Appraisal (2).pdf
Robert McMaster Petitioner V City Of Portage Respondent · 26-002265-TT
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Appraisal Associates (800) 728-8444 147256 1034000276397 2121 Ridgefield Rd Portage MI 49024 Rebecca Karakula BAYER, LARRY A & DONNA R Kalamazoo SHANNONDALE ACRES LOT 2 39-07320-002-O 2024 4,620 City of Portage--Portage Public Schools 28020 0020.05 0 0 CrossCountry Mortgage, LLC ISAOA/ATIMA 2160 Superior Avenue, Cleveland, OH 44114 DOM 70;Public records/MLS. See attached addenda. Arms length sale;The contract appears to be a typical arms length transaction. A fully executed contract containing seven pages and dated 07/15/2025 was provided by the management company. No value was given to non-realty items. 255,000 07/15/2025 Public Records $12,000;;Closing cost, prepaids, points. 215 410 305 47 85 65 65 5 3 2 25 Kalarama Avenue north, Oakland Drive east, Romence Road south and Rothbury Street west. Other land use is undeveloped and has no impact on the subject's value or marketability. The subject property has access to the major transportation routes that run throughout the area. Educational, recreational and other supporting facilities are all accessible and within five miles. Homes in the subject's neighborhood consist... CONTINUED IN THE ADDENDUM Market conditions in the subject's neighborhood appear to be stable with marketing times ranging from one to five months. Most homes in the area are purchased with FHA or conventional loans with a number of lending institutions in the area providing competitive rates. CONTINUED IN THE ADDENDUM. 9x105.92x90.99x151.23 13634 sf Mostly Rectangular N;Res; R-1B One Family Residential See attached addenda. Asphalt None X 26077C0301E 07/31/2024 The subject is directly adjacent to residential dwellings to the west, south, east and directly across the street to the north. There is no market data to indicate proximity to any non-residential use has any impact on marketability or value. 2 Traditional 1969 45 625 0 Prd Conc/Adq Alum/Brick/Adq AsphShgl/Adq Alum/Adq DH/Csmt/Adq Insulated/Adq Nylon/Adq Cpt/Vinyl/Adq DW/Pnl/Adq Wood/Adq Tile/Vinyl/Adq Tile Natural gas None 1 None None 0 None Screen None 2 Asphalt 2 0 9 4 2.1 2,243 Replacement windows, updated boiler and hot water heater, other energy efficient items are typical for the age and design of the home. C4;Kitchen-updated-six to ten years ago;Bathrooms-updated-six to ten years ago;The subject is a two story home with a primary bedroom, primary bath, hall bath and three additional bedrooms on the second floor. The main floor has a family room with fireplace, living room, den, half bath, dining room and kitchen with dining area. There is a covered porch at the front of the home with a screen porch at the rear. All utilities were on and working at the time of inspection. No state/local codes require CO detectors and/or water heater straps. Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # SUBJECT CONTRACT NEIGHBORHOOD SITE IMPROVEMENTS The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address City State Zip Code Borrower Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Lender/Client Address Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offering price(s), and date(s). I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics Location Urban Suburban Rural Built-Up Over 75% 25-75% Under 25% Growth Rapid Stable Slow One-Unit Housing Trends Property Values Increasing Stable Declining Demand/Supply Shortage In Balance Over Supply Marketing Time Under 3 mths 3-6 mths Over 6 mths One-Unit Housing PRICE $ (000) AGE (yrs) Low High Pred. Present Land Use % One-Unit % 2-4 Unit % Multi-Family % Commercial % Other % Neighborhood Boundaries Neighborhood Description Market Conditions (including support for the above conclusions) Dimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe Utilities Public Other (describe) Public Other (describe) Electricity Gas Water Sanitary Sewer Off-site Improvements - Type Public Private Street Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and off-site improvements typical for the market area? Yes No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe General Description Units One One with Accessory Unit # of Stories Type Det. Att. S-Det./End Unit Existing Proposed Under Const. Design (Style) Year Built Effective Age (Yrs) Foundation Concrete Slab Crawl Space Full Basement Partial Basement Basement Area sq.ft. Basement Finish % Outside Entry/Exit Sump Pump Evidence of Infestation Dampness Settlement Exterior Description materials/condition Foundation Walls Exterior Walls Roof Surface Gutters & Downspouts Window Type Storm Sash/Insulated Screens Interior materials/condition Floors Walls Trim/Finish Bath Floor Bath Wainscot Attic None Drop Stair Stairs Floor Scuttle Finished Heated Heating FWA HWBB Radiant Other Fuel Cooling Central Air Conditioning Individual Other Amenities Fireplace(s) # Patio/Deck Pool Woodstove(s) # Fence Porch Other Car Storage None Driveway # of Cars Driveway Surface Garage # of Cars Carport # of Cars Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.). Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
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147256 1034000276397 1 280,000 280,000 39 215,000 410,000 2121 Ridgefield Rd Portage, MI 49024 255,000 113.69 N;Res; Fee Simple 13634 sf N;Res; DT2;Traditional Q3 56 C4 9 4 2.1 2,243 625sf0sfin Average Htwr/None Insulated Win 2ga2dw CP, SP Fireplace 1 MLS / Public Records 08/26/2025 3115 Winkfield Ave Portage, MI 49024 0.63 miles W 281,000 230.33 SWMRIC#25022975;DOM 7 Listing Agent; MLS; TaxRec ArmLth FHA;0 s06/25;c05/25 N;Res; Fee Simple 10890 sf 0 N;Res; DT1;Ranch 0 Q3 54 0 C3 -36,000 +2,000 7 3 2.0 +4,000 1,220 +36,800 1220sf0sfin -4,800 Average FWA/CA -4,000 Insulated Win 2ga2dw CP, Patio +2,000 1 0 0.0 31.9 281,000 MLS / Public Records 08/26/2025 6322 Trotwood St Portage, MI 49024 0.45 miles NW 295,500 122.11 SWMRIC#24061971;DOM 3 Listing Agent; MLS; TaxRec ArmLth Conv;0 s12/24;c12/24 N;Res; Fee Simple 15071 sf 0 N;Res; DT2;Traditional Q3 59 0 C3 -36,000 10 4 3.0 -4,000 2,420 -6,400 679sf0sfin 0 Average FWA/CA -4,000 Insulated Win 2ga2dw Lg EP, Patio -6,000 1 -56,400 19.1 19.1 239,100 MLS / Public Records 08/26/2025 2829 Coachlite Ave Portage, MI 49024 0.52 miles NW 320,000 133.56 SWMRIC#24055574;DOM 15 Listing Agent; MLS; TaxRec ArmLth Conv;0 s12/24;c11/24 N;Res; Fee Simple 13298 sf 0 N;Res; DT2;Traditional Q3 54 0 C4 10 4 2.1 0 2,396 -5,500 1008sf0sfin -3,100 Average FWA/CA -4,000 Insulated Win 2ga2dw Patio +3,000 2 -2,000 -11,600 3.6 5.5 308,400 MLS / Public Records 08/26/2025 MLS / Public Records MLS / Public Records No prior sale or transfer of the subject or comparables found within the time frames listed above. See Attached Addendum. 267,000 267,000 Due to the lack of rental/sales information, the GRM analysis was not developed. Since most market participants would not arrive at a value indication for the subject by estimating the reproduction cost less any accrued depreciation, the cost approach is not considered to be a relevant indicator of value. The Sales Comparison Approach is given most weight in the final reconciliation as it best represents the action of typical buyers and sellers. 255qbQMayz#7! 267,000 08/21/2025 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # SALES COMPARISON APPROACH RECONCILIATION There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ . There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ . FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - + - + - $ $ $ Adjusted Sale Price of Comparables $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $ This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ , as of , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
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147256 1034000276397 SCOPE OF WORK: The scope of this appraisal report is specific to CrossCountry Mortgage, LLC ISAOA/ATIMA and is the client and the intended user identified by the appraiser. I made a visual observation of the subject which would be considered typical to the amount of time a typical buyer would view the interior/exterior of the home. This report should not be considered, or is intended to be a full property inspection of the type to reveal defects in mechanical systems, roofing, structural integrity or any other property component. The appraiser viewed readily accessible areas. The main living areas and basement were viewed. The roof cover and exterior of the home was viewed from grade level. The home was measured from the exterior to ANSI Z765-2021 standards when possible and the interior when applicable, to the nearest tenth of foot, and utilized for calculating and reporting gross living area (GLA) and non-GLA areas of the subject property. The floor plan and room layout were considered as they relate to functional utility. Mechanicals were activated and any readily noted deficiencies or updates if present have been addressed on page one or in the addendum. Data on the subject may have been obtained from one or more of the following sources; real estate agents, property owners, multiple listing services, previous interior or exterior inspections. Users and readers of the report are hereby alerted to the following: The appraiser is not a qualified home inspector, environmental expert, pest remediator, or building inspector. For this reason, we have not accessed hidden spaces within the subject home and can make no warranties as to soundness, lack of infestation, or other concerns. Any questions or concerns relative to these matters should be addressed by professionals in their respective fields. We are not aware of any infestations, unsafe conditions, or related negative conditions based on our site observations on the date of the appraisal, but the site observations are made to predict the actions and motivations of a typical buyer and not those of an expert in any of the above fields. While we make every effort to be thorough in our observations, our expertise lies in the prediction of typical buyer reaction, and not in the technical aspects of construction, maintenance, or related matters. Please see the definitions addendum for clarification of quality and condition ratings. The appraiser referenced hidden systems and foundation elements based on representations made to us by borrowers, homeowners, real estate brokers, and others. Obviously, we have not witnesses the construction of these now-concealed items, but offer this information merely as a convenience to the lender or client. Any concerns with respect to these systems or elements should be directed to experts in the various fields, which the appraiser certainly is not. Similarly, our reference to the F.E.M.A. Flood Maps is made only as a convenience to the client, and not intended to impart substantive data as regards flooding in the subject area, past or future. 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. In Michigan, 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. This appraiser is licensed as a "Certified General Appraiser". This report is an Appraisal Report prepared under Standards Rule 2-2(a), pursuant to the Scope of Work as disclosed elsewhere in this report. Site value is based on sales of similar parcels located in the subject's school district and taxing authority where possible, with sales retained in the appraiser's files. 31,700 Since most market participants would not arrive at a value indication for the subject by estimating the reproduction cost less any accrued depreciation, this approach is not considered to be a relevant indicator of value. 45 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # ADDITIONAL COMMENTS COST APPROACH INCOME PUD INFORMATION COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data Quality rating from cost service Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc.) OPINION OF SITE VALUE =$ DWELLING Sq.Ft. @ $ =$ Sq.Ft. @ $ =$ =$ Garage/Carport Sq.Ft. @ $ =$ Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$( ) Depreciated Cost of Improvements =$ "As-is" Value of Site Improvements =$ INDICATED VALUE BY COST APPROACH =$ Estimated Remaining Economic Life (HUD and VA only) Years INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data Source Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
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147256 1034000276397 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
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147256 1034000276397 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
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147256 1034000276397 255qbQMayz#7! Steven M. Bulson Appraisal Associates, Inc. 4025 West Main Street, Suite 101 Kalamazoo, MI 49006 (269) 381-8444 orders@aaimi.biz 08/27/2025 08/21/2025 1205002239 MI 07/31/2026 2121 Ridgefield Rd Portage, MI 49024 267,000 Bluebird Valuation, A Class Valuation Company CrossCountry Mortgage, LLC ISAOA/ATIMA 2160 Superior Avenue, Cleveland, OH 44114 Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Signature Name Company Name Company Address Telephone Number Email Address Date of Signature and Report Effective Date of Appraisal State Certification # or State License # or Other (describe) State # State Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name Company Name Company Address Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005
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147256 1034000276397 2121 Ridgefield Rd Portage, MI 49024 255,000 113.69 N;Res; Fee Simple 13634 sf N;Res; DT2;Traditional Q3 56 C4 9 4 2.1 2,243 625sf0sfin Average Htwr/None Insulated Win 2ga2dw CP, SP Fireplace 1 MLS / Public Records 08/26/2025 6817 Rothbury St Portage, MI 49024 0.60 miles W 237,000 172.74 SWMRIC#24045743;DOM 3 Listing Agent; MLS; TaxRec ArmLth Cash;0 s09/24;c09/24 N;Res; Fee Simple 10558 sf 0 N;Res; DT1;Ranch 0 Q3 64 0 C4 -18,000 +2,000 5 3 2.0 +4,000 1,372 +31,400 1108sf800sfin -3,900 1rr0br0.0ba0o -2,000 Average FWA/CA -4,000 Insulated Win 2ga2dw Patio +3,000 1 12,500 5.3 28.8 249,500 MLS / Public Records 08/26/2025 3006 Romence Rd Portage, MI 49024 0.58 miles SW 220,000 175.44 SWMRIC#24033301;DOM 77 Listing Agent; MLS; TaxRec ArmLth FHA;0 s10/24;c09/24 A;BsyRd;Res +5,000 Fee Simple 11761 sf 0 N;Res; DT2;Tri Lvl 0 Q3 67 0 C3 -36,000 +3,000 7 3 1.0 +12,000 1,254 +35,600 894sf672sfin -2,200 1rr1br1.0ba0o -9,000 Average Htwr/None Insulated Win 1gbi1dw +10,000 Deck, Patio +3,000 1 21,400 9.7 52.6 241,400 MLS / Public Records 08/26/2025 6712 Cypress St Portage, MI 49024 0.32 miles W 278,900 163.67 SWMRIC#25042508;DOM 7 Listing Agent; MLS; TaxRec Listing -2,800 Active N;Res; Fee Simple 12066 sf 0 N;Res; DT1;Ranch 0 Q3 57 0 C4 -18,000 +2,000 8 3 1.1 +8,000 1,704 +19,400 1704sf852sfin -8,600 1rr0br0.0ba0o -2,000 Average FWA/CA -4,000 Insulated Win 2ga2dw CP, SP 1 -6,000 2.2 23.2 272,900 MLS / Public Records 08/26/2025 4 5 6 4 5 6 Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Uniform Residential Appraisal Report File # SALES COMPARISON APPROACH SALE HISTORY ANALYSIS / COMMENTS FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - + - + - $ $ $ Adjusted Sale Price of Comparables $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Analysis/Comments Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 UAD Version 9/2011
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• URAR: Subject - Data Source(s), Offering Price(s), Date(s) Property and Listing History 2121 Ridgefield Road, Portage, MI 49024 + MLS # Status Price % Change Date DOM CDOM Address - 25020046 Pending $269,000 07/15/2025 70 70 2121 Ridgefield Road + Text, etc. $269,000 07/23/2025 78 + Status $269,000 07/15/2025 71 + Selling Member $269,000 07/15/2025 71 + Text, etc. $269,000 07/07/2025 62 + Price Change $269,000 -3.9% 06/27/2025 52 + Primary_picture $279,900 06/26/2025 51 + Price Change $279,900 -5.1% 06/16/2025 42 + Text, etc. $295,000 06/07/2025 32 + Price Change $295,000 -9.2% 05/23/2025 17 + New $325,000 05/07/2025 1 + Photos, etc. $325,000 05/06/2025 0 NEIGHBORHOOD DESCRIPTION CONTINUED: of a mixture of one, one and a half and two story homes in C6 to C1 condition. Commercial development is located primarily along Oakland Drive and Romence Road and consists of buildings designed for retail, office and commercial service utility. Any derivation of the subject's age and/or indicated value from the predominate value and/or age of the neighborhood is due to the dissimilar nature of the housing stock in the subject's immediate area and marketing area, and has no impact on the marketability of the subject. All comparables, not located in the subject's immediate subdivision, are located in competing areas and would be viewed as competing properties by potential purchasers. Potential purchasers make no differentiation between various side of major roadways or any other boundary, man-made or natural, within the subject's market area. MARKET CONDITIONS CONTINUED: According to the most recent economic data published for the subject's area, the unemployment rate was 5.2% for the most recent period. Leading economic indicators are mixed across all sectors. A twelve month time frame was used to develop the overall market trend in the report. MLS monthly sale statistics for comparable sales were analyzed. At the present time there is no definitive indication of a downward trending market in the subject's immediate neighborhood or general competitive market. The limited inventory and low days on market many properties are experiencing would point to a limited supply, which logically will put upward pressure on prices. But due to the limited number of sales due to the limited inventory, there is not enough data to indicate a sustained upward trending market at the present time. Typical list sale to list price ratio is 92-100%. HIGHEST AND BEST USE CONTINUED: The subject is a legally permissible use based on its current zoning. Also, the lot size, shape and land-to-building ratio allow the present structure and indicate a good utilization of the improvements. Based on current market conditions, the existing structure as a single family residence is its financially feasible and maximally productive use. The highest and best use, as if vacant, would be to construct a single family residence. SALES COMPARISON APPROACH CONTINUED: A review of the subject's market revealed that very few homes have sold within the last six months that are similar to the subject in condition, age, location, style and quality. Therefore, it was necessary to use sales older than six months ago and outside a one mile radius around the Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 1034000276397 Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Borrower Lender/Client Property Address City County State Zip Code File No.
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subject. This fact is not uncommon in the seasonal nature of the subject's market and since the subject's market is stable, sales over six months are considered relevant indicators the subject's market value. The comparables used are the best available after an extensive search for sales in the subject's area. The use of any other comparables would have resulted in higher adjustments. All comparables are located in the same market area. As shown in the number of sales listed on the top of page two and in the 1004MC, there have been less than thirty comparable sales in any given month over the past twelve months. Thirty data points is considered to be the minimum number to make a statistically sound conclusion. As a result, there is insufficient data to arrive at a justification for any market time adjustments to be applied to the comparables based on their contract dates. Applying an adjustment based on a larger data set of dissimilar properties would result in a misleading report. Additionally, discussions with Realtors and market participants indicate date of contract has no impact on their analysis when arriving at offering prices over the past twelve months. Market participants do not appear to differentiate or make value adjustments for difference in lot size less than 4,000 sf. There is no data to indicate market participants make value adjustments for differences in the ages of homes less than fifteen years. There is no market data to indicate purchasers in the subject's market make value adjustments for differences in design. Comparables #1, #2, and #5 indicated more updating and remodeling than the subject and were adjusted downward accordingly. Comparable #4 and Listing #6 indicated more updating and remodeling than the subject, but do not rise to the definition of C3, resulting in a downward adjustment even though both would be considered C4 by definition. The first line of the "Above Grade Room Count" section is an adjustment for the number of bedrooms. The second line is for the number of bathrooms. In the final correlation of market value, emphasis is given to Comparable #1(20%) since it is a recent sale similar in full bath count, Comparable #2(20%) since it is similar in bedroom count and gross living area, Comparable #3(24%) since it is similar in condition, bedroom and bath count and gross living area, Comparable #4(20%) since it is next most similar in condition and similar in full bath count, and Comparable #5(16%) since it is similar in heat source. The indicated value is most likely greater than the contract price due to an overly optimistic initial listing price, resulting in an extended time on market and owner needing to move. The wide range of unadjusted and adjusted sales prices is due to bracketing physical characteristics of subject and was unavoidable. This will be common when dealing in a market with recent limited inventory, which results in a limited pool of available sales at any given time. Any ratio exceeding a guideline, including gross and net adjustments, is due to the dissimilar nature of the housing stock and the limited number of sales in the area at any given time with similar characteristics. This fact has no bearing on the indicated value or marketability of the subject, or the quality of the comparables. This will be typical when dealing with older housing stock where the passage of time allows for some home to be updated, improved and/or modified more than others. No personal property was considered or valued in the appraisal. Adjustments are based on differences in contributory value for various characteristics in the subject's market. Amounts are derived from prior paired sales, depreciated costs and discussions with market participants on the impact of differences in various characteristics. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 1034000276397 Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Borrower Lender/Client Property Address City County State Zip Code File No.
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REGULATORY INFORMATION: In Michigan, 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. This appraiser is licensed as a "Certified General Appraiser". This is the highest designated license for real estate appraisers issued by this department. I certify that this appraisal report was completed in compliance with the Appraiser Independence Requirements (AIR) as developed by Fannie Mae, Freddie Mac, and key industry participants. The appraisal report was completed in accordance/compliance with Title XI of FIRREA of 1989, as amended (12 USC 331 St. seq.), and any implementing regulations at the time the appraiser signed the certification. 255qbQMayz#7! Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 1034000276397 Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Borrower Lender/Client Property Address City County State Zip Code File No.
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147256 1034000276397 2121 Ridgefield Rd Portage MI 49024 Rebecca Karakula 18 3.00 0 0 300,525 5 0 0 100.00% 6 2.00 5 2.5 281,500 2 310,000 32 100.00% 15 5.00 1 0.2 297,500 7 278,900 7 99.60% Seller concessions in the area for the past twelve months have increased from below 3% to between 3-5% with more seller concessions being applied toward closing costs and buydowns. Foreclosure sales have been seen in all segments of the market, but are available on varying intervals and thus have limited impact in the subject's sub-market. Current MLS statistics have been used for the above information. The lack of data results in skewed numbers and any trends based on the above numbers are suspect. Median sale prices are fluctuating which is not uncommon in the seasonal nature of the subject's housing market. Since all metric are not pointing in a sustained trending direction, the subject's overall market is considered stable at the present time. Steven M. Bulson Appraisal Associates, Inc. 4025 West Main Street, Suite 101, Kalamazoo, MI 4 1205002239 MI orders@aaimi.biz Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. Market Conditions Addendum to the Appraisal Report MARKET RESEARCH & ANALYSIS CONDO/CO-OP PROJECTS APPRAISER The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State ZIP Code Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Overall Trend Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Months of Unit Supply (Total Listings/Ab.Rate) Total # of Active Comparable Listings Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Company Name Company Address State License/Certification # State Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # State Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
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Rebecca Karakula 1034000276397 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). One to five months. Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: In Michigan, 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. This appraiser is licensed as a "Certified General Appraiser". The appraiser meets the competency requirements of USPAP with the ability to properly identify the problem to be addressed; the knowledge and experience to complete the assignment competently; and recognition of, and compliance with, laws and regulations that apply to the appraiser or to the assignment. Steven M. Bulson 1205002239 MI 07/31/2026 08/27/2025 08/21/2025 08/21/2025 Form ID20E - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.) Restricted Appraisal Report (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use only by the specified client and any other named intended user(s).) Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: APPRAISER: Signature: Name: State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature and Report: Effective Date of Appraisal: Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable): SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature: Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable):
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Bluebird Valuation, A Class Valuation Company CrossCountry Mortgage, LLC ISAOA/ATIMA neither entity Steven M. Bulson 08/27/2025 1205002239 07/31/2026 MI 2121 Ridgefield Rd, Portage, MI 49024 Form APPRIND2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Appraiser Independence Certification 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 , or any other third party acting as joint venture partner, independent contractor, appraisal management company, or partner on behalf of , influenced, or attempted to influence the development, reporting, result, or review of my appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner. I further assert that 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 an appraisal report; 2) Withholding or threatening to withhold future business with me, or demoting or terminating or threatening to demote or terminate me; 3) Expressly or impliedly promising future business, promotions, or increased compensation for myself; 4) Conditioning the ordering of my appraisal report or the payment of my appraisal fee or salary or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary value estimate requested from me; 5) Requesting that I provide an estimated, predetermined, or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that I provide estimated values or comparable sales at any time prior to my completion of an appraisal report; 6) Provided me an anticipated, estimated, encouraged, or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase transactions may be provided; 7) Provided to me, or my appraisal company, or any entity or person related to me as appraiser, appraisal company, stock or other financial or non-financial benefits; 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 USPAP. Signature Appraiser's Name State Title or Designation Date State License or Certification # Expiration Date of License or Certification State Address of Property Appraised 05/13
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147256 1034000276397 Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 1/2014)
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Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 1/2014)
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Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear A Adverse Location & View ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design (Style) B Beneficial Location & View ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade BsyRd Busy Road Location c Contracted Date Date of Sale/Time Cash Cash Sale or Financing Concessions Comm Commercial Influence Location Conv Conventional Sale or Financing Concessions cp Carport Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View cv Covered Garage/Carport DOM Days On Market Data Sources DT Detached Structure Design (Style) dw Driveway Garage/Carport e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Attached Garage Garage/Carport gbi Built-in Garage Garage/Carport gd Detached Garage Garage/Carport GlfCse Golf Course Location Glfvw Golf Course View View GR Garden Design (Style) HR High Rise Design (Style) in Interior Only Stairs Basement & Finished Rooms Below Grade Ind Industrial Location & View Listing Listing Sale or Financing Concessions Lndfl Landfill Location LtdSght Limited Sight View MR Mid-rise Design (Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions o Other Basement & Finished Rooms Below Grade O Other Design (Style) op Open Garage/Carport Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA - Rural Housing Sale or Financing Concessions rr Recreational (Rec) Room Basement & Finished Rooms Below Grade RT Row or Townhouse Design (Style) s Settlement Date Date of Sale/Time SD Semi-detached Structure Design (Style) Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade Woods Woods View View Wtr Water View View WtrFr Water Frontage Location wu Walk Up Basement Basement & Finished Rooms Below Grade UAD Version 9/2011 (Updated 1/2014)
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Form PICPIX.TR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Subject Front 2121 Ridgefield Rd Subject Rear Subject Street Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Subject Front Subject Front Subject Rear Subject Rear Subject Street Subject Street Borrower Lender/Client Property Address City County State Zip Code
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Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior Photos Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA 2 Car Attached Screen Porch Basement Boiler / Hot water heater Electrical Crawl Borrower Lender/Client Property Address City County State Zip Code
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Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior Photos Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Kitchen Dinette Bath (half) Dining Living Den Borrower Lender/Client Property Address City County State Zip Code
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Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior Photos Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Primary Bedroom Primary Bath Bedroom Bedroom Bedroom Bath Borrower Lender/Client Property Address City County State Zip Code
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Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Interior Photos Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Bath - Alternate View Family Borrower Lender/Client Property Address City County State Zip Code
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Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Comparable 1 3115 Winkfield Ave Comparable 2 6322 Trotwood St Comparable 3 2829 Coachlite Ave Borrower Lender/Client Property Address City County State Zip Code
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Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Comparable 4 6817 Rothbury St Comparable 5 3006 Romence Rd Comparable 6 6712 Cypress St Borrower Lender/Client Property Address City County State Zip Code
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Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Borrower Lender/Client Property Address City County State Zip Code
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Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Borrower Lender/Client Property Address City County State Zip Code
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Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch Rebecca Karakula 2121 Ridgefield Rd Portage Kalamazoo MI 49024 CrossCountry Mortgage, LLC ISAOA/ATIMA Borrower Lender/Client Cvd Porch 28.3' Screened Porch 8.9' First Floor [1351.84 Sq ft] 27.2' 49.7' 2 Car Attached 6.1' 23.9' 24.4' Basement [625.06 Sq ft] 19.3' 9' 5.5' 18.2' 24.8' 27.2' Second Floor [891.45 Sq ft] 31.5' 28.3' Kitchen Dinette Bath (half) Dining Living Primary Bath Bedroom Bedroom Bath Staircase Family Den Primary Bedroom Bedroom TOTAL Sketch by a la mode Area Calculations Summary Living Area Calculation Details First Floor 1351.84 Sq ft 27.2 × 49.7 = 1351.84 Second Floor 891.45 Sq ft 28.3 × 31.5 = 891.45 Total Living Area (Rounded): 2243 Sq ft Non-living Area Cvd Porch 172.63 Sq ft 28.3 × 6.1 = 172.63 Screened Porch 212.71 Sq ft 23.9 × 8.9 = 212.71 2 Car Attached 583.16 Sq ft 23.9 × 24.4 = 583.16 Basement 625.06 Sq ft 24.8 × 18.2 = 451.36 9 × 19.3 = 173.7 Property Address City County State Zip Code
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License 07-31-2026 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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E & O 02-21-2026 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE