APPraisal_report 709k.pdf
Srinivas Gudidevuni Petitioner V City Of Lansing Respondent · 26-002814-TT
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Form GA1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 2952 Medinah Dr See attached addenda. Okemos, MI 48864 United Wholesale Mortgage 585 S Blvd E Pontiac, MI 48341 11/17/2025 Joanna A Morey Certified Residential Appraiser Sage Appraisals, LLC P.O. Box 93 Dansville, MI 48819 APPRAISAL OF REAL PROPERTY LOCATED AT: FOR: AS OF: BY:
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Appraisals by Joanna Morey 1225774177 1225774177 2952 Medinah Dr 44 Okemos MI 48864 Srinivas Gudidevuni & Sravani Nukala Srinivas Gudidevuni & Sravani Nukala Ingham See attached addenda. 33-01-02-29-360-044 2024 3,235 Northpointe at College Fields 1 29620 0050.03 0 330 United Wholesale Mortgage 585 S Blvd E, Pontiac, MI 48341 The subject has not been listed on the Realcomp MLS in the past 12 months. 161 865 400 0 100 9 72 1 1 1 25 The subject's neighborhood boundaries are Mt Hope Rd to the north, Okemos Rd to the east, Jolly Rd to the south, and Hagadorn Rd to the west. The subject is located in the Okemos Public School District. The "other" present land use refers to vacant land. The subject is located in an area with a mixture of home styles, ages, sizes, condition, and quality. Due to the subject's newer age and larger GLA it is above the predominant price and newer than the predominant age of homes in the subject's neighborhood. The subject is part of the Lansing regional market. General marketing time is 0-3 months. Level Typical for Area Typical N;Res; R Residential See attached addenda. Paved None X 26065C0154D 08/16/2011 There were no encroachments or adverse conditions evident. Typical easements for public utilities. Public Records, Inspection 2 0 2024 0 Vinyl/Gd Asph/Gd Adequate 2/1 Owned Adequate 56 46 0 56 2 44 1 56 0 56 2 44 Per public record, this project has 10 vacant lots, all appeared to be sold and are awaiting construction. Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # SUBJECT CONTRACT NEIGHBORHOOD PROJECT SITE PROJECT INFORMATION The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address Unit # City State Zip Code Borrower Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Project Name Phase # Map Reference Census Tract Occupant Owner Tenant Vacant Special Assessments $ HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Lender/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, offering price(s), and date(s). 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 borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics Location Urban Suburban Rural Built-Up Over 75% 25-75% Under 25% Growth Rapid Stable Slow Condominium Unit Housing Trends Property Values Increasing Stable Declining Demand/Supply Shortage In Balance Over Supply Marketing Time Under 3 mths 3-6 mths Over 6 mths Condominium Housing PRICE $ (000) AGE (yrs) Low High Pred. Present Land Use % One-Unit % 2-4 Unit % Multi-Family % Commercial % Other % Neighborhood Boundaries Neighborhood Description Market Conditions (including support for the above conclusions) Topography Size Density View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming - Do the zoning regulations permit rebuilding to current density? Yes No 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) Electricity Gas Water Sanitary Sewer Off-site Improvements - Type Public Private Street Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and 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 Data source(s) for project information Project Description Detached Row or Townhouse Garden Mid-Rise High-Rise Other (describe) General Description # of Stories # of Elevators Existing Proposed Under Construction Year Built Effective Age General Description Exterior Walls Roof Surface Total # Parking Ratio (spaces/units) Type Guest Parking Subject Phase # of Units # of Units Completed # of Units For Sale # of Units Sold # of Units Rented # of Owner Occupied Units If Project Completed # of Phases # of Units # of Units for Sale # of Units Sold # of Units Rented # of Owner Occupied Units If Project Incomplete # of Planned Phases # of Planned Units # of Units for Sale # of Units Sold # of Units Rented # of Owner Occupied Units Project Primary Occupancy Principal Residence Second Home or Recreational Tenant Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Management Group - Homeowners' Association Developer Management Agent - Provide name of management company. Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project? Yes No If Yes, Describe Was the project created by the conversion of existing building(s) into a condominium? Yes No If Yes, describe the original use and date of conversion. Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)? Yes No If No, describe Is there any commercial space in the project? Yes No If Yes, describe and indicate the overall percentage of the commercial space. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1073 March 2005
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1225774177 1225774177 The project is of average condition and quality for the area. None The project budget was not available at the time of the inspection. 27.50 330 0.10 1 2 FWA Gas Vinyl/Crpt/Tile/Good Drywall/Good Wood/Good Tile/Fiberglass/Gd Wood/Good 1 0 Dk/Pt Entry None 3 NA 12 5 4.0 3,407 No value is given to personal property. See below for property details. C1;No updates in the prior 15 years;No significant deficiencies were apparent and no repairs appear to be required at this time. The subject appears to have been well maintained.The subject is a newer construction built of quality materials and workmanship. There are no known or apparent adverse environmental or physical conditions that would negatively impact the value or marketability of the subject property. This appraisal was performed to estimate the market value of this property but does not guarantee the home is free of defects. A property inspection is always recommended. No functional or external obsolescence noted. Physical depreciation noted due to the age and condition of the subject. Style, size, and utility of the dwelling conforms to immediate market area dwellings. Realcomp MLS / PRD Realcomp MLS / PRD RC MLS / PRD 11/17/2025 RC MLS / PRD 11/17/2025 Realcomp MLS / Tax Data 11/17/2025 RC MLS / PRD 11/17/2025 The appraiser could not locate any prior sales or transfers within the past 36 months for the subject prior to the date of inspection or 12 months prior to the date of sale for any comparable properties, unless listed above. Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # PROJECT INFORMATION PROJECT ANALYSIS UNIT DESCRIPTION PRIOR SALE HISTORY Describe the condition of the project and quality of construction. Describe the common elements and recreational facilities. Are any common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Is the project subject to a ground rent? Yes No If Yes, $ per year (describe terms and conditions) Are the parking facilities adequate for the project size and type? Yes No If No, describe and comment on the effect on value and marketability. I did did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the analysis was not performed. Are there any other fees (other than regular HOA charges) for the use of the project facilities? Yes No If Yes, report the charges and describe. Compared to other competitive projects of similar quality and design, the subject unit charge appears High Average Low If High or Low, describe Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? Yes No If Yes, describe and explain the effect on value and marketability. Unit Charge $ per month X 12 = $ per year Annual assessment charge per year per square feet of gross living area = $ Utilities included in the unit monthly assessment None Heat Air Conditioning Electricity Gas Water Sewer Cable Other (describe) General Description Floor # # of Levels Heating Type Fuel Central AC Individual AC Other (describe) Interior materials/condition Floors Walls Trim/Finish Bath Wainscot Doors Amenities Fireplace(s) # WoodStove(s) # Deck/Patio Porch/Balcony Other Appliances Refrigerator Range/Oven Disp Microwave Dishwasher Washer/Dryer Car Storage None Garage Covered Open # of Cars Assigned Owned Parking Space # Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Are the heating and cooling for the individual units separately metered? Yes No If No, describe and comment on compatibility to other projects in the market area. 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 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. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1073 March 2005
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1225774177 1225774177 2 649,900 738,500 11 603,000 786,500 2952 Medinah Dr 44, Okemos, MI 48864 Northpointe at College Fields 1 N;Res; Fee Simple 28 None 1 N;Res; DT2L;Tradition Q3 1 C1 12 5 4.0 3,407 1663sf0sfin Average FWA/CA Ins/Win 3g;Owned CvdPch,Dk,Pat Fireplace 1 F/P Other None 2968 Medinah Dr 48, Okemos, MI 48864 Northpointe at College Fields 1 0.06 miles S 665,000 201.27 RCMLS#630000289561;DOM 103 RC MLS / Assessor Records ArmLth Conv;0 s10/25;c10/25 N;Res; Fee Simple 26 0 None 1 N;Res; DT2L;Tradition Q3 2 0 C2 0 9 4 3.0 +8,000 3,304 +6,200 2984sf0sfin 0 Average FWA/CA Ins/Win 2g;Owned +6,000 CvdPorch,Patio 0 1 F/P None 20,200 3.0 3.0 685,200 2632 Carnoustie Dr 39, Okemos, MI 48864 Grandview at College Fields 1 0.62 miles SE 620,000 200.00 RCMLS#630000287411;DOM 92 Realcomp MLS/ Tax Data ArmLth Conv;0 s08/25;c07/25 N;Res; Fee Simple 0 0 None 1 N;Res; DT2L;Tradition Q4 +50,000 9 0 C3 +25,000 7 4 4.1 -4,000 3,100 +18,400 1380sf0sfin 0 Average FWA/CA Ins/Win 3g;Owned CvdPorch 0 0 F/P +2,000 None 91,400 14.7 16.0 711,400 2913 Medinah Dr 28, Okemos, MI 48864 Northpointe at College Fields 1 0.18 miles NE 685,000 311.65 RCMLS#630000286100;DOM 93 RC MLS / Assessor Records ArmLth Conv;0 s06/25;c05/25 N;Res; Fee Simple 26 0 None 1 N;Res; DT1L;Ranch 0 Q3 4 0 C2 0 8 3 2.1 +12,000 2,198 +72,500 2092sf1174sfwo -15,000 1rr1br1.0ba1o -24,000 Average FWA/CA Ins/Win 3g;Owned CvP,CvD,CvPa 0 1 F/P None 45,500 6.6 18.0 730,500 See attached addenda. 709,000 The income approach was considered but not developed due to the lack of sufficient reliable income date to derive a gross rent multiplier. 709,000 The closed sales analyzed above are given the most weight since they best reflect the actions of buyers and sellers in the market. The Cost Approach was considered but not developed due to the nature of this report. The income approach was considered but not developed due to the lack of sufficient reliable income data. The subject was appraised in an as is condition. 709,000 11/17/2025 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # SALES COMPARISON APPROACH INCOME RECONCILIATION 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 and Unit # Project Name and Phase 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 Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple HOA Mo. Assessment Common Elements and Rec. Facilities Floor Location 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 $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) Indicated Value by: Sales Comparison Approach $ 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 $ , as of , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1073 March 2005
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1225774177 1225774177 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. 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 continuing 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, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject unit, (2) inspect and analyze the condominium project, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/or private sources, and (6) 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 transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. 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 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 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 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. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1073 March 2005
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1225774177 1225774177 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I 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 that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I 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 to 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. I researched, verified, analyzed, and reported on the prior sales of the 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. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I 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. I 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. I 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. I have knowledge and experience in appraising this type of property in this market area. 12. I 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. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I 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. I 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 I became aware of during the research involved in performing this appraisal. I 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. I 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. I 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. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or 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 I 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 any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1073 March 2005
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1225774177 1225774177 Joanna A Morey Sage Appraisals, LLC PO Box 93 Dansville, MI 48819 (517) 861-6454 jmoreyappraiser@gmail.com 11/18/2025 11/17/2025 1204078465 MI 07/31/2026 2952 Medinah Dr 44, Okemos, MI 48864 709,000 UWM Appraisal Direct United Wholesale Mortgage 585 S Blvd E, Pontiac, MI 48341 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. 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. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. 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 Signature Name Company Name Company Address Telephone Number Email Address Date of Signature and Report Effective Date of Appraisal State Certification # or State License # or Other (describe) State # State Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name Company Name Company Address Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1073 March 2005
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1225774177 1225774177 2952 Medinah Dr 44, Okemos, MI 48864 Northpointe at College Fields 1 N;Res; Fee Simple 28 None 1 N;Res; DT2L;Tradition Q3 1 C1 12 5 4.0 3,407 1663sf0sfin Average FWA/CA Ins/Win 3g;Owned CvdPch,Dk,Pat Fireplace 1 F/P Other None RC MLS / PRD 11/17/2025 4137 W Benham Way 65, Okemos, MI 48864 Champion Woods 1 0.80 miles E 786,500 232.69 RCMLS#630000287147;DOM 15 Realcomp MLS/ Tax Data ArmLth Conv;0 s05/25;c04/25 N;Res; Fee Simple 0 0 None 1 N;Res; DT2L;Tradition Q3 -40,000 17 0 C3 +25,000 11 3 4.1 -4,000 3,380 0 1676sf1292sfwo -15,000 1rr2br1.0ba1o -26,000 Average FWA/CA Ins/Win 2g;Owned +6,000 CvP,CvPa,D,Pa 0 1 F/P None -54,000 6.9 14.7 732,500 Realcomp MLS / Tax Data 11/17/2025 4 5 6 4 5 6 Form 1073UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # SALES COMPARISON APPROACH SALE / TRANSFER HISTORY ANALYSIS / COMMENTS FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address and Unit # Project Name and Phase 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 Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple HOA Mo. Assessment Common Elements and Rec. Facilities Floor Location 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 $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % 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 # 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 Analysis/Comments Freddie Mac Form 465 March 2005 Fannie Mae Form 1073 March 2005 UAD Version 9/2011
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1225774177 1225774177 Form UADDEFINE - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.* *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 rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 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. All 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. C3 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. C4 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. C5 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. C6 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 Q1 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. Q2 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. Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. UAD Version 9/2011
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Form UADDEFINE - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q5 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. Q6 Dwellings with this quality rating 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: 3.2 indicates three full baths and two half baths. UAD Version 9/2011
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Form UADDEFINE - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location & View ArmLth Arms Length Sale Sale or Financing Concessions ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade B Beneficial Location & View Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Conv Conventional Sale or Financing Concessions CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions GlfCse Golf Course Location Glfvw 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 Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions BsyRd Busy Road Location o Other Basement & Finished Rooms Below Grade Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr 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 s 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 w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade wu Walk Up Basement Basement & Finished Rooms Below Grade WtrFr Water Frontage Location Wtr Water View View Woods Woods View View Other Appraiser-Defined Abbreviations Abbreviation Full Name Fields Where This Abbreviation May Appear UAD Version 9/2011
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1225774177 1225774177 2952 Medinah Dr Okemos MI 48864 Srinivas Gudidevuni & Sravani Nukala 4 0.67 unavailable unavailable $739,500 24 unavailable unavailable 96.42 6 2.00 unavailable unavailable $635,000 45.5 unavailable unavailable 98.49 1 0.33 2 6.1 $665,000 103 $694,200 117 96.39 REALCOMP indicates there were 11 closed sales during the past 12 months and 1 of those sales contained seller concessions which is 9% of the total transactions in this market area. Prior Months 7-12: 4 Sales; 1 with concessions; 25% of sales for this period. 4-6: 6 Sales; 0 with concessions; 0% of sales for this period. 0-3: 1 Sales; 0 with concessions; 0% of sales for this period. The concessions ranged between $10,000 and $10,000. The median concession amount is $10,000. The data used in the grid above does not indicate there were any REO/Short sales or other distressed properties associated with the reported transactions. However, this is not a mandatory reporting field for agents and there may be some distressed sales that were not reported. It is beyond the scope of this assignment to confirm each sale used in the Market Conditions Report. The Realcomp MLS was the data source used to complete the Market Conditions Addendum. Marketing time appears to be approximately 0-3 months based upon the available sales data for the subject's immediate area. The appraiser researched the local MLS for information in completing this Market Conditions Addendum. However, historical listing data for prior months 4-12 was unavailable. Not Applicable Northpointe at College Fields 0 0 unavailable unavailable 1 0.33 unavailable unavailable 1 0.33 0 0 Marketing time appears to be approximately 0 - 3 months based upon the available sales data for the subject's project. The appraiser researched the local MLS for information in completing this Market Conditions Addendum. However, historical listing data for prior months 4-12 was unavailable. Joanna A Morey Sage Appraisals, LLC PO Box 93, Dansville, MI 48819 1204078465 MI jmoreyappraiser@gmail.com Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. Market Conditions Addendum to the Appraisal Report MARKET RESEARCH & ANALYSIS CONDO/CO-OP PROJECTS APPRAISER The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State ZIP Code Borrower 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 fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify 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 prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Overall Trend Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. 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. If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Months of Unit Supply (Total Listings/Ab.Rate) Total # of Active Comparable Listings Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Company Name Company Address State License/Certification # State Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # State Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
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Geographic Competency 1) I have knowledge and experience in appraising this type of property in this market area. 2) I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple list services, tax assessment records, public land records and other such data sources for the area in which the property is located. 3) The subject property is located approximately 25 miles from the appraiser's current residence. Exposure Time The estimated length of time the subject property 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. Key factor in exposure time: it is presumed to occur preceding the effective valuation date. Based upon current market conditions and my reported value for the subject, I would estimate a reasonable exposure time of up to 3 months. Previous Services I have performed no 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. Intended Users The intended users of the appraisal are the Lender/Client or assignee. Intended Use: The appraisal will be used for financing purposes. Regulatory Information Appraisers are required to be licensed in the State of Michigan and are regulated by the Department of Licensing and Regulatory Affairs. PO Box 30018, Lansing Michigan, 48909 Appraisal Regulations Compliance This appraisal has been completed in conformity with the Uniform Standards of Professional Appraisal Practice and title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended and any implementing regulations in effect at the time the appraiser signs the appraiser's certification. This assignment was completed in full compliance with the appraisal independence regulations. Digital Signature Addendum THE SIGNATURES CONTAINED IN THIS REPORT ARE DIGITAL SIGNATURES WHICH ARE COMPUTER GENERATED AND PRINTED ON THE REPORT. THE APPRAISAL WAS ELECTRONICALLY TRANSMITTED TO OUR OFFICE. THE APPRAISER'S SIGNATURE IS SECURED BY A PASSWORD TO WHICH ONLY THE APPRAISER HAS ACCESS. IF ANY MODIFICATIONS WERE MADE ON THIS APPRAISAL, THE SIGNATURE WOULD BE ELIMINATED. THIS FORM OF CERTIFICATION HAS BEEN APPROVED BY THE APPRAISAL FOUNDATION WHICH IS LOCATED AT 1029 VERMONT AVE, N.W.,STE. 900, WASHINGTON D.C., 20005-3517. THE APPRAISAL FOUNDATION IS AUTHORIZED BY CONGRESS AS THE SOURCE OF APPRAISER STANDARDS AND APPRAISER QUALIFICATIONS. THIS APPROVAL CAN BE FOUND IN THE STATEMENT ON APPRAISAL STANDARDS NO. 8 (SMT-8) ON ELECTRONIC TRANSMISSION OF REPORTS. THE SECTION REGARDING SIGNED CERTIFICATION READS AS FOLLOWS: ANY SOFTWARE PROGRAM USED TO ELECTRONICALLY TRANSFER A REPORT MUST PROVIDE, AT A MINIMUM, A DIGITAL SIGNATURE SECURITY FEATURE FOR ALL APPRAISERS SIGNING A REPORT. THE APPRAISER(S) SHOULD ENSURE THE SIGNATURE(S) ARE PROTECTED AND THAT ONLY THE APPRAISER(S) MAINTAIN CONTROL OF THE SIGNATURE. THIS CONTROL MAY BE MAINTAINED BY PASSWORDS (EG PIN NUMBERS), HARDWARE DEVICES (EG SECURE CARDS) OR OTHER MEANS. ELECTRONICALLY AFFIXING A SIGNATURE TO A REPORT CARRIES THE SAME LEVEL OF AUTHENTICITY AND RESPONSIBILITY AS AN INK SIGNATURE ON A PAPER COPY REPORT. APPRAISAL STANDARDS BOARD, ADOPTED 7/18/95, EFFECTIVE 1/1/96. Adverse Conditions This appraisal assumes that all building services are operable and not subject to any hidden deficiencies which would render the subject property less valuable. The final reconciliation of value is made assuming that the roof, electrical, heating, plumbing and, if applicable, the cooling, septic tank and sprinkler systems are operational and functional and is based upon a casual inspection only and is not intended to be used to evaluate the condition or adequacy of the subject property. The roof was inspected from the ground level only. Structural problems may be present but were not apparent at the time of the inspection. The reader of this appraisal should understand that purchasing a home entails a certain amount of risk. Properties may have latent problems that are not detectable at the time of the sale or at the time it is appraised. Properties may have hidden problems or may develop structural problems after the sale. There is no apparent evidence of termite or other infestation as of the time of this appraisal. The appraisal has made no allowances for the possible existence of hazardous material such as UREA formaldehyde foam insulation, mold, radon gas, etc., and assumes there is none present on the subject property. If the property was built before 1978, it may have lead based paint. The appraiser is not a home or environmental inspector and therefore is not qualified to detect such substances. Zoning and Flood Maps The appraisers have tried to use the most recently available zoning maps to determine the zoning of the subject property. However, no notification is given to the appraiser when zoning changes. Zoning may be different than that stated and may severely limit the possible use of the property. If a property is a legal non-conforming use, it may not be able to have continued residential use if fully or partially destroyed or vacated for any length of time. Zoning has only been checked as it relates to the highest and best use section of this report and any significant question regarding zoning should be addressed to local zoning or land use officials. Flood determination is as provided by mapping services. The appraiser has provided appropriate panel grids as returned by search results from this mapping service, if one is available. The appraiser does not guarantee the accuracy of this flood determination and the client is advised to obtain separate insured certifications from appropriate agencies. Under the flood zone area section, the term "NSFHA" (if present) is defined as No Special Flood Hazard Area, according to FEMA. Title and Boundaries Appraiser takes no responsibility for matters of a legal nature that affects the title to the property nor is an opinion of title rendered. The value is given without regard to questions of title, boundaries, encumbrances or encroachments. We are not usually provided with information regarding title or legal description. Energy Efficient Items Per UAD Field Specific Standardization Requirements v1.6: "The appraiser must enter any energy efficient items for the subject property and each comparable". For each comparable the appraiser must solely rely on the MLS description provided and/or the exterior inspection from the road. Items such as insulation, roof (if snow covered), etc., if not listed within the MLS description, cannot be known by the appraiser. Therefore, an extraordinary assumption has to be made as to the energy efficient items for each comparable in order to comply with UAD requirements. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 1225774177 Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
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Physical Deficiencies Information reported in this appraisal about the condition of the property is based upon my inspection of the property and what was disclosed to me or what I was aware of. I am not a trained home inspector and therefore would not be aware of any conditions that were not apparent or disclosed to me. Additional Information Information was verified, when possible, through public records, multi-listing services, real estate agents and exterior inspection. No verification technique is 100% accurate but the appraiser has made the assumption that all data is accurate as reported. From time to time the indicated sizes of the comparables shown in available sources such as Multi-List Services or listing sheets appears to be incorrect based on the appraisers professional experience. If the size used in the MLS sheet does not correlate with other known data, the appraiser may use other methods to determine the size of the comparables. These include assessors sheets, physical inspection and use of interior room measurements along with a multiplier to depict size based on exterior measurements. The deviation of comparable size from published sizes only indicate an attempt at higher accuracy in the final report. However, there are many times the exact size and features found in comparables cannot be confirmed except by an exterior inspection from the street. We have used three or more comparables in this report to eliminate the limited data associated with any single comparable. Subject property data was based on the physical inspection of the property interior and exterior and any plans and specifications provided. Additional data was compiled from public records. It is presumed that whomever relies on this appraisal has clarified the owner/occupant issue through their own research methods. The appraiser makes no warranties, either implied or directly, and is not responsible as to whom the occupant of the property is at the time of the appraisal. The dimensions used are approximate calculations after measuring the exterior of the subject property. THE APPRAISAL IS NOT AN ENGINEERING OR PROPERTY INSPECTION REPORT. Highest and Best Use The legal use of the site allows for condominium development and that is what the subject is. There is demand for such properties in this market; new home construction is occurring and older homes are being renovated. A residential improvement can be built on the site and it is financially feasible to do so. There is no other competing use for the site. The highest and best use, as vacant, is to build a one-unit residential improvement. Improved one-unit residential properties within this market are typically purchased for owner-occupancy, although some homes are non-owner occupied rentals. The typical buyer is purchasing for utility (residence). This is especially true of renovated homes or newly constructed homes. The improvements contribute value to the site: the property, as improved, is more valuable than if vacant, ready for development. The highest and best use "as improved" is "as is". The improvement should be retained as is, with a regular maintenance schedule and routine replacement of short-lived items as needed. Statement of Finished Square Footage The subject is a two-story detached condominium house with 1663 above-grade finished square feet on the first floor and 1745 above-grade finished square feet for a total of 3407 above-grade finished square feet. The subject is on a 1663 square foot unfinished basement. In addition, the property includes a 3-car attached garage, a 96 square foot covered porch, a 144 square foot uncovered patio, and a 168 square foot uncovered deck. The subject property was measured and reported according to ANSI Z765-2021. Therefore, the subject’s above grade square footage may differ from public records. • Condo: Legal Description UNIT 44 NORTHPOINTE AT COLLEGE FIELDS; INGHAM COUNTY SUBDIVIION PLAN NO. 292 SPLIT/COMBINED ON 10/16/2017 FROM 33-01-02-29-359-001, 33-01-02-29-350-003; • Condo : Sales Comparison Analysis - Summary of Sales Comparison Approach The comparables used are considered to be the best available and most representative of the subject's surrounding market. All comparable information is based on either MLS or city records. All comparables are located in the same or similar markets as the subject. Adjustments were based on paired sales analysis, group data analysis, and/or market regression analysis. Gross living area adjustments were rendered at $60.00 per square foot with a difference greater than 100 square feet based on group data and paired sales analysis which revealed a range of $45 - 100/SF. No adjustment for style could be extracted from the marketplace. If any adjustments were deemed necessary they would be reflected in the overall gross living area. There is no market support for a variance in bedroom count for 3 or more bedroom floor plans. Adjustments for basement finish were rendered at $20.00 per square foot with a difference greater than 100 square feet which is reflected on the Rooms Below Grade line of the sales grid based on paired sales and group data analysis. Walkouts were rendered at $15,000. Differences in age are reflected in the condition adjustment, if necessary, as this reflects the degree of updates and maintenance, based on personal inspection and MLS data. The condition line-item includes any necessary adjustments for the varied condition, repairs, and/or updates of the subject and all of the comparables based on group data analysis. Based on the MLS photos and descriptions, Comparables 3 and 4 had condition ratings of C3 and adjustments for condition were required based on group data and paired sales analysis which revealed a range of $14,000 - 32,000. The appraiser has researched the market and has determined that there was no marketable difference between homes with C1 and C2 condition ratings. Therefore, no adjustment was made for condition for comparables 1 and 3. Based on the MLS photos and description, Comparable 2 has a quality rating of Q4 and an adjustment for quality was required based on group data and paired sales analysis which revealed a range of $36,000 - 58,000. Based on the MLS photos and description, while Comparable 4 had the same quality rating as the subject, it had more upgraded features and an adjustment for quality was required based on group data and paired sales analysis which revealed a range of $28,000 - 46,000. The appraiser conducted a statistical analysis utilizing the REALCOMP MLS for the average sale prices of single-family homes within Ingham County from May 2025 to November 2025. The findings indicate that the average sale prices have maintained a notable degree of stability over the preceding 12 months, exhibiting fluctuations of less than 1% to no more than 5% from month to month. Paired sales and sensitivity analysis of the comparable sales used in this report support these findings and no adjustment for market conditions/time was warranted for comparable sales that have sold within 12 months. All comparables are located in the same school district and the same or similar markets as the subject. Due to the limited number of recent comparables in the subject's area, the range of unadjusted sale prices of the comparable sales exceeded 20%. This is common for similar homes in the subject's area. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 1225774177 Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
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Due to the limited number of recent comparables in the subject's area, it was necessary to utilize some comparables that exceeded typical percentages line adjustment and/or for differences in gross living area and/or age. Comparable 1 was given more weight since it is the most recent sale and has fewest gross adjustments. The four comparable sales were given the following percentages of weight: Comp 1 - 40%, Comp 2 - 20%, Comp 3 - 20%, and Comp 4 - 20%. COVID-19 COVID-19 has been declared a pandemic. Substantial turmoil has occurred in financial markets and due to the developing situation, it is not possible at this time to quantify its long-term or short-term effects on real estate markets or on the subject property. The value opinion contained in this appraisal is based on findings of an analysis of market data available to the appraiser at the time of the assignment. Additional Comments The estimated remaining economic life of the subject is 70 years. The subject property is located on a private road which is maintained by the HOA. The road at the time of the inspection was maintained in a manner that meets community standards and was in good repair. Private roads in condominium projects are typical for the area and do not negatively impact the marketability or value of the subject property. There were no known mediation, prelitigation, or pending litigations involving the subject's homeowners association as of the effective date of this appraisal. Utilities All utilities were on and functional at the time of inspection. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 1225774177 Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
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Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code
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Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code
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Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Subject Front Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 2952 Medinah Dr 3,407 12 5 4.0 N;Res; N;Res; Q3 1 Subject Rear Subject Street Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Side Street Side Street Subject Side Subject Side View Covered Porch Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Uncovered Deck Uncovered Patio Foyer Bedroom 1 Bathroom 1 Electricity On Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Water On Dining Room Family Room Kitchen Mud Room 3 Car Attached Garage Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Sun Room Bedroom 2 Bathroom 2 Bonus Room Bedroom 3 Bathroom 3 Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Bedroom 4 Bedroom 5 Bathroom 4 Bathroom 4 - Alt View Laundry Room Basement Electrical Panel Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Furnace and Water Heater Basement Basement Sump Pump Borrower Lender/Client Property Address City County State Zip Code
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Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Comparable 1 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 2968 Medinah Dr 0.06 miles S 665,000 3,304 9 4 3.0 N;Res; N;Res; 10556 sf Q3 2 Comparable 2 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 2632 Carnoustie Dr 0.62 miles SE 620,000 3,100 7 4 4.1 N;Res; N;Res; 13676 sf Q4 9 Comparable 3 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 2913 Medinah Dr 0.18 miles NE 685,000 2,198 8 3 2.1 N;Res; N;Res; 15356 sf Q3 4 Borrower Lender/Client Property Address City County State Zip Code
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Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Comparable 4 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 4137 W Benham Way 0.80 miles E 786,500 3,380 11 3 4.1 N;Res; N;Res; 10739 sf Q3 17 Comparable 5 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Borrower Lender/Client Property Address City County State Zip Code
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Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code
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1225774177 1225774177 Srinivas Gudidevuni & Sravani Nukala 2952 Medinah Dr Okemos Ingham MI 48864 United Wholesale Mortgage 0-90 0-90 Joanna A Morey 11/18/2025 1204078465 MI 07/31/2026 11/17/2025 Form ID14EC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client USPAP Compliance Addendum Loan # File # Property Address City County State Zip Code APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). Restricted Appraisal Report This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 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 the 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. My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. PRIOR SERVICES 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. I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. PROPERTY INSPECTION I have NOT made a personal inspection of the property that is the subject of this report. I HAVE made a personal inspection of the property that is the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY A reasonable marketing time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignment. A reasonable exposure time for the subject property is day(s). APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Date of Signature State Certification # or State License # State Expiration Date of Certification or License Effective Date of Appraisal Signature Name Date of Signature State Certification # or State License # State Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property Did Not Exterior-only from Street Interior and Exterior USPAP Compliance Addendum 2014 Page 1 of 1
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Appraiser License Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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E&O Insurance Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE