSURE TIME FOR THE SUBJECT PROPERTY AT THE OPINION OF VALUE INDICATED IS ESTIMATED TO BE (10-30) DAYS AND WAS DERIVED FROM THE COMPARABLE SALES IN AREA AND OR 1004MC. DEFINITION OF EXPOSURE TIME A REASONABLE EXPOSURE TIME FOR THE SUBJECT PROPERTY AT THE OPINION OF VALUE INDICATED WAS DERIVED BY USING THE HISTORICAL STATISTICAL DATA AND THE COMPARABLE SALES. USPAP DEFINITION OF EXPOSURE TIME: ESTIMATED LENGTH OF TIME THAT THE PROPERTY INTEREST BEING APPRAISED WOULD HAVE BEEN OFFERED ON THE MARKET PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE AT MARKET VALUE ON THE EFFECTIVE DATE OF THE APPRAISAL REPORT. UNBIASED OPINION OF VALUE THIS REPORT IS AN UNBIASED, INDEPENDENT VALUATION OF THE SUBJECT PROPERTY. IT IS NOT BASED ON A REQUESTED MINIMUM VALUE, A SPECIFIC VALUE OR APPROVAL OF A LOAN AS INDICATED. PRIOR SERVICES TO SUBJECT THE APPRAISER OF THIS REPORT, AS INDICATED IN THE SIGNATURE SECTION, HAS NOT PROVIDED ANY PRIOR SERVICES FOR THE SUBJECT PROPERTY IN THE 36 MONTHS PRIOR TO THE EFFECTIVE DATE OF THE REPORT. 7 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Owner Property Address City County State Zip Code Client Address FRONT OF SUBJECT PROPERTY REAR OF SUBJECT PROPERTY STREET SCENE Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 27155 Gail Warren, MI 48093 8 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 pool Storage shed interior of garage 9 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 living room bedroom bedroom 10 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 bedroom bath bath 11 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 family room kitchen kitchen 12 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 kitchen lav utility room 13 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 basement basement basement bath 14 23
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Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 furnace breaker box 15 23
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Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Page of TIMESAVINGAPPRAISAL.COM COMPARABLES 1-2-3 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 1 27799 Gail Dr Warren, MI 48093 2 27283 Gail Dr Warren, MI 48093 3 27754 Santa Ana Dr Warren, MI 48093 16 23
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Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Page of TIMESAVINGAPPRAISAL.COM COMPARABLES 4-5-6 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 4 27127 Gail Dr Warren, MI 48093 5 6 17 23
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Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of LICENSE 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 18 23
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Produced by ClickFORMS Software 800-622-8727 SKETCH ADDENDUM File No. Owner Property Address City County State Zip Code Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 Sketch by Apex Sketch v5 Standard™ 30' 30' 19' 16' 14' 34' 15' C.P. LIV ROOM LAV KITCHEN FAMILY ROOM BED BED BED BATH 9' 14' 15' 34' 24' UTIL 2 CAR GARAGE CONCRETEPATIO OPEN (SLAB) ON BASEMENT 30' 30' 19' 16' 14' 34' 15' FOYER REC ROOM LAV STORAGE BASEMENT 1ST FLOOR POOL NOTED GIVEN NO VALUE Comments: AREA CALCULATIONS SUMMARY Code Description Net Size Net Totals GLA1 1ST FL ON BSMNT 1634.00 1ST FL ON SLAB 115.00 BSMT 1749.00 Basement 1634.00 GAR 1634.00 Garage 726.00 726.00 Net LIVABLE Area (rounded) 1749 Breakdown Subtotals LIVING AREA BREAKDOWN 1ST FL ON BSMNT 15.0 x 4.0 60.00 45.0 x 30.0 1350.00 16.0 x 14.0 224.00 1ST FL ON SLAB 9.0 x 5.0 45.00 5.0 x 14.0 70.00 5 Items (rounded) 1749 19 23
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Produced by ClickFORMS Software 800-622-8727 File No. This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. The Appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. 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, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) research, verify, and analyze data from reliable public and/or private sources, and (2) report his or her analysis, opinions, and conclusions in this appraisal report. DEFINITION OF MARKET VALUE: The definition of market value is 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 the 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 may have 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 this 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 property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. NL - General Certification 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. NOT FOR MORTGAGE PURPOSES 20 23
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Produced by ClickFORMS Software 800-622-8727 File No. APPRAISER'S CERTIFICATION: I certify that, to the best of my knowledge and belief: 1. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 2. I have have no present or prospective interest in the property that is the subject of this report and have no personal interest with respect to the parties involved. 3. I have not performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of this client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. My analyses, opinions, and conclusions, were developed, and this report has been prepared, in conformity, with the Uniform Standards of Professional Appraisal Practice 8. I have have not made a personal inspection of the property that is the subject of this report. 9. Unless otherwise noted, no one has provided significant real property appraisal assistance to the person signing this certification. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I 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 certification. 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" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name Name Company Name Company Name Company Address Company Address Telephone Number Telephone Number Email Address Email Address Date of Signature and Report Date of Signature Effective Date of Appraisal State Certification # State Certification # or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State Expiration Date of Certification or License SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ Did inspect interior and exterior of subject property CLIENT Date of Inspection Contact Client Name COMPARABLE SALES Client Address Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Email Address Date of Inspection NL - General Certification 5/2017 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Page of have have performed TIMESAVINGAPPRAISAL.COM 250029 CASE NO. X X X X JOSEPH D MANZELLA TIMESAVINGAPPRAISAL.COM 59250 Glacier Club Dr Washington Township, MI 48094 586-781-2927 joe@timesavingappraisal.com 02/15/2025 3/31/2023 1204000094 MI 07/31/2025 27155 Gail Warren, MI 48093 265,000 Mr. Jared McWherter 27155 Gail Warren , MI 48093 21 23
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Produced by ClickFORMS Software 800-622-8727 File No. LOCATION MAP ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Mr. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 22 23
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Produced by ClickFORMS Software 800-622-8727 File No. Owner Property Address City County State Zip Code Client Address Page of TIMESAVINGAPPRAISAL.COM 250029 CASE NO. Jared McWherter 27155 Gail Warren Macomb MI 48093 Mr. Jared McWherter 27155 Gail, Warren , MI 48093 NEIGHBORHOOD MARKETING CONDITIONS MARKET VALUES ARE STABLE. LISTING ARE STILL SELLING QUICKLY, WITH SOME SELLING ABOVE ASKING PRICE. SALES CONCESSIONS ARE TYPICALLY GIVEN BY THE SELLER AS A GIFT IN THIS MARKET. A REASONABLE MARKETING PERIOD FOR THE SUBJECT IS APPROXIMATELY 5-30 DAYS WITH SALES PRICE/ASKING RATIOS BEING WITHIN 95 TO 105% OF REASONABLY LISTED HOMES. 23 23