appraisal_report.pdf
Srinivas Gudidevuni Petitioner V City Of Lansing Respondent · 26-002814-TT
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Certification of Appraiser Independence The Lender certifies that the above referenced appraisal has been completed in compliance with all current appraisal independence requirements as defined by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Interagency Appraisal and Evaluation Guidelines, Fannie Mae, Freddie Mac and the Federal Housing Administration, in strict adherence to our non-influence policy and process: Borrower Name: Sravani Nukala Property Address: 2952 Medinah Dr Okemos MI 48864 Loan number: 123040963 Date: 2023-07-31 No employee, director, officer or agent of the lender or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result, or review of the appraisal in any manner. The Lender/Client named on the appraisal report submitted the appraisal order through a secure self-managed appraisal software platform, or through approved and compliant 3rd party integration. Appraiser selection was performed by a non-compensated member of the Lender. Appraiser selection was performed utilizing a selection methodology of management- approved policies based on the location of the subject property, appraiser availability and historical quality and performance metrics. The appraiser's compensation was not in any way dependent on the value arrived at or the closing of the loan. The appraiser was compensated directly by the Lender and not by a Lender staff member that receives compensation based on loan sales. The terms and conditions of the engagement contract between the Lender and the appraiser prohibit the appraiser from inappropriate communication with the Lender origination staff or attempting to obtain value/loan information from the borrower/ property owner. No estimate regarding the Subject Property's value, proposed loan amount or proposed loan-to-value ratio was provided or communicated by the Lender to the appraiser. For all transactions: By proper use of a secure self-managed appraisal software platform, the Lender's loan production staff is unaware of the identity of the appraiser until the final appraisal report is delivered. Likewise the appraiser is provided with only the Lender's company name and address for inclusion in the appraisal report and is never provided with the identity or contact information of the originator of the loan. For purchase transactions, the purchase agreement was provided to the appraiser as required by USPAP Standards Rule 1-5(a). All communication between the selected appraiser and The Lender was conducted through the Lender's Appraisal Department. The Lender is unaware of any communication to the appraiser for this appraisal assignment made by anyone that is in violation of the terms of current Appraiser Independence Requirements. • • • • • • • •
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File No. APPRAISAL OF LOCATED AT: FOR: BORROWER: AS OF: BY: 23-00109 123040963 J. Hans Schwab Appraisal & Consulting, LLC Certified Residential Appraiser J. Hans Schwab, SRA August 2, 2023 Sravani Nukala & Srinivas Gudidevuni Lansing, MI, 48912 500 N. Homer Dart Bank Okemos, MI 48864 2952 Medinah Dr
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Uniform Residential Appraisal Report File No. The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address City State Zip Code Borrower Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Lender/Client Address Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offering price(s), and date(s). SUBJECT I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. CONTRACT Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Note: Race and the racial composition of the neighborhood are not appraisal factors. Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit % Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit % Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family % Neighborhood Boundaries High Commercial % Pred. Other % Neighborhood Description Market Conditions (including support for the above conclusions) NEIGHBORHOOD Dimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe. Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private Electricity Water Street Gas Sanitary Sewer Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and off-site improvements typical for the market area? Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe. SITE GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors # of Stories Full Basement Partial Basement Exterior Walls Walls Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars Attic None Heating FWA HWBB Radiant Amenities WoodStove(s) # Driveway Surface Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars Finished Heated Individual Other Pool Other Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.). Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe. IMPROVEMENTS Page 1 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963 There were no listings per the GLAR MLS in the past 12 mos. X 500 N. Homer, Lansing, MI 48912 Dart Bank X X X 250 0 X 0050.01 ffiec.gov/State code 26 Northpointe at College Fields 404 2022 33-01-02-29-360-044 Unit 44 Northpointe at College Fields Site Condo, City of Lansing Ingham EL Holding Co LLC Sravani Nukala & Srinivas Gudidevuni 48864 MI Okemos 2952 Medinah Dr $0;;No financial assistance provided. X Assessor record X 08/02/2023 600,951 Arms length sale;Builders Contract with lot Buy-Sell contract dated 05/11/2023 with lot price of $127,000. Several addendums and builders selections with final price to be $600,951 with final price out dated 08/02/2023 X See Attached Addendum See Attached Addendum 25 Golf 0 0 0 75 5 20 1 490 825 300 North of Jolly, South of Mt Hope Rd, East of Hagadorn Rd and West of Hullett Rd X X X X X X See Attached Addendum X X 08/16/2011 26065C0154D X X None X Paved X X X X X X Suburban Detached Residential R-1 N;Res; Rectangular 10500 sf 70.00' x 150.00' X X C1;No updates in the prior 15 years;Proposed new build, ANSI new build home guidelines for sketch is employed. Finished square foot calculations for this house were based on plan dimensions only and may vary from the finished square foot of the house as built. See Attached Addendum 3,558 4.0 5 8 X 0 2 X Concrete 2 X Tile/New Tile/New Ptd wd/New Drywall/New Cpt,tile,lam/New None None Cov entr X Patio X None 1 X 0 Alum/New Dlgzd/New Hung Sash/New Alum/New Asph Shg/New Wd,stone,Sid/New Pour conc/New X Gas X X 0 1752 X X 0 2023 Colonial X X 2 X
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Uniform Residential Appraisal Report File No. There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ . There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ . FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Room Count Gross Living Area sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) Adjusted Sale Price of Comparables COMPARABLE SALE NO. 1 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 2 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 3 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s) Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach. Indicated Value by Sales Comparison Approach $ SALES COMPARISON APPROACH Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $ This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ as of , which is the date of inspection and the effective date of this appraisal. RECONCILIATION Page 2 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963 774,448 509,900 6 609,000 609,000 1 1 F/P Porch, patio 2ga2dw Insulation* FWA C/Air Average 1752sf0sfin 3,558 40 4.0 5 8 C1 0 Q3 DT2;Colonial N;Res; 10500 sf Fee Simple N;Res; 168.90 600,951 Okemos, MI 48864 2952 Medinah Dr 602,700 18.9 1.3 7,700 X 1 F/P -3,000 Porch,patio,deck -10,000 3ga3dw Insulation* FWA C/Air Average -7,000 1rr1br1.0ba1o -25,000 1478sf1000sfwo 31,400 2,773 4,000 3.1 4 9 13,800 C2 11,000 11 Q3 DT2;Colonial -7,500 B;Res;Woods 0 6726 sf Fee Simple N;Res; s07/23;c06/23 Conv;0 ArmLth Assessor Records/Broker GLAR #270835;DOM 142 214.57 595,000 0.52 miles NE Okemos, MI 48864 2713 Sophiea Pkwy 601,900 21.2 -2.1 13,100 X 1 F/P 0 Porch, deck -10,000 3ga3dw Insulation* FWA C/Air Average 0 1463sf0sfin 16,800 3,139 12,000 2.1 4 8 0 15,700 C2 14,000 14 -47,100 Q2 DT2;Colonial -7,500 B;Res;Woods 0 13765 sf Fee Simple N;Res; s06/23;c05/23 -7,000 Conv;7000 ArmLth Assessor Records/Broker GLAR #272239;DOM 36 195.92 615,000 1.21 miles SE Okemos, MI 48864 2543 Robins Way 643,950 21.4 0.2 1,500 X 1 F/P 0 Porch, deck -10,000 3ga3dw Insulation* FWA C/Air Average 0 1277sf0sfin 40,900 2,536 12,000 2.1 4 8 0 12,600 C2 4,000 4 -38,000 Q2 DT2;Colonial -20,000 B;Res;Glfvw 0 11521 sf Fee Simple N;Res; s06/23;c05/23 Conv;0 ArmLth Assessor Records/Broker GLAR #272804;DOM 13 253.33 642,450 0.06 miles SE Okemos, MI 48864 2967 Medinah Dr GLAR MLS, or Assessor records, or Realist. X GLAR MLS, or Assessor records, or Realist. X X 07/27/2023 Assessors Web Site $120,750 04/29/2022 07/28/2023 Assessors Web Site $85,000 10/05/2012 07/28/2023 Assessors Web Site $0 08/21/2009 07/28/2023 Assessors Web Site $490,000 03/09/2020 604,000 See Attached Addendum The prior sale of the subject property is a warranty deed from Jones Property Development LLC to EL Holding Co LLC per the City of Lansing Assessor's web site. This is a typical developer transfer before new build. The above data is noted to comply with USPAP reporting requirements of prior comp sales within 12 months and prior subject sales within 36 months. 08/02/2023 604,000 See Attached Addendum X This sales comparison analysis is the best indicator of value as it reflects the action of willing buyers and sellers in the market place. The income approach is considered, but due to insufficient market data it is not used in this report. The cost approach is provided in this report and supports the value established in this report. 0 607,200 604,000 J. Hans Schwab Appraisal & Consulting, LLC
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Uniform Residential Appraisal Report File No. FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Room Count Gross Living Area sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) Adjusted Sale Price of Comparables COMPARABLE SALE NO. 4 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 5 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ COMPARABLE SALE NO. 6 $ $ sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms. Baths sq. ft. + - $ Net Adj. % Gross Adj. % $ ITEM SUBJECT Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 Summary of Sales Comparison Approach SALES COMPARISON APPROACH Fannie Mae Form 1004 March 2005 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963 1 F/P Porch, patio 2ga2dw Insulation* FWA C/Air Average 1752sf0sfin 3,558 40 4.0 5 8 C1 0 Q3 DT2;Colonial N;Res; 10500 sf Fee Simple N;Res; 168.90 600,951 Okemos, MI 48864 2952 Medinah Dr 575,477 13.6 -0.3 1,700 X 1 F/P 3,000 Porch -10,000 3ga3dw Insulation* FWA C/Air Average -7,000 1rr1br1.0ba0o -23,000 1612sf918sfin 31,300 2,775 4,000 3.1 4 8 0 C1 0 1 Q3 DT2;Colonial N;Res; 0 12850 sf Fee Simple N;Res; s05/23;c05/23 Conv;0 ArmLth Assessor Records/Broker GLAR #273485;DOM 0 207.99 577,177 0.07 miles NE Okemos, MI 48864 2944 Medinah Dr 0.00 07/27/2023 Assessors Web Site $120,750 04/29/2022 07/28/2023 Assessors Web Site $120,750 04/29/2022 See addendum
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Uniform Residential Appraisal Report File No. ADDITIONAL COMMENTS COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data Quality rating from cost service Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc.) Estimated Remaining Economic Life (HUD and VA only) Years OPINION OF SITE VALUE . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .= $ Dwelling Sq. Ft. @ $ .. .. .. .. .. .. = $ Sq. Ft. @ $ .. .. .. .. .. .. = $ Garage/Carport Sq. Ft. @ $ .. .. .. .. .. .. = $ Total Estimate of Cost-New . .. .. .. .. .. . = $ Less Physical Functional External Depreciation = $ ( ) Depreciated Cost of Improvements .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. = $ "As-is" Value of Site Improvements . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . = $ INDICATED VALUE BY COST APPROACH . .. .. .. .. .. .. .. .. .. .. . = $ COST APPROACH INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) INCOME PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal name of project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of an existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data source(s) Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. PUD INFORMATION Page 3 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963 Note that the sales comparable data was researched via the Greater Lansing Association of Realtors MLS file and have tried to verify sales data information through 1) assessors offices, 2) property owners, homeowners, or 3) real estate agents. I have accessed the County Equalization, the G.L.A.R. MLS and/or the Township/City websites and/or Realist. The Cost Approach may not developed in this assignment if the subject dwelling is older and calculating an accrued physical depreciation is not reasonable or meaningful. The Cost Approach would then not be necessary to provide credible appraisal results. Therefore, the Cost Approach is not used in this appraisal assignment if it is not credible. While performing the Sales Comparison Approach: Where possible, I have viewed online interior photographs of the comparable sales data. This allows me to formulate an opinion regarding the interior condition/appeal of the comparable sales data. I have observed the exterior of the comparable sales data. Photographs have been taken from a digital camera, assessors files and/or from MLS photos. The value of items other than real property is zero unless stated differently in the Comments and Conditions Section of the Appraisal report. The mortgage collateral in this appraisal is limited to real estate. In keeping with the USPAP rules, any excess financing costs and/or buy-downs and/or promotional expenses and/or gifts were deducted from the comparables based upon the amounts paid when we are aware of such items. All public and private improvements are in place on the date of the appraisal and are reflected in the market value estimate unless otherwise noted within the appraisal report. If so noted, all improvements are assumed complete with professional workmanship and materials and within a reasonable period of time. Highest and best use conclusions are developed by analyzing and correlation that which is legally permissible, physically possible, economically feasible, maximally productive and which produces the greatest return. All sources and data utilized are considered accurate and reliable. Unreliable data has been disregarded. All sources have been noted where appropriate and all data has been confirmed whenever possible. I have looked at all readily observable items on both the interior & exterior of the subject property. I have researched into physical and economic factors that could affect the property. The extent of data research is limited to the information obtained from the MLS and local governmental units when it is readily available. Non-realty items identified in this report do not have any influence on the final estimate of value. The appraiser is not an expert and did not take steps to discover asbestos, urea formaldehyde foam insulation, radon or other potentially hazardous materials that may affect the value of the property. It is suggested to consult with experts to determine if there are any hazardous materials at this site. 607,200 18,000 462,177 0 $0 60 462,177 15,730 35.75 440 12,500 Porch,fp,patio 37,230 21.25 Bsmt: 1752 396,717 111.50 3,558 127,000 60 The cost and depreciation figures were partly obtained from the Residential Cost handbook, Marshall Swift. The estimate of accrued depreciation is based on an effective age/life relationship or depreciated tables. Both methods are deemed to measure depreciation in the market. The cost approach is for valuation only, this should not be used for insurance purposes. GLA is above grade living area as defined by Fannie + Freddie MAC. 2023 Good MS Cst Bk/Loc. Bldrs X Site value is determined using sold data from the GLAR MLS and assessor records N/D 0 0 0
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Uniform Residential Appraisal Report File No. This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Page 4 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963
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Uniform Residential Appraisal Report File No. APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). Page 5 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963
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Uniform Residential Appraisal Report File No. 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’s analysis, opinions, statements, conclusions, and the appraiser’s certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions, statements, conclusions, and the appraiser’s certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Signature Name Company Name Company Address Telephone Number Email Address Date of Signature and Report Effective Date of Appraisal State Certification # or State License # or Other (describe) State # State Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name Company Name Company Address Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Page 6 of 6 Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963 setupappraisal@dartbank.com Lansing, MI 48912 500 N. Homer Dart Bank No AMC 604,000 Okemos, MI 48864 2952 Medinah Dr Certified Residential Appraiser 07/31/2024 MI 1204005586 08/02/2023 08/17/2023 hans@schwabappraisal.com 517-332-3322 East Lansing, MI 48823 1006 Lantern Hill Dr J. Hans Schwab Appraisal & Consulting, LLC J. Hans Schwab, SRA J. Hans Schwab Appraisal & Consulting, LLC
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Uniform Appraisal Dataset Definitions File No. Condition Ratings and Definitions C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.* *Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. *Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. *Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. *Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. *Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. *Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure. Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/ or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count. Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963
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Uniform Appraisal Dataset Definitions File No. Abbreviations Used in Data Standardization Text Abbrev. Full Name Appropriate Fields ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location & View ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design(Style) ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade B Beneficial Location & View BsyRd Busy Road Location cp Carport Garage/Carport Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Conv Conventional Sale or Financing Concessions cv Covered Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources DT Detached Structure Design(Style) dw Driveway Garage/Carport Estate Estate Sale Sale or Financing Concessions e Expiration Date Date of Sale/Time FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Garage - Attached Garage/Carport gbi Garage - Built-in Garage/Carport gd Garage - Detached Garage/Carport GR Garden Structure Design(Style) GlfCse Golf Course Location Glfvw Golf Course View View HR High Rise Structure Design(Style) Ind Industrial Location & View Abbrev. Full Name Appropriate Fields in Interior Only Stairs Basement & Finished Rooms Below Grade Lndfl Landfill Location LtdSght Limited Sight View Listing Listing Sale or Financing Concessions MR Mid-Rise Structure Design(Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions op Open Garage/Carport o Other Basement & Finished Rooms Below Grade O Other Design(Style) Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr Recreational (Rec) Room Basement & Finished Rooms Below Grade Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RT Row or Townhouse Design(Style) RH Rural Housing - USDA Sale or Financing Concessions SD Semi-detached Structure Design(Style) s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site, Basement Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions wo Walk Out Basement Basement & Finished Rooms Below Grade wu Walk Up Basement Basement & Finished Rooms Below Grade WtrFr Water Frontage Location Wtr Water View View w Withdrawn Date Date of Sale/Time Woods Woods View View Other Appraiser-Defined Abbreviations Abbrev. Full Name Appropriate Fields Abbrev. Full Name Appropriate Fields Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015 UAD Version 9/2011 23-00109 123040963
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ADDENDUM Borrower: Sravani Nukala & Srinivas Gudidevuni File No.: 23-00109 Property Address: 2952 Medinah Dr Case No.: 123040963 City: Okemos State: MI Zip: 48864 Lender: Dart Bank Addendum Page 1 of 4 Neighborhood Description Located on annexed land formerly in Meridian Township (pop 39,688) now in the city of Lansing. This area is 5 Miles West of majority city limits of Lansing (pop 114,297), the state capital. Golf course community, Okemos Public Schools. Medium to large size newer homes on suburban style parcels. Some Lots are site condo ownership. Existing and newer home subs abut this area. The Okemos High school is within 1/2 mile. Michigan State University property is within 1-2 miles NW. Shopping, rec etc all within 3 miles Neighborhood Market Conditions The summer 2023 market has a mix of stable and price adjusted properties, and others that are still in a very active market (as owners are not listing homes as often) and therefore these homes do get listed and sell in very quick time frames. The current reported market condition in this area (boundaries, school district and/or zip code) are considered to be stable to increasing overall. Greater Lansing Association of Realtors and other sources of market data verify the recent data. The data varies for specific types of houses and certain home size ranges. Some homes are selling quickly as inventory is low for certain styles or market preferred homes and if priced correctly at the first day of listing are under contract in the first few weeks of listing. Other Listings are priced too high due to seller needs or such and therefore impact market data as their marketing times reflect longer periods, etc. Currently mortgage money is in reasonable supply. Rates of interest on mortgage loans generally remain acceptable but are more than double what they were a year ago, much above above the recent historic lows. Credit score expectations have been increased therefore many low score buyers have been removed from the market as potential buyers. Sellers in this area are not paying any unusual points or closing costs. Homes without need for repairs are selling at the top end of their market range and homes needing repairs may be impacted by financing requirements and therefore sell at the lower end of the range. The Greater Lansing region has wide range of employment opportunities. General Motors, State of Michigan Government, Michigan State University, and 5 major insurance companies are all located in the region and attract related companies and business to employ workers in this market. Sales of homes to this work force are occurring and first time homebuyers are back in the market again. The impact of Covid has not had negatively impacted the values in this market, however this virus appears to have impacted other aspects of the economy and mutations may still have impacts that are yet unknown. Therefore only current market indications are reliable. Reader is made aware that in early 2020 a global outbreak of a “novel coronavirus” known as COVID-19 was officially declared a pandemic by the World Health Organization (WHO). The reader is cautioned, and reminded that the conclusions presented in this appraisal report apply only as of the effective date(s) indicated. The appraiser makes no representation as to the effect on the subject property of any unforeseen event, subsequent to the effective date of the appraisal. Site Comments No adverse conditions or encroachments noted. Typical utility easement does not effect value. The site will have typical for area site improvements, new build final grade and seeded landscaping and typical maintenance. Appraiser cannot guarantee that property is free of encroachments or easements, and recommends further investigation and survey. I have not checked the land records for recorded easements and have reported only apparent easements, encroachments and other apparent adverse conditions. Surface drainage appeared to be adequate at the date of the appraisal report; however, seasonal variation may occur. The appraiser is not qualified to render any specific opinions regarding drainage. 2023 SEV = $47,500 2023 TV = $47,500 for Lot only This is a not a traditional condominium project. It is a site condo project only. Use of the immediate area around units appears to be specifically for the enjoyment of the individual unit owners. The HOA has no ownership of the individual sites. The common appears appear to be adequately maintained and the yearly association fee is typical in this site condo market. This type of owner does not impact marketability or value in this marketing area. The subject house is located in a site condominium development. In Michigan such developments are similar to typical subdivision lots. The site condominium unit is a parcel of land that has abutting or other common area shared by others in this type of subdivision. Typical single family construction is allowed on the site condo lots and maintenance of the lot and house is performed by individual owners. This is not a typical condominium and only exists in this market to circumvent more strict State subdivision laws. This is not a traditional PUD. The yearly association fee is used to maintain the common areas. There are no manufactured homes in site condo project and no attached unit structures. Additional Features There is no notable external or functional obsolescence noted. Home to be constructed with good to very good quality materials and craftsmanship. Custom new build proposed by Mayberry Homes. Plans, specs and contract provided by lender. Custom home to feature covered front porch, concrete patio, island style kitchen, basement is unfinished, second floor laundry, main floor 5th guest bedroom with full bath, etc Note that upon completion: The appraiser is not a home inspector or a licensed contractor to determine the quality of the following items; roofs, plumbing, electrical, mechanical systems, wells & private sewer systems. The job of an inspector or licensed contractor is to uncover & report defective components of this property. When performing the observation of this property, the appraiser visually observed areas that were readily accessible. This appraiser did not disturb and/or move anything that may obstruct access or visibility. These observations does not offer warranties or guarantees of any kind. The appraiser is not an expert
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ADDENDUM Borrower: Sravani Nukala & Srinivas Gudidevuni File No.: 23-00109 Property Address: 2952 Medinah Dr Case No.: 123040963 City: Okemos State: MI Zip: 48864 Lender: Dart Bank Addendum Page 2 of 4 with regards to foundation issues, mechanicals, roof, well, private sewer systems and other physical conditions of the property for the client. If concerned, the client is invited to employ the services of experts in these areas to insure that these items are not a problem. Appraisers's conclusion of value is based upon the assumption that there are no hidden or unapparent conditions of the property that might impact the integrity of the structure. Appraisers recommends due diligence be conducted through local building department or municipality to investigate buildability and whether property is suitable for intended use. Appraiser makes no representations, guarantees or warranties. Comments on Sales Comparison All sales are located in the same marketing or similar close by market areas and same or similar appeal neighborhoods as the subject. All sales included in this analysis are provided to best indicate a market value for the subject while reflecting lender preferences and GSE guidelines. These guidelines are considered as the typical purchase in this area has some sort of lending in place to acquire these properties. These comparables are all within 12 months sales history. Comps 3 and 4 are located in the subject site condo neighborhood. The other comps are all in nearby locations and neighborhoods that are in the same subject school district. All are locations for newer built homes that compete with the subject and location. All are included to reflect some of the similar aspects of the subject property from this 12 month sales market. *Most houses in this northern climate have insulation for energy efficiency. No confirmation could be made however. Bath count differences above grade are adjusted at $8,000/full and $4,000/half and in basement at $7,000/full and $3,500/half. Comps with GLA differences over 50 square feet are adjusted at $45/square foot. Basement finished areas are adjusted at $25/fin sq ft for differences. Condition differences are adjusted at $5/sf for market preferences Quality differences are adjusted at $15/sf for higher Q2 ranges, all for market preferences. I may have other UAD upload comp history with differing information, however for consistency in this report I have indicated items to reconcile for this report. None of the changes have an impact on the reliability of my data in prior reports or in this report. Peer differences in the UAD upload reports may exist, as opinion of features, condition, etc are discerned differently by appraisal professionals. GLA, lot sizes, etc are all gathered from my own verifications and may differ from peers. The subject GLA and garage was not readily bracketed in this appraisal due to the stability of this market, but I obtained comps as similar as possible and the adjustments are made for these differences according to market preferences. The GLA adjustment is more nominal as there are other homes as large as the subject, however these larger homes tend to sell for closer to the more typical home ranges and therefore the $40/GLA square foot adjustment is used instead of $50 or higher. The other adjustments are for differences with the subject property. After review of other sales and current listings, it is determined that these sales best reflect current value for the subject property. All closed sales are taken into consideration for final market value. The Indicated Value by Sales Comparison Approach, $604,000, is calculated using the following weights: 24.9% - 2713 Sophiea Pkwy; Sale Price $595,000; Adjusted Value $602,700; Gross Adj: 18.9% 23.9% - 2543 Robins Way; Sale Price $615,000; Adjusted Value $601,900; Gross Adj: 21.2% 23.8% - 2967 Medinah Dr; Sale Price $642,450; Adjusted Value $643,950; Gross Adj: 21.4% 27.3% - 2944 Medinah Dr; Sale Price $577,177; Adjusted Value $575,477; Gross Adj: 13.6% Conditions of Appraisal Intended User of this appraisal report is Dart Bank. The Intended Use is to evaluate the described subject property for a mortgage finance transaction. Subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and a Definition of Market Value. No additional intended users are identified. "Rely on" (Certification #23) does not imply "Intended User" as defined by USPAP. Personal property that is included in this sale transaction along with any pre-paids/points/concessions that are being paid by the Seller are not valued in this report. *The appraisal is subject to 100% completion per plans, specs and contract provided by lender and retained in the appraiser files. A hypothetical condition may affect assignment results. A HYPOTHETICAL CONDITION: a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. It may affect assignment results. Again, this is a proposed new home that has yet to be built. 08/17/2023 - yearly association fee now corrected Extra Comments I certify that to the best of my knowledge and belief, the reported analysis, opinions and conclusions were developed and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, I have completed the requirements of the continuing education program of the Appraisal Institute. Digital cameras are used for taking the photo's in this report. They have not been altered or changed in any way. This signatures in this report may be digital signatures, which are computer generated and printed on this report. The
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ADDENDUM Borrower: Sravani Nukala & Srinivas Gudidevuni File No.: 23-00109 Property Address: 2952 Medinah Dr Case No.: 123040963 City: Okemos State: MI Zip: 48864 Lender: Dart Bank Addendum Page 3 of 4 appraisal report may be electronically transmitted to your office. The appraisers signature is secured by a password which only the appraiser has access to. If any modifications were made in this appraisal report, the signature may be eliminated. Any software program used to electronically transfer a report must provide at minimum , a digital signature security feature for all appraisers signing this report. The appraiser(s) maintain control of these signatures. This control may be maintained by password, hardware devices or other means. Electronically affixing a signature to a report carries the same level of authenticities and responsibility as an original ink signature on an original paper report. INTENDED USER CLARIFICATION: As defined by USPAP, the client and any other party as identified, by name or type, as users of the appraisal, appraisal review, or appraisal consulting report by the appraisers on the basis of communication with the client at the time of the assignment. Although the client provides information to the appraiser regarding the Intender Users, it is the appraiser who is responsible for specifying the parties he or she is identifying as Intended Users. Knowing the Intended Users is important because USPAP required that reports contain sufficient information to allow Intended Users to understand the report. Without clear knowledge of the Intended Users in an assignment, an appraiser cannot be certain that the report content is appropriate. Some Intended Users will require more information than others in order to facilitate understanding. Furthermore, indemnification of the Intended Users is important in understanding the Intended Use of Uses of the appraisal; different Intended Users may have different Intended Uses for the appraisal. Intended Use - The use or uses of an appraiser's reported appraisal, appraisal review, or appraisal consulting assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment. (USPAP) Intended user - The client and any other party as identified, by name or type, as users of the appraisal, appraisal review, or appraisal consulting report by the appraiser on the basis of communication with the client at the time of the assignment. (USPAP) I have no current or prospective interest in the subject property or parties involved in this appraisal assignment. (USPAP, Ethics Rule, Conduct Section) "A party receiving a report copy from the client does not, as a consequence, become a party to the appraiser-client relationship." (Identification of Intended Use & Intended Users, Statement #9) COMMENTS ON SCOPE OF WORK * This identified section contains the "scope of work" conducted for this appraisal assignment. Further, "scope of work" elements are identified throughout this appraisal report. The "scope of work" is acceptable when it meets or exceeds: 1) the expectations of parties who are regularly intended users for similar assignments; and 2) what the appraiser's peers' actions would be in performing the same or similar assignment. (USPAP) Assignment - 1) An agreement between an appraiser and a client to provide a valuation service; 2) the valuation service that is provided as a consequence of such an agreement (USPAP) Client - The party or parties who engage an appraiser (by employment or contract) in a specific assignment. (USPAP) Scope of Work - The type and extent of research and analyses in an assignment. (USPAP) OTHER COMMENTS This appraisal report must not be modified, altered or changed in any manner. In accordance with USPAP, I maintain a hardcopy appraisal report and an electronic appraisal report. Further, the digital signature is secured by a personal password. I have not disclosed my signature password to anyone. I am not responsible for any mis-use or misrepresentation of this appraisal report. This is an objective, professional and unbiased appraisal report based on market data. This appraisal report is NOT based on the needs/wants of any individual. I will not engage in any dialogue with any other individual or party regarding value issues. ** I cannot and will not ADVOCATE the position of any individual, entity or party involving this appraisal report. I will be an advocate of this appraisal report (the opinions, analyses & conclusions). The expectations or anticipations of of any individuals, entities or parties regarding the value of the subject property has no bearing on this appraisal report. I certify that to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed (and this report has been prepared) in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. LICENSE AND EXPERIENCE I am a Certified Residential Real Estate Appraiser (#1204005586) with the State of Michigan, Board of Real Estate Appraisers. I have been licensed since 12/1997 and have been performing appraisals in this market since 1998. In Michigan, appraisers are required to be licensed and are regulated by the: Department of Licensing and Regulatory Affairs P.O. Box 30018
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ADDENDUM Borrower: Sravani Nukala & Srinivas Gudidevuni File No.: 23-00109 Property Address: 2952 Medinah Dr Case No.: 123040963 City: Okemos State: MI Zip: 48864 Lender: Dart Bank Addendum Page 4 of 4 Lansing, MI 48909 In a sales transaction, I have been furnished a copy of the purchase agreement and am aware of its contents unless stated to the contrary in the Comments and Conditions Section of the Appraisal report.
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SUBJECT PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: Appraised Value: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni 604,000 August 2, 2023
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LOCATION MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #1 Sale Date: COMPARABLE SALE #2 Sale Date: COMPARABLE SALE #3 Sale Date: Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni s07/23;c06/23 Okemos, MI 48864 2713 Sophiea Pkwy s06/23;c05/23 Okemos, MI 48864 2543 Robins Way s06/23;c05/23 Okemos, MI 48864 2967 Medinah Dr
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COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: COMPARABLE SALE #4 Sale Date: Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni s05/23;c05/23 Okemos, MI 48864 2944 Medinah Dr
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FLOORPLAN SKETCH Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni Sketch by Apex Medina™ 8' 20' 24' 15' 12' 12' 12' 23' 46' 12' 14' 18' 20' 22' 12' 13' 38' 33' 50' 46' 18' 8' 20' 24' 15' 12' 12' 12' 23' 46' 12' 14' Bedroom Bedroom Bedroom Bedroom Bath Bath WIC Loft Bath Basement Bedroom Bath Living Room Sun room Kitchen Pantry Mud rm Dining Breakfast Foyer Stairs Stairs Stairs 2 Car Garage Covered Porch 12' x 12' Patio Comments: AREA CALCULATIONS SUMMARY Code Description Net Size Net Totals GLA1 First Floor 1752.0 GLA2 1752.0 Second Floor 1806.0 BSMT 1806.0 Basement 1752.0 GAR 1752.0 Garage 439.6 P/P 439.6 Porch 108.1 108.1 Net LIVABLE Area (rounded) 3558 Breakdown Subtotals LIVING AREA BREAKDOWN First Floor 8.0 x 30.0 240.0 50.0 x 24.0 1200.0 14.0 x 12.0 168.0 12.0 x 12.0 144.0 Second Floor 12.0 x 13.0 156.0 50.0 x 33.0 1650.0 6 Items (rounded) 3558
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FLOOD MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni
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Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni LICENSE
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Market Conditions Addendum to the Appraisal Report File No. The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State Zip Code Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Sale & List Price, DOM, Sale/List % Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Seller-(developer, builder, etc.)paid financial assistance prevalent? Increasing Increasing Declining Declining Increasing Declining Increasing Declining Increasing Declining Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Declining Declining Increasing Increasing Declining Increasing Declining Increasing Declining Increasing Yes No Prior 7-12 Months Prior 7-12 Months Prior 4-6 Months Prior 4-6 Months Current - 3 Months Current - 3 Months Overall Trend Overall Trend Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. MARKET RESEARCH & ANALYSIS If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Active Comparable Listings Months of Unit Supply (Total Listings/Ab. Rate) Increasing Increasing Declining Declining Stable Stable Stable Stable Declining Declining Increasing Increasing Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. CONDO / CO-OP PROJECTS APPRAISER Signature Name Company Name Company Address State License/Certification # State Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address State License/Certification # State Email Address APPRAISER Page 1 of 1 Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009 Produced using ACI software, 800.234.8727 www.aciweb.com 1004MC_2009 090909 23-00109 123040963 Sravani Nukala & Srinivas Gudidevuni 48864 MI Okemos 2952 Medinah Dr X X X X X X X X X X X 98.15% 30 609,000 25 702,500 0.75 1 1.33 4 0.00% 142 644,450 0 0 0.00 2 0.00 0 100.00% 240 509,900 0 732,224 3.03 1 0.33 2 Overall the market is stable GLAR MLS search of current listings and 12 months sales X 0-6% seller concessions are typical and accepted in this market and this trend appears stable hans@schwabappraisal.com MI 1204005586 East Lansing, MI 48823 1006 Lantern Hill Dr J. Hans Schwab Appraisal & Consulting, LLC J. Hans Schwab, SRA
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ADDENDUM Borrower: Sravani Nukala & Srinivas Gudidevuni File No.: 23-00109 Property Address: 2952 Medinah Dr Case No.: 123040963 City: Okemos State: MI Zip: 48864 Lender: Dart Bank Addendum Page 1 of 1 Extra Comments The number of sales of comparable properties within the subject's market area is too small to be statistically significant and, as such, no trends can be reliably identified from this data. Trying to identify trends based on such a small data pool would likely lead to a misleading analysis in violation of the Conduct section of the Ethics Rule of the Uniform Standards of Professional Appraisal Practice (2008-2009 edition). Due to the lack of a statistically meaningful data, the appraiser has placed no weight on boxes checked in the above Overall Trend section in his analysis and his conclusions of overall market trends which are reported on page 1 of the Uniform Residential Appraisal Report, FNMA form 1004. This is per Fannie Mae's recently published Appraisal and Property Report Policies and Forms Frequently Asked Questions (FAQs). (updated March 2009). See FAQ #4 for additional information. Due to the limits of the GLAR MLS, only current active listings are available per my search. This MLS does not have the ability to search active listings in a date range. Thus the shaded portions of the above grid were not completed. This is per Fannie Mae's recently published Appraisal and Property Report Policies and Forms Frequently Asked Questions (FAQs) (updated March 2009). See FAQ #3
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USPAP ADDENDUM File No. Borrower: Property Address: City: County: State: Zip Code: Lender: 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_14NT 04272015 23-00109 123040963 Dart Bank 48864 MI Ingham Okemos 2952 Medinah Dr Sravani Nukala & Srinivas Gudidevuni EXPOSURE TIME: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. 20-180 days X 08/02/2023 07/31/2024 MI 1204005586 08/17/2023 J. Hans Schwab, SRA
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AERIAL MAP Borrower: File No.: Property Address: Case No.: City: State: Zip: Lender: Dart Bank 48864 MI Okemos 123040963 2952 Medinah Dr 23-00109 Sravani Nukala & Srinivas Gudidevuni