Petitioner' valuation evidence.pdf
Hadeer Zoura, Larsa Zoura, Petitioners V City Of Troy, Respondent · 25-003330-TT
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Property Description File No. UNIFORM RESIDENTIAL APPRAISAL REPORT Property Address City State Zip Code Legal Description County Assessor's Parcel No. Tax Year R.E. Taxes $ Special Assessments $ Borrower Current Owner Occupant: Owner Tenant Vacant Property rights appraised Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA$ /Mo. Neighborhood or Project Name Map Reference Census Tract Sale Price $ Date of Sale Description and $ amount of loan charges/concessions to be paid by seller Lender/Client Address Appraiser Address SUBJECT Location Urban Suburban Rural Predominant Single family housing Present land use % Land use change Built up Over 75% 25-75% Under 25% occupancy PRICE AGE $ (000) (yrs) One family Not likely Likely Growth rate Rapid Stable Slow Owner Low 2-4 family In process Property values Increasing Stable Declining Tenant High Multi-family To: Demand/supply Shortage In balance Over supply Vacant (0-5%) Predominant Commercial Marketing time Under 3 mos. 3-6 mos. Over 6 mos. Vacant (over 5%) ( ) Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time - - such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): NEIGHBORHOOD Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? YES NO Approximate total number of units in the subject project . Approximate total number of units for sale in the subject project . Describe common elements and recreational facilities: PUD Dimensions Topography Site area Corner Lot Yes No Size Specific zoning classification and description Shape Zoning compliance Legal Legal nonconforming (Grandfathered use) Illegal No zoning Drainage Highest & best use as improved: Present use Other use (explain) View Utilities Public Other Off-site Improvements Type Public Private Landscaping Electricity Street Driveway Surface Gas Curb/gutter Apparent easements Water Sidewalk FEMA Special Flood Hazard Area Yes No Sanitary sewer Street lights FEMA Zone Map Date Storm sewer Alley FEMA Map No. Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning, use, etc.): SITE GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units Foundation Slab Area Sq.Ft. Roof No. of Stories Exterior Walls Crawl Space % Finished Ceiling Type (Det./Att.) Roof Surface Basement Ceiling Walls Design (Style) Gutters & Dwnspts. Sump Pump Walls Floor Existing/Proposed Window Type Dampness Floor None Age (Yrs.) Storm/Screens Settlement Outside Entry Unknown Effective Age (Yrs.) Manufactured House Infestation ROOMS Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq.Ft. Basement Level 1 Level 2 Finished area above grade contains: Rooms; Bedroom(s); Bath(s); Square Feet of Gross Living Area INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Floors Type Refrigerator None Fireplace(s) # None Walls Fuel Range/Oven Stairs Patio Garage # of cars Trim/Finish Condition Disposal Drop Stair Deck Attached Bath Floor COOLING Dishwasher Scuttle Porch Detached Bath Wainscot Central Fan/Hood Floor Fence Built-In Doors Other Microwave Heated Pool Carport Condition Washer/Dryer Finished Driveway DESCRIPTION OF IMPROVEMENTS Additional features (special energy efficient items, etc.): Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction remodeling/additions, etc.: Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property: COMMENTS Freddie Mac Form 70 6-93 Fannie Mae Form 1004 6-93 PAGE 1 OF 2 Produced using ACI software, 800.234.8727 www.aciweb.com 2678 9731547791 Lee Appraisal Services 5254 Bridge Trl E, Commerce, MI 48382 Paul D Lee 5780 Sussex Drive, Troy, MI 48098 Hadeer Zoura N/A N/A N/A 1965.00 Oakland Middlesex Country Home Sites 0 X X Hadeer & Larsa Hanona Zoura Hadeer Zoura 0 4,625 2023 20-07-102-038 Oakland See Attached Addendum 48098 MI Troy 5780 Sussex Drive See explanatory remarks. The market area is located in the northwest section of Troy and in the Bloomfield Hills School District. All essential amenities are located within a reasonable distance from the subject. The area has good highway access via I-75 and M-59. There are numerous employers within a 3 mile radius of the subject. There are numerous retail and commercial properties along the major thoroughfares. The marketability of the area is considered to be good. The market area boundaries are: South Road to the north, Livernois Road to the east, Wattles Road to the south and Kennsington Road to the west. 10 10 80 40 85 0 500 2000 250 X 95+ X X X X X X X N/A N/A N/A See Attached Addendum 26125C0527F 09-29-2006 X X Typical utility Concrete None Residential Appears adequate Irregular Typical for market area Basically level None None None None X Gravel X X X X X See explanatory remarks. X X R-1A; Single Family Residential X 38333 sf 135.02 x 40x84.8 x 40 x 157.17 x 204.54 x 65 x 368 4 X 4 X Loggia None None None None X Covered X 2 X X X X Good None Yes Good Gas FWA Panel/Good Tile/Gd Tile/Gd Painted Wd/Gd Drywall/Gd Cpt-Tile/Gd 5,097 3.2 4 10 2,658 3 4 1 2,439 1 .2 1 1 1 1 1 Area 2,439 X Cncld. X Cncld. X Cncld. None None None None 0 2,439 None noted None noted None noted Yes Full None None No Therms/Yes Double Hung/Gd Aluminum/Gd Asphlt Shngl/Gd Brick-Frame/Gd Poured Conc/Gd 1 1 Existing Two-Story Detached Two One None. See Attached Addendum Typical of new construction for the market area.
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Valuation Section File No. UNIFORM RESIDENTIAL APPRAISAL REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ESTIMATED SITE VALUE = $ Comments on Cost Approach (such as, source o f c o s t e s t i m a t e , ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, the Dwelling Sq. Ft. @ $ = $ estimated remaining economic life of the property): Sq. Ft. @ $ = = Garage/Carport Sq. Ft. @ $ = Total Estimated Cost New = $ Less Physical Functional External Est. Remaining Econ. Life: Depreciation = $ Depreciated Value of Improvements = $ "As-is" Value of Site Improvements = $ INDICATED VALUE BY COST APPROACH = $ COST APPROACH ITEM SUBJECT Address Proximity to Subject Sales Price $ Price/Gross Liv. Area $ Data and/or Verification Sources VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design and Appeal Quality of Construction Age Condition Above Grade Total Bdrms Baths Room Count Gross Living Area Sq.Ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch, Patio, Deck, Fireplace(s), etc. Fence, Pool, etc. Net Adj. (total) Adjusted Sales Price of Comparable COMPARABLE NO. 1 $ $ DESCRIPTION + (-) $ Adjustment Total Bdrms Baths Sq.Ft. + - $ Gross: Net: $ COMPARABLE NO. 2 $ $ DESCRIPTION + (-) $ Adjustment Total Bdrms Baths Sq.Ft. + - $ Gross: Net: $ COMPARABLE NO. 3 $ $ DESCRIPTION + (-) $ Adjustment Total Bdrms Baths Sq.Ft. + - $ Gross: Net: $ Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc. ): ITEM SUBJECT Date, Price and Data Source for prior sales within year of appraisal COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: INDICATED VALUE BY SALES COMPARISON APPROACH $ SALES COMPARISON ANALYSIS INDICATED VALUE BY INCOME APPROACH(If Applicable) Estimated Market Rent $ /Mo. x Gross Rent Multiplier = $ This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans and specifications. Conditions of Appraisal: Final Reconciliation: The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECTOF THIS REPORT, AS OF (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ . APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature Signature Did Did Not Name Name Inspect Property Date Report Signed Date Report Signed State Certification # State State Certification # State Or State License # State Or State License # State RECONCILIATION Freddie Mac Form 70 6-93 Fannie Mae Form 1004 6-93 PAGE 2 OF 2 Produced using ACI software, 800.234.8727 www.aciweb.com 2678 9731547791 Lee Appraisal Services Local builder data was used as the primary source for construction costs. The physical depreciation was calculated using the modified age/life method. No significant functional or external depreciation is noted. The site value was obtained from local land sales and the use of the extraction method. The estimated remaining economic life of the subject is 70 years. 1,208,600 50,000 938,570 13,408 $0 $13,408 70 71 951,978 36,708 38.00 966 48,780 20.00 Bsmt: 2439 866,490 170.00 5,097 220,000 No landscaping Addit'l Features None Two Fireplaces Loggia, Patio 4/Attached Therm Windows FWA/Central Average 2439sf0sfin 5,097 78 3.2 4 10 Good 1 Average/Good Two-Story Residential 38333 sf Fee Simple Suburban 0.00 N/A Troy, MI 48098 5780 Sussex Drive 1,061,000 19.2 23.3 171,000 X No landscaping None 2,500 One Fireplace 30,000 None 10,000 3ga4dw Therm Windows FWA/Central Average 6,000 1947sf0sfin 70,000 4,202 -18,000 5.1 5 10 Good 0 0 36,000 Average Two-Story Residential 11,000 16553 sf Fee Simple Suburban 23,500 s11/24;c04/24 Conv;0 ArmLth Assessor FlexMLS #20240011674;DOM 60 211.80 890,000 2.79 miles NE Troy, MI 48098 55 Florence Drive 1,117,500 -1.1 22.0 12,500 X -40,000 Landscaping -15,000 Pool Two Fireplaces 0 Patios, Deck 10,000 3/Attached Therm Windows FWA/Central Average -58,500 Finished w/bath -2,000 2616sf1880sfin -15,000 5,287 3.2 5 11 68,000 Average 0 35 Average/Good Two-Story Residential 10,000 17860 sf Fee Simple Suburban 30,000 s05/24;c04/24 Cash;0 ArmLth Assessor FlexMLS #20240024769;DOM 349 213.73 1,130,000 0.66 miles SE Troy, MI 48098 5713 Greenhill Drive 1,189,000 5.7 18.6 64,000 X -40,000 Landscaping None Two Fireplaces 10,000 Patios 10,000 3/Attached Therm Windows FWA/Central -23,000 First floor primary -9,500 3221sf0sfin 10,000 4,967 3.2 4 10 68,000 Average 0 29 Average/Good Two-Story Residential 8,500 20909 sf Fee Simple Suburban 30,000 s04/24;c04/24 Cash;0 ArmLth Assessor FlexMLS #20240013359;DOM 40 226.49 1,125,000 0.50 miles SW Troy, MI 48098 2928 Vineyards Drive See explanatory remarks. $1,127,360 10/09/2024 MLS/Assessor N/A None Known MLS/Assessor N/A None Known MLS/Assessor N/A None Known 1,190,000 See Attached Addendum 0 0 MI 1204007063 09/04/2026 Paul D Lee 1,150,000 12/31/2024 06/93 See explanatory remarks. Appraisers are required to be licensed and are now regulated by the Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, Michigan 48909. X Lee Appraisal Services LLC 07/31/2027
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Supplemental Valuation Section File No. UNIFORM RESIDENTIAL APPRAISAL REPORT ITEM SUBJECT Address Proximity to Subject Sales Price $ Price/Gross Liv. Area $ Data and/or Verification Sources VALUE ADJUSTMENTS DESCRIPTION Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design and Appeal Quality of Construction Age Condition Above Grade Total Bdrms Baths Room Count Gross Living Area Sq.Ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch, Patio, Deck, Fireplace(s), etc. Fence, Pool, etc. Net Adj. (total) Adjusted Sales Price of Comparable COMPARABLE NO. 4 $ $ DESCRIPTION + (-) $ Adjustment Total Bdrms Baths Sq.Ft. + - $ Gross: Net: $ COMPARABLE NO. 5 $ $ DESCRIPTION + (-) $ Adjustment Total Bdrms Baths Sq.Ft. + - $ Gross: Net: $ COMPARABLE NO. 6 $ $ DESCRIPTION + (-) $ Adjustment Total Bdrms Baths Sq.Ft. + - $ Gross: Net: $ Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc. ): ITEM SUBJECT Date, Price and Data Source for prior sales within year of appraisal COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: SALES COMPARISON ANALYSIS ADDITIONAL COMMENTS Produced using ACI software, 800.234.8727 www.aciweb.com 2678 9731547791 Lee Appraisal Services No landscaping Addit'l Features None Two Fireplaces Loggia, Patio 4/Attached Therm Windows FWA/Central Average 2439sf0sfin 5,097 3.2 4 10 Good 1 Average/Good Two-Story Residential 38333 sf Fee Simple Suburban 0.00 N/A Troy, MI 48098 5780 Sussex Drive 1,220,000 5.9 22.7 68,000 X -40,000 Landscaping None Two Fireplaces 0 Patios 10,000 3ga4dw Therm Windows FWA/Central Average -56,500 Finished w/bath 5,500 1981sf1800sfin 79,000 4,082 6,000 3.1 4 9 35,000 Average-Good 0 8 Average/Good Two-Story Residential 10,000 18295 sf Fee Simple Suburban 19,000 s07/24;c07/24 Conv;0 ArmLth Assessor FlexMLS #20240020484;DOM 3 282.21 1,152,000 2.98 miles NE Troy, MI 48085 55 Pine Creek Court 1,285,000 0.8 28.8 10,000 X -40,000 Landscaping None 2,500 One Fireplace 10,000 Patio 10,000 3ga4dw Therm Windows FWA/Central Average -54,500 Finished w/bath 3,500 2139sf1727sfin 83,500 4,026 6,000 3.1 4 10 38,000 Average-Good 0 8 -84,000 Good-Excellent Two-Story Residential 9,500 19567 sf Fee Simple Suburban 25,500 s07/24;c06/24 Conv;0 ArmLth Assessor FlexMLS #20240016806;DOM 87 316.69 1,275,000 1.02 miles SE Troy, MI 48098 2544 Beachview Court 1,261,000 -9.9 30.7 139,000 X -40,000 Landscaping None -2,500 Three Fireplaces -10,000 Patio, Decks 10,000 3/Attached Therm Windows FWA/Central Average -97,000 Finished w/ba & kit -16,000 3755swof3250sfin -18,500 5,334 -6,000 4.1 4 9 84,000 Average 0 26 -56,000 Good Two-Story -14,000 Residential/Pond -24,500 2 acres Fee Simple Suburban 51,500 s01/24;c01/24 None Known ArmLth Assessor FlexMLS #20230030237;DOM 12 262.47 1,400,000 1.49 miles SE Troy, MI 48098 2395 Kingsbury Drive $1,127,360 10/09/2024 MLS/Assessor N/A None Known MLS/Assessor N/A None Known MLS/Assessor N/A None Known Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. 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. This report was prepared in accordance with the requirements of the Appraisal Report of USPAP.
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ADDENDUM Borrower: Hadeer Zoura File No.: 2678 Property Address: 5780 Sussex Drive Case No.: 9731547791 City: Troy State: MI Zip: 48098 Lender: Hadeer Zoura Addendum Page 1 of 2 Legal Description T2N, R11E, SEC 7 MIDDLESEX COUNTRY HOME SITES PART OF LOT 29 BEG AT SW LOT COR, TH N 23-23 39 W 54.52 FT, TH NLY ALG CURVE TO RIGHT, RAD 279.07 FT, CHORD BEARS N 15-10-37 W 80.22 FT, DIST OF 80.50 FT, TH N 83-05-12 E 40 FT, TH S 47-46-56 E 84.80 FT, TH N 63-03-45 E 40 FT, TH N 14-51-39 E 157.17 FT, TH S 86-01-12 E 204.54 FT, TH S 10-14-38 W 65.36 FT, TH S 63-03-45 W 368.21 FT TO BEG 9-12-13 FR 021 Neighborhood Market Conditions The marketing conditions for the area are average. Supply and demand have equalized lately after years of over supply. The existing home market in Troy has realized a more active 2024 sales period with increasing property values. Data sources used in the development of this section include analysis and research conducted from Lee Appraisal Services, Realcomponline MLS, the RAC report, MIRealsource statistical analysis and local/national media, newspaper and real estate periodicals. In an effort to lure buyers and move homes, several builders and homeowners are offering incentives and sale/financing concessions. Conventional and cash financing is typical for the market area. The estimated marketing time for appropriately priced residential properties in the market area is between 1 and 3 months. Highest and Best Use Highest and Best Use is defined as: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value. Highest and Best Use as Improved As improved, the highest and best use of the subject is its current use as a single-family residence. The size of the dwelling and floor plan are typical compared to surrounding homes, and similar properties in the area. No significant changes or updates are recommended to the building at this time. Site Comments The subject property site is typical for the market area in terms of appeal and size. Site improvements are typical for the area. The landscaping has not been installed to date as the subject was recently completed. The typical cost for initial landscaping of similar homes in the area is $30,000 to $80,000. No negative external influences are noted. No apparent adverse easements or encroachments noted. Condition of Improvements The quality of construction and style are typical of new higher-end properties for the market area. The subject is a large two story styled property for the market area. The subject has a full basement foundation and is well maintained with no significant deferred maintenance noted. The home was recently completed. Overall the subject is good condition for the market area. No significant functional depreciation is noted. All utilities were on and in working order. Comments on Sales Comparison All comps are located in the market area of the subject. The comparables represent similarities to the subject in different ways as none are a very close match. As the subject was a new construction in 2023/2024 it was difficult to find larger, newer builds in Troy due to its established nature and minimal new development. So, comp 1 represents a new construction with a smaller site, lesser quality and smaller GLA. Comp 1 bottoms out the $$/sf mainly due to the lack of landscaping and basement finish. Comp 2 is an older home that is very similar in size, and bath count. This property has smaller site and is in lesser condition but has a full finished basement and pool. Comp 3 is a house of similar size, bath count, quality, and basement finish. resulting in the least adjustments and best overall comparable. Comp 4 is a smaller house on a smaller lot and 8 years old at the effective date so more similar in condition. Comp 5 was also eight years old, smaller in GLA and on a smaller lot, but is superior in quality and has a finished basement. Comp 6 is the only sale on a larger site (very large) that has a pond. This home is larger, higher quality and a large finished walkout level. This is superior in all regards except for condition and garage. A market change adjustment of 4% per year was applied due to continued increasing sale prices in the Troy market. Site adjustments are determined from market data. View adjustment is based on prior matched pairs. Quality adjustments are based on features/upgrades indicating an 8% difference of sale price/grade. Comps 1 and 6 are considered 1/2 grade different from the subject. All but comp 1 are adjusted for condition based on matched pairs indicating a 6% of sale price/grade. Comps 4 and are considered 1/2 grade inferior to the subject while the others are a full level inferior. Comps 1, 4, 5, and 6 are adjusted for bath count based on prior matched pairs. All comp are adjusted for GLA as well as for basement
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ADDENDUM Borrower: Hadeer Zoura File No.: 2678 Property Address: 5780 Sussex Drive Case No.: 9731547791 City: Troy State: MI Zip: 48098 Lender: Hadeer Zoura Addendum Page 2 of 2 utility/finish based on market data. Data sources relied on to develop this appraisal report include: Realcomp Public Record Database; Realcomp Multiple Listing Service (MLS), Ann Arbor Area MLS; St. Clair County MLS; Michigan Regional Data Exchange; Down River MLS; Flint Area MLS; Costar Group; in-house databases; and available assessor data. Comp 3 is given greatest weight based on age, quality, bath count, GLA, basement and overall marketability. Troy Assessor market value after reassessment / sale price Comp 1 = 98.4% Comp 2 = 97.5% Comp 3 = 91.4% Comp 4 = 85.8% Comp 5 = 99.6% Comp 6 = 105.9 % The subject's SEV jumped to 122.9% of its sale price which is 17% more than the next highest, comp 6, which was only over taxed at 6%. The subject reassessment after transfer is 26.5% greater than the average of the comparables. By using the average of the comparables the subject's SEV should have been $1,087,827/2 = $543,575, and if right on the mark would have been $1,127,360/2 = $563,680 not the actual assessed SEV of $693,030 leading to an over taxation of $4,300 in the year 2025 alone. In addition, four other new construction sales in 2024 were analyzed, with all being assessed in the 94% range of their sale price. This is consistant with the slae comps used. - 2057 Kohli Dr - 94.0% - 4970 Adler Ct - 94.3% - 1822 Abbotsford Dr - 94.9% - 1804 Abbotsford Dr - 94.9% Analysis of Current Agreement The subject has sold in the past 3 years. The subject was purchased by the current owner as a new construction project. The contract was for the amount of $1,127,360 and was closed on 10/09/2024. The subject is not currently listed or under contract for sale. None of the comparables have sold in the past 3 years of their current sale date. All comps appear to be arm's length transactions. Final Reconciliation This is is a retrospective appraisal dated back to 12/31/2024, the date used for tax appeal purposes for the 2024 year. The home was inspected on 08/29/2024 as part of the purchase as a new construction and there is an assumption that it remained in similar condition as of 12/31/2024. The intended use of this report is to establish the fair market value of the fee simple interest in the subject property for tax appeal purposes. The market value estimate is based using one to three months of market exposure. Market value is made in terms of U.S. dollars or in terms of financial arrangements equivalent to U.S. dollars. The greatest emphasis in determining the value of the subject is placed on the sales comparison analysis. The cost approach is used as a supportive analysis for comparison. The income approach is not considered as most homes in the area are owner occupied and are not normally purchased for investment purposes. The income approach does not provide a good or credible indication of value for the subject. The appraisal will be prepared for Hadeer & Larsa Hanona Zoura and is intended only for their specified use. This appraisal may be utilized by the client, their agents and advisors. It may not be distributed to or relied upon by other persons or entities without written permission of Lee Appraisal Services except for disclosure to the entities ruling in the tax process. Use of this report by others is not intended by the appraiser. Extra Comments The Indicated Value by Sales Comparison Approach, $1,189,000, is calculated using the following weights: 16.8% - 55 Florence Drive; Sale Price $890,000; Adjusted Value $1,061,000; Gross Adj: 23.3% 17.0% - 5713 Greenhill Drive; Sale Price $1,130,000; Adjusted Value $1,117,500; Gross Adj: 22.0% 17.5% - 2928 Vineyards Drive; Sale Price $1,125,000; Adjusted Value $1,189,000; Gross Adj: 18.6% 16.9% - 55 Pine Creek Court; Sale Price $1,152,000; Adjusted Value $1,220,000; Gross Adj: 22.7% 16.1% - 2544 Beachview Court; Sale Price $1,275,000; Adjusted Value $1,285,000; Gross Adj: 28.8% 15.8% - 2395 Kingsbury Drive; Sale Price $1,400,000; Adjusted Value $1,263,000; Gross Adj: 30.6%
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SUBJECT PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: Appraised Value: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura 1,150,000 December 31, 2024
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #1 Sale Date: Sale Price: $ COMPARABLE SALE #2 Sale Date: Sale Price: $ COMPARABLE SALE #3 Sale Date: Sale Price: $ Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura 890,000 s11/24;c04/24 Troy, MI 48098 55 Florence Drive 1,130,000 s05/24;c04/24 Troy, MI 48098 5713 Greenhill Drive 1,125,000 s04/24;c04/24 Troy, MI 48098 2928 Vineyards Drive
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #4 Sale Date: Sale Price: $ COMPARABLE SALE #5 Sale Date: Sale Price: $ COMPARABLE SALE #6 Sale Date: Sale Price: $ Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura 1,152,000 s07/24;c07/24 Troy, MI 48085 55 Pine Creek Court 1,275,000 s07/24;c06/24 Troy, MI 48098 2544 Beachview Court 1,400,000 s01/24;c01/24 Troy, MI 48098 2395 Kingsbury Drive
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FLOORPLAN SKETCH Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura
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FLOORPLAN SKETCH Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura
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LOCATION MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura Dining room Living room Family room Butler pantry Lav Mud room
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura Lav Kitchen Kitchen Sun room Den Bedroom
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura J&J bathroom Media room Bedroom Laundry Primary bedroom Primary bathroom
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura Primary bathroom Bedroom Bathroom Basement Basement Additional rear view
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura
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File No. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his 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 LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following 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. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report 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 the appraisal report whether 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. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, 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 normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. 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, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. 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 completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 2678 9731547791
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File No. APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to , or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to 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 the estimate of market value in the appraisal report on the race, color, religion, sex, 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. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity 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 as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of 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 the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: Signature: Name: Name: Date Signed: Date Signed: State Certification #: State Certification #: or State License #: or State License #: State: State: Expiration Date of Certification or License: Expiration Date of Certification or License: Did Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 07/31/2027 MI 1204007063 09/04/2026 Paul D Lee 5780 Sussex Drive, Troy, MI 48098 2678 9731547791
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FLOOD MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura
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AERIAL MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Hadeer Zoura 48098 MI Troy 9731547791 5780 Sussex Drive 2678 Hadeer Zoura