Appraisal.pdf
Paul B Csikos, Petitioner V Township Of White Lake, Respondent · 24-003590-TT
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Uniform Residential Appraisal Report File No. 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). SUBJECT I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. CONTRACT Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Note: Race and the racial composition of the neighborhood are not appraisal factors. Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit % Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit % Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family % Neighborhood Boundaries High Commercial % Pred. Other % Neighborhood Description Market Conditions (including support for the above conclusions) NEIGHBORHOOD Dimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe. Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private Electricity Water Street Gas Sanitary Sewer Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and off-site improvements typical for the market area? Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe. SITE GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors # of Stories Full Basement Partial Basement Exterior Walls Walls Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars Attic None Heating FWA HWBB Radiant Amenities WoodStove(s) # Driveway Surface Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars Finished Heated Individual Other Pool Other Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.). Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe. IMPROVEMENTS Page 1 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan DOM 5;Has a pending sale as of 05/22/2023 for $279,900. The reference number is #20230037567 as provided by Realcomp, days on market is 5. Listed as a pending sale for $279,900 on < continued in addendum > X 2160 Superior Ave, Cleveland, OH 44114 CrossCountry Mortgage, LLC ISAOA/ATIMA X X X 150 X 0 X 1304.00 ACI MAP Riverdale 2,411 2022 1224380001 T3N, R8E, SEC 24 RIVERDALE SUB LOT 47 Oakland Doris C Skarnulis Paul Brian Csikos 48386 MI White Lake 490 Hurondale Dr $0;;No financial assistance provided. X P A X 05/22/2023 285,000 Arms length sale;Purchase for $285,000 as of 05/22/2023. X See Attached Addendum See Attached Addendum 10 3 2 85 37 103 0 371 2,100 77 The subject boundaries are 59 to the North, Hospital to the East, Cedar Island to the South, and Teggerdine to the West. X X X X X X No adverse site condition or external factors where noticed at the time of inspection. Please note subjects private roads have no positive or negative effect on the marketability of subject. Please note that well and septic are common in the area and do not negatively effect the subjects marketability. X See Attached Addendum X 09/29/2006 26125C0339F X X None X Paved Septic-Typical X Well- Typical X X X See Attached Addendum X X Single Family Residential R-1C N;Wtr; Rectangular 26136 sf 78'x116'x94'x108'x100'x168' X See Attached Addendum X C4;No updates in the prior 15 years;The subject was noted to be in average condition with the floor plan to be functionally adequate. This subject features front porch, newer roof, windows, two attached garage, rear deck, heated four seasons room built in 2003, first floor features foyer, living room, dining, kitchen, 1/2 bath, second floor features full bath and three bedrooms, and lower level features family room with fireplace, laundry, and utilities. Please note appraisal is to be completed subject to installing smoke detectors. See Attached Addendum 1,364 1.1 3 7 p X X X p p X 0 2 X Paved 2 X Fiberglass/Avg Tile/Avg Wood/Avg Drywall/Avg Car/Wd/Tile/Gd None None Front X Deck X None 1 X 0 Yes/Avg Yes/Avg Vinyl/Gd Alum/Avg Asphalt/Gd Brick/Wood/Avg Concrete/Avg None X Gas X X 100 540 X X X 25 1973 Tri Level X X 2 X
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Uniform Residential Appraisal Report File No. 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 Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Room Count Gross Living Area 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 COMPARABLE SALE NO. 1 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 2 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 3 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ 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 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 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 $ 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. RECONCILIATION Page 2 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan 432,500 246,000 18 329,900 250,000 4 Riverdale Subdivision No Pool I G Pool 5/5 DOM/CDOM Front, Deck 2ga2dw None G.F.A./None Average 1rr0br0.0ba1o 540sf540sfin 1,364 25 1.1 3 7 C4 50 Q4 DT2;Tri Level N;Wtr; 26136 sf Fee Simple N;River Frt; 208.94 285,000 White Lake, MI 48386 490 Hurondale Dr 336,769 14.0 -13.0 50,231 X 0 Fox Bay #3 No Pool 5/5 -3,000 Cov,Dk,3 Seasn 2ga2dw None -2,000 G.F.A./Central Average -4,560 1rr0br0.1ba1o -9,730 1513sf744sfin -3,725 1,513 -6,000 2.1 4 7 -23,220 C3 0 53 Q4 0 DT2;Quad Level N;Wtr; 2,004 16117 sf Fee Simple N;River Frt; 0 s07/22;c07/22 Conv;0 ArmLth RC3/Oakland/White Lake Twp Rcomp #2220038604;DOM 5 255.78 387,000 0.34 miles SW White Lake, MI 48386 8796 Sandy Crest Ct 319,444 17.2 -3.5 11,556 X 0 Twin Lakes No Pool 0 2/2 -3,000 Cov,Deck,Patio 2ga2dw None -2,000 G.F.A./Central Average 1rr0br0.0ba1o -6,360 1176sf624sfwo 3,500 1,224 -3,000 2.1 3 6 -19,860 C3 0 52 Q4 0 DT2;Quad Level 9,930 N;Res; 2,614 13068 sf Fee Simple 6,620 N;Lk Prv; 0 s02/23;c02/23 Conv;0 ArmLth RC3/Oakland/White Lake Twp Rcomp #20230002157;DOM 2 270.42 331,000 0.96 miles SW White Lake, MI 48386 9602 Woody Ct 290,965 14.2 -6.4 20,035 X 0 Mandon Lake No Pool 0 10/10 0 Front, Patio -10,000 3gd3dw None -2,000 G.F.A./Central Average -1,500 1rr0br0.1ba1o 0 454sf454sfwo 10,625 939 1,500 2.0 2 5 -18,660 C3 0 52 Q4 DT2;Tri Level N;Wtr; 0 24394 sf Fee Simple 0 N;Canal Frt; 0 s03/23;c03/23 0 Conv;8500 ArmLth RC3/Interior/Exteriorappraisal Rcop #20230007382;DOM 10 331.20 311,000 1.82 miles SW White Lake, MI 48386 9589 Mandon Rd Realcomp Online, Oakland County Equalization, Waterford, White Lake Township X Realcomp Online, Oakland County Equalization, White Lake Township X X 05/31/2023 Oakland/White Lake Twp 05/31/2023 Oakland/White Lake Twp 05/31/2023 Oakland/White Lake Twp 05/31/2023 Oakland/White Lake Twp $0 06/25/2022 290,000 See Attached Addendum The subject was researched for any sales in the past 36 months, all comparables where researched 1 year prior to there effective sold date. 05/31/2023 290,000 See Attached Addendum X The market approach was given the most weight in determining market value, as it most clearly represents typical market reaction and trends. The income approach and cost where also considered, however not utilized due to non applicable information. 0 0 290,000 T.K. Weston, Inc.
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Uniform Residential Appraisal Report File No. ADDITIONAL COMMENTS 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.) Estimated Remaining Economic Life (HUD and VA only) Years 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 . .. .. .. .. .. .. .. .. .. .. . = $ COST APPROACH INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) INCOME 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 an 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(s) 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. PUD INFORMATION Page 3 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. Information regarding comparables interior construction, room count, and square footage was obtained from Realcomp MLS, County Records, and assessment records, which are assumed to be reliable. If this information is not correct, the appraiser's opinions and conclusions could be affected. Appraiser does not assume responsibility for the accuracy of information provided by others. Subject and 9589 Mandon Rd were measured by hand by appraiser. Measurements are ANSI compliant. All dimensions were measured to the nearest inch or tenth of a foot. Please note subject and all multi level comparable sales used in this report are listed incorrectly on local MLS and have been adjusted to meet ANSI measurement standards. PRECEDENCE OF COMMENTS AND CONDITIONS This report contains comments, conditions and/or certifications added by the signing appraiser, including but not limited to this supplemental addendum. These items shall supersede and take precedence over all other language, requirements or conditions contained in any preprinted and/or third party forms or documents included herein, or incorporated by reference into, the appraisal report. FARM LIST:Appraiser researched Bi Level, Tri Level, and Quad Level sales located on Realcomp MLS within a two mile radius from subject that sold within 12 months from effective date of this appraisal, built before 2003. All 18 multi level sales researched were private owned sales with average sales price $311,144, and average dom of 32. Appraiser added ranch comparable #7 to help bracket subjects average condition. Appraisal was performed by Scott Richard Duncan State Licensed Appraiser License #1203069427 Expires 07/31/2023 75 564 Bsmt: 540 1,364 80,000 50 The cost approach was considered however not deemed applicable due to the age of the home and the fact that the typical buyer of this home would not consider a new construction as a viable alternative. Q4 The opinion of site value is based on active and/or sold lots with similar appeal and marketability. If no such lots where available the appraiser used the best available lots and adjusted based on market reaction. Mls #20221047002, 2210009462, 2210009461, 2210009463, 2210006154, 2220017012, and #5050045639 were used to help determine opinion of site value. Please note that the income approach was considered however does not warrant use due to non applicable information. 0 X X
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Uniform Residential Appraisal Report File No. This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Page 4 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan
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Uniform Residential Appraisal Report File No. 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. 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). Page 5 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan
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Uniform Residential Appraisal Report File No. 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 Page 6 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan Cleveland, OH 44114 2160 Superior Ave CrossCountry Mortgage, LLC ISAOA/ATIMA Blue Bird Valuation 290,000 White Lake, MI 48386 490 Hurondale Dr State Licensed Appraiser 07/31/2023 MI 1203069427 05/31/2023 06/06/2023 westonappraisals@yahoo.com 517-896-4050 Waterford, MI 48328 3837 Faber Terr Scott Duncan Scott Duncan T.K. Weston, Inc.
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Uniform Residential Appraisal Report File No. FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Room Count Gross Living Area 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 COMPARABLE SALE NO. 4 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 5 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 6 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ ITEM SUBJECT Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 Summary of Sales Comparison Approach SALES COMPARISON APPROACH Fannie Mae Form 1004 March 2005 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan Riverdale Subdivision No Pool I G Pool 5/5 DOM/CDOM Front, Deck 2ga2dw None G.F.A./None Average 1rr0br0.0ba1o 540sf540sfin 1,364 25 1.1 3 7 C4 50 Q4 DT2;Tri Level N;Wtr; 26136 sf Fee Simple N;River Frt; 208.94 285,000 White Lake, MI 48386 490 Hurondale Dr 300,755 15.6 0.3 855 X 0 Village Acres No Pool 0 17/17 0 Front, Patio 2ga2dw None -2,000 G.F.A./Central Average -1,500 1rr0br0.1ba1o 0 456sf456sfin 4,025 1,203 -1,500 2.0 3 6 -17,994 C3 0 46 Q4 DT2;Tri Level 8,997 N;Res; 1,830 16988 sf Fee Simple 8,997 N;Res; 0 s09/22;c09/22 Conv;0 ArmLth RC3/Oakland/White Lake Twp Rcop #20221020188;DOM 17 249.29 299,900 0.78 miles SW White Lake, MI 48386 8898 Sussex St 282,504 24.8 -5.8 17,496 X 0 Village Acres -20,000 I G Pool 0 4/4 Front, Deck 2ga2dw None -2,000 G.F.A./Central Average 1rr0br0.0ba1o -4,400 980sf588sfin 8,400 1,028 -1,500 2.0 3 6 -18,000 C3 0 49 Q4 0 DT2;Quad Level 9,000 N;Res; 2,004 16117 sf Fee Simple 9,000 N;Res; 0 s11/22;c11/22 Conv;0 ArmLth RC3/Oakland/White Lake Twp Rcomp #20221045169;DOM 4 291.83 300,000 0.94 miles SW White Lake, MI 48386 9120 Satelite Dr 286,242 20.6 -4.6 13,658 X 0 Waterford No Pool 0 55/63 -6,000 Frt,Dk,Pat,Balc 2ga2dw None -2,000 G.F.A./Central Average -6,450 1rr1br1.0ba0o -2,300 770sf770sfwo 0 1,426 3,000 1.1 2 6 0 -17,994 C3 -1,600 34 Q4 DT2;Tri Level 8,997 N;Res; -1,307 32670 sf Fee Simple 11,996 N;BsyRd; s09/22;c09/22 Conv;0 ArmLth RC3/Oakland/Waterford Twp Rcop #20221003470;DOM 55 210.31 299,900 1.19 miles NE Waterford, MI 48327 7290 Pontiac Lake Rd 05/31/2023 Oakland/White Lake Twp 05/31/2023 Oakland/White Lake Twp 05/31/2023 Oakland/White Lake Twp 05/31/2023 Oakland/Waterford Twp
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Uniform Residential Appraisal Report File No. FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Room Count Gross Living Area 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 COMPARABLE SALE NO. 7 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 8 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 9 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ ITEM SUBJECT Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 7 COMPARABLE SALE NO. 8 COMPARABLE SALE NO. 9 Summary of Sales Comparison Approach SALES COMPARISON APPROACH Fannie Mae Form 1004 March 2005 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan Riverdale Subdivision No Pool I G Pool 5/5 DOM/CDOM Front, Deck 2ga2dw None G.F.A./None Average 1rr0br0.0ba1o 540sf540sfin 1,364 25 1.1 3 7 C4 50 Q4 DT2;Tri Level N;Wtr; 26136 sf Fee Simple N;River Frt; 208.94 285,000 White Lake, MI 48386 490 Hurondale Dr 262,780 9.3 -2.7 7,220 X 0 Twin Lakes No Pool 0 51/51 0 Covered, Patio 2ga2dw None G.F.A./None Average 8,100 -7,420 1282sf0sfwo -8,800 1,716 1.1 3 7 C4 900 59 Q4 0 DT1;Ranch N;Wtr; 0 20909 sf Fee Simple 0 N;Canal Frt; 0 s10/22;c10/22 Cash;0 ArmLth RC3/Oakland/White Lake Twp Rcop #20221026933;DOM 51 157.34 270,000 0.55 miles NW White Lake, MI 48386 551 Berry Patch Ln 05/31/2023 Oakland/White Lake Twp 05/31/2023 Oakland/White Lake Twp
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Uniform Appraisal Dataset Definitions File No. Condition Ratings and Definitions C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.* *Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. *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 residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure. Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/ or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (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 The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count. Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan
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Uniform Appraisal Dataset Definitions File No. Abbreviations Used in Data Standardization Text Abbrev. Full Name Appropriate Fields ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location & View ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design(Style) ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade B Beneficial Location & View BsyRd Busy Road Location cp Carport Garage/Carport Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Conv Conventional Sale or Financing Concessions cv Covered Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources DT Detached Structure Design(Style) dw Driveway Garage/Carport Estate Estate Sale Sale or Financing Concessions e Expiration Date Date of Sale/Time FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Garage - Attached Garage/Carport gbi Garage - Built-in Garage/Carport gd Garage - Detached Garage/Carport GR Garden Structure Design(Style) GlfCse Golf Course Location Glfvw Golf Course View View HR High Rise Structure Design(Style) Ind Industrial Location & View Abbrev. Full Name Appropriate Fields in Interior Only Stairs Basement & Finished Rooms Below Grade Lndfl Landfill Location LtdSght Limited Sight View Listing Listing Sale or Financing Concessions MR Mid-Rise Structure Design(Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions op Open Garage/Carport o Other Basement & Finished Rooms Below Grade O Other Design(Style) Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr Recreational (Rec) Room Basement & Finished Rooms Below Grade Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RT Row or Townhouse Design(Style) RH Rural Housing - USDA Sale or Financing Concessions SD Semi-detached Structure Design(Style) s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site, Basement Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions wo Walk Out Basement Basement & Finished Rooms Below Grade wu Walk Up Basement Basement & Finished Rooms Below Grade WtrFr Water Frontage Location Wtr Water View View w Withdrawn Date Date of Sale/Time Woods Woods View View Other Appraiser-Defined Abbreviations Abbrev. Full Name Appropriate Fields Abbrev. Full Name Appropriate Fields Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 235-06676 23282304565379 Scott Duncan
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ADDENDUM Borrower: Paul Brian Csikos File No.: 235-06676 Property Address: 490 Hurondale Dr Case No.: 23282304565379 City: White Lake State: MI Zip: 48386 Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA Addendum Page 1 of 4 Twelve Month Listing History of Subject Property Continued from Twelve Month Listing History of Subject Property: Realcomp MLS #20230037567 as of 05/22/2023. Neighborhood Description Subject is located directly on the Huron River within Fox Bay/Riverdale, which has its own park/beach lot located near the end of Hurondale Drive. "According to the United States Census Bureau, the township has a total area of 37.2 square miles, of which 33.7 square miles is land and 3.5 square miles is water. Several of the community's large parcels have been preserved as state recreation areas and county parks. Rural residential development and lake living is typical, as the township has 21 lakes within its borders.Intersected by M-59, a majority of the township's commercial development has occurred along this major east-west corridor.The southernmost area of the township is located 19 miles northwest of the Detroit city limits, and 10 miles from downtown Pontiac.The Township is served by five public school districts: Clarkston, Holly, Huron Valley, Walled Lake and Waterford." wikipedia Neighborhood Market Conditions Research of Realcomp MLS sales records indicated that property values were increasing/stable. Estimates of market times were also based on Realcomp MLS records. Appraiser researched residential sales located on Realcomp MLS within a two mile radius. From the last 12 months from effective date of this appraisal there were 233 residential sales with a average sales price of $370,745. From 05/31/2021 thru 05/31/2022 there were 300 residential sales with a average sales price of $335,338. The subjects current list to sales price ratio is 97%. The subject’s appraised value is under the predominant value for the two mile radius researched, however the subject is still within a marketable range and is not considered an under improvement. The subject property is below the market area predominate value due to overall smaller GLA with 1,364 sq ft above grade, average being 1800 sqft. The global outbreak of a “novel coronavirus” known as COVID-19 was officially declared a pandemic by the World Health Organization (WHO). As of the effective date, the short and long-term impact on the market from the COVID-19 virus is unknown; however,it is reasonable to assume that current restrictions in market activity due to the virus will extend marketing times at least 60 days beyond the current levels. This assumption has been taken into consideration with regards to the estimate of reasonable exposure time. At this time, the appraiser assumes that there is a delay in market activity, but not a significant long-term shift in demand or supply which would result in a change in market prices. Highest and Best Use The highest and best use is the current use. Because of the existing use and zoning, no alternate use is likely. [USPAP 2014-15, Standards Rule 2-2(a)(x)]. Utilities/Off-Site Improvements All Utilities were on. Appraiser operated the plumbing, heating, and electrical systems to determine if they are operational; however, appraiser is not responsible for testing the functionality or capacity of these systems. The appraiser is not a home inspector, and this appraisal report is not a home inspection. Additional Features This subject features front porch, newer roof, windows, two attached garage, rear deck, heated four seasons room built in 2003, first floor features foyer, living room, dining, kitchen, 1/2 bath, second floor features full bath and three bedrooms, and lower level features family room with fireplace, laundry, and utilities. Please note appraisal is to be completed subject to installing smoke detectors. Physical Deficiencies or Adverse Conditions The appraiser is not a home or environmental inspector. The appraiser provides an opinion of value. The appraisal does not guarantee that the property is free of defects or environmental problems. The appraiser performs an inspection of visible and accessible areas only. Mold may be present in areas the appraiser cannot see. A professional home inspection or environmental inspection is recommended. Please note appraisal is to be completed subject to installing smoke detectors. Comments on Sales Comparison FARM LIST:Appraiser researched Bi Level, Tri Level, and Quad Level sales located on Realcomp MLS within a two mile radius from subject that sold within 12 months from effective date of this appraisal, built before 2003. All 18 multi level sales researched were private owned sales with average sales price $311,144, and average dom of 32. Appraiser added ranch comparable #7 to help bracket subjects average condition. Gross living area is based on $25/square foot. Garage adjustments were
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ADDENDUM Borrower: Paul Brian Csikos File No.: 235-06676 Property Address: 490 Hurondale Dr Case No.: 23282304565379 City: White Lake State: MI Zip: 48386 Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA Addendum Page 2 of 4 based on $10,000/Stall. Basement adjustments were based at $10/square foot for foundation size and $15/square foot differences in finished square footage below grade. Note that since the adjustments are made on square foot of finished area for basement, a room count differences adjustment is not made or necessary. Lot sizes were adjusted at $.20/sf. Age adjustments where made to the comparables at $100/Year. Please note that the comparables utilized in this report bracket and support the subjects appraised value of $290,000. Most weight in estimating the subjects current estimated market value was given to the adjusted sales price of comparable #3, similar in water front location and views, age, and was supported and bracketed by the other utilized comparables in the report. A reasonable exposure time for the subject property at the opinion of value indicated is estimated to be (30-90) days and was derived using information collected for the completion of the 1004MC form, the marketing condition summaries on page 1 and also based on the comparables utilized in this report. EXPOSURE TIME: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. It is an retrospective opinion based on an analysis of past events assuming a competitive and open market. NOTE THAT THE DAYS PROVIDED ARE A RANGE, NOT ALL COMPARABLES FALL WITHIN THIS RANGE. By underwriters guidelines comparables #1,#4,#5,#6, and #7 are dated, however warrant use due to the limited comparable sales in the area and the similarities to the subject. Comparables #3 & #6 exceed 1 mile however were the best tri level comparables available, and using other comps would have required greater adjustments. Comparables #3, and #7 exceed underwriter guidelines for gla exceeding 15%, however were used due to the lack of similar water front sales within a two mile radius from subject. The contract price falls within the range of value indicated by the comparables and provides additional support for the opinion of value. Please note appraisal is to be completed subject to installing smoke detectors Conditions of Appraisal Market value was estimated in fee simple title, assuming no out standing liens which could affect marketability. The contract price falls within the range of value indicated by the comparables and provides additional support for the opinion of value. Please note appraisal is to be completed subject to installing smoke detectors. Extra Comments Weston Appraisals Supplemental Addendum for "Appraisal Report." SCOPE OF THE APPRAISAL The scope of the appraisal encompassed the necessary research and analysis to prepare a report in accordance with the intended use. Subject property data was based on the physical inspection of the property interior and/or exterior and any plans and specifications provided. Additional data was compiled from public records provided by the subjects County, Township and/or Local Municipalities, this information is considered accurate and reliable. Comparables typically inspected on the exterior from the street and additional information was gathered through public records and Multiple Listing Services. Please note that comparables photos used in the report are typically taken from the MLS system, as they best represent the comparable at the time of sale. Please note that if a public municipalities is unable to provide the taxes for the subject property the State of Michigan Estimated Tax Website has been utilized and taxes are stated with a E in front of the number. In a sales transaction, I have been furnished a copy of the purchase agreement, and am aware of its contents unless stated to the contrary in the comments and conditions section of the appraisal contents. The value of items, other than real property, is zero unless stated differently in the comments and conditions section of the appraisal report. The mortgage collateral in this appraisal is limited to real estate. In keeping with the USPAP rules, any excess financing costs and/or buy downs and/or gifts were deducted from the comparables based upon the amounts paid when we are aware of such items. All public and private improvements are in place on the date of the appraisal, and are reflected in the market value estimate unless otherwise noted within the appraisal report. If so noted, all improvements are assumed complete with professional workmanship and materials and within a reasonable period of time. Highest and Best use conclusions are developed by analyzing and correlation that which is legally permissible, physically possible, economically feasible, maximally productive, and which produces the greatest return. The purpose of this appraisal is to estimate the market value of a federally related mortgage loan, unless so referenced in the comments and conditions section of the Appraisal report. The site value estimate is based on analysis of site sales, and abstraction of site values from the sale of improved properties.
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ADDENDUM Borrower: Paul Brian Csikos File No.: 235-06676 Property Address: 490 Hurondale Dr Case No.: 23282304565379 City: White Lake State: MI Zip: 48386 Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA Addendum Page 3 of 4 All sources and data utilized are considered accurate and reliable. Unreliable data has been disregarded. All sources have been noted where appropriate, and all data has been confirmed whenever possible. This appraiser hereby certifies that he has experience and knowledge to adequately complete this appraisal assignment completely, without the assistance of others. LICENSE INFORMATION Appraisers are required to be licensed and are regulated by the Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, Michigan 48909. ENVIRONMENTAL DISCLAIMER The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions that would negatively affect the property unless otherwise stated in this report. However, it is not impossible that tests and inspections made by a qualified hazardous substance or and environmental expert would reveal the existence of hazardous substance or detrimental environmental conditions on or around the property that would negatively affect its value. EVIDENCE OF HAZARDOUS MATERIAL This property does_____ does not__X___, to the best of my knowledge show evidence of the storage of items, containers, or materials that are not intended for the normal and average consumer usage around the home. EXPLANATORY NOTES APPRAISAL DEVELOPMENT AND THE REPORTING PROCESS As such it presents only summary discussions of data, reasoning, and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation that is not provided with the report concerning the data, reasoning, and analysis is retained in the appraiser's file. The depth of the discussion contained in this report is specific to the needs of the client and for the intended use stated in this report. The intended use of this report is for the sole purpose of assisting the client in underwriting a real estate loan on the subject property. The appraiser is not responsible for the unauthorized use of this report. The intended user of this report is the Lender/Client stated in this appraisal, there is no other intended user of this report, nobody else should rely on this report. If other parties choose to rely on this report the appraiser is not obligated to such parties and it does not result in such parties becoming intended users. It should be noted that there is a possibility of non-reported listings that may affect the number of homes for sale in the area. Also at the same time homes in the area that where sold in ways other than what is considered conventional may have been overlooked if there data was not available in the normal course of business. When available the appraiser has downloaded comparable photographs from the participating Multiple Listing Service. However all comparables have been visually inspected from the exterior to ensure that the photograph and the information on the multiple listing service is reliable. these photographs have been utilized due to the fact that they are taken during the middle of the day, under ideal lighting conditions, at the time of the real estate transaction, and give the appraiser and any intended users of the appraisal report the best available means of judging the comparables condition, as a result some photographs may appear out of season, or listing signs may be in front of the home. This complies with all Fannie Mae and U.S.P.A.P. guidelines and regulations. SUPPLEMENTAL CERTIFICATIONS I certify to the best of knowledge and belief, the reported analysis, opinions and conclusions were developed and this report was prepared in conformity with the requirements of the Standards of Professional Practice. DIGITAL SIGNATURE ADDENDUM Please note that digital signatures have been used in this report. "USPAP and the Appraisal Standards Board state that electronically affixing a signature to a report carries the same level of authenticity and responsibility as an ink signature on a paper copy report. All electronic signatures in this report have a security feature maintained by the appraiser. GENERAL COMMENTS ON SALES COMPARISON APPROACH: DATE OF SALE: In most cases there has been no adjustment made to this section unless provided information shows values appreciating or depreciating at a rate that is above or below normal rates for the area. LOCATION: This appraiser recognizes that in some cases the proximity to amenities is directly related to value and has made adjustments only if clearly viewed. SITE: Adjustments for site are typically made when differences in site size are readily observable and have a clear affect on value.
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ADDENDUM Borrower: Paul Brian Csikos File No.: 235-06676 Property Address: 490 Hurondale Dr Case No.: 23282304565379 City: White Lake State: MI Zip: 48386 Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA Addendum Page 4 of 4 VIEW: Adjustments for view typically lake, stream or riverviews, panoramic or vista views, or negative views such as highways, busy roads, commercial buildings, waste sites, etc. AGE: This appraiser recognizes that each appraisal differs on the necessity for age adjustments. Newer homes are not necessarily superior to older homes. It is generally recognized that homes over 30 years old have had, in most cases, new roofs, furnaces, and other mechanical components that make them equal if not superior to 15 year old homes. GROSS LIVING AREA: This appraiser typically uses between $5.00 and $55.00 per square foot adjustments based on difference in total square footage. This typically depends on the condition, design and appeal of the subject and comparables. However, each appraisal is taken on an individual basis and the amount of adjustment per square foot may differ. BASEMENT AND FINISHED: This appraiser has not inspected the interior of the comparables used in this report and has relied on the available MLS printout and/or the provided assessing sheet to determine basement description. The appraiser does recognize a value difference between slab, crawl spaces, full basements, walk outs, part basements and michigan basements. ROOMS BELOW GRADE: This appraiser has not inspected the interior of the comparables used in this report and has relied on the available MLS printout and/or the provided assessing sheet to determine if a basement is Unfinished, Part Finished or Finished and then adjust according to market reaction. FUNCTIONAL UTILITY: This appraiser adjusts for defects that are caused by a deficiency or a superadequacy in the structure, materials or design and the layout of the structure. CONDITION: This appraiser did not inspect the interior of the comparable sales. Any adjustments made are from Realtors Comment on MLS Data Sheets or direct conversation with the Listing Realtor. HEATING AND COOLING: This appraiser recognizes no difference natural gas at the street and propane gas brought on site, both are clean and similar in price. This appraiser does adjust for heating oil versus natural gas or propane gas. Storage tanks for fuel oil have the capacity of becoming environmentally unsafe and are generally viewed by the public as a potential nuisance. ENERGY EFFICIENT ITEMS: Unless specifically noted in Realtors Comments or in conversation with Listing Realtor, this appraiser can not make adjustments for energy efficient items. Typical adjustments might include newer furnace, new insulation, new windows, supplemental heating systems, etc. GARAGE/CARPORT: This appraiser recognizes the value of a two car garage versus a one car garage. THis appraiser does not adjust for attached versus detached unless a detached garage is abnormally distant from a home.
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SUBJECT PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: Appraised Value: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos 290,000 May 31, 2023
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LOCATION MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #1 Sale Date: Sale Price: $ COMPARABLE SALE #2 Sale Date: Sale Price: $ COMPARABLE SALE #3 Sale Date: Sale Price: $ CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos 387,000 s07/22;c07/22 White Lake, MI 48386 8796 Sandy Crest Ct 331,000 s02/23;c02/23 White Lake, MI 48386 9602 Woody Ct 311,000 s03/23;c03/23 White Lake, MI 48386 9589 Mandon Rd
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #4 Sale Date: Sale Price: $ COMPARABLE SALE #5 Sale Date: Sale Price: $ COMPARABLE SALE #6 Sale Date: Sale Price: $ CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos 299,900 s09/22;c09/22 White Lake, MI 48386 8898 Sussex St 300,000 s11/22;c11/22 White Lake, MI 48386 9120 Satelite Dr 299,900 s09/22;c09/22 Waterford, MI 48327 7290 Pontiac Lake Rd
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #7 Sale Date: Sale Price: $ COMPARABLE SALE #8 Sale Date: Sale Price: $ COMPARABLE SALE #9 Sale Date: Sale Price: $ CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos 270,000 s10/22;c10/22 White Lake, MI 48386 551 Berry Patch Ln
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FLOORPLAN SKETCH Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos Sketch by Apex Sketch v5 Standard™ 22.2' 5' 14' 16' 14' 3' 22.2' 1.5' 22.5' 27' 22.5' 24' 22.5' 22.5' 23.5' 24' 23.5' Lower Level (Basement) 2 Att Garage Laundry Utility Family Room Bedroom Bedroom Bedroom Bath Full Upper Level Second Floor Main level First Floor Four Seasons Dining Kitchen Living Room Foyer Bath 1/2 Comments: AREA CALCULATIONS SUMMARY Code Description Net Size Net Totals GLA1 First Floor 756.80 GLA2 756.80 Second Floor 607.50 BSMT 607.50 Basement 540.00 GAR 540.00 Garage 564.00 564.00 Net LIVABLE Area (rounded) 1364 Breakdown Subtotals LIVING AREA BREAKDOWN First Floor 22.2 x 5.0 111.00 36.2 x 16.0 579.20 3.0 x 22.2 66.60 Second Floor 27.0 x 22.5 607.50 4 Items (rounded) 1364
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Market Conditions Addendum to the Appraisal Report File No. 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 Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Sale & List Price, DOM, Sale/List % 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 Seller-(developer, builder, etc.)paid financial assistance prevalent? Increasing Increasing Declining Declining Increasing Declining Increasing Declining Increasing Declining Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Declining Declining Increasing Increasing Declining Increasing Declining Increasing Declining Increasing Yes No Prior 7-12 Months Prior 7-12 Months Prior 4-6 Months Prior 4-6 Months Current - 3 Months Current - 3 Months Overall Trend Overall Trend 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. MARKET RESEARCH & ANALYSIS If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Active Comparable Listings Months of Unit Supply (Total Listings/Ab. Rate) Increasing Increasing Declining Declining Stable Stable Stable Stable Declining Declining Increasing Increasing Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend 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. CONDO / CO-OP PROJECTS APPRAISER Signature Name Company Name Company Address State License/Certification # State Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address State License/Certification # State Email Address APPRAISER Page 1 of 1 Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009 Produced using ACI software, 800.234.8727 www.aciweb.com 1004MC_2009 090909 235-06676 23282304565379 Scott Duncan Paul Brian Csikos 48386 MI White Lake 490 Hurondale Dr X X X X X X X X X X X 94.24% 5 281,200 10 311,000 4.00 4 1.00 3 100.00% 10 330,000 6 331,000 5.00 5 1.00 3 100.00% 27 276,950 15 287,450 6.00 12 2.00 12 See Attached Addendum Realcomp Online, Oakland County Equalization, Waterford, White Lake Township See Attached Addendum X See Attached Addendum westonappraisals@yahoo.com MI 1203069427 Waterford, MI 48328 3837 Faber Terr Scott Duncan Scott Duncan
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ADDENDUM Borrower: Paul Brian Csikos File No.: 235-06676 Property Address: 490 Hurondale Dr Case No.: 23282304565379 City: White Lake State: MI Zip: 48386 Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA Addendum Page 1 of 2 Market Analysis: Seller Concessions Comments Seller concession Trends have remained stable at or near 3%. This includes buydowns, closing costs, and fees ect. Page 600-601 FNMA Appraisal guidelines adjustments based on dollar-for-dollar deductions that are equal to the cost of the concessions to the seller as a strict cash equivalency approach would dictate are not appropriate. Adjustments must reflect the difference between what the comparables actually sold for with the sales concessions and what they would have sold for without the concessions so that the dollar amount of the adjustments will approximate the reaction of the market to the concessions. Positive adjustments for sales or financing concessions are not acceptable. In compliance with FHA Mortgagee letter 2005-02 concerning seller's concessions on an appraisal, no mechanical dollar for dollar adjustment was made for seller's concessions, but the adjustments made are based on market reactions to said concessions. Typically within this market, concessions are ranging between 3-6% of sales prices and are generally not having an impact on the market unless sales prices are raised to compensate for said concessions or if the concessions are higher then what is typically found. Since the sales prices were not raised in order to accommodate the concessions nor were the concessions outside the percentage range that is typical in this market, no adjustments were necessary for concessions." FNMA Appraisal guidelines Market Analysis: Foreclosure Sales (REO Sales) Comments Appraiser researched Bi Level, Tri Level, and Quad Level sales located on Realcomp MLS within a two mile radius from subject that sold within 12 months from effective date of this appraisal, built before 2003. All 18 multi level sales researched were private owned sales with average sales price $311,144, and average dom of 32. Market Analysis Comments See MARKET CONDITION ADDENDUM. NOTE: The Multiple Listing Service does not permit the data search breakdown to the Subject's submarket that is described on Page 1 in the appraisal section "Neighborhood Boundaries". As a result, the dataset above includes sales/listings that may not be similar to the Subject. NOTE: The MLS service does not breakdown or supply historical listing information, including sales to listing ratios. It does not have historical listing days on market. It does not track foreclosures, REO or short sales. It does not have data pertaining to the concession statistics. NOTE: Foreclosure, REO and Short Sales were not excluded from the search criteria parameters and these sales greatly effect the average sale prices indicated above and the low sale price in the range indicated on Page 2 of this report. DNA = Data Not Available. 1004MC SCOPE OF WORK, MLS LIMITATIONS AND DATA REPORTED The 1004MC form has some inconsistencies and requests very specific data. Much of this data is not available via local MLS or other verifiable data sources. The appraiser cannot base conclusions, or report trends, on inconsistent, unreliable, or partial data. Trend check boxes have been left blank when data is unavailable and "DNA" has been entered in the column where there is "Data Not Available". NOTE: The proper completion of the 1004MC and the development of housing trends and conclusions require an adequate amount of comparable sale and listing data. If adequate comparable data is not available, as can be seen summarized in both the 1004 MC Inventory Analysis grid section and at the top of Page 2 of the appraisal report form, an attempt to develop a neighborhood housing value trend with less than comparable data will be discussed in the narrative Market Condition Analysis of this text addendum. NOTE: At no time should the comparable data conclusions in the 1004 MC Overall Trend section be considered the same as the One Unit Housing Trends in the Neighborhood section of the appraisal report and the Market Condition Analysis in the text addendum. Unless all homes in the neighborhood are considered to be comparable to the Subject, which is highly unlikely, these sections of the appraisal report are concerned with different reporting aspects: the Subject's neighborhood trends in general or the Subject's comparable sale and listing data. Many Michigan residential neighborhoods/markets are heterogeneous in make-up which presents many issues in appraising. Typically, local neighborhoods/markets have less data to rely on; often less similar properties must be utilized as comparables; and some local neighborhoods/markets do not fit neatly into lender-specific lending guidelines. Therefore, the appraiser conducted personal Market Condition Analysis and presented it on additional text addendum pages in order to conduct consistent analysis and report reliable data. The following items are the noted issues of the 1004MC form in the Subject's neighborhood and market. 1. The 1004MC requests historical listing data (gray fields). The local MLS cannot provide historical data as requested. The only data available is current active listing data as of the date and time queried. The appraiser has provided the number of active listings as of the date and time of the analysis in his own analysis if available. 2. Without historical listing data, historical absorption rates cannot be calculated. The appraiser has provided the overall absorption rate, for the past year with personal analysis as data was available.The requested Overall Trend for the active listing data in the 1004MC has not been completed due to lack of data as noted above. Other analysis and data has been provided in the appraiser’s analysis in order to provide overall trends on Page one (1) of the URAR. 3. The MLS provides Days On Market (DOM) but does not show cumulative marketing times. Every listing renewal for a property restarts the time clock. 4. The 1004MC is not consistent in its date ranges. It is not appropriate, consistent, or reliable methodology to compare different time periods while at the same time trying to derive an opinion from them. A trend or market change may be missed in the 7-12 month period when those quarters are combined. Therefore, the appraiser has conducted a personal Market Condition Analysis and has made all market condition determinations from said data. In Michigan the wide variance in seasonal demands for buying and selling real estate has not been considered in the 1004MC. In an effort to consider the seasonal trends it is imperative to utilize a 12 month sales study. My Market Condition Analysis compares the data available from the last 12 months verses the previous 12 months for "seasonal" consistency. The overall trends reported on the Page one (1) of the URAR is taken from the appraiser’s analysis which may reflect some apparent differences in the 1004MC reported data and trends. 5. There is no reliable search mechanism for concession data in our MLS. Some data can be obtained through different search methods, but it is not reliable as it cannot be verified to represent or reflect the majority of all of the listings in the market data. The appraiser is not a party to all sales in the neighborhood/market. Therefore, the appraiser can only report personal experience in the neighborhood/market which may not be reflective of the overall trends in concessions.
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ADDENDUM Borrower: Paul Brian Csikos File No.: 235-06676 Property Address: 490 Hurondale Dr Case No.: 23282304565379 City: White Lake State: MI Zip: 48386 Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA Addendum Page 2 of 2 CONCLUSION: The number of sales of comparable properties within the subject's market area is too small to be statistically significant and, as such, no trends can be reliably identified from this data. Trying to identify trends based on such a small data pool would likely lead to a misleading analysis in violation of the Conduct section of the Ethics Rule of the Uniform Standards of Professional Appraisal Practice (2010-2011 edition). Due to the lack of a statistically meaningful data, the appraiser has placed no weight on boxes checked in the above Overall Trend section in his analysis and his conclusions of overall market trends that are reported on page 1.
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USPAP ADDENDUM File No. Borrower: Property Address: City: County: State: Zip Code: Lender: This report was prepared under the following USPAP reporting option: Appraisal Report A written report prepared under Standards Rule 2-2(a). Restricted Appraisal Report A written report prepared under Standards Rule 2-2(b). APPRAISAL AND REPORT IDENTIFICATION Reasonable Exposure Time My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: Additional Certifications 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 performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. Additional Comments APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: Name: Date Signed: Date Signed: State Certification #: State Certification #: or State License #: or State License #: or Other (describe): State #: State: State: Expiration Date of Certification or License: Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisal: Did Not Exterior-only from street Interior and Exterior Produced using ACI software, 800.234.8727 www.aciweb.com USPAP_14 04272015 235-06676 23282304565379 Scott Duncan CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI Oakland White Lake 490 Hurondale Dr Paul Brian Csikos X A reasonable exposure time for the subject property at the opinion of value indicated is estimated to be 30-90 days and was derived using information collected for the completion of the marketing condition summaries on page 1,1004 MC, and also based on the comparables utilized in this report. 30-90 X Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. Information regarding comparables interior construction, room count, and square footage was obtained from Realcomp MLS, County Records,and assessment records, which are assumed to be reliable. If this information is not correct, the appraiser's opinions and conclusions could be affected. Appraiser does not assume responsibility for the accuracy of information provided by others. 05/31/2023 07/31/2023 MI 1203069427 06/06/2023 Scott Duncan
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos street view front front front view side side
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos side rear deck deck side River front
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos River front River front two attached garage foyer living room living room
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos dining four seasons four seasons kitchen kitchen kitchen
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos 1/2 bath stairs to upper level bedroom 1 full bath full bath bedroom 2
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos bedroom 2 hallway missing smoke detectors bedroom 3 bedroom 3 family room
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT6 CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos family room missing smoke detectors laundry laundry/utilities utilities two attached garage
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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Appraiser Independence Certification File No.: Borrower: Property Address: City: County: State: Zip Code: Lender/Client: I do hereby certify, I have followed the appraiser independence safeguards in compliance with Appraisal Independence and any applicable state laws I may be required to comply with. This includes but is not limited to the following: I am currently licensed and/or certified by the state in which the property to be appraised is located. My license is the appropriate license for the appraisal assignment(s) and is reflected on the appraisal report. I certify that there have been no sanctions against me for any reason that would impair my ability to perform appraisals pursuant to the required guidelines. I assert that no employee, director, officer, or agent of the Lender/Client, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Lender/Client, influenced or attempted to influence the development, reporting, result, or review of the appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner. I further assert that the Lender/Client has never participated in any of the following prohibited behavior in our business relationship: 1. Withholding or threatening to withhold timely payment or partial payment for the appraisal report; 2. Withholding or threatening to withhold future business, or demoting or terminating, or threatening to demote or terminate my services; 3. Expressly or implicitly promising future business, promotions, or increased compensation for my services; 4. Conditioning the ordering of the appraisal report or the payment of the appraisal fee or salary or bonus on my opinion, conclusion or valuation reached, or on a preliminary value estimate requested; 5. Requesting an estimated, predetermined, or desired valuation in the appraisal report, prior to the completion of the appraisal report, or requesting estimated values or comparable sales at any time prior to the completion of the appraisal report; 6. Providing an anticipated, estimated, encouraged or desired value for the subject property, or a proposed or target amount to be loaned to the Borrower, except that a copy of the sales contract may have been provided if the assignment was for a purchase transaction; 7. Providing stock or other financial or non-financial benefits to me or any entity or person related to me, my appraisal or appraisal management company, if applicable; 8. Any other act or practice that impairs or attempts to impair my independence, objectivity or impartiality, or violates law or regulation, including but not limited to, the Truth in Lending Act (TILA) and Regulation Z, or the Uniform Standards of Professional Appraisal Practice (USPAP). Additional Comments: APPRAISER: Signature: Name: Date Signed: State Certification #: or State License #: or Other (describe): State #: State: Expiration Date of Certification or License: SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Produced using ACI software, 800.234.8727 www.aciweb.com AIRCS_14 04082014 235-06676 23282304565379 Scott Duncan CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI Oakland White Lake 490 Hurondale Dr Paul Brian Csikos 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 in 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 any one 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 partner management. 07/31/2023 MI 1203069427 06/06/2023 Scott Duncan T.K. Weston, Inc.
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AERIAL MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos
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FLOOD MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: CrossCountry Mortgage, LLC ISAOA/ATIMA 48386 MI White Lake 23282304565379 490 Hurondale Dr 235-06676 Paul Brian Csikos