Appraisal.pdf
Randy L Tyler Petitioner Vs. Township Of Perry Respondent · 26-000751-TT
Text extracted from the reviewed PDF, organized by page. OCR and reading order may contain errors; confirm details in the PDF below.
Page 1
Manufactured Home 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 Project Type (if applicable) PUD Condominium Cooperative Other (describe) Special Assessments $ 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). Manufactured homes located in either a condominium or cooperative project require the appraiser to inspect the project and complete the Project Information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. 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. I did did not analyze the manufacturer’s invoice. Explain the results of the analysis of the manufacturer’s invoice or why the analysis was not performed. Retailer’s Name (New Construction) CONTRACT Neighborhood Characteristics Manufactured Housing Trends Manufactured 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 Is the site size, shape and topography generally conforming to and acceptable in the market area? Yes No If No, explain Is there adequate vehicular access to the subject property? Yes No If No, describe Is the street properly maintained? 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 The HUD Data Plate/Compliance Certificate is located on the interior of the subject and contains, among other things, the manufacturer’s name, trade/model name, year manufactured and serial number. The HUD Certification Label is located on the exterior of each section of the home. Is the HUD Data Plate/Compliance Certificate attached to the dwelling? Yes No If Yes, identify the location. If No, provide the data source(s) for the HUD Data Plate/Compliance Certificate information. Is a HUD Certification Label attached to the exterior of each section of the dwelling? Yes No If No, provide the data source(s) for the HUD Certification Label #’s Manufacturer’s Serial #(s)/VIN #(s) HUD Certification Label #(s) Manufacturer’s Name Trade/Model Date of Manufacture Do the Wind, Roof Load, and Thermal Zones meet the minimum HUD requirements for the location of the subject property? Yes No If No, explain HUD DATA PLATE Page 1 of 7 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. Per Realcomp the subject is not nor has been listed within the preceding 12 months of the date of the appraisal. X 951 Yamato Road Suite 175, Boca Raton, FL 33431 Freedom Mortgage Corporation X X 0.00 0.00 X 0315.01 26155C0350C Perry Twp 4,355.00 2024 0143510000401;0143530000104 See Attached Addendum Shiawassee Randy Tyler Randy Tyler 48872 MI Perry 14391 S Delaney Rd Statistical evidence shows that the subject's market has stabilized with current active listing inventory in a shortage with demand. The amount of REO sales have stabilized within the subject's neighborhood. See Attached Addendum 40 Vacant 0 0 0 60 40 165 0 239 250 220 The subject's neighborhood boundaries are Allan Rd to the North, New Lothrop Rd to the East, Haslett Rd to the South, and Meridian Rd to the West. X X X X X X See Attached Addendum X X X X X 09/29/2011 26155C0350C X X None X Gravel Septic X Well X Propane X X The appraiser determined, based upon analysis of the subject and its location, that its current use is at the highest and best use. X X Agricultural Production-Permits Single Family Residential Use A-1 N;Res; Rectangular 2.00 ac See Legal Description This cannot be determined without the HUD dataplate. X 01/01/2001 AB 013533SDW Commander Homes UNK DHIN 100427TG IBTS X IBTS/Titlework X
Page 2
Manufactured Home Appraisal Report File No. General Description Foundation Exterior Description materials/condition Interior materials/condition # of Units One Additions Poured Concrete Concrete Runners Skirting Floors # of Stories 1 2 Other Block & Pier Other-att. description Exterior Walls Walls Design (Style) Full Basement Partial Basement Roof Surface Trim/Finish # of Sections 1 2 3 Basement Area sq. ft. Gutters & Downspouts Bath Floor Other Basement Finish % Window Type Bath Wainscot Type Det. Att. S-Det./End Unit Outside Entry/Exit Sump Pump Storm Sash/Insulated Existing Proposed Under Const. Evidence of Infestation Screens Year Built Effective Age (Yrs) Dampness Settlement Doors Attic None Heating FWA HWBB Radiant Amenities WoodStove(s) # Drop Stair Stairs Other Fuel Fireplace(s) # Fence Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Finished Heated Individual Other Pool Other Car Storage None Driveway # of Cars Driveway Surface Garage # of Cars Carport # of Cars Attached Detached 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 Describe any additions or modifications (decks, rooms, remodeling, etc.) Installer’s Name Date Installed Model Year Is the manufactured home attached to a permanent foundation system? Yes No If No, describe the foundation sytem and the manner of attachment. Have the towing hitch, wheels, and axles been removed? Yes No If No, explain Is the manufactured home permanently connected to a septic tank or sewage system and other utilities? Yes No If No, explain Does the dwelling have sufficient gross living area and room dimensions to be acceptable to the market? Yes No If No, explain Additional features (special energy efficient items, non-realty items, etc.) The appraiser must rate the quality of construction for the subject unit based on objective criteria (such as N.A.D.A. Manufactured Housing Appraisal Guide® , Marshall & Swift Residential Cost Handbook® , or other published cost service). The appraiser must also report the source used for this quality of construction rating determination. Quality Poor Fair Average Good Excellent Identify source of quality rating 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 Sub-total: Cost Multiplier (if applicable): Modified Sub-total: Physical Depreciation or Condition Modifier: Functional Obsolescence (not used for N.A.D.A.): External Depreciation or State Location Modifier: Delivery, Installation, and Setup (not used for N.A.D.A.): Other Depreciated Site Improvements: Market Value of Subject Site (as supported above): Indicated Value by Cost Approach: Exterior Dimensions of the Subject Unit Other Data Identification 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 Effective date of cost data Quality rating from cost service OPINION OF SITE VALUE $ Section One Sq. ft. @ $ $ Section Two Sq. ft. @ $ $ Section Three Sq. ft. @ $ $ Section Four Sq. ft. @ $ $ $ $ $ $ x $ $ $ $ Summary of Cost Approach x = Sq. ft. x = Sq. ft. x = Sq. ft. x = Sq. ft. Total Gross Living Area: Sq. ft. N.A.D.A. Data Identification Info: Edition Mo: Yr: MH State: Region: Size: ft. x ft. Gray pg. White pg. Black SVS pg. 15 years and older Conversion Chart pg. Yellow pg. Comments Estimated Remaining Economic Life (HUD and VA only) Years COST APPROACH Page 2 of 7 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. X X See Attached Addendum Marshall & Swift Handbook X The subject has average energy efficient items. X X X X UNK UNK UNK Porch,Deck 2,052 2.0 4 7 0 0 Gravel 4 X Fiberglass/Good Vinyl/Good Wood/Good Drywall/Good Cpt,Vinyl/Good Pbarn X None Front X Wd X None 0 0 Hollow Core/Avg Mesh/Avg Insulation/Avg VDH/Avg Alum/Avg Metal/Avg Vinyl/Avg Vinyl/Avg X Propane X 0 0 X X 15 2001 X X X Ranch X X See Attached Addendum 55 2,052 0 0 1,026 76.00 13.50 1,026 76.00 13.50 264,720 20,000 12,000 0 0 63,468 70 296,188 296,188 40,000 Pbarn 12,000 Porch,Deck 8,208 Crawlspace; 2052 117,990 115.00 1,026 117,990 115.00 1,026 20,000 Average 01/01/2025 Marshall & Swift Handbook X The site value estimate is limited to a review of vacant land sales, abstraction method, allocation method, and overview of current recorded land values from local assessing records. These different methods may or may not be utilized to determine opinion of site value, however were considered.
Page 3
Manufactured Home 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. Manufactured Home 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. Yes No DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 2 $ $ sq. ft. Yes No DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 3 $ $ sq. ft. Yes No 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 4). 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 $ 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 3 of 7 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. 249,900 220,000 5 0 0 0 Average Updates Pbarn Add. Amenities Porch,Deck 4dw Insulation FWA C/Air Functional 0sf 2,052 28.00 2.0 4 7 C3 24 Q4 Ranch N;Res; 2.00 ac Fee Simple N;Res; 0.00 Perry, MI 48872 14391 S Delaney Rd 252,300 18.6 1.0 2,400 X -12,495 Superior 9,000 1F/P 0 Porch,Patio -6,000 2gd2dw Insulation FWA C/Air Functional 0sf 0 1,960 2.0 3 6 3,000 C3 0 35 Q4 Ranch N;Res; -3,600 2.20 ac Fee Simple 12,495 A;Res; s06/24;c05/24 VA;0 ArmLth ShiawasseeCo. Assessor Realcomp#630000280326;DOM 24 X 127.50 249,900 17.12 miles NW Ovid, MI 48866 625 N Warren Rd 252,920 23.3 2.0 4,920 X Average 9,000 Shed Porch,Deck -6,000 2gd2dw Insulation FWA C/Air Functional 0sf -6,400 2,280 -3,000 3.0 4 7 7,440 C4 0 20 Q4 Ranch 2,480 A;Res;BsyRd -9,000 4.00 ac Fee Simple 12,400 A;Res; s03/25;c01/25 -2,000 FHA;2000 ArmLth ShiawasseeCo. Assessor Realcomp#60050145171;DOM 201 X 108.77 248,000 13.14 miles NE Durand, MI 48429 8309 E Newburg Rd 246,000 21.7 7.0 16,000 X Average 8,000 1F/P,Fence -4,000 2EP,Pch,Dk -6,000 2gd2dw Insulation FWA C/Air Functional -7,000 702sf0sfin 15,100 1,512 2.0 3 7 3,000 6,900 C4 0 40 Q4 Ranch 0 N;BsyRd;Woods 0 39204 sf Fee Simple N;Res; s12/24;c12/24 FHA;0 ArmLth ShiawasseeCo. Assess/PriorInsp Realcomp#20240047314;DOM 182 X 152.12 230,000 7.72 miles NW Lainsburg, MI 48848 6068 W Grand River Rd ShiawasseeCo. Assessor X ShiawasseeCo. Assessor X X 03/14/2025 ShiawasseeCo. Assessor $195,000 05/19/2023 03/14/2025 ShiawasseeCo. Assessor 03/14/2025 ShiawasseeCo. Assessor 03/14/2025 Shiawassee Co. Assessor 246,000 See Attached Addendum The subject was transferred on 05/19/2023 for $195,000. No prior sale or transfer history was noted for the comparables within the past 12 months prior to the date of sale. 03/14/2025 246,000 See Attached Addendum X X See Attached Addendum 0 264,720 246,000 ValueTec Appraisal Services, Inc.
Page 4
Manufactured Home Appraisal Report File No. ADDITIONAL COMMENTS 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 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 4 of 7 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. Clarification of Intended Use and Intended User: The intended use of this appraisal is soley to assist FHA in assessing the risk of the Property securing the FHA-insured mortgage (25CFR § 200.145(b)) . The intended users of this appraisal report are the lender/client and HUD/FHA. 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. Appraisers are required to be licensed and are regulated by the Michigan Department of Licensing and Regulatory Affairs, PO Box 30018, Lansing, MI 48909 Note the GES's Definition of Days on the Market (DOM) is as follows; The total number of continuous days from the date that a property is listed for sale through the date that it is taken off the market or contracted for sale. This appraisal report has been prepared in compliance with the Uniform Appraisal Dataset (UAD) from Fannie Mae and Freddie Mac. The UAD requires the appraiser to use standardized responses that include specific formats, definitions, abbreviations, and acronyms. In the normal course of business, the appraiser attempted to obtain an adequate amount of information regarding the subject and comparable properties. Some of the required UAD standardized response, especially those in which the appraiser has not had the opportunity to verify personally or measure, could mistakenly imply greater precision and reliability in the data than is factually correct or typical in the normal course of business. Examples include condition and quality ratings as well as comparable sales and listing data. Not every element of the subject property is always viewable and comparable property data was generally obtained from third- party sources such as Assessor and Broker/MLS. Consequently, this information should be considered an "estimate" unless otherwise noted by the appraiser. "No employee, director, officer, or agent of the lender, or any third party acting as a joint venture partner, independent contractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. I have not been contacted by anyone other than the intended user(lender/client as identified on the first page of the report), borrower, or designated contact to make an appointment to enter the property. I agree to immediately report any authorized contacts either personally by phone or electronically." Due to the fact the subject is not an income producing property the income approach does not warrant use however was considered. 0 0.00 0.00
Page 5
Manufactured Home Appraisal Report File No. This report form is designed to report an appraisal of a one-unit manufactured home; including a manufactured home in a planned unit development (PUD). A Manufactured home located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. 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 5 of 7 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc.
Page 6
Manufactured Home 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 also developed the cost approach to value as support for the sales comparison approach. I have adequate comparable market and cost data to develop reliable sales comparison and cost approaches for this appraisal assignment. I further certify that I considered the income approach to value but did not develop it, 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 6 of 7 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc.
Page 7
Manufactured Home 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 7 of 7 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. Boca Raton, FL 33431 951 Yamato Road Suite 175 Freedom Mortgage Corporation Class Valuation 246,000 Perry, MI 48872 14391 S Delaney Rd Certified Residential Appraiser 07/31/2026 MI 1204078411 03/14/2025 03/25/2025 kkoschmider@valuetecappraisals.com (517) 655-5100 Williamston, MI 48895 Po Box 118 ValueTec Appraisal Services, Inc. Kyler M. Koschmider ValueTec Appraisal Services, Inc.
Page 8
Manufactured Home Appraisal Report File No. FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Manufactured Home 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. Yes No DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 5 $ $ sq. ft. Yes No DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 6 $ $ sq. ft. Yes No 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 Freddie Mac Form 70B March 2005 Fannie Mae Form 1004C March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004C_05 01092017 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. Average Updates Pbarn Add. Amenities Porch,Deck 4dw Insulation FWA C/Air Functional 0sf 2,052 28.00 2.0 4 7 C3 24 Q4 Ranch N;Res; 2.00 ac Fee Simple N;Res; 0.00 Perry, MI 48872 14391 S Delaney Rd 244,020 31.9 8.9 20,020 X Average 8,000 1F/P,Shed Porch,Deck -3,000 1ga2dw Insulation FWA C/Air Functional 0sf 13,800 1,560 3,000 1.0 3 6 3,000 6,720 C4 0 31 Q4 Ranch N;Res; -1,500 1.50 ac Fee Simple -11,200 B;Res; 11,200 s03/24;c02/24 -10,000 VA;10000 ArmLth ShiawasseeCo. Assessor Realcomp#20230097318;DOM 95 X 143.59 224,000 11.06 miles NE Durand, MI 48429-9427 8370 E Cole Rd 233,800 24.0 6.3 13,800 X Average -2,000 1F/P,PBarn,Shd Porch,Deck 0 2dw Insulation FWA C/Air Functional -16,000 1600sf0sfin 12,700 1,600 -1,500 2.1 3 7 3,000 6,600 C4 0 37 Q4 Ranch N;Res; 0 1.06 ac Fee Simple 11,000 A;Res; s09/24;c08/24 Conv;0 ArmLth Shiawassee Co. Assessor Realcomp#5050144366;DOM 12 X 137.50 220,000 21.08 miles NW Elsie, MI 48831 9201 W Riley Rd 03/14/2025 ShiawasseeCo. Assessor $195,000 05/19/2023 03/14/2025 ShiawasseeCo. Assessor 03/14/2025 Shiawassee Co. Assessor
Page 9
ADDENDUM Borrower: Randy Tyler File No.: CV22K25R2 Property Address: 14391 S Delaney Rd Case No.: 262-2779521 City: Perry State: MI Zip: 48872 Lender: Freedom Mortgage Corporation Addendum Page 1 of 3 Legal Description SEC 35, T5N, R2E COM AT W ¼ POST OF SEC & 410.59 FT N01*55'06"W ALG W SEC LN TO PT OF BEG, CONT ALG SD W SEC LN N01*55'06"W 355.32 FT, TH N89*23'39"E 245.41 FT TH S01*55'06"E PAR WITH SD W SEC LN 355.32 FT, TH S89*23'39"W 245.41 FT TO POB 2 ACRES 2024 SPLIT FROM 014-35-100-004, 014-35-300-001-04 & 01435-300-001-05 Neighborhood Description The subject is located in Perry Township within Shiawassee County. The subject neighborhood contains One-Unit and Vacant Land Properties. Vacant land has no negative affect on the subject's marketability. Access to M-52 is approximately 1 1/2 miles west of the subject property. Shopping and recreational facilities are located in the City of Perry, which is approximately 4 3/4 miles northwest of the subject property. Employment in the area seems to be varied but stable. Site Comments There were no apparent easements or encroachments and utilities are typical within the area. I have not checked land records for recorded easements and have reported only apparent easements, encroachments, and other apparent adverse conditions. See attached Scope of Work addendum for additional clarification. Although the subject property is zoned Agricultural it is not a working farm or income producing property. Subject can be rebuilt as a residential property if destroyed by more than 50%. The subject's private well, propane, and septic systems have no negative marketable affect on the subject's property. Private utilities are typical for subject's immediate market. Public utilities are not available to subject property. All comparables utilized within the report have similar utilities as the subject. The appraiser has not been provided a survey of the subject property from the lender/client; therefore, the appraiser has made the extraordinary assumption that the well and septic drain field meet FHA/HUD and local government minimum setback guidelines of the well being at least 50 feet from the septic tank, at least 100 feet from the septic tank's drain field, and at least 10 feet from the subject's property line. It appears that this does meet the local government guidelines, and also conforms with FHA/HUD minimum guidelines as set forth in the HUD Handbook 4000.1. Condition of the Property The subject is in good condition with a functional floor plan. All utilities were on and functional at the time of the inspection. As a result of an exterior inspection of the roof the appraiser noted no deficiencies. The estimated remaining economic life of the roof is minimal 2 years. At the time of the inspection, the appraiser observed all appliances and cabinetry appeared to be in working order. Note the appraiser observed no peeling and chipping paint on the exterior and interior of the subject property at the time of the inspection. The subject's exterior features an uncovered front porch, an uncovered rear wood deck, and a pole barn. The subject's interior features newer flooring, an updated kitchen, updated bathrooms, a newer furnace, a newer water heater, and newer paint. Please note: At the time of the inspection the appraiser noted significant portions of missing drywall in the kitchen and bathroom where skylights had been removed. The appraiser also noted the HUD dataplate and HUD tags were missing from the dwelling. As a result, the report is being completed subject to the installation of drywall and it being finished to the same quality as the rest of the dwelling where it is currently missing, an IBTS report, and a foundation inspection by an engineer to determine the subject's compliance to FHA/HUD's permanent foundations guide for manufactured housing. The appraiser has estimated a cost to cure for the drywall at approximately $1,000-$2,000. Cost Approach Comments The cost of the home is based on builder prices for similar homes in the area utilizing Marshall Swift Publication. Physical depreciation was based on the Age Life Method for estimating Remaining Economic Life. Therefore it is not uncommon for cost to build new and appraised values to differ as a result of constantly changing market trends. After the required repairs are completed the subject will meet FHA/HUD minimum property requirements as set forth in the HUD Handbook 4000.1 and all applicable mortgagee letters. The expected economic life of the subject is 70 years, with a current effective age of 15 years the expected remaining economic life is 55 years. Physical depreciation was based on the Age-Life Method for estimating Remaining Economic Life. Comments on Sales Comparison The appraiser's comparable search parameters began with an MLS search for single family homes, sold within 3 months prior, located within a 1/2 mile radius from the subject, built between 1980-2005, with 1,500 to 2,300 sq ft. of GLA, however, due to limited turnover of similar comparables within the subject's neighborhood the appraiser found it necessary to extend search parameters. The comparables utilized within the report are the most similar to the subject within a 21 1/4 mile radius. The actual age range within the subject's neighborhood ranges from 0-165+ years. Comparable 1 is given some weight due to similar siite size, similar view, similar design, similar quality, similar age, similar condition, similar bath count, similar GLA, similar below grade sq ft., similar heating/cooling, similar porch/patios/decks, and low net adjustments. Comparable 2 is also given some weight due to similar design, similar quality, similar agge, similar bed count, similar below grade sq ft., similar heating/cooling, similar porch/patios/decks, and low net adjustments. Comparable 3 is also given some weight due to similar view, similar design, similar quality, similar age, similar bath count, similar heating/cooling, and low net adjustments. Comparable 4 is also given some weight due to similar view, similar design, similar quality, similar age, similar below grade sq ft., similar heating/cooling, and similar porch/patios/decks. Comparable 5 is also given some weight due to similar view, similar design, similar quality, similar age, similar heating/cooling, similar garage stalls, similar porch/patios/decks, and low net adjustments. The Indicated Value by Sales Comparison Approach, $246,000, is calculated using the following weights: 21.1% - 625 N Warren Rd; Sale Price $249,900; Adjusted Value $252,300; Gross Adj: 18.6% 20.1% - 8309 E Newburg Rd; Sale Price $248,000; Adjusted Value $252,920; Gross Adj: 23.3% 20.5% - 6068 W Grand River Rd; Sale Price $230,000; Adjusted Value $246,000; Gross Adj: 21.7% 18.3% - 8370 E Cole Rd; Sale Price $224,000; Adjusted Value $244,020; Gross Adj: 31.9% 20.0% - 9201 W Riley Rd; Sale Price $220,000; Adjusted Value $233,800; Gross Adj: 24.0%
Page 10
ADDENDUM Borrower: Randy Tyler File No.: CV22K25R2 Property Address: 14391 S Delaney Rd Case No.: 262-2779521 City: Perry State: MI Zip: 48872 Lender: Freedom Mortgage Corporation Addendum Page 2 of 3 Reconciliation of Indicated Value by Sales Comparison Approach: The opinion of market value is determined by using the gross adjustment of sale price for each comparable as a measure of the relative quality of the comp. The opinion of market value is derived by multiplying the weight of each comp by the adjusted sale price of that comp, repeating for each property, then adding them all together. Certain factors are not necessarily considered in gross adjustments, therefore weights may have been changed if necessary. Gross Living Area (GLA) is adjusted at $36.00/sq ft, if there is a 100 sq ft., difference from the subject property, and has been derived from current market reactions and trends. Comparable 1 differs by more than 20% of the subject's gross living area however warrant use due to its location and marketability. The appraiser has used a tudor comparable within the sales comparison grid. Due to minimal marketable difference between tudor and colonial homes design adjustments are not warranted. Due to similar effective age, age adjustments were not warranted. The subject's effective age is lower than its actual age due to adequate upkeep and maintenance of the subject property. Within the subject's market amenities such as fireplaces, fences, and sheds typically adjust between $500 and $1,000. Below grade sq ft. is typically adjusted between $8.00/sqft - $12.00/sqft. Rooms above grade are typically adjusted at $3,000 per bedroom/full bath, and $1,500 per 1/2 bath. Rooms below grade are typically adjusted at $2,000 per rec. room, wet bar, den, and full bath, and $1,000 per 1/2 bath or partially finished rooms. The appraiser has researched vacant land sales within the subject’s market for additional support and determined acreage adjustments to be at $3,000-$4,000/acre of land if there is a 1/4 acre difference or more. Functional utility for the subject and all of the comparable sales is considered to be generally similar, therefore no functional utility adjustments are warranted. Although there can be slight differences in heating systems, preference comes down to individual buyers. The heating systems for the subject and the comparable sales are generally comparable, therefore no adjustments are warranted. Cooling systems are adjusted at $1,000-$3,000. Unless larger or readily apparent, energy efficient items are not typically mentioned by agents in the market. Additionally, there does not appear to be market reactions for smaller energy efficient items, therefore no adjustments are warranted. Please note: Photos within this appraisal are either original or utilized from prior data, due to an unclear image, an unclear view of the front of the comparable property, or people being located within the image. Regardless of whether the image was original, or extracted from prior data, each comparable property has been at least driven by, thereafter the appraiser had to consider the most appropriate image for the circumstances at that time. Summary of Adjustments: Where adjustments were necessary, they were extracted using the following approved appraisal methodology: - Bracketing Analysis - Sensitivity Analysis - Group Data Analysis - Matched Pair Analysis - Historic Matched Pair Analysis - Depreciated Cost Analysis - Review Analysis of the Appraiser’s Data Files Seller concession adjustments appear to reflect a dollar for dollar market reaction. Therefore, seller concession adjustments were made at a dollar for dollar adjustment based on market reaction and not on a cash based adjustment. The market reflects that comparables would sell for approximately the exact dollar amount of the seller's concessions. The appraiser has relied on bracketing analysis, paired sales analysis, and sensitivity analysis to determine adjustments for all salient features that are bracketed by the comparable sales. The higher and lower range of the competing market has been demonstrated through the use of the comparable sales utilized in the report. The comparable sales utilized in the report are the best and most comparable sales available within the competing market. Any variations from the adjustments applied in the grid - higher or lower - would result in a larger adjusted range and diminish the credibility of the appraisal report. Due to the limited turnover of more similar comparables the appraiser has used sale prices/adjusted values that may exceed a 15% variance. Comparable 2 is located on a busy road, therefore, a 1% upward adjustment has been applied and the appraiser has relied on the market reaction to determine the adjustment. While Comparable 1 warrants a C3 condition rating like the subject, it appears to have superior updates to interior/exterior components relative to the subject, therefore a downward adjustment was applied and the appraiser has relied on the market reaction to determine the adjustment. Although the subject's appraised value exceeds its neighborhood predominant value the subject is not over or under improved and is considered to have average marketability. Comparables 1, 2, and 5 are located in slightly inferior market areas relative to the subject, therefore, utilizing median price per sq ft., of GLA ratios from each market area, the appraiser determined an upward location adjustment was warranted and the appraiser has relied on the market reaction to determine the adjustment. Comparable 4 is located in a slightly superior market area, therefore, utilizing the same methodology, a downward location adjustment was warranted and the appraiser has relied on the market reaction to determine the adjustment. The appraiser has examined the local market, and utilizing median sale price ratios in conjunction with a paired sales analysis, the appraiser determined an upward market conditions adjustment was warranted for Comparable 4, and the appraiser has relied on the market reaction to determine the adjustment. The subject's indicated as-is value is higher than the prior transfer price, however, comparables located within the subject's
Page 11
ADDENDUM Borrower: Randy Tyler File No.: CV22K25R2 Property Address: 14391 S Delaney Rd Case No.: 262-2779521 City: Perry State: MI Zip: 48872 Lender: Freedom Mortgage Corporation Addendum Page 3 of 3 immediate market support the indicated as-is value after all net and gross adjustments have been applied. Final Reconciliation The sales comparison approach was given most weight in determining market value, as it most clearly represents market reactions and trends. Note the income approach was considered, however did not warrant use due to the fact that the subject is not an income producing property. The cost approach may or may not have been performed based on the scope of work and clients request. Note a significant difference can occur between the sales and cost approach as the cost approach is based on replacement cost new and is not affect by local market trends. Conditions of Appraisal This appraisal report, in part or whole, is not intended to be utilized by any party for insurance purposes. Please note: At the time of the inspection the appraiser noted significant portions of missing drywall in the kitchen and bathroom where skylights had been removed. The appraiser also noted the HUD dataplate and HUD tags were missing from the dwelling. As a result, the report is being completed subject to the installation of drywall and it being finished to the same quality as the rest of the dwelling where it is currently missing, an IBTS report, and a foundation inspection by an engineer to determine the subject's compliance to FHA/HUD's permanent foundations guide for manufactured housing. The appraiser has estimated a cost to cure for the drywall at approximately $1,000-$2,000. Extra Comments REV 03/21/2025 Assessing indicates the site size is 2.00 acres. This prior transfer has been added, however, it did not appear on Perry Twp public records. There is no dining room. There is a dining area also pictured within the picture of the family room. REV 03/25/2025 After further review, the additional one acre lot on the parcel appears to be excess, buildable land, and as a result, only one acre has been included within the valuation. The opinion of market value and site value have both changed.
Page 12
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 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. Randy Tyler 48872 MI Perry 14391 S Delaney Rd X X X X X X X 95.00% 0 0 192 239,000 0.00 0 0.67 2 100.00% N/A N/A 12 220,000 N/A N/A 0.33 1 102.00% N/A N/A 60 236,950 N/A N/A 0.33 2 Statistical data was not prevalent enough to accurately determine marketing trends within the subject market. The appraiser has expanded his search criteria in order to get a more accurate representation of marketing trends, and has determined the subject market's trends and turnover of sales to be stabilized. Note the shaded areas in the above grid are statistics that are unavailable to the appraiser through the Board of Realtors. Due to the fact that the appraiser cannot retrieve those particular statistics that shaded areas are indicated as N/A. Realcomp MLS database REO sales are scattered and are not clustered nor prevalent to the point of having a negative effect upon market value within the subject's neighborhood. X Note seller concessions are prevalent in the subjects neighborhood. Seller concessions typically range from 3%-6% and have typically been on a stable trend over the past 12 months. kkoschmider@valuetecappraisals.com MI 1204078411 Williamston, MI 48895 Po Box 118 ValueTec Appraisal Services, Inc. Kyler M. Koschmider
Page 13
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 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler 246,000 March 14, 2025
Page 14
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Additional Road View Left Side View Right Side View
Page 15
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Missing HUD Tags Missing HUD Tags Missing HUD Tags
Page 16
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Pole Barn Pole Barn Interior View Steel Chassis Crawlspace
Page 17
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Family Room/Dining Area Missing Drywall Kitchen
Page 18
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Kitchen Additional View Laundry Furnace
Page 19
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Living Room Bedroom #1 Full Bath #1
Page 20
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Full Bath #1 Additional View Missing Drywall Bedroom #2
Page 21
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Bedroom #3 CO/Smoke Detector Bedroom #4
Page 22
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Bedroom #4 Additional View Full Bath #2 Full Bath #2 Additional View
Page 23
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013 Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Full Bath #2 Additional View Full Bath #2 Additional View Water Heater
Page 24
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: $ Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler 249,900 s06/24;c05/24 Ovid, MI 48866 625 N Warren Rd 248,000 s03/25;c01/25 Durand, MI 48429 8309 E Newburg Rd 230,000 s12/24;c12/24 Lainsburg, MI 48848 6068 W Grand River Rd
Page 25
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: $ Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler 224,000 s03/24;c02/24 Durand, MI 48429-9427 8370 E Cole Rd 220,000 s09/24;c08/24 Elsie, MI 48831 9201 W Riley Rd
Page 26
FLOORPLAN SKETCH Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler
Page 27
LOCATION MAP
Borrower:
File No.:
Property Address:
Case No.:
City:
State:
Zip:
Lender: Freedom Mortgage Corporation
48872
MI
Perry
262-2779521
14391 S Delaney Rd
CV22K25R2
Randy Tyler
LOCATION MAP
Borrower: Randy Tyler
File No.:
CV22K25R2
Property Address: 14391 S Delaney Rd
Case No.: 262-2779521
City: Perry
State: MI
Zip: 48872
Lender: Freedom Mortgage Corporation
=) Til
(Ti
(50
TT (GD- ~ Chesaning
—
=
|
i
—{l—
{FT}
|
Oakley
Inistar
Chapin
New Lothrop
Comparable Sale 5
;
9201 W Riley Rd
New Haven
Elsie
Elsie, MI 48831
mon
|
21.09 miles NW
|
1
#
2
Carland
[
Juddville
Wolf Crossing
|
Cwid
:
Comparable Sale 2
ay
©
==
Owosso
8309 E Newburg Rd
|
Middletown
©
Durand, MI 43429
7]
Corunna
13.14 miles NE
Len
452)
<.
Comparable Sale 1
yd
mmm
ho Seiki
Comparable Sale 3
|
i
©
47.13 miles NW
6068 W Grand River Rd
|
gia
J
ge
Lainsburg, MI 43848
gF
7.73 miles NW
Lake Victoria
FE
Laingsburg
|
a
|
Subject
Ih
1.54
14391 S Delansy Rd
i
“W Perry, MI 43872
3
Byron
Antrim Center
Comparable Sale 4
|
8370 E Cole Rd
Cohoctah
Cot.
4
|
Durand, Mi 48429-9427
1
11.06 miles NE
|
mos
vq
Se
BIRCHWOOD
a.
fh
“=williamston Se
== ee
Webberville
SO
Fowlerville
——
uli
[F—
mega [—d
Map data ©2025Page 28
FLOOD MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler
Page 29
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Appraiser License
Page 30
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler E&O Insurance Page 1
Page 31
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler E&O Insurance Page 2
Page 32
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler E&O Insurance Page 3
Page 33
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Subject's Public Records
Page 34
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Comparable Search List
Page 35
Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler Market Data
Page 36
Produced using ACI software, 800.234.8727 www.aciweb.com ASSIGNMENT DESCRIPTION...................................................................................FHA #262-2779521 Do not separate from the rest of the report! Any segregation of this multi-page report may jeopardize the user. Introduction 1. The intended use of this appraisal is soley to assist FHA in assessing the risk of the Property securing the FHA-insured mortgage (25CFR § 200.145(b)) . The intended users of this appraisal report are the lender/client and HUD/FHA. 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. 2. The intended use of this appraisal and report is to provide information for mortgage underwriting. This information will also be used to determine the property's conformance to HUD requirements. This appraisal and report may be inappropriate for other uses and jeopardize the user. This appraisal may not be used or relied on for any use except the stated use without the express written consent of the appraiser. The appraiser, appraiser's firm, and related parties assume no obligation, liability, or accountability for any other use without such written consent. 3. Primary Appraiser Generated Information (PAGI) is the information which the appraiser provides to the intended user that the user will isolate and consider. The appraiser has diagnosed the intended user's problem and will discuss the scope of work for the following PAGI later in this document: Main Value Opinion; Site Value. 4. No personal property, trade fixtures, or intangible items that are not real property are included in the opinion of value. Scope of Work 5. The subject property was identified to the appraiser by the client providing the property address and the current owner's name. A tax card and plat were pulled for that address via a third party provider. At the client's request no one was interviewed for additional information. 6. This conforms to the supplemental standards associated with a Federal Housing Administration (FHA) loan. 7. The following approaches to value have been considered in the scope of work decision for the main "Value Opinion": 8. The Cost Approach may or may not have performed based on the scope of work and clients request. 9. The Direct Comparison Approach was performed. 10. The Income Approach may or may not have been performed based on the scope of work and clients request. 11. Additional information concerning the scope of work is conveyed throughout the report. 12. Please be aware that the term "Inspection" may be used on some standard appraisal forms which the appraiser cannot modify. The term inspection found anywhere in this report is to mean a "Personal Visual Inventory" of the subject's or comparable property's components. This is opposed to a "Home Inspection", which investigates the appropriateness and soundness of various components of the improvements. 13. The American Disability Act (ADA) became effective January 26, 1992. The appraiser has not made a specific compliance survey or analysis of the property or comparables to determine whether or not they are in conformity with one or more of the requirements of the act. 14. At least one of the signees on the Certification are competent in all aspects of this assignment. 15. A Level "A" market analysis was performed which is general and descriptive in nature. Historic data and selected comparables are analyzed to gauge the economic climate of the subject's market. Extent of Research of the Subject Property 16. The Census Tract information for the subject property was obtained from a third party provider based on the property address via my appraisal software. The flood zone information for the subject property was obtained from a third party provider based on the property address via my appraisal software. The subject property's zoning was obtained from a telephone interview with the zoning authority personnel. 17. The subject property data that was obtained from second-hand sources was validated by the appraiser personally accessing the subject property. In addition the owner was interviewed concerning past sales, utilities, and physical property characteristics. 18. I, the appraiser, did personally make a visual inventory of the subject property while walking over the land, through the interior, and around the exterior of the subject property. 19. The subject property was measured in an attempt to assist the appraiser in developing an opinion concerning the specific Primary Appraiser Generated Information listed above. Unless estimating the square footage was listed as a PAGI, the appraiser has only attempted to measure the property within an accuracy necessary to assist in the analysis of various market data. The user is advised not to rely on the size estimates used in these analyses for any reason. 20. Unless a professional home inspection, structural engineer study, or similar report was provided to the appraiser; the subject property information was obtained by a method of data gathering known as a "Personal Visual Inventory". This consists of the appraiser compiling notes of what components are there and how many of them there are. This personal visual inventory may be made on-site or from the curb, but not from photos or a video presentation. The extent of the subject property accessed was stated above. None of the property components were dissected or inspected by the appraiser. 21. The appraiser has not performed a "Home Inspection" which is a process utilized to rate the appropriateness and usability of the various components of the structure. This process involves inspecting and testing. Should you have concerns about these issues please seek a qualified professional to investigate these issues for you. The information obtained from a home inspection may affect the value of the subject property, so the appraisal should be made after the home inspection rather than visa versa. 22. Neither police records nor past issues of newspapers have been researched concerning the subject property's past use for anything that might affect the safety or health of present and future occupants. This includes but is not limited to the by- products of methamphetamine production, infectious disease, or environmental hazards. 23. If available in the normal course of business the appraiser has evaluated any previous sales within the past 3 years prior to the effective date of the appraisal, and current contract, listing, or option of the subject property for its applicability in forming an opinion of current market value and/or marketability. Continued on Page 2……..
Page 37
Produced using ACI software, 800.234.8727 www.aciweb.com Continued from Page 1….. 262-2779521 Hypothetical Conditions / Extraordinary Assumptions 24. There maybe hypothetical conditions utilized in the forming the opinions and conclusions of the primary appraiser generated information. 25. There maybe extraordinary assumptions utilized in the forming the opinions and conclusions of the primary appraiser generated information. Extent of the Analysis & Associated Research 26. The following analysis and associated research have been performed in conjunction with the main opinion of value: 27. The cost approach was performed by adding the cost new of the improvements less accrued depreciation to the site value. The opinion of the cost new of improvements was formed either by referencing a nationally recognized cost manual, the appraiser's first hand knowledge of the market, or a combination of both. The opinion of the site value was formed by a comparison of the subject to other similar properties that have a marketing history. 28. An opinion of the site value was formed by the Direct Comparison Approach. A qualitative analysis considering the land size, date of sale and location were considered. The comparable properties were obtained from the local MLS and/or Tax office. The tax data was supplied by a third party provider. The physical property characteristics, sales price, and date were not verified by any other source. However, the second hand data records were analyzed for errors and inconsistencies. Records with errors and inconsistencies were not used. Records that showed a large discrepancy from the other data was not used. 29. A recognized cost manual was used to obtain the cost rate per unit. This manual did adjust this estimate based on location by region, and by a time factor. 30. The age life method was used to estimate the physical depreciation. In this method the effective age of the improvements is divided by the anticipated total life of the property to derive an estimate of the percentage that the improvements have physically deteriorated. 31. The Direct Sales Comparison was performed by an analysis in which the subject is compared to similar properties that have a recent marketing history. 32. An opinion of the value was formed by the Direct Comparison Approach. A quantitative line by line adjustment grid was utilized. Many of the property characteristics were considered including; the size of the improvements, land size, date of sale, view, topography and location. 33. The comparable properties were obtained from the local MLS and/or Tax office. The tax data was supplied by a third party provider. 34. The following analysis and associated research have been performed in conjunction with the opinion of the site value: 35. An opinion of the site value was formed by the Direct Comparison Approach. A qualitative analysis considering the land size, date of sale and location were considered. The comparable properties were obtained from the local MLS and/or Tax office. The tax data was supplied by a third party provider. The physical property characteristics, sales price, and date were not verified by any other source. However, the second hand data records were analyzed for errors and inconsistencies. Records with errors and inconsistencies were not used. Records that showed a large discrepancy from the other data was not used. Additional Information 36. Exposure Time is defined as "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal." (The Dictionary of Real Estate Appraisal, Fourth Edition, page 105) This was determined by an analysis based on one or more of the following; statistical information about days on market, information gathered through sales verification, or interviews of market participants. 37. There are no significant changing environmental, economic, government, or social trends in this market. No major events have occurred or are expected to occur subsequent to the data analyzed in the "exposure time" analysis that indicate changes in the market conditions. For this reason the anticipated marketing time is the same as my opinion of the subject's exposure time. Reasonable marketing time is defined as an opinion of the amount of time it might take to sell the property interest being appraised at the concluded market value immediately after the effective date of the appraisal. It is a function of price, time, use, and anticipated market conditions. (This is fashioned from USPAP 2004, page 141.) The user should rely on this opinion with caution, as the appraiser cannot foresee spastic changes in the economy. 38. The current and projected use is as a single-family dwelling. Appraiser's Certification I CERTIFY THAT TO THE BEST OF MY KNOWLEDGE AND BELIEF THAT: 39. I, the appraiser, personally make a visual inventory of the subject property while walking over the land, through the interior, and around the exterior of the subject property. 40. The credibility of the reported analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analysis, opinions and conclusions. 41. No one provided significant real property appraisal assistance to the person(s) signing this certification. 42. No fees were paid or received in the procurement of this assignment.
Page 38
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 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. Freedom Mortgage Corporation 48872 MI Shiawassee Perry 14391 S Delaney Rd Randy Tyler The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of the Financial institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 331 et seq.), and any applicable implementing regulations in effect at the time the appraiser signs the appraisal certification. 07/31/2026 MI 1204078411 03/25/2025 Kyler M. Koschmider ValueTec Appraisal Services, Inc.
Page 39
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 CV22K25R2 262-2779521 ValueTec Appraisal Services, Inc. Freedom Mortgage Corporation 48872 MI Shiawassee Perry 14391 S Delaney Rd Randy Tyler X The opinion of reasonable exposure time for the subject property is from 0-3 Months. Exposure Time is defined as "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal." (The Dictionary of Real Estate Appraisal, Fourth Edition, page 105) 0-3 months I have not performed other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period prior to the acceptance of this assignment. Appraiser has no present of prospective interest in subject property of this report, appraiser has no personal interest or bias with respect to parties involved. Compensation is not contingent on an action of event resulting from the analysis, opinion or conclusions in, or the use of, this review report. Analysis, opinions and conclusions were developed, and report has been prepared, in conformity with Uniform Standards of Professional Practice. X Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the Lender/Client/FHA/HUD. 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. 03/14/2025 07/31/2026 MI 1204078411 03/25/2025 Kyler M. Koschmider
Page 40
AERIAL MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Freedom Mortgage Corporation 48872 MI Perry 262-2779521 14391 S Delaney Rd CV22K25R2 Randy Tyler AERIAL MAP Borrower: Randy Tyler File No.: CV22K25R2 Property Address: 14391 S Delaney Rd Case No.: 262-2779521 City: Perry State: MI Zip: 48872 Lender: Freedom Mortgage Corporation