207 Gardendale St.xml.pdf
Sydnee Rogers, Petitioner V City Of Ferndale, Respondent · 25-003039-TT
Text extracted from the reviewed PDF, organized by page. OCR and reading order may contain errors; confirm details in the PDF below.
Page 1
APPRAISAL OF REAL PROPERTY 207 Gardendale St Ferndale, MI 48220 See attached addendum. United Wholesale Mortgage 585 South Blvd E Pontiac, MI 48341 212,000 10/11/2023 True Footage, Inc. PO Box 736595 Dallas, TX 75373 833-732-8783 orders@truefootage.tech Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR OPINION OF VALUE AS OF BY
Page 2
202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Cover Page ......................................................................................................................................................................................................................... URAR ................................................................................................................................................................................................................................. URAR ................................................................................................................................................................................................................................. Additional Comparables 4-6 ................................................................................................................................................................................................ URAR ................................................................................................................................................................................................................................. URAR ................................................................................................................................................................................................................................. URAR ................................................................................................................................................................................................................................. URAR ................................................................................................................................................................................................................................. Supplemental Addendum .................................................................................................................................................................................................... Spark adjustment support ................................................................................................................................................................................................... Market Conditions Addendum to the Appraisal Report ......................................................................................................................................................... Market Data Graphs ............................................................................................................................................................................................................ Aerial Map .......................................................................................................................................................................................................................... Location Map ..................................................................................................................................................................................................................... Subject Photos ................................................................................................................................................................................................................... Comparable Photos 1-3 ...................................................................................................................................................................................................... Comparable Photos 4-6 ...................................................................................................................................................................................................... Additional Subject Photos ................................................................................................................................................................................................... Interior Photos .................................................................................................................................................................................................................... Interior Photos .................................................................................................................................................................................................................... Building Sketch (Page - 1) .................................................................................................................................................................................................. Building Sketch (Page - 2) .................................................................................................................................................................................................. UAD Definitions Addendum ................................................................................................................................................................................................. USPAP Identification ........................................................................................................................................................................................................... Additional Assumptions, Limiting Conditions, & Certification ............................................................................................................................................... Appraiser License/Certification ............................................................................................................................................................................................ Errors & Omissions Insurance ............................................................................................................................................................................................ 1 2 3 4 5 6 7 8 9 15 16 17 18 19 20 21 22 23 24 25 26 27 28 31 32 35 36 Form TOCNP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code TABLE OF CONTENTS
Page 3
True Footage Inc. 1523139809 202310-44288 207 Gardendale St Ferndale MI 48220 Sydnee Rogers Ruth Pinto Oakland See attached addendum. 24-25-34-353-043 2022 2,801 City of Ferndale 47664 1734.00 0 0 United Wholesale Mortgage 585 South Blvd E, Pontiac, MI 48341 DOM 22;Original Price $214,900; Original Date 09/07/2023; Realcomp#20230075661 Arms length sale;Contract appears to be typical for market area. 6 page PA analyzed by appraiser Dated 10/4/23 signed By purchaser (Sydnee Rogers) & Seller (Michael Steven Cieslak and Ruth Mary Pinto). 212,000 10/04/2023 PRD $6,360;;toward buyer closing costs, pre-paids, and escrows. 50 700 250 0 150 60 46 0 1 15 38 The neighborhood is bounded by 9 mile to the North, 8 Mile to the South, Rosewood to the to the West, Woodward to the East. See attached addenda. See attached addenda. 78.50x104.00x78.50x104.00 8146 sf Rectangular N;Commercial; R-1 Single Family Residential See attached addenda. Natural Gas Asphalt None X 26125C0684F 09/29/2006 Subject side commercial property to the south. subject sets back +/- 70 feet from commercial influence and is buffered by concrete wall. No negative influence on marketability could be extracted from data. 2 Colonial 1942 30 600 0 Conc Block/Avg Vinyl/Avg Comp Shng/Avg Alum/Avg DblHng/Avg None Yes/Avg HdWd,Tile/Avg Drywall/Avg Paint/Avg Tile/Avg Tile/Avg Nat Gas 0 None None 0 None Concrete None 1 Concrete/Gd 1 0 6 3 1.0 1,201 Typical for market area. C4;No updates in the prior 15 years;See attached addenda. There are no readily observable deficiencies or adverse conditions that affect the subject's livability, soundness, or structural integrity. Subject was built prior to 1978 and shows no obvious indication of peeling/flaking/chipping paint. The subject single-unit use, design style, quality of construction, living area, condition and functional utility are consistent with typical conforming properties in the neighborhood. Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # SUBJECT CONTRACT NEIGHBORHOOD SITE IMPROVEMENTS The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address City State Zip Code Borrower Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Lender/Client Address Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offering price(s), and date(s). I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics Location Urban Suburban Rural Built-Up Over 75% 25-75% Under 25% Growth Rapid Stable Slow One-Unit Housing Trends Property Values Increasing Stable Declining Demand/Supply Shortage In Balance Over Supply Marketing Time Under 3 mths 3-6 mths Over 6 mths One-Unit Housing PRICE $ (000) AGE (yrs) Low High Pred. Present Land Use % One-Unit % 2-4 Unit % Multi-Family % Commercial % Other % Neighborhood Boundaries Neighborhood Description Market Conditions (including support for the above conclusions) Dimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe Utilities Public Other (describe) Public Other (describe) Electricity Gas Water Sanitary Sewer Off-site Improvements - Type Public Private Street Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and off-site improvements typical for the market area? Yes No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe General Description Units One One with Accessory Unit # of Stories Type Det. Att. S-Det./End Unit Existing Proposed Under Const. Design (Style) Year Built Effective Age (Yrs) Foundation Concrete Slab Crawl Space Full Basement Partial Basement Basement Area sq.ft. Basement Finish % Outside Entry/Exit Sump Pump Evidence of Infestation Dampness Settlement Exterior Description materials/condition Foundation Walls Exterior Walls Roof Surface Gutters & Downspouts Window Type Storm Sash/Insulated Screens Interior materials/condition Floors Walls Trim/Finish Bath Floor Bath Wainscot Attic None Drop Stair Stairs Floor Scuttle Finished Heated Heating FWA HWBB Radiant Other Fuel Cooling Central Air Conditioning Individual Other Amenities Fireplace(s) # Patio/Deck Pool Woodstove(s) # Fence Porch Other Car Storage None Driveway # of Cars Driveway Surface Garage # of Cars Carport # of Cars Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.). Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
Page 4
1523139809 202310-44288 2 200,000 219,900 20 190,000 260,000 207 Gardendale St Ferndale, MI 48220 212,000 176.52 N;Res; Fee Simple 8146 sf N;Commercial; DT2;Colonial Q4 81 C4 6 3 1.0 1,201 600sf0sfin Typical FWA/CAC Typical 1gd1dw Porch/None Realcomp/PRD 10/11/2023 257 W Chesterfield St Ferndale, MI 48220 0.61 miles E 220,000 144.64 RealComp#20230040598;DOM 30 City/Cnty PRD ArmLth Conv;0 s08/23;c07/23 0 N;Res; Fee Simple 4269 sf 0 N;Res; 0 DT2;Bungalow 0 Q4 103 0 C4 0 5 2 2.0 -7,000 1,521 -16,000 789sf0sfin 0 Typical FWA/CAC Typical 1gd1dw Porch/Patio -1,000 -24,000 10.9 10.9 196,000 Realcomp/PRD 10/11/2023 267 W Webster St Ferndale, MI 48220 0.54 miles E 252,000 200.96 RealComp#20230062460;DOM 17 City/Cnty PRD ArmLth Conv;0 s09/23;c08/23 0 N;Res; Fee Simple 4269 sf 0 N;Res; 0 DT2;Colonial Q4 23 0 C3 -35,000 0 5 2 2.0 -7,000 1,254 0 598sf0sfin 0 Typical FWA/CAC Typical 1dw +2,000 Porch/Deck -1,000 -41,000 16.3 17.9 211,000 Realcomp/PRD 10/11/2023 1366 W Troy St Ferndale, MI 48220 1.03 miles NW 207,000 188.01 RealComp#20230027716;DOM 33 City/Cnty PRD ArmLth Conv;0 s06/23;c05/23 0 N;Res; Fee Simple 6229 sf 0 N;Commercial; DT2;Bungalow 0 Q4 74 0 C4 0 6 2 1.0 0 1,101 +5,000 881sf0sfin 0 Typical FWA/None +1,500 Typical 1dw +2,000 Porch/Patio -1,000 7,500 3.6 4.6 214,500 Realcomp/PRD 10/11/2023 Realcomp MLS, City & County PRD Realcomp MLS, City & County PRD According to Realcomp/PRD and City & County public records there have been no prior sales of subject within past 3 years, or comparables within the past 1 years unless indicated above. See attached addenda. 212,000 212,000 0 See attached addenda. See attached addenda. 212,000 10/11/2023 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # SALES COMPARISON APPROACH RECONCILIATION There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ . There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ . FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - + - + - $ $ $ Adjusted Sale Price of Comparables $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $ This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ , as of , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
Page 5
1523139809 202310-44288 207 Gardendale St Ferndale, MI 48220 212,000 176.52 N;Res; Fee Simple 8146 sf N;Commercial; DT2;Colonial Q4 81 C4 6 3 1.0 1,201 600sf0sfin Typical FWA/CAC Typical 1gd1dw Porch/None Realcomp/PRD 10/11/2023 295 W Webster St Ferndale, MI 48220 0.51 miles E 203,000 200.79 RealComp#20221070117;DOM 17 City/Cnty PRD ArmLth Conv;6000 -6,000 s02/23;c01/23 +10,200 N;Res; Fee Simple 3964 sf 0 N;Res; 0 DT2;Bungalow 0 Q4 98 0 C4 0 5 2 1.0 0 1,011 +9,500 809sf0sfin 0 Typical FWA/CAC Typical 1gd1dw Porch/None 13,700 6.7 12.7 216,700 Realcomp/PRD 10/11/2023 258 Pinecrest Dr Ferndale, MI 48220 0.38 miles W 207,900 196.32 RealComp#20230006307;DOM 20 City/Cnty PRD ArmLth VA;3000 -3,000 s03/23;c02/23 +10,400 N;Res; Fee Simple 4008 sf 0 N;Res; 0 DT2;Bungalow 0 Q4 103 0 C4 0 5 2 1.0 0 1,059 +7,100 706sf0sfin 0 Typical FWA/CAC Typical 1gd1dw Porch/None 14,500 7.0 9.9 222,400 Realcomp/PRD 10/11/2023 4 5 6 4 5 6 See previous page. See attached addenda. Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # SALES COMPARISON APPROACH SALE HISTORY ANALYSIS / COMMENTS FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - + - + - $ $ $ Adjusted Sale Price of Comparables $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Analysis/Comments Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 UAD Version 9/2011
Page 6
1523139809 202310-44288 See Addendum. Comparable land sales were utilized to value the subject’s site. The resulting land to value ratio is the typical for the neighborhood and or market area with no adverse affect on value or marketability. None N/A 10/18/2023 40,000 The Cost Approach was considered; however, the subject's market is mostly built out with limited competition from new construction and market participants would not rely on building costs as a method of valuing a property of the subject's age. The market dictates the Cost Approach is not necessary for credible assignment results. 50 0 0 0 The Income Approach is not utilized for the valuation of the subject property as it is considered outside of the scope of the appraisal, and was not deemed necessary to provide credible results. Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # ADDITIONAL COMMENTS COST APPROACH INCOME PUD INFORMATION 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) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data Quality rating from cost service Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc.) OPINION OF SITE VALUE =$ DWELLING Sq.Ft. @ $ =$ Sq.Ft. @ $ =$ =$ Garage/Carport Sq.Ft. @ $ =$ Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$( ) Depreciated Cost of Improvements =$ "As-is" Value of Site Improvements =$ INDICATED VALUE BY COST APPROACH =$ Estimated Remaining Economic Life (HUD and VA only) Years INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data Source Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
Page 7
1523139809 202310-44288 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # 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 the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
Page 8
1523139809 202310-44288 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
Page 9
1523139809 202310-44288 Kenneth Roy True Footage, Inc. P.O. Box 736595 Dallas, TX 75373-6595 833-732-8783 orders@truefootage.tech 10/18/2023 10/11/2023 1204006167 MI 07/31/2025 207 Gardendale St Ferndale, MI 48220 212,000 UWM Appraisal Direct United Wholesale Mortgage 585 South Blvd E, Pontiac, MI 48341 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Signature Name Company Name Company Address Telephone Number Email Address Date of Signature and Report Effective Date of Appraisal State Certification # or State License # or Other (describe) State # State Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name Company Name Company Address Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005
Page 10
_________________________________________________________________________ SUBJECT SECTION Legal Description T1N, R11E, SEC 34 GARDENDALE ASSESSOR'S PLAT NO 1 LOTS 344 & 345 In many cases, legal description from County Records may not match title work as it is typically shortened. Title was requested on 10/10/2023 and was not received by report completion, therefore public records were utilized. ____________________________________________________________ NEIGHBORHOOD INFORMATION Neighborhood Description The subject is located in a neighborhood consisting of a mix of One-Unit (46%), 2-4 Unit (0%), multi-family (1%), and commercial (15%) properties. Commercial consists of office, service and retail, none of which have an adverse impact on marketability. The "other" 38% present land use in the neighborhood section is community parks, green belts, schools, utilities and wooded/vacant lands. Subject distances to: Elementary School: 1.5 miles Middle School: 0.6 miles High School: 0.6 miles The subject's actual age may vary from the neighborhood predominant age, however there is no adverse impact of marketability. See "Opinion of Value in Relation to Predominate Value" comments following "Final Reconciliation" below. The "other" 38% present land use in the neighborhood section is community parks, green belts, parks, schools, utilities and wooded/vacant lands. _____________________________________________________________ SUMMARY OF MARKET CONDITIONS Information Utilized Per Fannie Mae guidelines, the data in the 1004MC is for comparable sales in the neighborhood and has been used to fill out the top of Page 2 as well as the One Unit Housing information in the neighborhood section at the top of Page 1. Due to the lack of comparable sales in the subject's neighborhood within the last 12 months, the comparable sales parameters were expanded in order to provide enough sales to be statistically significant. A year over year comparison of the above market statistics was utilized to better understand housing market trends for the subject area because a 1 year trend is not subject to the seasonal effects that shorter term trends cause in the market. This data has been charted and attached. These charts have been relied upon to analyze and determine the market conditions and trends. The One Unit Housing Trends on Page 1 are reflective of this analysis and the charts attached and NOT the 1004MC data. Therefore, it is possible that the 1004MC data may indicate a decreasing market (declining box checked) when on Page 1 and the Median Sales Price Chart attached shows a stable or increasing market. Reviewers typically want the 1004MC trend to match Page 1, but this practice could result in a misleading appraisal report. The appraiser has analyzed the market and incorporated enough sales to be statistically significant in an effort to get a more accurate picture (see attached charts). These charts are the basis for determining which boxes are checked on Page 1 One-Unit Housing Trends as well as any necessary time adjustments on the Sales Comparison Grid. Summary The area typically sells with Conventional, FHA, and VA financing with some cash purchases. Loan discounts, interest buy downs, or other unusual financing arrangements are not typical in the area other than occasional closing cost concessions. Market condition conclusions noted above in the “One-Unit Housing Trends” section represent an analysis of properties that are competitive with the subject property. See attached charts for further market condition information. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 11
Increasing Market Based on the market analysis, with support from the provided charts, it appears appropriate to consider the market increasing and market (time) adjustments are deemed necessary in the sales comparison approach. Therefore, the market is reconciled to have increased 5% since 2/23. (see attached time adjustment graph) ____________________________________________________________ SITE INFORMATION Highest and Best Use Current Use The appraiser has concluded the highest and best use of the property, as improved, to be its current use. This opinion is supported by the fact that the improved property is physically possible (see improvements description and pictures), is a legal use (see site section/zoning), is financially feasible (see sales comparison approach for sales of similar properties) and is considered to be the maximally productive use (improvements contribute positively to the site and it would not be feasible to change them to a more productive use without substantial capital improvement). Site - Items: Utilities and Off-Site Improvements The utilities and off site improvements are typical for the market area. Site - External Factors: Adverse site conditions or external factors Subject sides commercial property to the south. subject sets back +/- 70 feet from commercial influence and is buffered by concrete wall. No negative influence on marketability could be extracted from data. (see photo) Subject is located across street from Garbutt Park No influence on marketability could be extracted from market data. ____________________________________________________________ IMPROVEMENTS SECTION Inspection Information ANSI Measuring Standard The subject was measured in accordance with ANSI Z765-2021. The subject was measured to the nearest inch or tenth of a foot and the final square footage was reported to the nearest foot, consistent with the definitions of above grade and below grade areas. Utilities The utilities were on and in working order at time of inspection. Condition of the Property C-4 - Adequately Maintained The subject is considered to have an overall condition rating of C-4, due to its overall effective age, typical wear and physical deterioration. However, the subject’s major building components appear to be adequately maintained and functionally adequate. The utilities and mechanicals were on and operational at the time of the inspection. Effective Age The subject is considered to have an effective age of 30 with an estimated remaining economic life of 50. ____________________________________________________________ Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 12
SALES COMPARISON APPROACH ____________________________________________________________ COMPARABLE SELECTION Preferences The appraiser considered all relevant transactions that have occurred in the market area and then determined which of those transactions to use to arrive at a credible value opinion for the subject property. The comparables selected were considered to be the most similar to the subject property in terms of location, size, condition and other features that buyers and sellers believe affect market value and would be suitable alternatives to the subject property. Proximity Due to a lack of comparable sales with similar commercial influence located within 1 mile from the subject, the search was expanded in distance in order to include the most recent comparable sales available. Despite the expansion in distance, the comparable sales are located within the same, or similar and competing, market area as the subject. Based on the appraiser's analysis of both the comparables and subjects location, there was no support found for a location adjustment. Comp 3 is located over 1 mile but was used to provide an additional sale with similar view of commercial influence. Date of Sale Due to a lack of comparable sales that have sold within 6 months of the effective date of the appraisal, the search was expanded in time in order to include the most similar comparable sales available and provide a credible estimated value for the subject property. If the market conditions analysis indicated support for a time adjustment, the appropriate adjustments were made. Comp 4 & 5 sold over 6 months ago but was used to provide an additional sales similar to subject. Search Results Summary The comparables used in this analysis were selected due to their respective value characteristics and similar marketability. They are considered to be locationally, physically, and functionally the most similar to the subject property, and have been determined to be the best indicators of market value for the subject property as of the effective date of the appraisal. Unless otherwise stated, the buyers and sellers were typically motivated, the sellers did not have any compulsion to sell, nor the buyers under any compulsion to buy, and the marketing efforts and exposure times were typical for the market. ____________________________________________________________ ADJUSTMENTS Adjustments Process and Methods In order to demonstrate market based and supported adjustments for the comparables in the grid, and provide accurate indicators of market value for the subject with each of the comparable’s adjusted values, the comparables are adjusted according to the perceived market reaction to differences in superior and inferior characteristics when compared to the subject. Adjustments are made in lump-sum dollar amounts or percentages based on the method of adjustment support used. The adjustments are then rounded to better depict the market’s reaction as whole, rather than indicating a level of specificity that is unreasonable. The adjustments applied represent the market's reaction to the differences being adjusted since the data utilized is local market data and therefore accounts for the market's reaction. Even the depreciated cost method factors in depreciation which is derived from the market and therefore represents the market's reaction. A combination of quantitative and qualitative analysis is used. Quantitative methods of analysis utilized include: Matched (or modified) Paired Sales, Depreciated Cost, Group Data Analysis, Regression, Capitalization and interviews with market participants. Qualitative analysis is utilized where there is a difference between two attributes that is difficult to measure and support with a numerical adjustment. In these cases, the appraiser will note that they have considered this attribute qualitatively during the reconciliation process to ensure any market reaction to that attribute is accounted for in the final opinion of value. Sensitivity analysis is also used in combination with some of these other methods to determine the most appropriate adjustment that would result in the most narrow range of dispersion of the adjusted sales prices of the comparables. For the intended users convenience, the headings and adjustment commentary below are in order of the Sales Comparison Grid starting from the top with Financing Type line. Financing Type Each of the comparable sales had typical financing for the subject’s market, with no atypical financing noted that would adversely impact the price or value. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 13
Concessions While seller concessions are not uncommon, they are not at this time considered to be frequently occurring or predominant in the subject’s market area. Therefore, “dollar for dollar” seller concessions adjustments were applied to any comparables with seller concessions as this practice captures the market reaction to these concessions. Date of Sale/Time Based on the analysis and reconciliation of the market conditions of competitive properties, with support from the Market Conditions Charts provided, Based on the market analysis, with support from the provided charts, it appears appropriate to consider the market increasing and market (time) adjustments are deemed necessary in the sales comparison approach. Therefore, the market is reconciled to have increased 5% since 2/23. (see attached time adjustment graph). Market has stabilized over past 3 months with no time adjustment required for comparables 1-3. Location The subject and the comparables were considered to have neutral locations and no adjustments were necessary. Properties in the subject’s market are often located near busy roads, schools, places of worship, commercial property, railroad tracks, etc. The appraiser will notify the client if any of these factors have an effect on value by labeling them as adverse locations for the comps and the subject. If they are labeled as neutral locations, then the appraiser has analyzed each of their locations and determined that there were no external factors that have positive or negative impacts on value or marketability. Any external obsolescence with a negative effect on value will be noted and adjusted accordingly. Site Appraiser was not able to bracket site size with recent sales. The comparables have similar functional yard utility with no adjustments deemed necessary. No adjustment could be extracted for sites with less than .5 acre differential. View Subject sides commercial property to the south. subject sets back +/- 70 feet from commercial influence and is buffered by concrete wall. No negative influence on marketability could be extracted from data. (see photo). No adjustment could be extracted from match paired analysis of comparable 3 to 2 & 4. Subject is located across street from Garbutt Park No influence on marketability could be extracted from market data. No relevant comparables with similar across street park view were available as of effective date. Design (Style) No adjustments were deemed necessary for differences in style due to the relative similarities in construction methods, similar conformity and compatibility with the standards of the market, and similar overall market appeal. Quality of Construction The properties have relatively similar quality overall due to their respective finishes, exterior and interior ornamentation, and overall workmanship, with no adjustments deemed necessary. Age Age is not a factor or relative item of comparison per historical market data nor is it a requirement to develop a credible opinion of value. Despite the varying chronological ages of the comparables, condition adjustments are deemed to be more appropriate than chronological age adjustments, as condition of the property is more indicative of the typical market reaction. Therefore the subject's age may or may not be bracketed. Condition Condition adjustments were made based on comparing the effective ages of the subject to the comparables. The dollar amount of the condition adjustments is based on the estimated market reaction to the condition of each comparable as noted above, not on the dollar amount of the updates. The appraiser has made an attempt to bracket the subject's condition with the comparables used in this report, thus allowing the appraiser to extract an appropriate condition adjustment using sensitivity analysis. There may be cases where a comparable sale has the same UAD rating as the subject, but an adjustment is still deemed necessary. Comp 2 is considered to be superior to the subject in terms of condition due to superior kitchen and baths.Adjustment of $35,000 was extracted by matched paired analysis of comparables 2 to 3. Bedroom There were no bedroom adjustments made. There was no market evidence found that would support a bedroom adjustment for differences between 2 and 3 bedrooms. Therefore, this was considered in the living area adjustment. Bathroom The Full Bath adjustment was developed at $7,000. The results (based on all adjustment methods that were calculated and considered relevant) provide an adjustment range from $4,900 to $11,200. Depreciated Cost, Median Grouped Data, Peer Adjustments (Median and Average), Theil-Sen Regression, Robust Least Squares Regression, and Least Absolute Deviation Regression were the adjustment methods used to develop this adjustment. GLA The GLA adjustment was developed at $50 per square foot. The results (based on all adjustment methods that were calculated and considered relevant) provide an adjustment range from $2 to $60. Median Grouped Data, six different types of simple regression, and Sensitivity Analysis were the adjustment methods used to develop this adjustment. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 14
Basement No basement square footage adjustment could be extracted from grid or market data.for differences greater than 100 square feet, per matched pair analysis. Functional Utility Each comparable is considered to have a similar ability to be useful and to perform the function for which it is intended according to the subject’s current market standards, including similar efficiency in terms of design and layout, traffic patterns, and the size and type of rooms, with no functional utility adjustment deemed necessary. Heating and Cooling Systems Differences in inferior and superior cooling systems efficiencies are adjusted at $1,500,per matched pair analysis. Energy Efficient Items The subject and all comparables have items with typical energy efficiency for construction of this quality level in this market. Per UAD, for properties built with a typical level of energy efficiency but no specialty items (e.g. photovoltaic panels, LEED designation, micro-CHP system, etc.), "Typical" is shown on the "energy efficient items" line of the grid. No adjustments for energy efficient items were warranted as no significant differences between the properties exist. Garage/Carport The Garage Space adjustment was developed at $2,000. The results (based on all adjustment methods that were calculated and considered relevant) provide an adjustment range from $670 to $2,000. Average Grouped Data, four different types of simple regression, and Sensitivity Analysis were the adjustment methods used to develop this adjustment. Porch/Patio/Deck Porches, patios, and/or decks were adjusted at $1,000 per matched pair analysis and specific market data. Other No other line items or adjustments were deemed necessary in order to accurately value the subject property as other amenities were considered qualitatively when reconciling the opinion of value, including fireplace count, fencing, landscaping, etc ____________________________________________________________ COMMENTARY REGARDING GUIDELINES Net Adjustments Exceed 15%. Net adjustment of comparable 2 exceeds 15% due to superior condition to subject. Please note: While we are still commenting on any Comps that exceed 10% single, 15% net, and/or 25% gross adjustments as many lenders still require, it should be noted that in December 2014, FNMA removed the long-standing requirement to comment on gross adjustments greater than 25% and net adjustments greater than 15%, as internal review suggested these requirements were adversely impacting appraisal quality. For reference, please see FNMA Lender Letter LL-2015-02. ____________________________________________________________ COMPARABLE SUMMARY • Comparable Summary Comparables Summary & Estimated Indicated Value Sale Price Net Adj % Grs Adj % Ind Value Weight Comp #1: 220,000 10.9 10.9 196,000 20.13 Comp #2: 252,000 16.3 17.9 211,000 17.01 Comp #3: 207,000 3.6 4.6 214,500 22.95 Comp #4: 203,000 6.7 12.7 216,700 19.33 Comp #5: 207,900 7 9.9 222,400 20.58 ESTIMATED INDICATED VALUE OF THE SUBJECT: 212,000 • Indicated Weight Value Estimated indicated value is determined by using the Gross Adjustment of sale price for each comparable as a measure of the relative quality of the comp. The Indicated Value is derived by multiplying the weight of each comp by the Adjusted Sale Price of that comp, repeating for each property, then adding them all together. This weighted average is used as the indicated value of the subject. As with any method, this technique is not perfect.However, it does do a very good job of giving more weight to the most similar comps while at the same time minimizing values near the extremes of the indicated value range. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 15
Sales Comparison Approach Reconciliation Greatest weight has been given to comparable 3 as it is most similar to subject and shares subjects commercial view. All other comparables bracket subjects amenities and help support contract and opinion of value. __________________________________________________________ RECONCILIATION OF APPROACHES TO VALUE Reconciliation and Final Value Conclusion The Sales Comparison Approach is the most relevant analysis in this assignment and the appraiser has determined there is sufficient information to develop a credible opinion of value by giving the most weight to this approach. Unless otherwise noted, the Income and Cost Approach were not deemed necessary to obtain a credible opinion of value. FINAL OPINION OF VALUE Drawing from the experience valuing other residential properties within the subject's market area, and based on the extensive research and analysis regarding the subject property, and the expertise and professional judgment to resolve differences among the value indications derived from the application of the approaches to value, the opinion of market value for the subject property as of the effective date of the appraisal, 10/11/2023, is estimated at $212,000. The $6,360 sales concessions have no impact to the subject's contracted sales price or value Opinion of Value $212,000 in Relation to Predominant Value of Neighborhood. Please note that the predominant value presented in this field is simply a mathematical function most closely related to "median value", meaning this number is the mid-point for property sale prices in the neighborhood. Further this means that an equal number of sales prices fall above and below this reported value. Therefore, the fact that the subject's appraised value varies from this number is of no concern with regard to marketability for the subject and does not indicate that the subject is an over/under improvement, unless otherwise noted in the report. If the variance is to the point where a marketability and/or other concern is raised, then the appraiser will address such within the body of the report. When NO such commentary is made, the appropriate conclusion is that "the variance does not impact subject appraisal validity nor marketability of subject." Typically, reasons for variance on the upper end include such things as the subject being newer, larger, higher quality, and/or larger site than the "typical" home sold in the neighborhood. Typical reasons for variance on the lower end include such things as the subject being older, smaller, lower quality, lesser condition, and/or smaller site than the "typical" home sold in the neighborhood. ____________________________________________________________ CONDITIONS OF APPRAISAL Conditions of Appraisal "AS IS" The appraisal is made "as is" and is not subject to any plans or specifications, repairs, alterations, or further inspections. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 16
Spark adjustment support Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Spark adjustment support Sales Comparison Adjustment Support Summary Information Property Address 207 Gardendale St, Ferndale, MI 48220 Effective Date 10/16/2023 Datasets Analyzed 3 Analysis Date 10/18/2023 Properties per Dataset 630 - 74 - 7 The following transactional items were accounted for in the order shown prior to calculating any property feature adjustments below and only as necessary for transaction adjustments: Property Rights, Financing, Distressed Sales, Seller Concessions, Market Conditions. GLA Full Bath $50 | SqFt $7,000 Calculated Results for the Adjustment Methods Calculated Results for the Adjustment Methods -;so® ooo |e ® ®e © ® Low: $2 High: $60 Low: $4,922 High: $11,200 Name of the Adjustment Methods Calculated Above: Name of the Adjustment Methods Calculated Above: Median Grouped Data, 6 different types of Simple Depreciated Cost, Median Grouped Data, Least Absolute Regression, Sensitivity Analysis Deviation Regression, Robust Least Squares Regression, Theil-Sen Regression, Peer Adjustments (Median and Average) Es Garage Spaces $2,000 Calculated Results for the Adjustment Methods Low: $670 High: $2,021 Name of the Adjustment Methods Calculated Above: Average Slit Data, Least Median of Squares Regression, Modified Quantile Regression, Ordinary Least Squares Regression, Robust Least Squares Regression, Sensitivity Analysis Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 17
1523139809 202310-44288 207 Gardendale St Ferndale MI 48220 Sydnee Rogers 15 2.50 0 n/a 215,000 20 n/a n/a 100.00 2 0.67 1 1.5 223,250 149 199,900 96 103.86 3 1.00 2 2.0 222,500 30 197,325 67 97.16 Seller concessions within subject market area are typical within sales over past 3 months. The trend for bank owned homes within market area is stable with bank owned sales typically selling for similar prices and private owned homes. Realcomp MLS & Realist PRD See attached addenda. Kenneth Roy True Footage, Inc. P.O. Box 736595, Dallas, TX 75373-6595 1204006167 MI orders@truefootage.tech 1204006167 Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. Market Conditions Addendum to the Appraisal Report MARKET RESEARCH & ANALYSIS CONDO/CO-OP PROJECTS APPRAISER The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State ZIP Code Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Overall Trend Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Months of Unit Supply (Total Listings/Ab.Rate) Total # of Active Comparable Listings Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Company Name Company Address State License/Certification # State Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # State Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
Page 18
One Unit Historical Sales Price Trend Historic Sales Price Range Days to Sell Average Time adjustment graph indicates a 5% increase since 2/23 Market appears to be experiencing typical seasonal influence
Page 19
Form MAP.AERIAL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code
Page 20
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code
Page 21
Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Subject Front Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 207 Gardendale St 212,000 1,201 6 3 1.0 N;Res; N;Commercial; 8146 sf Q4 81 Subject Rear Subject Street Borrower Lender/Client Property Address City County State Zip Code
Page 22
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Comparable 1 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 257 W Chesterfield St 0.61 miles E 220,000 1,521 5 2 2.0 N;Res; N;Res; 4269 sf Q4 103 Comparable 2 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 267 W Webster St 0.54 miles E 252,000 1,254 5 2 2.0 N;Res; N;Res; 4269 sf Q4 23 Comparable 3 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 1366 W Troy St 1.03 miles NW 207,000 1,101 6 2 1.0 N;Res; N;Commercial; 6229 sf Q4 74 Borrower Lender/Client Property Address City County State Zip Code
Page 23
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Comparable 4 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 295 W Webster St 0.51 miles E 203,000 1,011 5 2 1.0 N;Res; N;Res; 3964 sf Q4 98 Comparable 5 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 258 Pinecrest Dr 0.38 miles W 207,900 1,059 5 2 1.0 N;Res; N;Res; 4008 sf Q4 103 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Borrower Lender/Client Property Address City County State Zip Code
Page 24
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Additional Subject Photos Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Additional street view Left Side Right Side Backyard view View from front Note view of park 1 Car Detached Garage Borrower Lender/Client Property Address City County State Zip Code
Page 25
Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior Photos Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Living Room Dining Room Kitchen Bath Bedroom Bedroom Borrower Lender/Client Property Address City County State Zip Code
Page 26
Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior Photos Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Bedroom Basement Basement Utilities View of commercial property from subjects right side Borrower Lender/Client Property Address City County State Zip Code
Page 27
Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch (Page - 1) Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code
Page 28
Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch (Page - 2) Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code
Page 29
1523139809 202310-44288 Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little 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 its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to 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. It 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 adequately 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 to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at 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 to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, 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 residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 1/2014)
Page 30
Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) 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 (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 1/2014)
Page 31
Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear A Adverse Location & View ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design (Style) B Beneficial Location & View ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade BsyRd Busy Road Location c Contracted Date Date of Sale/Time Cash Cash Sale or Financing Concessions Comm Commercial Influence Location Conv Conventional Sale or Financing Concessions cp Carport Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View cv Covered Garage/Carport DOM Days On Market Data Sources DT Detached Structure Design (Style) dw Driveway Garage/Carport e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Attached Garage Garage/Carport gbi Built-in Garage Garage/Carport gd Detached Garage Garage/Carport GlfCse Golf Course Location Glfvw Golf Course View View GR Garden Design (Style) HR High Rise Design (Style) in Interior Only Stairs Basement & Finished Rooms Below Grade Ind Industrial Location & View Listing Listing Sale or Financing Concessions Lndfl Landfill Location LtdSght Limited Sight View MR Mid-rise Design (Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions o Other Basement & Finished Rooms Below Grade O Other Design (Style) op Open Garage/Carport Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA - Rural Housing Sale or Financing Concessions rr Recreational (Rec) Room Basement & Finished Rooms Below Grade RT Row or Townhouse Design (Style) s Settlement Date Date of Sale/Time SD Semi-detached Structure Design (Style) Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade Woods Woods View View Wtr Water View View WtrFr Water Frontage Location wu Walk Up Basement Basement & Finished Rooms Below Grade UAD Version 9/2011 (Updated 1/2014)
Page 32
Sydnee Rogers 202310-44288 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). 0 to 30 days The estimated length of time 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 is a retrospective opinion based on an analysis of past events assuming a competitive and open market. Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: Kenneth Roy State Certified Appraiser 1204006167 MI 07/31/2025 10/18/2023 10/11/2023 10/11/2023 Form ID20E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.) Restricted Appraisal Report (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use only by the specified client and any other named intended user(s).) Reasonable Exposure Time (USPAP defines Exposure Time as the 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.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: APPRAISER: Signature: Name: State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature and Report: Effective Date of Appraisal: Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable): SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature: Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable):
Page 33
____________________________________________________________ ADDITIONAL ASSUMPTIONS, LIMITING CONDITIONS, AND CERTIFICATION Intended User The intended user of this appraisal report is the lender/client. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this appraisal report form, and definition of market value. No additional intended users are identified by the appraiser. Intended User 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. The appraisal is based on “market value” of the subject property and thus cannot be utilized for any other purposes including but not limited to; insured value, divorce, tax abatements, buying/selling decisions, estate settlements or any other use other than the intended use. Reliance on the report The borrower’s or any party’s listed in certification #23 reliance on the appraisal is limited to the mortgage finance transaction. The appraisal shall not be relied on for any other use. Appraiser Independence Statement No, employee, director, officer or agent of the lender, or any other third party acting as a joint venture partner, independent contractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. I have not been contacted by anyone other than the intended user (lender/client as identified on the first page of the report), borrower, or designated contact to make an appointment to enter the property. I agree to immediately report any unauthorized contacts either personally by phone or electronically to the lender/ client and state licensing board. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. No employee, director, officer, or agent of the lender, or any other third party acting as a joint venture partner, independent contractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. USPAP (Uniform Standards of Professional Practice) The appraisal assignment report was developed and completed in accordance with the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is a set of national Standards that is applicable for most U.S. appraisals. USPAP is developed by the Appraisal Standards Board (ASB) of The Appraisal Foundation. USPAP includes: · Definitions - which establish the application of certain terminology in USPAP. · Ethics Rule - which sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct. · Record Keeping Rule - which establishes the workfile requirements for appraisal and appraisal review assignments. · Competency Rule - which presents pre-assignment and assignment conditions for knowledge and experience. · Scope of Work Rule - which presents obligations related to problem identification, research, and analyses. · Jurisdictional Exception Rule - which preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction. FIRREA This appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989. For further reference, visit: www.asc.gov/resources/references/title-ix Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 34
UAD (Uniform Appraisal Dataset) At the request of the client, this appraisal report has been prepared in compliance with the Uniform Appraisal Dataset (UAD) from Fannie Mae and Freddie Mac. The UAD requires the appraiser to use standardized responses that include specific formats, definitions, abbreviations, and acronyms. The appraiser attempted to obtain an adequate amount of information in the normal course of business regarding the subject and comparable properties. Some of the standardized responses required by the UAD, especially those in which the appraiser has NOT had the opportunity to verify personally or measure, could mistakenly imply greater precision and reliability in the data than is factually correct or typical in the normal course of business. Examples include condition and quality ratings as well as comparable sales and listing data. See "UAD Definitions Addendum" in this report for more information. USPS Standard The appraiser must identify the subject property by its complete property address and legal description. The appraiser must enter the physical property address, including the unit number for a condo, in a format that conforms to the United States Postal Service (USPS) address standards in Publication 28 – Postal Addressing Standards (pub28) for complete addresses. Address standards can be found at usps.com. The subject address must be populated consistently throughout the form. The address/location information for the subject, comparable sales, and listings is obtained from the Standardized/U.S. Postal Service Census Department information via the Ala Mode (Aurora) mapping software and downloaded automatically from online into the report and verified by this appraiser via tax/public records. The data is assumed to be the MOST accurate/correct as it is directly from the Standardized/U.S. Postal Service and Census Department and may differ from the MLS listings and/or the order. Appraisal Inspection Conditions This appraisal report is not a home inspection. It does not guarantee or imply that the house is free of defects. The appraiser is not a home inspector. It is suggested that the borrower secure a professional inspection of the property and take the necessary steps to insure the house is acceptable to them prior to closing escrow. Note: The term "Inspected" within this appraisal report shall be deemed to mean "VIEWED." The appraiser is not a professional home inspector or environmental inspector. The appraiser can only view reasonably accessible areas of the property in order to observe the overall condition. The appraiser is not qualified to warrant the mechanical, electrical, structure/roof, foundation, or any condition of any part or whole of the subject property. The appraiser is not qualified to report on the quality of various systems present in the home. The Appraiser assumes no responsibility for determining the electrical service capacity. The Appraiser is not qualified in such matters. The Appraiser assumes no responsibility for the verification of the type, quantity, or quality of insulation, if any, used in the improvements. The Appraiser assumes no responsibility for the adequacy, capacity or operating status of mechanical equipment or systems including, but not limited to, electrical, heating, cooling, plumbing, sewers, septic systems, water supply, etc. The appraiser is not an environmental or hazardous waste expert or inspector. The Appraiser is not qualified to detect such substances. The appraisal was prepared based on the assumption that no such substances exist at the subject property. The Appraiser assumes no responsibility for determining whether or not flood insurance is required. The Appraiser attempted to review what was considered to be the most recent FEMA maps available. The appraiser assumes no responsibility for the accuracy of the FEMA maps. The Appraiser is not a surveyor, nor an expert in legal matters. The Appraiser assumes no responsibility for the legal description or the accuracy of any boundary issues, including easements and/or encroachments. The Appraiser is not an expert, and cannot be relied upon to determine building code and /or zoning code violations that might exist at the subject property. It is assumed that the property is in compliance with all applicable federal, state and local laws, ordinances, regulations, building standards, use restrictions and zoning unless the lack of compliance is stated in the appraisal report. Determining and reporting on such compliance were not part of the scope of work for this assignment. The appraiser has not made any inspection or survey of the property to determine if it is in conformity with the Americans with Disabilities Act (ADA) or similar state or local laws or ordinances. It is possible that such an inspection or survey of the property or an analysis of the applicable legal requirements could reveal that the property is not in compliance with one or more of the requirements of the ADA or similar laws or ordinances. If so, this could have a negative effect on the value and use of the property. Personal Property There was no personal property given contributory value for the subject or the comparable sales. Living Area and Public Records The living area in this report may differ from the public records living area for the subject. The subject was carefully measured at the time of inspection to verify the living area utilizing ANSI - Z765-2021 methodology. Appraiser cannot affirm the assessor measured under the same method. Due to the assessor often having inaccurate records for living area, the appraiser's measured/reported living area for the subject may differ from public records. Therefore, the living area reported by the appraiser is considered to be the most reliable source for living area and is utilized for the purpose of this appraisal report. Site Section Conditions Appraiser is entitled to rely upon information provided by third parties deemed to be reliable. Appraiser cannot independently verify the accuracy of information provided and cannot be held responsible for any information later found to be inaccurate. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 35
It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render the property more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering or other studies that may be required to discover them. Such matters were not part of the scope of work for this assignment. It is assumed that use of the land and improvements and their construction is confined within the boundaries or property lines of the subject property and that there are no encroachments or trespasses unless noted in the appraisal report. Determining and reporting encroachments or trespasses were not within the scope of work for this assignment. It is assumed that all water, sewer facilities and utilities (whether existing or proposed) are or will be in good working order, safe for use, and sufficient to serve the current or proposed uses of the subject property or any structures or other improvements. Determining and reporting on such matters were not part of the scope of work for this assignment. Unless otherwise stated in this report, the past or current existence of hazardous materials or environmental contamination on, below or near the subject property was not observed or known by the appraiser. The appraiser, however, is not qualified to detect such substances or to make determinations about their presence. The presence of substances such as asbestos, urea-formaldehyde foam insulation, and other potentially hazardous materials or environmental contamination may affect the value of the property. Unless otherwise stated, the value estimated is predicated on the assumption that there is no such material or contamination on, below or affecting the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering assistance required to discover them. The intended user is urged to retain an expert in this field, if desired. Geographic Competency This assignment requires geographic competency as part of the scope of work. I have knowledge and experience in appraising this type of property in this market area and I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records, and other such data sources for the area in which the property is located. I have spent sufficient time in the subject’s market and understand the nuances of the local market and the supply and demand factors relating to the specific property type and the location involved. Such understanding will not be imparted solely from a consideration of specific data such as demographics, costs, sales and rentals. The necessary understanding of local market conditions provides the bridge between a sale and a comparable sale or a rental and a comparable rental. SALES COMPARISON APPROACH Comparable Photographs The comparable photographs presented in this report have either been provided by the appraiser or extracted from a database of recent property photographs. There are no requirements or guidelines stating that only the appraiser can take and provide photographs within the report. Pursuant to the Scope of Work the appraiser has inspected each of the comparable sales from at least the street. When utilized, MLS photos provide an accurate representation of the comparable at the time of the listing and may not always be "seasonally" current. It is not uncommon for properties to be updated or renovated after purchase, therefore a current photograph may not be a true representation of the exterior at the time of sale. Comparable Sale Property Data Comparable property data was generally obtained from third-party sources including but not limited to the local MLS, County Assessor, Township Assessor, online resources and additional public data sources. Consequently, this information should be considered an "estimate" unless otherwise noted by the appraiser. COST APPROACH Cost Approach Conditions If developed, the cost approach has only been developed by the appraiser as an analysis to support their opinion of the property`s market value. Use of this data, in whole or part, for other purposes is not intended by the appraiser. An appraisal completed for a lender/client in connection with mortgage lending should not be used or relied on for insurance purposes. 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. The appraiser assumes no liability for and does not guarantee that any insurable value estimate inferred from this report will result in the subject property being fully insured for any loss that may be sustained. Further, the cost approach may not be a reliable indication of replacement or reproduction cost for any date other than the effective date of this appraisal due to changing costs of labor and materials and due to changing building codes and governmental regulations and requirements. State of Michigan Required Comment Appraisers are required to be licensed in the State of Michigan and are regulated by the Department of Licensing and Regulatory Affairs. PO Box 30018, Lansing Michigan, 48909 The following licenses are issued by the department: State Certified General; State Certified Residential; State Licensed; Limited License. Limited License appraisers may only materially assist in an Appraisal assignment under direct supervision of a State Certified Appraiser. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 202310-44288 Sydnee Rogers 207 Gardendale St Ferndale Oakland MI 48220 United Wholesale Mortgage Borrower Lender/Client Property Address City County State Zip Code File No.
Page 36
Appraiser License/Certification Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 37
Errors & Omissions Insurance
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
HUDSON INSURANCE COMPANY
100 William Street, 5" Floor
New York, NY 10038
Errors & Omissions Insurance
HubsonN
INSURANCE GROUP
REAL ESTATE PROFESSIONAL ERRORS AND OMISSIONS INSURANCE POLICY
DECLARATIONS
NOTICE: THIS IS A “CLAIMS MADE AND REPORTED” POLICY. THIS POLICY REQUIRES THAT A
CLAIM BE MADE AGAINST THE INSURED DURING THE POLICY PERIOD AND REPORTED TO THE
INSURER, IN WRITING, DURING THE POLICY PERIOD OR AUTOMATIC EXTENDED REPORTING
PERIOD.
THIS POLICY MAY CONTAIN PROVISIONS WHICH LIMIT THE AMOUNT OF CLAIM EXPENSES THE
INSURER IS RESPONSIBLE TO PAY IN CONNECTION WITH CLAIMS. CLAIM EXPENSES SHALL BE
SUBJECT TO ANY DEDUCTIBLE AMOUNT. THE PAYMENT OF CLAIM EXPENSES WILL REDUCE THE
LIMITS OF LIABILITY STATED IN ITEM 4. OF THE DECLARATIONS. PLEASE READ YOUR POLICY
Policy Number:
1.Named Insured:
2.Physical Address:
3.Mailing Address:
4.Policy Period:
5.Limit of Liability:
6.Deductible:
7.Policy Premium:
8.State Taxes/Surcharges:
9.Retroactive Date:
10.Notice to Company:
11.Program Administrator:
12.Agent/Broker:
CAREFULLY.
PLEASE READ THIS POLICY CAREFULLY.
PRA-2RE-2000131
Renewal of:
PRA-2RE-1000843
True Footage, Inc.
(including Predecessor Entities and DBA's)
1501 4th Avenue, Seattle, WA, 98101
PO Box 736595, Dallas, TX, 75373
From: 12/03/2022
To:
12/03/2023
12:01 A.M. Standard Time at the address of the Named Insured as stated in Number 2 above
A. Per Claim:
$1,000,000
B. Aggregate: $1,000,000
$15,000
Each Claim
$22,581.00
$0.00
07/19/2021
Notice of a Claim or Potential Claim should be sent to:
Hudson Insurance Group
100 William Street, 5th Floor
New York, NY 10038
Fax: (646)-216-3786
Email: hudsonclaims300@hudsoninsgroup.com
Riverton Insurance Agency Corp.
OREP Insurance Services, LLC (888) 347-5273
IN WITNESS WHEREOF,
We have caused this policy to be executed by our President and our
Corporate Secretary at New York, New York
{
{
Lov
President
WA
Secretary
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE