Appraisal.pdf
Jacob Barshaw Petitioner V Township Of Waterford Respondent · 26-002749-TT
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APPRAISAL DATA, LLC File No. 243020 APPRAISAL OF LOCATED AT: 3380 Clintonville Rd Waterford, MI 48329 FOR: Lake Michigan Credit Union 4027 Lake Drive Grand Rapids, MI, 49501 AS OF: January 29, 2024 BY: James H. Butcher Certified Residential Appraiser Copyright © 2024 Appraisal Data, LLC.
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APPRAISAL DATA, LLC File No. 243020 January 31, 2024 Lake Michigan Credit Union 4027 Lake Drive Grand Rapids, MI, 49501 File Number: 243020 In accordance with your request, | have appraised the real property at: 3380 Clintonville Rd Waterford, MI 48329 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved The property rights appraised are the fee simple interest in the site and improvements In my opinion, the market value of the property as of January 29, 2024 is: $612,000 Six Hundred Twelve Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications H. Butcher Certified Residential Appraiser
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Uniform Residential Appraisal Report Fie No. 243020 | 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 3380 Clintonville Rd city Waterford State MI Zip Code 48329 Borrower Jacob Barshaw & Steven W. Barshaw Owner of Public Record Jacob Barshaw County Oakland Legal Description See the legal description and additional comments on the attached addendum Assessor's Parcel # 13-11-228-018 Tax Year 2023 RE Taxes $s 4,932 Neighborhood Name Supervisor's Plat No 21 Map Reference MSA/MD 47664 Census Tract 1435.00 Occupant [J Owner [J Tenant Vacant Special Assessments § 0 (Jeu Hoas 0 [Jperyear [J permonin Property Rights Appraised ee Simple JLeasehold [J Other (describe) Assignment Type [J Purchase Transaction [J Refinance Transaction ther (describe) Construction Permanent Lender/Client Lake Michigan Credit Union Address 4027 Lake Drive, Grand Rapids, MI 49501 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior fo the effective date of this appraisal? [J Yes Report data source(s) used, offering price(s), and date(s). The subject property is a proposed new construction home. Per MichRIC Flexmls, the subject property is not currently listed and has no prior history. did (J did not analyze the contract for sale for the subject purchase transaction. Explain the resus of the analysis of the contract for sale or why the analysis was not performed Arms length sale; The subject property is a proposed new construction. The appraiser received and reviewed a 35-page PDF file of the fa) construction contract, including attachments. The builder is Peak Contracting, LLC. BS] Contract Price 5 425,000 Date of Contract 01/24/2024 Is the property seller the owner of public record? [J Yes lo Data Source(s) See Addendum EB Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, elc.) to be paid by any party on behalf of the borrower? [J Yes If Yes, report the total dollar amount and describe the items to be paid. $0;;No financial assistance provided. SUBJECT Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location [Jurban (XJ Suburban [J Rural Property Values | Jincreasing (XJ Stable Declining PRICE AGE _| One-Unit 85 % Buit-Up (XJover 75% [_J25-75% Under 25% | Demand/Supply (X] Shortage In Balance [J Over Supply | $(000) (ys) | 2-4 Unit % Growin _[_JRapid (XJ Stable Slow Marketing Time (XJ Under 3mths (_J3-6 mths Over 6 mihs 285 Low 6 | Multi-Family % Neighborhood Boundaries The subject property is bounded to the north and west by Clintonville 2,100 High 101 | Commercial 10 % Road, to the east by Wormer Lake, and to the south by W. Walton Blvd. 573 Pred. 53 | Other Addend 5% Neighborhood Description The area comprises a mixture of predominately single-family houses of various ages, GLA sizes, design styles, price ranges, and waterfrontage. Commercial areas are located along the main roads throughout Waterford Township, with a heavy presence along M-59 and M-24. See additional neighborhood comments on the attached addendum. Market Conditions (including support for the above conclusions) Comparable data is minimal. Market data for lakefront sales in Waterford Township shows fluctuating sale prices the past year, which were considered stable, on declining sales volume. The median DOM is 14, with an LP/SP ratio of 99%. Typical financing is Conventional and Cash. See comments on the attached addendum. Dimensions 80Fx474.71L.Sx115.95Rx483.51 Area 1.2 ac Shape Rectangular View B;Wtr;Res Specific Zoning Classification R-1A Zoning Description Single-Family Residential Zoning Compliance egal [J Legal Nonconforming (Grandfathered Use) | JNo Zoning [J legal (describe) St Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? comments on attached addendum. comments on attached addendum. Yes (JNo IfNo, describe. See additional Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Private Electricity X Water X street Paved Asphalt Gas X Sanitary Sewer X Alley None FEMA Special Flood Hazard Area] Yes jo FEMA Flood Zone X FEMAMap# 26125C0353F FEMA Map Date 09/29/2006 Are the utilities and off-site improvements typical for the market area? Yes [[JNo If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc)? dJ Yes 0 If Yes, describe. There were no observable encroachments. Easements appear for everyday utility use (the appraiser did not check land records for recorded easements). The subject property is located on a busy road and sides to a Commercial area. This is a slightly above-road-grade site from the street and is a beneficial site located on Wormer Lake. See comments on the attached addendum. SITE NEIGHBORHOOD ‘GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION _materials/condition | INTERIOR materials/condition Units One (J One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Concrete/New Floors VnylPInk/Crpt/New #0f Stories 2 XJ Full Basement Partial Basement _| Exterior Walls Vinyl/New Walls Pntd/Drywll/New Type (Jat [Js Det/End Unit| Basement Area 1216 sq.ft. | Roof Surface AsphShngl/New Trim/Finish ___ PntdSftwd/New [existing roposed [J Under Const. | Basement Finish 0% | Gutters & Downspouts Aluminum/New | Bath Floor Tile/New Design (Style) Colonial (Joutside. Entry/Exit Sump Pump | Window Type VinylSnglHng/New [Bath Wainscot _Tile/New Year Built 2024 Evidence of [0] Infestation Storm Sash/insulated Yes/New Car Storage [] None Effective Age (Yrs) (Jpampness [J Settlement Screens Yes/New Driveway #of Cars 2 Attic None Heating [XJ FwA | J Hwss | [J Radiant | Amenities, [Jwoodstove(s) #0 | Driveway Surface Concrete Drop Stair Stairs other [Fuel Gas Fireplace(s)# 0 [_JFence None X) Garage #0f Cars 2 Floor XJ Scuttle Cooling Central Air Conditioning XJ Patio/Deck Deck Carport #ofCars 0 Finished Heated Individual [other Pool None: XJ Att [Joet. [Juin Appliances |) Refrigerator |_J RangelOven |] Dishwasher Disposal |) Microwave |) Washer/Dryer] Other (describe) 2 Finished area above grade contains: 7 Rooms 3 Bedrooms 2.1 Batn(s) 2,636 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc). Programmable thermostat, recessed lighting, egress window in basement, HQ energy-efficient HVAC, humidifier, smoke alarms, CO2 detector, among others. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc). ~~ C1;Kitchen-updated-less than one year ago;Bathrooms- updated-less than one year ago; The subject property is a proposed new construction home, and no repairs, renovations, or updates are needed. The subject property is in the early stages of development, and no concrete or permanent material has been placed. All plans and specifications have been reviewed in the development of the appraisal report. See additional condition comments on the attached addendum. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? ves No If Yes, describe. While no physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity were noted, such items are generally beyond the appraiser's expertise. Issues of soundness and structural integrity are often related to hidden areas from the appraiser's view. Does the property generally conform to the neighborhood (functional utiity, style, condition, use, construction, etc)? Yes (JNo If No, describe, Freddie Mac. Form 70 March 2005 UAD Version 972011 Produced using ACI soare, 500 234 8127 wnt acweb com Fannie Mae Fom 1004 March 2005 Page 1 of 1004_05UAD 12162015
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Uniform Residential Appraisal Report File No. 243020 Thereare 10 comparable properties currently offered for sale in the subject neighborhood ranging in price from $409,000 os 2,000,999 Thereare 42 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $285,000 os 2,100,000 FEATURE I SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 3380 Clintonville Rd 4961 Shoreline Blvd 3532 Lexington Rd 3855 Lotus Dr Address Waterford, MI 48329 Waterford, MI 48329 Waterford, MI 48328 Waterford, MI 48329 Proximity to Subject 2.09 miles NW 1.54 miles SW 3.55 miles NW Sale Price $ 425,000 $ 573,000 $ 635,000 S$ 775,000 Sale Price/Gross Liv. Area [5 161.23 sqft [$229.11 sq.ft 5 268.95 sq.ft s 278.28 sq.ft Data Source(s) MichRIC #20230060790:D0M 15 | MichRIC #20230025513;D0M 61 | MichRIC #20230082698;D0M 13 Verification Source(s) Waterford Assessor/Agent Waterford Assessor/Agent Waterford Assessor/Agent VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +0) Adjustment DESCRIPTION +008 Adusiment DESCRIPTION +00 Adusiment Sale or Financing ArmLth 0|ArmLth 0|ArmLth 0 Concessions. Cash;0 0] Conv;0 0] Cash;0 0 Date of Sale/Time $10/23;c09/23 s07/23;c06/23 0|s10/23;c10/23 0 Location A;BsyRd;Comm | N;Res; -57,300 | N;Res; -63,500 | N;Res; -77,500 Leasehold/Fee Simple | Fee Simple Fee Simple Fee Simple Fee Simple Site 1.2 ac 13068 sf 9,000 | 12197 sf 9,200 | 11326 sf 9,400 View B;Wtr;Res B;Wtr;Res B;Wtr;Res B;Wtr;Res Design (Style) DT2;Colonial DT1;Ranch 0] DT2;Colonial DT2;Cntmpry 0 Quality of Construction | Q3 Q3 Q3 Q3 Actual Age 0 19 0]25 0]16 0 Condition C1 c2 80,220 | C2 44,450|C2 54,250 Above Grade Total |[Bdms| Baths Total |Bdms| Baths Total [Bdms| Baths O | Total |garms| Baths Room Count 713 21 713 21 6 [3 21 0/713 3.1 -9,000 Gross Living Area 83 2,636 sq.ft 2,501 sq.ft. 11,205 2,361 sq.ft 22,825 2,785 sq ft. -12,367 Basement & Finished 1216sf0sfin 2422sf0sfwo 0 | 1274sf1200sfin -50,400 | 1544sf1400sfin -58,800 Rooms Below Grade 1rr1br0.1ba2o 0 | 1rr1br1.0ba2o0 0 Functional Utility Acceptable Acceptable Acceptable Acceptable Heating/Cooling Gas FWA C/Air | Gas FWA C/Air Gas FWA C/Air Gas FWA C/Air Energy Efficient ltems See page one See comments 0 | See comments 0 | See comments 0 Garagel/Carport 2ga2dw. 3ga2dw 0|2ga2dw 2ga2gd2dw -24,288 Porch/Patio/Deck Deck/Cvrd Porch | Deck/Patio 0 | Deck/Cvrd Porch Deck/Cvrd Porch Amenities Boat Dock One Fireplace 0] 2FP/Shed 0] One Fireplace 0 Water Name Wormer Lake Eagle Lake 0 | Scott Lake 0] Lotus Lake 0 5 School District Waterford Waterford Waterford Waterford Net Adjustment (Total) xX: OTs 43,125] (J+ $ 37,425] (J+ - Is 118,305 Adjusted Sale Price NetAdj. 7.5% NetAd, -5.9% NetAdj. -15.3% of Comparables GrossAdj, 27.5% $ 616,000 | Gross Adi. 30.0% | $ 598,000 | Gross Adj. 31.7% | $ 657,000 1 [XJdia (J did not research the sale or iransfer history of the subject property and comparable sales. If nol, explain My research (XJdid [J 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) MichRIC Flexmls system, the Waterford Township assessor's public records, and Realist. Myresearch (XJ did [J 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) MichRIC Flexmls system, the Waterford Township assessor's public records, and Realist. 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 NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Date of Prior Sale/Transfer 04/30/2021 Price of Prior Sale/Transfer $170,000 Data Source(s) Realist Waterford Assr/Flexmls Waterford Assr/Flexmls Waterford Assr/Flexmls Effective Date of Data Source(s) | 01/29/2024 01/29/2024 01/29/2024 01/29/2024 Analysis of prior sale or transfer history of the subject property and comparable sales ~~ Per Realist, the subject's site shows a prior sale on 04/30/2021 for $170,000; this sale was not listed on the MichRIC Flexmls. Comparable #4 shows a prior transfer on 05/23/2023 with no recorded sale price. This transfer was not listed on the MichRIC Flexmls. Summary of Sales Comparison Approach. The appraiser made a thorough search of settled waterfront sales in Waterford Township, with a Waterford school district, which is considered the subject's market area, and produced the most recent, relevant, and reflective comparables of the subject property, shown above. The distances listed for the comparables in the "proximity to subject” line on the above grid were provided by Google Maps. The 'Date of Sale/Time' reported for the comparable sales is the settlement date (S), also referred to as the closing date or the sale date. The contract date (C), also known as the pending date, is likewise listed on the grid. The adjusted sale price of the comparables has been rounded to the nearest thousand dollars ($1,000) to better reflect the accuracy of the adjusted value. See additional sales comparison comments on the attached addendum. Indicated Value by Sales Comparison Approach $ 612,000 Indicated Value by: Sales Comparison Approach $612,000 Cost Approach (if developed) s 634,800 Income Approach (if developed) $ The most weight in the final opinion of market value was comparable sales #1 and #2. The least weight was given to comparable sale #3, which was included to bracket the subject. Comparable sale #4 was given no weight. Comparable #5 is an active listing and was given no weight. The cost approach offers good support. See additional reconciliation comments on the attached addendum. This appraisal is made [J "ass," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, (J subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or (J subject to the folowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair. ~~ See additional ‘Condition of Appraisal' comments on the attached addendum. 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 reportis s 612,000 asof 01/29/2024 Freddie Mac Form 70 March 2005 which s the date of inspection and the effective date of this appraisal. Produced using AC) software, B00 234 8721 win ach com Page UAD Version 972011 Fannie Nae Form 1004 arch 2005 1004_05UAD 12182015 Appraisal Data, LLC
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Uniform Residential Appraisal Report Fie No. 243020 FEATURE I SUBJECT COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 3380 Clintonville Rd 3701 Clintonville Rd 3404 Clintonville Rd Address Waterford, MI 48329 Waterford, MI 48329 Waterford, MI 48329 Proximity to Subject 0.31 miles NW 0.04 miles NW Sale Price $ 425,000 $ 400,000 $ 599,900 S$ Sale Price/Gross Liv. Area | 5 161.23 sqft [$340.72 sq.ft s 478.39 sq.ft s sq.ft Data Source(s) MichRIC #20230017068;D0M 101 | MichRIC #20230099912;D0M 63 Verification Source(s) Waterford Assessor/Agent Waterford Assessor/Agent/Bldr VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +08 Adusiment DESCRIPTION +008 Adusiment DESCRIPTION +008 Adusiment Sale or Financing ArmLth 0] Listing 0 Concessions Cash;0 0[:0 0 Date of Sale/Time s07/23;c07/23 0 | Active -11,998 Location A;BsyRd;Comm | A;BsyRd; 0]A:;BsyRd; 0 Leasehold/Fee Simple | Fee Simple Fee Simple Fee Simple Site 1.2 ac 1.55 ac 01.22 ac 0 View B;Witr;Res B;Witr;Res B;Wtr;Res Design (Style) DT2;Colonial DT1;Ranch 0|DT1;Ranch 0 Quality of Construction Q3 Q5 0/Q3 Actual Age 0 76 0/0 Condition C1 C4 140,000 | C1 Above Grade Total |Bdms| Baths Total |Bdms| Baths O | Total |goms) Baths O | Total |Bdrms| Baths Room Count 713 21 613 1.0 15,000 6 | 3 2.0 6,000 Gross Living Area 83 2,636 sq.ft 1,174 sq.ft 121,346 1,254 sq.ft 114,706 sqft Basement & Finished 1216sf0sfin 1067sf0sfin 0 1254sf0sfin 0 Rooms Below Grade Functional Utility Acceptable Acceptable Acceptable Heating/Cooling Gas FWA C/Air | Gas FWA/None 0| Gas FWA C/Air Energy Efficient ltems See page one See comments 0 | See comments 0 Garage/Carport 2ga2dw 2ga2dw 2ga2dw Porch/Patio/Deck Deck/Cvrd Porch | Porch 0] Covered Porch 0 Amenities Boat Dock Storage Shed 0] One Fireplace 0 Water Name Wormer Lake Lake Oakland 0 | Wormer Lake School District Waterford Waterford Waterford Net Adjustment (Total) $ 276,346 OTs 108,708] (J+ [J- [s Adjusted Sale Price Net Adj. 69.1% NetAd. 18.1% Net Adj % of Comparables GrossAd. 69.1% |$ 676,000 | Gross Adj. 22.1% | $ 709,000 | Gross Ad %|$ ITEM SUBJECT COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 Date of Prior Sale/Transfer 04/30/2021 05/23/2023 Price of Prior Sale/Transfer $170,000 $0 Data Source(s) Realist Realist Waterford Assr/Flexmls Effective Date of Data Source(s) | 01/29/2024 01/29/2024 01/29/2024 Summary of Sales Comparison Approach Freddie Mac. Form 70 March 2005 UAD Version 972011 Produced using ACI soare, 500 234 8127 wnt acweb com Fannie Mae Fom 1004 March 2005 1004_0SUAD 121820715
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Uniform Residential Appraisal Report Fie No. 243020 The appraisal report should be read in its entirety, including all addendums and attachments (Please reference the Table of Contents page to ensure the reader has a complete report). The reader should give special attention to the Scope of Work, Statement of Assumptions and Limiting Conditions, the Appraiser's Certification, and any additional comments throughout the report. An appraisal is a branch of applied economics. Appraising is more of an art than a science. It is distinct from the applied sciences (engineering, surveying, etc.), the building trades (construction, home inspection, electrical, plumbing, etc.), and applied arts (architecture, home design, etc.). The effective date in an appraisal report is when the subject property was observed. On the effective date of the appraisal, the appraiser completed an interior and exterior visual observation of accessible areas of the subject property (including basements, garages, and outbuildings, as applicable). Appraisers are required to be licensed by the state of Michigan, Department of Licensing and Regulatory Affairs (Corporations, Securities & Commercial Licensing Bureau), P.O. Box 30018, Lansing, Michigan 48909. Clarification of Intended Use and Intended User: The only intended user of this appraisal report is the Lender/Client listed on page one of the report. There is no other intended user. To be an intended user, the appraiser must have identified the recipient in the appraisal report. The appraisal report was prepared for the sole and exclusive use of the client, specifically to address and meet the client's needs. No purchaser, seller, or borrower is the intended user of this report. To avoid misleading them, they are hereby notified that they are neither the client nor the intended user. No party other than the intended user should rely upon this appraisal for any purpose (the words "may rely on" in Certification #23 do not imply the intended user as defined by USPAP). A party receiving a copy of an appraisal report is not automatically an intended user. The fact that some party, other than the client, paid for the appraisal, directly or indirectly, does not make them an intended user. 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. Clarification of Inspection Certification #2 on page 5 of the report states that the appraiser has performed a "complete visual inspection of the interior and exterior areas" of the subject property. The reader should understand that the "visual inspection" was performed within the context of the intended use and intended user identified and should be considered a superficial observation performed to assist in identifying relevant property characteristics in a valuation service. The various terms used in the appraisal report, such as "Inspected," "Inspection," "Observed," and "Observation," shall be deemed to mean "VIEWED." See additional comments on the attached addendum. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) ~~ The appraiser's opinion of site value for the subject property was based on the sale of the unimproved vacant land (Lot B, Clintonville Road), which is located next to the subject's site and sold for $150,000 on 11/15/2023. Fl ESTIMATED JREPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE = $ 150,000 bs) Source of cost data Marshall & Swift Dwelling 2,636 Sq.Ft.@s 141 -$ 371,676 fq Quality rating from cost service Good Effective date of cost data 06/2023 Bsmt: 1216 Sq.Ft@s 36 -$ 43,776 EY Comments on Cost Approach (gross living area calculations, depreciation, etc.) Covered Porch, Deck 15,000 a The cost approach offers good support in the final opinion of Garage/Carport 780 Sq.Ft@s 44 = $ 34,320 [8] market value, because of the actual age of the subject property Total Estimate of Cost-New = $ 464,772 and no physical depreciation. Cost figures are taken from the Less 70 Physical | Functional | External Marshall & Swift Residential Cost Estimator, good quality, plus Depreciation =$(0 | local multipliers. Physical life equals economic life. See additional | Depreciated Cost of Improvements = § 464,772 comments on the attached addendum. "As-is" Value of Site Improvements = $ 20,000 Estimated Remaining Economic Life (HUD and VA only) 70 Years | INDICATED VALUE BY COST APPROACH - § 634,800 ul INCOME APPROACH TO VALUE (not required by Fannie Mae) f Estimated Monthly Market Rent $ X Gross Rent Multiplier = Indicated Value by Income Approach | Summary of Income Approach (including support for market rent and GRM) The appraiser did not utilize the income approach. The subject's market area is ll primarily owner-occupied and not driven by income-producing properties. PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in conirol of the Homeowners’ Association (HOA)? [Jes [ JNo _Unittype(s) J Detached [J Attached Provide the following information for PUDs ONLY ifthe developer/builder is in control of the HOA and the subject property is an attached dwelling unit Legal name of project PS Total number of phases Total number of units Total number of units sold JS! Total number o units rented Total number of units for sale Data source(s) EY Was the project created by the conversion of an existing building(s) into a PUD? [J Yes [_JNo If Yes, date of conversion FS Does the project contain any multi-dweliing units? [J Yes [JNo Data source(s) EE] Are the units, common elements, and recreation facilities complete? [ves (JNo 17 No, describe the status of completion Are the common elements leased to or by the Homeowners’ Association? (J Yes [_JNo If Yes, describe the rental terms and options, Describe common elements and recreational facilities. Freddie Mac. Form 70 March 2005 UAD Version 972011 Produced using ACI soare, 500 234 8127 wnt acweb com Fannie Mae Fom 1004 March 2005 Page 30f 1004_05UAD 12162015
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Uniform Residential Appraisal Report File No. 243020 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a 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 condominium or 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 property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during 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 Vac Form 70 March 2005 UAD Version 972011 Protea using ACI sotware. 800 2318127 fii aciveh com Fannie Mas Form 1004 March 2005 Page dof 6 1004_05UAD 12182015
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Uniform Residential Appraisal Report File No. 243020 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. | performed a complete visual inspection of the interior and exterior areas of the subject property. | reported the condition of the improvements in factual, specific terms. | identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. | performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. | 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. | have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. | further certify that | considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. | researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior 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. | 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. | selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. | have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. 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. | 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. | have knowledge and experience in appraising this type of property in this market area. 12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. | obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that | believe to be true and correct. 14. | have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. | have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that | became aware of during the research involved in performing this appraisal. | have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. | have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. | stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. 1 have no present or prospective interest in the property that is the subject of this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of 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. | personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If | 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, | have named such individual(s) and disclosed the specific tasks performed in this appraisal report. | certify that any individual so named is qualified to perform the tasks. | 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 | will take no responsibility for it. 20. | 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. 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). Freddie Vac Form 70 March 2005 UAD Version 972011 Protea using ACI sotware. 800 2318127 Wii acne com Fannie Mas Form 1004 March 2005 Page 506 1004_05UAD 12182015
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Uniform Residential Appraisal Report File No. 243020 22. | 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, | 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. l 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 JHB Name Jamesdd/Butcher SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Appraisal Data, LLC Company Address 30708 Ardmore Ct Novi, MI 48377-4109 Company Name Company Address Telephone Number 248.444.4909 Email Address appraisaldatallc@att.net Date of Signature and Report 01/31/2024 Effective Date of Appraisal 01/29/2024 State Certification # 1204004219 or State License # Telephone Number Email Address Date of Signature State Certification # or State License # State or Other (describe) State # State MI Expiration Date of Certification or License 07/31/2025 ADDRESS OF PROPERTY APPRAISED 3380 Clintonville Rd Waterford, MI 48329 APPRAISED VALUE OF SUBJECT PROPERTY $612,000 LENDER/CLIENT Name Mercury Network Company Name Lake Michigan Credit Union Company Address 4027 Lake Drive Grand Rapids, MI 49501 Email Address jessica.burton-allen@Imcu.org Expiration Date of Certification or License SUBJECT PROPERTY (Doid not inspect subject property (Joid inspect exterior of subject property from street Date of Inspection oid inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES (Doid not inspect exterior of comparable sales from street Od Did inspect exterior of comparable sales from street Date of Inspection Freddie Vac Form 70 March 2005 UAD Version 972011 Prodi Using ACI soars, 800 2318721 wi, aciweh Page boi 6 Fannie Mas Form 1004 March 2005 1004_D5UAD 12182015 Appraisal Data, LLC
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Uniform Appraisal Dataset Definitions Fie No. 243020 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 malerials and the recycled components have been rehabilitaled/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are nol considered “new” if they have any significant physical depreciation (i.e., newly constructed dwellings tha have been vacant for an extended period of lime 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. “Note: The improvements represent a relatively new property thal is well maintained with no deferred maintenance and litle or no physical depreciation, or an older property that has ‘been recently completely renovated 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. “Note: The improvement is in is first-cycle of replacing short-lived buiting components (appliances, floor coverings, HVAC, ec.) and is being well maintained. lis estimated effective age 5 less than ts actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not o the level of a complete renovation. 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. “Note: The estimated effective age may be close to or equal to its actual age. Ji reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy: however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequalely maintained property. 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. “Note: Some significant repairs are needed lo the improvements due lo the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are al the end of or have exceeded their physical life expectancy but remain functional. 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. “Note: Substantial repairs are needed lo the improvements due lo the lack of adequate maintenance or property damage. If reflects a property with conditions severe enough lo affect the safely, soundness, or structural integrity of the improvements. 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 residences 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. 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 (cabinel(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 The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count. UAD Version 92011 Produced ug ACI salwar 800234 8727 wank ache com 004 05RD 12162075 Uniform Appraisal Dataset Definons
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Uniform Appraisal Dataset Definitions File No. 243020 Abbreviations Used in Data Standardization Text Abbrev. FullName Appropriate Fields Abbrev. FullName Appropriate Fields ac Acres Area, Site in Interior Only Stairs. Basement & Finished Rooms Below Grade AdjPrk Adjacent to Park Location Lndfl Landfill Location AdjPwr Adjacent to Power Lines Location LtdSght Limited Sight View A Adverse Location & View Listing Listing Sale or Financing Concessions ArmLth Arms Length Sale Sale or Financing Concessions MR Mid-Rise Structure Design(Style) AT Attached Structure Design(Style) Min Mountain View View ba Bathroom(s) Basement & Finished Rooms Below Grade | N Neutral Location & View br Bedroom Basement & Finished Rooms Below Grade | NonArm Non-Arms Length Sale Sale or Financing Concessions B Beneficial Location & View op Open Garage/Carport BsyRd Busy Road Location [1 Other Basement & Finished Rooms Below Grade cp Carport Garage/Carport 0 Other Design(Style) Cash Cash Sale or Financing Concessions Prk Park View View CtySky City View Skyline View View Pstrl Pastoral View View CtyStr City Street View View Pwrln Power Lines View Comm Commercial Influence Location PubTrm Public Transportation Location c Contracted Date Date of Sale/Time m Recreational (Rec) Room Basement & Finished Rooms Below Grade Conv Conventional Sale or Financing Concessions Relo Relocation Sale Sale or Financing Concessions ov Covered Garage/Carport REO REO Sale Sale or Financing Concessions CrtOrd Court Ordered Sale Sale or Financing Concessions Res Residential Location & View DOM Days On Market Data Sources RT Row or Townhouse Design(Style) DT Detached Structure Design(Style) RH Rural Housing - USDA Sale or Financing Concessions dw Driveway Garage/Carport SD Semi-detached Structure Design(Style) Estate Estate Sale Sale or Financing Concessions s Settlement Date Date of Sale/Time e Expiration Date Date of Sale/Time Short Short Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions sf Square Feet Area, Site, Basement g Garage Garage/Carport sqm Square Meters Area, Site, Basement ga Garage - Attached Garage/Carport Unk Unknown Date of Sale/Time gbi Garage - Built-in Garage/Carport VA Veterans Administration Sale or Financing Concessions gd Garage - Detached Garage/Carport wo Walk Out Basement Basement & Finished Rooms Below Grade GR Garden Structure Design(Style) wu Walk Up Basement Basement & Finished Rooms Below Grade GIfCse Golf Course Location WirFr Water Frontage Location Glfvw Golf Course View View Wir Water View View HR High Rise Structure Design(Style) w Withdrawn Date Date of Sale/Time Ind Industrial Location & View Woods Woods View View Other Appraiser-Defined Abbreviations Abbrev. FullName Appropriate Fields Abbrev. FullName Appropriate Fields Avg/Av Average Throughout appraisal report SEMCOG Southeast Michigan Throughout appraisal report Council of and addendum comments Crpt Carpet Materials/Condition Governments Crmc Ceramic Materials/Condition Sftwd Softwood Materials/Condition Csmnt Casement Windows Materials/Condition ShtTl Sheet Tile Flooring Materials/Condition SP Sale Price Sale or Financing Concessions DblHng DoubleHung window Materials/Condition Sldng Sliding Windows Materials/Condition SIC thus was it written Analysis of Sales Contract Fbrg Fiberglass Insert Materials/Condition to inform reader that any errors FP Fireplace Amenities description or misspelling's are intentional FE Fair Materials/Condition and has been quoted verbatim Gd/G Good Materials/Condition ul Tile Materials/Condition GLA Gross Living Area Sales Comparison and additional comments USPAP Uniform Standards _ Throughout appraisal report & of Professional additional comments Hdwd Hardwood Floors Materials/Condition Appraisal Practice LC Land Contract Sale or Financing Concessions Vny Vinyl Materials/Condition Lnim Linoleum Tile Materials/Condition LP List Price Sale or Financing Concessions wd Wood Materials/Condition WIC Walk-in Closet Additional Comments Mrbl Marble Materials/Condition W/Wrn__ Worn Materials/Condition MSA/MD Metropolitan Map Reference on page one Statistical Area and Metropolitan Division MichRIC Michigan Regional Data sources and additional Flexmls Information Center comments throughout report P Personal Property Appliances listed on page one Pntd Painted Materials/Condition Prcin Porcelain Tile Materials/Condition PRD Public Record Data Data sources & add. comments UAD Version 972011 Uniform Appraisal Dataset Definitions Produced using AC) oftware, B00 234 8727 wr ach com T004_0SURD 12182075
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ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union Legal Description (cont from page 1) T3N, ROE, SEC 11 SUPERVISOR'S PLAT NO 21 PART OF LOT 11 DES C AS BEG AT PT DIST S 87-48-22 E20 FT & S 04-13-21 W 219.98 FT FROM NW COR OF SD LOT, TH S 8 6-28-18 E 474.71 FT, TH S 02-46-00 W 115.95 FT, THN 87-48-22 W 327.36 FT, TH N 70-16-11 W 156.15 FT, TH N 04-13-21 E 80 FT TO BEG 10-11-17 FR 011 The city listed on page one of the appraisal report as "Waterford" is a mailing address. The subject property and all comparables used in this appraisal report are physically located in Waterford Township (Twp), MI. The "Borrower" listed on page one of the appraisal report is per the Lender/Client. The "Owner of Public Record" listed on page one of the report is per the Waterford Township assessor's public records. The taxes listed on page one of the appraisal report for 2023 are based on a vacant site. The Map Reference and the Census Tract numbers on page one of the appraisal report were taken from the Federal Financial Institutions Examination Council (FFIEC) website (ffiec.gov). Contract Data Source (cont from page 1) The borrower is the owner of the public record. The borrower is having a single-family residence built on a site owned by the borrower, by the builder Peak Contracting, LLC. Neighborhood Description (cont from page 1) The city listed on page one of the appraisal report as "Waterford" is a mailing address. The subject property and all comparables used in the report are located in Waterford Township (Twp), MI. Waterford Township is located in central Oakland County. The subject property is located in the northeast section of Waterford Township. It is within an hour's driving time of Downtown Detroit (professional sports and entertainment venues) or Detroit Metropolitan Airport. Linkages are acceptable to the typical buyer. The area appears average with a variety of complementary land uses. Waterford Township is known as a "Lakeland Paradise" for its 34 Lakes and recreation areas and is roughly 35.3 square miles in size with a 2020 SEMCOG population of 70,565. The Oakland County International Airport is located a few miles to the southwest. Oakland County International Airport is a county-owned public-use airport categorized as a non-primary commercial service facility. It features a noise abatement program to help with the external obsolescence of the surrounding communities. This does not rise to the level of any external obsolescence, as all homes in the neighborhood are affected similarly. The subject property has access to essential neighborhood amenities (sewer, water, electricity, high-speed internet). Employment centers, schools, shopping, police, fire, medical services, parks, lakes & recreation areas are all nearby. The subject property and all comparables used in the appraisal report are located in the Waterford school district. The subject property has lake privileges on private, all-sports Wormer Lake. Wormer Lake is estimated at 27.2 acres and connects to Mohawk Lake (23 acres). Commercial areas are located along the main roads throughout Waterford Township, with a heavy presence along Highland Road (M-59) and Dixie Hwy (M-24), which are significant thoroughfares throughout Oakland County and the Metro-Detroit area and are lined with numerous commercial, industrial, and business districts. The One-Unit Housing Trends (Property Values, Demand/Supply, and Marketing Time) listed on page one of the appraisal report are for waterfront sales in Waterford Township, with a Waterford school district, that were settled in the last year of the effective date. The data used to establish the 'One-Unit Housing’ (Price and Age) range listed on page one of the appraisal report is not limited to comparable sales only and is of all sales in Waterford Township listed as waterfront (lake and canal frontage) that were settled in the last year of the effective date. The "Pred." value is the median value. The present land use listed on page one of the appraisal report is for the defined neighborhood boundaries and was based on the appraiser's estimate of SEMCOG land use data. The part labeled "Other" includes government and institutional, transportation, communication and utility, parks and recreation areas, and open spaces. Neighborhood Market Conditions (cont from page 1) There are no apparent adverse factors that affect the subject's marketability. The market analysis in this appraisal report summarizes past market conditions, which may or may not reflect future market conditions, and is based on data that only reflects past events. The appraiser cannot guarantee future market conditions for the subject property. Due to varied market dynamics, it is challenging to make a broad-based call on selecting "Increasing" vs. "Stable" vs. "Declining" for property values. Depending on the size of the area analyzed and the criteria of the data used, different opinions on the matter may be formed. Comparable data for the subject property is very minimal. Market data for settled waterfront sales in Waterford Township, with a Waterford school district, showed fluctuating sale prices throughout the past year from the 7-12 month period ($596,250) to the 4-6 month period ($516,000) to the current 0-3 month period ($630,000) on declining sales volume and were considered stable. The LP/SP ratio has held stable throughout the year at 98% while listing prices have fluctuated throughout the year ($549,000 7-12 month period; $499,900 4-6 months; $569,900 0-3 months) and were considered in a stable range. The DOM was stable at under 20 days throughout the year (15 DOM 7-12 months; 11 4-6 months) and has risen on limited sales in the current 0-3 month period (42 DOM). The median sale price is up 10.5% in the last year of the effective date ($573,000) vs. the previous year ($518,288). Addendum Page 1 of 7
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ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union Sold Price Property values were rated as stable and no market condition adjustments were made for any comparable sale contracted within the last year of the effective date. Foreclosure/REO Sales are not a factor in Waterford Township. Less than 1% of all settled sales in Waterford were Foreclosure/REO sales. Seller concessions are prevalent for settled sales in Waterford Township, with a Waterford school district, and have increased in the past year. Settled sales with seller concessions range from approximately 1-3 percent of the sale price and usually cover closing costs & pre-paids. In the last year of the effective date, 33% of the settled sales had seller concessions, from 20% the previous year. Concessions, when used, generally are added back into the purchase price on approximately a one-to-one basis or rounded to the nearest thousand dollars. The data is tailored to include properties considered comparable to the subject property and may or may not reflect the data listed in the neighborhood trends section on page one of the appraisal report. The inclusion of other sales not comparable to the subject property could provide a significantly different result. Zoning Compliance (cont from page 1) The improvements appear to comply with local zoning restrictions. The present residential use is the only allowable use for the subject property. The appraiser is not responsible for any errors or changes regarding zoning matters. If there are any questions regarding the zoning, it is the client's responsibility or a third party to verify zoning information (including permitted uses, setback requirements, zoning code violations, etc.). The specific zoning classification listed on page one of the report is based on the most recent available zoning map category from Waterford Township (06/2020). Highest and Best Use (cont from page 1) Based on the current zoning of the subject property, and its present conforming use as a single-family dwelling, and its location among immediately adjoining single-family dwellings, and the absence of demand for an alternative use that could produce a higher return, the subject property is considered to be at its highest and best use as of the effective date of the appraisal report. The Highest and Best Use (HBU) as vacant is to build a one-unit residential improvement. Improved one-unit residential properties that are purchased within this neighborhood are typically owner-occupied. The typical buyer is purchasing for utility (residence). The HBU "as improved" is "as-is." The improvement should be retained as-is, with a regular replacement of short-lived items as needed. The four tests of highest and best use are (1) legally permissible, (2) physically possible, (3) financially feasible, and (4) most profitable. The subject property is a legally permissible use based on the current zoning. The site size, shape, and land-to-building ratio allow the present structure and indicate a good utilization of the improvements. The existing structure as a single-family residence is financially feasible and maximal productive use. Site Comments (cont from page 1) The FEMA flood hazard information on page one of the appraisal report is from the FEMA Map Service Center (FEMA.gov) website. The subject property is not located in a special FEMA flood zone. The flood map addendum is from a third-party entity known as "Sky Flood" supplied by the appraisal software company. Proprietary flood map programs give an estimate of location, are not exact, and are included for display purposes only. The appraiser assumes no responsibility for the accuracy of the FEMA data or the flood maps provided. The appraisal report is not a survey. The appraiser is not a surveyor. The appraiser assumes no responsibility for the accuracy of boundary issues, flood zone determination, easements, encroachments, or other such site concerns, and it is recommended that a professional surveyor be retained to make this determination. The site dimensions listed on page one of the appraisal report for the subject property are from Oakland County Property Gateway. The overall site size listed on page two for the subject and comparables is per Realist. Per the builder, the subject property is serviced by municipal public water and sanitary sewer. The appraiser is entitled to rely upon the information provided by third parties deemed to be reliable. The appraiser cannot independently verify the accuracy of the information supplied and cannot be held responsible for any information later found to be inaccurate. The subject property is located on a busy road (Clintonville Road) and sides to a Commercial area (off W. Walton Blvd). While having a beneficial waterfront site, the typical buyer would consider this an adverse location. The subject property has a beneficial location on private, all-sports Wormer Lake. Wormer Lake is estimated at 27.2 acres and connects to Mohawk Lake (23 acres). The appraiser is not an expert on the presence of hazardous waste, toxic substances, pesticides, herbicides, underground Addendum Page 2 of 7
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ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union storage tanks, or adverse environmental conditions. The appraiser is not qualified to detect such conditions or substances. The appraisal report was prepared based on the assumption that no such substances exist at the subject property. The appraiser only visually observed accessible areas from standing height and noted no apparent adverse site conditions or external factors. Condition of the Property (cont from page 1) The subject property is a proposed new construction home in the early stages of development, and no concrete or permanent material has been placed. The subject property is a 2.0-story modern Colonial-style home with an unfinished basement, a 2-car attached garage, an uncovered deck area, and a covered front porch. Additional features of the subject property include an open floor plan concept, a large center island in the kitchen, pantry, vinyl plank flooring and carpeting, recessed lighting, mudroom, walk-in closet (WIC) in the primary bedroom, dual sinks and vanity in the primary bathroom, stall shower in the primary bathroom, first-floor and second-floor laundry, second-floor bonus room over the garage, programmable thermostat, HQ energy-efficient HVAC, humidifier, smoke detectors, CO2 detectors, egress window in basement, basement plumbed for full bathroom, oversized 2-car attached garage with service door, among others. There were no repairs needed at the time of observation. The roof was only observed visibly from the street level. The appraiser did not observe the attic. There was no observed functional or external obsolescence. There is no physical depreciation. All appliances and utilities appeared to be operating and in sound working order. The actual age of the property (also known as chronological age) is the number of years that have passed since the structure was built. The effective age is the estimate of the age of a structure based on its utility and physical wear and tear. While the actual age is reported as a defined number of years, typically, homes are routinely maintained and periodically updated as the life cycles of individual components end. The effective age results from how the house is maintained and upgraded. The rating terms used in appraisal assignments for materials/conditions include; New (N), Good (Gd), Average (Avg or Av), Fair (F), and Worn (Wr). These ratings are meant to reflect the observed condition and perception of the subject property. The reader should clearly understand that this information is only used as a general guide for property valuation and not intended to be used to evaluate the condition or adequacy of the subject property. The rating is not a conclusive indicator of the remaining life of the item referred to in the report. The appraiser has been retained to arrive at an opinion of the market value for the subject property. The appraiser is not a home inspector. The appraisal report is not a home inspection. An appraisal is different than a home inspection. The appraisal report does not guarantee or imply that the subject property is defect-free. The appraiser's observation of the subject property is far different from and much less intensive than the type of inspections performed to discover property defects, and the appraiser is not qualified to inspect, perform tests, or report on the quality of various systems present in the home. The observation of the subject property is not technically exhaustive. It is not intended to reveal defects in the mechanical systems, plumbing, electrical, structural integrity, roofing, or other house components, and the appraiser does not claim to be an expert in these areas. The appraiser performed a superficial visual observation of the subject property from standing height and was limited to what was readily observable without moving furniture or personal property. The appraiser did not observe areas that were not readily accessible or posed safety risks. The appraisal report cannot be relied upon to disclose defects or adverse conditions that are not apparent from visual observation of the subject property from a standing height. The appraiser is not a building contractor or a qualified expert in construction methods or construction components, including, but not limited to, framing/structure, roof, foundation, etc. Due to the limited extent of the appraiser's observation of the property, it is assumed that all major components of the subject are built to the standards typical of the era when the improvements were built. No verification of building or land use permits is performed. The appraiser does not know if building permits were obtained or what building codes were in effect during the improvement's construction. The appraisal report cannot be relied upon to determine building code violations at the subject property. It is assumed that all hidden components and mechanical equipment exist and are in working order. The appraiser assumes no responsibility and makes no representations or implied warranties. The appraisal report does not serve as a warranty or guarantee on the complete condition of the property. The appraiser does not guarantee the home is free of environmental problems or infestation. The appraiser can only observe areas that are visually accessible. Issues could be present in areas of the house the appraiser could not see. The appraiser is not an expert in the identification of adverse factors, including but not limited to asbestos, lead-based paint, mold (the cause of mold or the type of mold), radon gas, fungi, formaldehyde, groundwater contamination, underground storage tanks, or termites, rodents, pests, etc. The report is based on the assumption that no such issues exist at the subject property. The appraisal report should not be relied upon to disclose current or past environmental problems, hazardous conditions, or infestations. The appraiser is not an expert in these fields or qualified to detect the presence of these types of issues. Comments on Sales Comparison (cont from page 2) All comparables chosen are located within Waterford Township, with a Waterford school district, which is considered the subject's market area and includes settled sales over the recommended one-mile radius. These comparables are considered the best available and the most representative of the subject's surrounding market area as of the effective date of the appraisal report. The comparable search began with MichRIC Flexmls for settled sales in Waterford Township, with a Waterford school district, that were listed as waterfront sales with a water type as lake. This search resulted in 42 sales the past year ranging in sale price from $285,000-2,100,00 as listed on the top of page two of the report. The primary criteria of the comparable selection were beneficial waterfront location, actual age, date of sale (within the current 0-3 month period, then expanded to the 4-6 month period, and then expanded to within the last 7-12 month period of the effective date), quality, condition, GLA size, design style, and any external influences. Settled comparable sales containing as many as possible of the primary criteria are selected. Due to the lack of similar comparable sales, some of the Addendum Page 3 of 7
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ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union adjustments exceed the recommended line item (10%) adjustment and some of the comparables exceed the recommended net (15%) and/or gross (25%) adjustment. All adjustments were rounded to the nearest $1,000 (except GLA, cost, and percentage adjustments). The above grade GLA has been adjusted at a rounded value of $83 per square foot (using single line linear regression analysis, the amount of the depreciated cost of the improvements were then divided by the unit GLA to arrive at an incremental value difference) and was based on all settled waterfront sales in Waterford Township, with a Waterford school district, that are in a comparable GLA range. SqFtAbove Grade There was no adjustment given for the actual age. Effective age differences were adjusted for in condition based on extended life depreciation and were further considered for any upgrades or improvements. Differences in above grade bathroom differences were adjusted at $3,000 per fixture. Comparable sale #1 was included for its date of sale within the last 4-6 month period of the effective date (10/04/2023), along with its beneficial waterfront site, overall similarity (quality, age, condition, GLA size, unfinished basement), and similar-sized lake (Eagle Lake). Comp #1 is located on a neutral residential site superior to the subject's location and was given an adjustment of -10% (based on several sets of paired sales ranging from 6-15%). Comp #1 has an inferior site size and was given an adjustment of $10,000 per acre for differences in site size. Comp #1 was built in 2004 and was rated in an inferior C2 condition, and was given an adjustment of 14% for effective age (ten years). Comparable sale #2 was included for its date of sale within the last year of the effective date (07/11/2023), along with its beneficial waterfront site, overall similarity (quality, condition, GLA size), and similar-sized lake (Scott Lake). Comp #2 is located on a neutral residential site superior to the subject's location and was given an adjustment of -10% (based on several sets of paired sales ranging from 6-15%). Comp #2 has an inferior site size and was given an adjustment of $10,000 per acre for differences in site size. Comp #2 was built in 1998 and was recently renovated and rated in an inferior C2 condition and was given an adjustment of 7% for effective age (five years). Comp #2 has a finished basement superior to the subject's unfinished basement and was given a cost adjustment of $42 per finished foot. Comparable sale #3 was included for its date of sale within the last 4-6 month period of the effective date (10/24/2023), along with its beneficial waterfront site, overall similarity (quality, age, condition) and to bracket the subject property on the upper end in terms of GLA size. Comp #3 is located on a neutral residential site superior to the subject's location and was given an adjustment of -10% (based on several sets of paired sales ranging from 6-15%). Comp #3 has an inferior site size and was given an adjustment of $10,000 per acre for differences in site size. Comp #3 was built in 2007 and was rated in an inferior C2 condition and was given an adjustment of 7% for effective age (five years). Comp #3 has a finished basement superior to the subject's unfinished basement and was given a cost adjustment of $42 per finished foot. Comp #3 has a second detached garage and was given an adjustment of $44 per foot minus depreciation. Lotus Lake is a superior sized lake compared to the subject's lake (Wormer Lake and Mohawk Lake) and this would have a superior influence on the typical buyer. Comparable sale #4 was included for its similar adverse location on Clintonville Road, beneficial waterfront site, and site size. Comp #4 is a smaller, older home and was most likely purchased for its site (waterfront). Comp #4 was sold in an as-is condition, rated in a C4 condition, and given an adjustment of 35% for effective age. No quality adjustment was given, which is further reflected in the condition adjustment. Comparable #5 is a current listing and was included to show market activity and its location next to the subject property. Comp #5 is vacant land and is also listed for sale. Comp #5 was given a -2% time adjustment. The current LP/SP ratio is 98%. Other comparables were researched and analyzed but not included in the appraisal report for various reasons and are kept in the appraiser's work file. The extracted adjustments on the sales comparison grid are through quantitative data (grouped analysis, matched pair sales analysis, sensitivity analysis, cost, regression) wherever possible and are not calculated on a mechanical dollar-for-dollar cost but based on the market's approximate reaction/demand for any such amenity. Some features requiring adjustments have an element of objectivity and professional judgment (qualitative data). Not all adjustments in the sales comparison approach can be directly extracted or supported by the available market data with a high degree of accuracy. While the real estate market typically acknowledges certain adjustments and elements of comparison, the market is not sufficiently refined to suggest the percentages of dollar amounts are precise even though they were treated as such. Appraisers develop an opinion of market value by applying their judgment to the analysis and interpretation of data. The appraiser also speaks with local real estate agents to determine what buyers state (influence) they are willing to pay or not pay for any amenity. The numeric value of zero (0) used in the adjustment grid for the comparables represents that the appraiser acknowledges that a difference exists between the subject property and the comparable. However, the difference is insignificant enough to warrant a value adjustment, or an adjustment could not be determined. The adjustments to the comparables are believed to Addendum Page 4 of 7
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ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union be reasonable and representative of the pricing relationship as they relate to the subject property. Individual adjustments should not be relied on independently. Final Reconciliation (cont from page 2) The sales comparison approach, which best reflects the behavior and actions of the typical buyers and sellers in the market area, is the most relevant analysis in this appraisal assignment and was given the most weight. There is sufficient information to develop a credible opinion of market value. The sales comparison approach is based on the principle of substitution. This principle presumes that a typical informed buyer will pay no more for a property than the purchase price of a similar (comparable) property (a property's value tends to be set by the cost of acquiring an equally desirable substitute). The cost approach offers good support; however, the cost approach did not factor in the rising cost of materials and labor for a new construction home. The income approach was not relevant. Comparable sales were selected based on elements of comparison, including location, quality, condition, GLA size, age, site size, similar functional utility, and school district, among others. The subject property was reconciled by considering these factors. For purposes of this appraisal report, it is necessary to render a single point of value. The opinion of market value is within the pre and post-adjusted range of sales utilized and supported by property values of similar homes in the market area and what represents the "most probable” price for the subject. The most weight in the final opinion of market value was comparable sales #1 and #2 for overall similarity, date of sale within the last year of the effective date, and waterfront property located on a lake similar to the subject property. The least weight was given to comparable sale #3, which was included to bracket the subject on the upper end in terms of square footage. Comparable sale #4 was given no weight and was included for its adverse location. Comparable #5 is an active listing and was given no weight. The final opinion of market value is higher than the contracted sale price because the borrower owns the subject's site. Conditions of Appraisal (cont from page 1) The subject property was checked as "subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed". The subject property is a proposed new construction home and the appraised value is based on the hypothetical condition that the improvements have been completed as of the effective date of the appraisal report, per the plans and specifications. A hypothetical condition is defined as: "A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignments results, but is used for the purpose of analysis." The appraisal involves the use of a hypothetical condition, as the property is appraised contrary to what actually exists. The use of this hypothetical condition might have affected the assignment results. Additional Comments (cont from page 3) The "Neighborhood" is defined as: "A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises." The Dictionary of Real Estate Appraisal (7th Edition). The neighborhood is analyzed for general data. General data is related to the general characteristics of the neighborhood and is not specific to any one property. General data is often referred to as macro-level data. The "Market Area" is defined as: "The geographic region from which a majority of demand comes and in which the majority of competition is located..." The Dictionary of Real Estate Appraisal (7th Edition). The market area is analyzed for specific data. Specific data refers to characteristics of the subject property, including its land and improvements. Specific data is often referred to as micro-level data. Data Sources Data sources used to research the subject property and the comparables included the MichRIC Flexmls system (Michigan Regional Information Center), a local Multi Listing Service (MLS). Throughout the appraisal report, MichRIC Flexmls is also called MichRIC or Flexmls. The information analyzed from MichRIC Flexmis is deemed reliable. However, it is not guaranteed by the appraiser, as MichRIC compiles it, and is only as accurate as the data put into the system (also note that if a property has inaccurate data entered, it may not show up in the search results). Additional primary data sources used in developing the report included, but were not limited to, builder supplied data, the Waterford Township assessor's public records, MichRIC Flexmls, Oakland County Property Gateway, Realist, and any realtors involved (listing and/or selling agents, when available & applicable), SEMCOG, and the appraiser's observations. Secondary data sources such as Zillow are unreliable and not used in developing the appraisal report. The appraiser completed the appraisal report based on the assumption that the information obtained from third-party sources was accurate, reliable, and factual. The information is considered the best data available but should not be taken as a representation of accuracy. The reader should understand that the appraisal report had limited data and the ability to verify certain information. If a deviation exists, the appraiser used on-site observation data and/or assessor information. The appraiser is not liable for the representation of properties provided by any third party, and data obtained from third-party sources should be considered the appraiser's best "estimate." The intent is to provide the reader with a clear, accurate, and complete report. The report is subject to revision if further evidence is brought forward after completing and submitting the appraisal report to the client. The right to amend the report is strictly up to the appraiser's discretion. Each inquiry to amend the report will be treated separately on a case-by-case basis. Typos are corrected in place. Other comments, clarifications, or revisions are dated and referenced in a "Revised Appraisal Report Addendum” located before page one of the report. Requests for additional comparable sales or listings after the original appraisal report has been completed and submitted to the client will be treated as "desktop” only. No Addendum Page 5 of 7
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ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union observation will be made of the additional comparables that were not already observed. Source of Market Value and Opinion of Market Value The Definition of Market Value on page four is from the Market Value Definition Per Financial Institution Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The opinion of market value is only for the effective date of this appraisal report. This is not a prospective determination of market value, and this appraisal gives no opinion of market value for any date other than the effective date of this appraisal report. Conditions or events outside the scope of this assignment, under which the opinion of market value is based, could alter the opinion of value and subject this report to revision. The appraiser's role is to provide the client with an accurate and adequately supported opinion of value for the subject property. The appraisal report is stating an opinion of market value for the subject. An opinion of market value is not fact, and the intended user of the report should understand that no warranties of market value are provided. An opinion of market value reflects the appraiser's perception of the subject property and comparable data. Photographs, Maps, and Addendums The photographs used in the appraisal report were taken with the appraiser's digital camera on the report's effective date and accurately represent the subject property. However, clear, unobstructed exterior pictures of the subject property are not always available due to landscaping, weather conditions (lighting or direct sunlight), or obstacles (vehicles, campers, boats, etc.). Interior pictures of the main living areas (kitchen, bathrooms, bedrooms, living/family/great rooms, finished basement) are generally included, although at the appraiser's discretion. As per Fannie Mae (FNMA) and the Uniform Standards of Professional Appraisal Practice (USPAP), the appraiser only viewed the comparables from the public street. However, clear, unobstructed pictures of the comparables are not always available due to landscaping, weather conditions (lighting or direct sunlight), people within the photograph, obstacles, or safety concerns. In such instances, the most recent MichRIC Flexmls photo, or Google Earth photo is included for the comparable. These procedures conform to USPAP compliance. The "Aerial Map" addendum image was taken from Google Earth and is of a vacant site. Any addendums, flood or location maps, and drawings/sketches included in the appraisal report are only for display purposes. FloorPlan Sketch/GLA Size The Gross Living Area (GLA) is defined as "Total area of finished, above-grade residential space; calculated by measuring the outside perimeter of the structure and includes only finished, habitable, above-grade living space." The Dictionary of Real Estate Appraisal (7th Edition). The measurements and sketch of the subject property included in the FloorPlan Sketch addendum are not an exact representation of the subject but were included only to give the reader a general idea of the subject property's design, size, and layout. The living area is considered legal, finished, permanently heated, living space contiguous with other living areas, and regarded by a typical purchaser as habitable and having utility. The above-grade finished square footage is the sum of finished areas on levels that are entirely above grade. The below-grade finished square footage of a house is the sum of finished areas on levels that are wholly or partly below grade. The measurements and square footage totals were taken from builder-supplied blueprints of the subject property. The total GLA size was based on the dimensions in the available blueprints. The floor plan layout of the subject property could be reversed upon development, and the square footage GLA totals could also change upon completion. As a matter of consistency, since the appraiser did not measure any comparables (the comparables were only observed visibly from the street), the appraiser uses builder supplied data or the Waterford Township assessor's square footage for the comparable sales. Expanded Scope of Work Statement The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s), and the intended use of the appraisal report. The opinion of market value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date of Appraisal, and the Intended User(s) and Intended Use defined herein. The scope of the appraisal assignment involved an interior and exterior observation of the subject property and an exterior observation of the comparable properties from the public street. In addition, the research included a review of applicable market information compiled from various sources to prepare a report per the intended use. The appraisal report will not provide every detail about the subject property. The appraiser relied upon the assessor's public records for the legal description and current ownership data. The scope of work does not include a title search or survey. The title to the subject property is assumed to be good and marketable. If there are any liens and encumbrances, they have been disregarded, and the property was appraised as though free of indebtedness. The appraisal report has been prepared in compliance with the Uniform Appraisal Dataset (UAD) from Fannie Mae and Freddie Mac at the client's request. The UAD requires the appraiser to use standardized responses that include specific formats, definitions, abbreviations, and acronyms (including a classification for location, site views, quality, condition, and other attributes of the subject property and comparables). The UAD rating system and required responses are not flexible and employ a "best-fit methodology" (from limited choices) instead of user-defined terms. This may limit the appraiser's ability to use terms in the data fields that might better distinguish differences in relevant characteristics between the properties. The standardized UAD responses also include the first sentence on the "Describe the condition of the property..." in the improvements section at the bottom of page one of the report, which asks for a condition rating (C1-C6) and specific questions for the kitchen and bathrooms as to "updated" or "not updated” or "remodeled" in the last 15 years. The appraiser attempted to obtain an adequate amount of information in the normal course of business regarding the subject property and comparable properties. The appraiser is not afforded the privilege of completing an interior observation of the comparable properties. Some of the standardized responses required by the UAD in the comparable grid, especially those in Addendum Page 6 of 7
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ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union which the appraiser has not had the opportunity to observe, could mistakenly imply greater precision and reliability in the data than is factually accurate. Someone else could view the UAD ratings for the subject property and the comparables differently. The data for the comparables UAD ratings (including condition, quality, energy-efficient items, etc.) is based on the appraiser's exterior observation from the public street, along with the assessor's records and MichRIC Flexmls interior photographs (if available) and were made conservatively to account for the lack of an interior observation and should be considered the appraiser's best "estimate." If these conditions are found to be inaccurate and/or misrepresented on the MichRIC Flexmls, the report is subject to revision. Within each UAD rating, there can still be differences in these ratings that require adjustment. Therefore, there may be cases where the comparable has the same rating as the subject, but an adjustment is still deemed necessary. Cost Approach Comments (cont from page 1) The cost approach offers good support in the final opinion of market value because of the actual age of the subject property and no physical depreciation. The opinion of site value (land) is estimated at its Highest and Best Use, and the improvements at their contributory value. The separate site and improvement valuations shall not be used in conjunction with any other appraisal and are invalid if so used that way. The cost approach was included to give further support to the opinion of market value and use of this data, in whole or part, for other purposes is not intended by the appraiser. Nothing set forth in the appraisal should be relied upon for the purpose of determining the amount or type of insurance coverage to be placed on the subject property. Further, the cost approach may not be a reliable indication of replacement cost for any date other than the effective date of this appraisal due to changing costs of labor & materials and due to changing building codes and governmental regulations and requirements. Replacement cost figures used in developing the cost approach are for valuation purposes only. No one client or third party, should rely on these figures for insurance purposes. The definition of "market value" on page four of this appraisal report is not consistent with definitions of "insurable value." Extra Comments Appraisal reports are technical documents that meet only the client's specific needs. The intended user is the client named in the report. The scope of work in the appraisal report has been customized for the intended user, and the appraiser identifies no additional intended users. Any use of this report by any party other than the intended user is strictly prohibited and considered unauthorized. The appraiser does not assume responsibility for the unauthorized use of this report. To avoid misleading the reader, they are now notified that any reliance on the report by other parties (including the borrower) does not elevate them to the status of the intended user and are warned not to rely on this report in any way as your interpretation of the appraisal report may be incorrect. The appraiser/consultant's responsibility is limited to the client, and any third-party use of this appraisal report shall be solely at the risk of the client and/or third parties. Any use of the report constitutes acceptance of all terms and conditions. The appraiser intends only for the appraisal report to communicate a credible opinion of the subject's market value, as defined in this report, to the client. The appraisal report was not prepared for use by the borrower. The borrower should not rely upon this report when deciding whether or not to purchase the property. The borrower should not rely upon this report to determine value. The borrower should not rely upon this report to determine whether the subject property is a good investment. The borrower should not rely upon this report to determine the property's condition, whether it is free from defects or requires any repairs. The borrower should not rely upon this report to disclose any environmental hazards at the property. The borrower should not rely upon any sketch attached to this report or the appraiser's statements about Gross Living Area (GLA). The borrower should not rely upon this report to disclose if the subject property is in a flood zone or if the borrower should purchase flood insurance. The borrower should not rely upon this report when deciding how much insurance to buy. The borrower should not rely upon this report to determine what it might cost to rebuild the property if it was entirely or partially destroyed. Stated another way, the borrower should be expected to know that the appraisal is intended for the lender's benefit and not the borrower's. The data and contents contained herein may not be sold, given, published, or redistributed in part or in whole to any person or entity through advertising, solicitation materials, public relations, or any other media without the appraiser's specific written consent and approval. Any alteration of this appraisal report in any manner voids any responsibility of the signing appraiser. This includes but is not limited to, the addition of any company logo, watermarks, comments, or the filtering (adding or removing) of any data or photographs. The appraisal report has been locked and sent electronically to allow for printing only. Addendum Page 7 of 7
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USPAP ADDENDUM
File No. 243020
Borrower: Jacob Barshaw & Steven W. Barshaw
Property Address: 3380 Clintonville Rd
City:
Waterford
County:
Oakland
State:
MI
Zip Code:
48329
Lender:
Lake Michigan Credit Union
APPRAISAL AND REPORT IDENTIFICATION
This report was prepared under the following USPAP reporting option:
Appraisal Report
A written report prepared under Standards Rule 2-2(a).
(J Restricted Appraisal Report
A written report prepared under Standards Rule 2-2(b).
Reasonable Exposure Time
My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: 0-30
The exposure time is based on an analysis of comparable non-distressed homes in the subject's market area in the last year of the
effective date. Exposure time is different from marketing time listed on page one in the Neighborhood section. Exposure time is a
retrospective opinion based on an analysis of past events assuming a competitive and open market if the property was priced
competitively.
The Uniform Standards of Professional Appraisal Practice (USPAP) defines Exposure Time as: "estimated length of time that the property
interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the
effective date of the appraisal.”
Additional Certifications
| 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
(JI 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.
Additional Comments
This report is an appraisal report per the 2024 USPAP. The appraisal report is intended to comply with the reporting requirements set
forth under the Uniform Standards of Professional Appraisal Practice (USPAP) Standard Rule 2-2(a). This appraisal report presents only
summary discussions of the data, reasoning, and analyses used in the appraisal process to develop the appraiser's opinion of market
value. Supporting documentation not provided within the appraisal report's body concerning the data, reasoning, and analyses is retained
in the appraiser's work file. The depth of the discussion in this report is specific to the client's needs and the appraisal report's intended
use.
APPRAISER:
SUPERVISORY APPRAISER (only if required):
Signature: OF.
Signature:
Name:
James{l
Butcher
Name:
Date Signed: 01/31/2024
Date Signed:
State Certification #: 1204004219
State Certification #
or State License #
or State License #:
or Other (describe):
State #:
State:
State:
Michigan
Expiration Date of Certification or License:
Expiration Date of Certification or License: 07/31/2025
Supervisory Appraiser inspection of Subject Property:
Effective Date of Appraisal: 01/29/2024
(J pidNot
(J Exterior-only from street
(J Interior and Exterior
Produced using ACI softvare, B00 234 8727 win aciveb com
USPAP_1404212015Page 21
Appraiser Independence Certification File No: 243020 Borrower: Jacob Barshaw & Steven W. Barshaw Property Address: 3380 Clintonville Rd City: Waterford County: Oakland State: MI Zip Code: 48329 Lender/Client: Lake Michigan Credit Union I do hereby certify, | have followed the appraiser independence safeguards in compliance with Appraisal Independence and any applicable state laws | may be required to comply with. This includes but is not limited to the following: = | am currently licensed and/or certified by the state in which the property to be appraised is located. My license is the appropriate license for the appraisal assignment(s) and is reflected on the appraisal report = | certify that there have been no sanctions against me for any reason that would impair my ability to perform appraisals pursuant to the required guidelines. I assert that no employee, director, officer, or agent of the Lender/Client, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Lender/Client, influenced or attempted to influence the development, reporting, result, or review of the appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner. | further assert that the Lender/Client has never participated in any of the following prohibited behavior in our business relationship 1. Withholding or threatening to withhold timely payment or partial payment for the appraisal report; 2. Withholding or threatening to withhold future business, or demoting or terminating, or threatening to demote or terminate my services; 3. Expressly or implicitly promising future business, promotions, or increased compensation for my services: 4 Conditioning the ordering of the appraisal report or the payment of the appraisal fee or salary or bonus on my opinion, conclusion or valuation reached, or on a preliminary value estimate requested; 5. Requesting an estimated, predetermined, or desired valuation in the appraisal report, prior to the completion of the appraisal report, or requesting estimated values or comparable sales at any time prior to the completion of the appraisal report; 6. Providing an anticipated, estimated, encouraged or desired value for the subject property, or a proposed or target amount to be loaned to the Borrower, except that a copy of the sales contract may have been provided if the assignment was for a purchase transaction; 7. Providing stock or other financial or non-financial benefits to me or any entity or person related to me, my appraisal or appraisal management company, if applicable; 8. Any other act or practice that impairs or attempts to impair my independence, objectivity or impartiality, or violates law or regulation, including but not limited to, the Truth in Lending Act (TILA) and Regulation Z, or the Uniform Standards of Professional Appraisal Practice (USPAP). Additional Comments: Appraisers are required to be licensed by the state of Michigan, Department of Licensing and Regulatory Affairs (Corporations, Securities & Commercial Licensing Bureau), P.O. Box 30018, Lansing, Michigan 48909. The appraisal report was completed in compliance with all applicable Appraiser Independence Requirements (AIR). The appraiser certifies that the appraisal report was prepared per the requirements of Title XI of the Financial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 3331 et seq.), along with the Uniform Standards of Professional Appraisal Practice (USPAP), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010). The appraiser is a Certified Residential Appraiser in the State of Michigan, where the subject property to be appraised is located (14.3 miles distance). The appraiser is geographically competent and has the appraisal practice, education, and experience to complete a credible appraisal on the subject property of this report. APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: )~ % 7 ~ Signature: Name: Ja H. Butcher Name: Date Signed: 01/31/2024 Date Signed: State Certification #: 1204004219 State Certification # or State License # or State License #: or Other (describe): State #: State: State: Michigan Expiration Date of Certification or License: Expiration Date of Certification or License: 07/31/2025 Produced using ACI Soware, 500 231 5 aciveb com ARCS_14 04062074 Appraisal Data, LLC
Page 22
SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Address: 3380 Clintonville Rd Case No.: City: Waterford St. MI Zip: 48329 Lender: Lake Michigan Credit Union FRONT VIEW OF SUBJECT PROPERTY STREET SCENE ADDRESS VERIFICATION Produced using ACI sofware, 800.234 8727 wim amet com SUBSFSV 04212018
Page 23
Additional Subject Property Photo Addendum Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Address: 3380 Clintonville Rd Case No. City: Waterford St: MI Zip: 48329 Lender: Lake Michigan Credit Union VIEW OF SUBJECT'S SITE ON THE EFFECTIVE DATE VIEW FROM THE REAR OF SUBJECTS SITE FACING CLINTONVILLE ROAD VIEW OF BENEFICIAL WATERFRONT SITE VIEW OF TEMPORARY DRIVEWAY VIEW OF SUBJECTS SITE FROM CLINTONVILLE ROAD STREET SCENE Clintonville Road facing south Produced using ACI softvare, B00 234 8727 win aciveb com PHTe
Page 24
COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No: 243020 Address: 3380 Clintonville Rd Case No. City: Waterford St: MI Zip: 48329 Lender: Lake Michigan Credit Union COMPARABLE SALE #1 4961 Shoreline Blvd Waterford, MI 48329 COMPARABLE SALE #2 3532 Lexington Rd Waterford, MI 48328 COMPARABLE SALE #3 3855 Lotus Dr Waterford, MI 48329
Page 25
COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No: 243020 Address: 3380 Clintonville Rd Case No. City: Waterford St: MI Zip: 48329 Lender: Lake Michigan Credit Union COMPARABLE SALE #4 3701 Clintonville Rd Waterford, MI 48329
Page 26
COMPETING LISTING PHOTO ADDENDUM Borrower: Jacob Barshaw & Steven W. Barshaw File No: 243020 Address: 3380 Clintonville Rd Case No. City: Waterford St: MI Zip: 48329 Lender: Lake Michigan Credit Union COMPETING LISTING #1
Page 27
FLOORPLAN SKETCH
Borrower: Jacob Barshaw & Steven W. Barshaw
File No.:
243020
Property Address: 3380 Clintonville Rd
Case No.:
City: Waterford
State: MI
Zip: 48329
Lender: Lake Michigan Credit Union
an
pe
Vi
-
Dining
i chen
Primary
Bedroom
Unfinished
Area
Kh
Bedroom
§
Garage
g
i
Primary
Lav.
Mud
Bathroom
Room,
Ac
Bedroom
=
I
Laundry
i
or
Basement
Second Floor
221
—_
Living Area
Area Calculation
FirstFloor
1216
1
First Floor
1.00
= 12146 ft’
Second Floor
1419.5 n° [J
32nx
36Mx
1.00=
1216
1°]
CE
cond Floor
x 1.00 - 1419.5 ft
2 Car Attached
780.00 ft*
Mx
26.60
x
{
861.20
1°)
Open Porch
40.00
Thx
11.400 x
79.80 1°
Basement
1216 fF
8fix
1dftx
112.00 fF
Atic
112861]
7.80 x
16ft x
1243 fi
Attic
23484 f° [J
14x
18ftx
252.001
Wood Deck
212.8 ft
Total Living Area (rounded):
2636 11°Page 28
Blueprints/Sketch Addendum - First Floor Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union
Page 29
Blueprints/Sketch Addendum - Second Floor Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union -— 231 tT 8 7" / weinisket | WE ATTIC AREA
Page 30
LOCATION MAP Borrower: Jacob Barshaw & Steven W. Barshaw File No.. 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union £ Ro Waterford _MiiTwn P= Eternal remple V, = FushetiLta 8 fe =H = Ls = Te + Oakland Comunity College - Highland...
Page 31
AERIAL MAP Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union Subject Property h 3350 Clintonvie Ra Waterford, MI 48329
Page 32
Lake Addendum Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union
Page 33
FLOOD MAP Borrower: Jacob Barshaw & Steven W. Barshaw File No.: 243020 Property Address: 3380 Clintonville Rd Case No.: City: Waterford State: MI Zip: 48329 Lender: Lake Michigan Credit Union FLOOD INFORMATION LEGEND Community: TOWNSHIP OF WATERFORD [Bl - Feva speci Food Hazard Aves - High Risk Property is NOT in 2 FEMA Special Flood Hazard Area Map Number: 26125C0353F J ~ Moderate and Minima Risk Areas Panel: 26125C0353 Road View: Zone: X Map Date: 09-29-2006 IW ro Wve FIPS: 26125 Source: FEMA DFIRM Sky Flood™ Na tops 10 any party #1 tie content, acouracy or completeness of this ood report. including any waranty of merchantability oc nen Jo op cslrpigsoss sar cr prod Visa scl tcf wane a os if 5 Saal be fc eto has oko No iabilty = accepted 10 any thud party for any use or mess of the flood map of is data