MTT_Supporting_Exhibits.pdf
Anekant Jain Petitioner V City Of Ferndale Respondent · 26-002526-TT
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Supporting Exhibits Michigan Tax Tribunal Petition Property: 335 Glendale Ln, Ferndale, MI 48220 Parcel No: 24-25-34-355-014 Board of Review Petition No: MBOR-A24 Petitioner: Anekant Jain and Sidhima Jain Contents: 1. 2026 March Board of Review Decision Notice (Petition No. MBOR-A24) 2. 395 Glendale Ln — Sold $310,000, closed 5/11/2026 3. 340 Dale Ct — Sold $299,000, closed 5/8/2026 (listing view) 4. 340 Dale Ct — Sold $299,000, closed 5/8/2026 (map/date confirmation view) 5. 591 Parkside Way #16 — Pending, listed $299,900, 202+ days on market (MLS# 20251049830) 6. Licensed Appraisal Report — Class Valuation, effective date 1/28/2026, opinion of value $325,000
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Exhibit 1: 2026 March Board of Review Decision Notice Petition No. MBOR-A24 — Parcel 24-25-34-355-014
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Exhibit 2: 395 Glendale Ln, Ferndale, MI — Sold Sold $310,000 on May 11, 2026 — 3 bed/2.5 bath, 1,524 sq ft (same development)
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Exhibit 3: 340 Dale Ct, Ferndale, MI — Sold Sold $299,000 — 2 bed/3 bath, 1,414 sq ft, built 2020
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Exhibit 4: 340 Dale Ct, Ferndale, MI — Closing Date Confirmation Sold 05/08/2026, $299,000 — 2 bed/3 bath, 1,414 sq ft
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Exhibit 5: 591 Parkside Way #16, Ferndale, MI — Pending Listed $299,900, pending 202+ days — 3 bed/3 bath, 1,530 sq ft (MLS# 20251049830, appraiser's own comparable)
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Exhibit 6 Licensed Appraisal Report Class Valuation — Thomas Michael Wilkins, License #1204000176 Effective Date: 01/28/2026 — Opinion of Value: $325,000
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335 Glendale Ln OAKLAND COUNTY CONDOMINIUM PLAN NO 2225 PARKDALE TOWNES UNIT 1 Ferndale Oakland MI 48220 1734.00 47664 Contract Price Date of Contract Anekant Jain Guaranteed Rate Affinity, LLC 1,490 N;Res; 7 C3 4 2 2.1 Thomas Michael Wilkins 01/28/2026 325,000 Borrower Lender/Client Form SSF - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE SUMMARY OF SALIENT FEATURES SUBJECT INFORMATION Subject Address Legal Description City County State Zip Code Census Tract Map Reference PRICE & DATE $ PARTIES DESCRIPTION OF IMPROVEMENTS Size (Square Feet) Price per Square Foot Location Age Condition Total Rooms Bedrooms Baths $ APPRAISER Appraiser Effective Date of Appraisal VALUE Opinion of Value $
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Class Valuation 2699764378 3204410 335 Glendale Ln 1 Ferndale MI 48220 Anekant Jain Anekant Jain/Sidhima Jain Oakland OAKLAND COUNTY CONDOMINIUM PLAN NO 2225 PARKDALE TOWNES UNIT 1 25-34-355-014 2025 8,214 Parkdale Townes 1 47664 1734.00 0 275 Guaranteed Rate Affinity, LLC 1800 W Larchmont Ave Chicago, Il 60613 Per Realcomp 225 450 275 5 65 40 94 2 2 2 The subject is located north of 8 Mile Rd, east of Pinecrest Rd, south of 9 Mile Rd and west of Woodward Ave. The subject is located in a condominium project that contains townhouse style units in similar condition. Schools, shopping and parks are located nearby. No adverse conditions were observed. All forms of financing are available and in use. Demand is greater than supply and market values have been generally stable Seller concessions are available and in use. Marketing time is typically 0-90 days. Level 4.39 Acres Average N;Res; RM Multiple Family Residential Asphalt None X 26125C0684F 09/29/2006 No adverse conditions were observed. PRD/Realcomp 3 0 2019 5 BV/Vinyl A.C.S 73 1/1 Gar 20 73 73 0 73 0 73 1 73 0 73 0 73 Whitehall Management Company Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # SUBJECT CONTRACT NEIGHBORHOOD PROJECT SITE PROJECT INFORMATION 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 Unit # City State Zip Code Borrower Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Project Name Phase # Map Reference Census Tract Occupant Owner Tenant Vacant 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). I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics Location Urban Suburban Rural Built-Up Over 75% 25-75% Under 25% Growth Rapid Stable Slow Condominium Unit Housing Trends Property Values Increasing Stable Declining Demand/Supply Shortage In Balance Over Supply Marketing Time Under 3 mths 3-6 mths Over 6 mths Condominium Housing PRICE $ (000) AGE (yrs) Low High Pred. Present Land Use % One-Unit % 2-4 Unit % Multi-Family % Commercial % Other % Neighborhood Boundaries Neighborhood Description Market Conditions (including support for the above conclusions) Topography Size Density View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming - Do the zoning regulations permit rebuilding to current density? Yes No No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe Utilities Public Other (describe) Public Other (describe) Electricity Gas Water Sanitary Sewer Off-site Improvements - Type Public Private Street Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and off-site improvements typical for the market area? Yes No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe Data source(s) for project information Project Description Detached Row or Townhouse Garden Mid-Rise High-Rise Other (describe) General Description # of Stories # of Elevators Existing Proposed Under Construction Year Built Effective Age General Description Exterior Walls Roof Surface Total # Parking Ratio (spaces/units) Type Guest Parking Subject Phase # of Units # of Units Completed # of Units For Sale # of Units Sold # of Units Rented # of Owner Occupied Units If Project Completed # of Phases # of Units # of Units for Sale # of Units Sold # of Units Rented # of Owner Occupied Units If Project Incomplete # of Planned Phases # of Planned Units # of Units for Sale # of Units Sold # of Units Rented # of Owner Occupied Units Project Primary Occupancy Principal Residence Second Home or Recreational Tenant Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Management Group - Homeowners' Association Developer Management Agent - Provide name of management company. Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project? Yes No If Yes, Describe Was the project created by the conversion of existing building(s) into a condominium? Yes No If Yes, describe the original use and date of conversion. Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)? Yes No If No, describe Is there any commercial space in the project? Yes No If Yes, describe and indicate the overall percentage of the commercial space. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1073 March 2005
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2699764378 3204410 Townhouse style units in similar condition. Greenbelts. This was not made available to the appraiser. 275 3,300.00 2.21 1, 2 & 3 3 FWA Gas Vinyl plnk/Crpt/Avg Drywall/Avg Wood/Avg Ceramic/Avg Wood/Avg 0 0 None P/B None 1 1 1 None 2 0 4 2 2.1 1,490 Standard items C3;No updates in the prior 15 years;An interior inspection of the subject revealed no physical inadequacies. The utilities were on and in working order. The estimated remaining economic life is 60 years. There are no readily observable deficiencies or adverse conditions from an interior inspection that affect the subject's livability, soundness, or structural integrity. PRD/Realcomp PRD/Realcomp 09/25/2024 $335,000 PRD/Realcomp 01/28/2026 PRD/Realcomp 01/28/2026 PRD/Realcomp 01/28/2026 10/07/2024 $306,500 PRD/Realcomp 01/28/2026 The subject transferred 09/25/2024 for $335,000. Comparable #3 transferred 10/07/2024 for $306,500. Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # PROJECT INFORMATION PROJECT ANALYSIS UNIT DESCRIPTION PRIOR SALE HISTORY Describe the condition of the project and quality of construction. Describe the common elements and recreational facilities. Are any common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options. Is the project subject to a ground rent? Yes No If Yes, $ per year (describe terms and conditions) Are the parking facilities adequate for the project size and type? Yes No If No, describe and comment on the effect on value and marketability. I did did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the analysis was not performed. Are there any other fees (other than regular HOA charges) for the use of the project facilities? Yes No If Yes, report the charges and describe. Compared to other competitive projects of similar quality and design, the subject unit charge appears High Average Low If High or Low, describe Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? Yes No If Yes, describe and explain the effect on value and marketability. Unit Charge $ per month X 12 = $ per year Annual assessment charge per year per square feet of gross living area = $ Utilities included in the unit monthly assessment None Heat Air Conditioning Electricity Gas Water Sewer Cable Other (describe) General Description Floor # # of Levels Heating Type Fuel Central AC Individual AC Other (describe) Interior materials/condition Floors Walls Trim/Finish Bath Wainscot Doors Amenities Fireplace(s) # WoodStove(s) # Deck/Patio Porch/Balcony Other Appliances Refrigerator Range/Oven Disp Microwave Dishwasher Washer/Dryer Car Storage None Garage Covered Open # of Cars Assigned Owned Parking Space # Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Are the heating and cooling for the individual units separately metered? Yes No If No, describe and comment on compatibility to other projects in the market area. 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 I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s) Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1073 March 2005
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2699764378 3204410 0 0 0 4 280,000 340,000 335 Glendale Ln 1, Ferndale, MI 48220 Parkdale Townes 1 N;Res; Fee Simple 275 Greenbelts None 1, 2 & 3 N;Res; RT3L;Townhse Q4 7 C3 4 2 2.1 1,490 0sf 2 Bedroom FWA/CA Standard items 2g;Owned Porch/Balcony Fireplace None 381 Heatherdale Ln 48, Ferndale, MI 48220 Parkdale Townes 1 0.06 miles E 310,000 218.62 Rlcmp# 20250034690;DOM 21 Realist ArmLth Cash;0 s06/25;c06/25 0 N;Res; Fee Simple 275 Greenbelts None 1, 2 & 3 N;Res; RT3L;Townhse Q4 6 0 C3 4 2 2.1 1,418 0 0sf 2 Bedroom FWA/CA Standard items 1g;Owned +10,000 Porch/Balcony None 10,000 3.2 3.2 320,000 338 Glendale Ln 20, Ferndale, MI 48220 Parkdale Townes 1 0.01 miles E 280,000 205.13 Rlcmp# 20251033729;DOM 105 Realist ArmLth Cash;0 s10/25;c10/25 0 N;Res; Fee Simple 275 Greenbelts None 1, 2 & 3 N;Res; RT3L;Townhse Q4 8 0 C3 4 2 2.1 1,365 +9,500 0sf 2 Bedroom FWA/CA Standard items 1g;Owned +10,000 Porch/Balcony 1 FP -2,000 17,500 6.3 7.7 297,500 540 Parkdale Ln 72, Ferndale, MI 48220 Parkdale Townes 1 0.06 miles NE 315,101 236.21 Rlcmp# 20250020195;DOM 8 Realist ArmLth Conv;0 s04/25;c04/25 0 N;Res; Fee Simple 275 Greenbelts None 1, 2 & 3 N;Res; RT3L;Townhse Q4 6 0 C3 4 2 2.1 1,334 +11,900 0sf 2 Bedroom FWA/CA Standard items 1g;Owned +10,000 Porch/Balcony 1 FP -2,000 19,900 6.3 7.6 335,001 The subject is located in an area of very limited recent, similar sales activity. The comparables used are all located in the same market as the subject and are as recent, as close in proximity and as similar as available. As adjusted they fairly represent the subject's market value. Comparables #1, 3 & 4 transferred more than 6 months from the effective date of this report. Comparable #4 is located more than one mile from the subject. There was no age adjustment made to comparable #4 because it has a similar effective age to the subject. Most weight was given to comparables #1, 2 & 3 as they are located in the same project as the subject and are similar in age and condition. All net adjustments are positive. There were no comparables in the area that would have a negative net adjustment. 325,000 0 0 0 The Income Approach was considered; however, the subject's market is primarily owner occupied and the market dictates the Income Approach is not necessary for credible assignment results. 325,000 0 Most emphasis was given to the market approach. The income approach was ruled inapplicable due to the lack of comparable rental data as units of this type are typically owner occupied. The cost approach was not considered because the subject is a condominium. The market approach is the most relevant to a typical purchaser of this type of property. The subject has been appraised in it's "as is" condition. 325,000 01/28/2026 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # SALES COMPARISON APPROACH INCOME RECONCILIATION There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ . There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ . FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address and Unit # Project Name and Phase Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple HOA Mo. Assessment Common Elements and Rec. Facilities Floor Location View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - + - + - $ $ $ Adjusted Sale Price of Comparables $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Summary of Sales Comparison Approach Indicated Value by Sales Comparison 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) Indicated Value by: Sales Comparison 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. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1073 March 2005
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2699764378 3204410 335 Glendale Ln 1, Ferndale, MI 48220 Parkdale Townes 1 N;Res; Fee Simple 275 Greenbelts None 1, 2 & 3 N;Res; RT3L;Townhse Q4 7 C3 4 2 2.1 1,490 0sf 2 Bedroom FWA/CA Standard items 2g;Owned Porch/Balcony Fireplace None 09/25/2024 $335,000 PRD/Realcomp 01/28/2026 363 Vester St 4, Ferndale, MI 48220 Stanford Court 1 1.04 miles NE 340,000 244.78 Rlcmp# 20250034627;DOM 4 Realist ArmLth Cash;0 s07/25;c06/25 0 N;Res; Fee Simple 200 0 Greenbelts None 1 & 2 0 N;Res; RT2L;Townhse 0 Q4 25 0 C3 6 3 2.0 +5,000 1,389 +7,700 740sf0sfin -15,000 3 Bedroom -5,000 FWA/CA Standard items 1g;Owned +10,000 Porch/Deck 0 None 2,700 0.8 12.6 342,700 PRD/Realcomp 01/28/2026 591 Parkside Way 16, Ferndale, MI 48220 Parkdale Townes 1 0.02 miles S 299,900 196.01 Rlcmp# 20251049830;DOM 85 Realist Listing c01/26 N;Res; Fee Simple 275 Greenbelts None 1, 2 & 3 N;Res; RT3L;Townhse Q4 7 C3 6 3 2.1 0 1,530 0 0sf 3 Bedroom -5,000 FWA/CA Standard items 2g;Owned Porch/Balcony None -5,000 1.7 1.7 294,900 PRD/Realcomp 01/28/2026 4 5 6 4 5 6 No transfers noted. Comparable #5 is a pending sale. It's actual sales price will not be known until closing. Form 1073UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # SALES COMPARISON APPROACH SALE / TRANSFER HISTORY ANALYSIS / COMMENTS FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address and Unit # Project Name and Phase Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple HOA Mo. Assessment Common Elements and Rec. Facilities Floor Location View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - + - + - $ $ $ Adjusted Sale Price of Comparables $ $ $ Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Net Adj. % Gross Adj. % Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Analysis/Comments Freddie Mac Form 465 March 2005 Fannie Mae Form 1073 March 2005 UAD Version 9/2011
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2699764378 3204410 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # This report form is designed to report an appraisal of a unit in a condominium project or a condominium 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 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 unit, (2) inspect and analyze the condominium project, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/or private sources, and (6) 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. 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. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1073 March 2005
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2699764378 3204410 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1073 March 2005
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2699764378 3204410 Thomas Michael Wilkins Class Valuation 2600 Bellingham Dr Suite 100 Troy, MI 48341 248-955-9580 SA@classvaluation.com 01/30/2026 01/28/2026 1204000176 MI 07/31/2027 335 Glendale Ln 1, Ferndale, MI 48220 325,000 Class Valuation Guaranteed Rate Affinity, LLC 1800 W Larchmont Ave Chicago, Il 60613 Form 1073UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Individual Condominium Unit Appraisal Report File # 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Signature Name Company Name Company Address Telephone Number Email Address Date of Signature and Report Effective Date of Appraisal State Certification # or State License # or Other (describe) State # State Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name Company Name Company Address Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 465 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1073 March 2005
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Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Subject Front Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 335 Glendale Ln 1,490 4 2 2.1 N;Res; N;Res; Q4 7 Subject Rear Subject Street Borrower Lender/Client Property Address City County State Zip Code
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Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Comparable 1 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 381 Heatherdale Ln 0.06 miles E 310,000 1,418 4 2 2.1 N;Res; N;Res; Q4 6 Comparable 2 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 338 Glendale Ln 0.01 miles E 280,000 1,365 4 2 2.1 N;Res; N;Res; Q4 8 Comparable 3 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 540 Parkdale Ln 0.06 miles NE 315,101 1,334 4 2 2.1 N;Res; N;Res; Q4 6 Borrower Lender/Client Property Address City County State Zip Code
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Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Comparable 4 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 363 Vester St 1.04 miles NE 340,000 1,389 6 3 2.0 N;Res; N;Res; Q4 25 Comparable 5 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 591 Parkside Way 0.02 miles S 299,900 1,530 6 3 2.1 N;Res; N;Res; Q4 7 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Additional Street View Interior of Garage Foyer Kitchen Living Room Half Bath Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Bedroom Bathroom Bathroom Tub Area Bedroom Bathroom Bathroom Tub Area Borrower Lender/Client Property Address City County State Zip Code
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Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Smoke and Carbon Monoxide Detector Side View Borrower Lender/Client Property Address City County State Zip Code
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Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Borrower Lender/Client 21' 8' 9' 3' 12' 5' 29' 31.5' 14' 2.5' 7' 34' 21' 34' 21' 5' 7' 5' 7' 6' 21' 6' 21' Foyer Front Porch Balcony Kitchen Bath (half) Living Bedroom Bath Bedroom Bath TOTAL Sketch by a la mode Area Calculations Summary Living Area Calculation Details First Floor 132 Sq ft 8 × 9 = 72 5 × 12 = 60 Second Floor 644 Sq ft 21 × 29 = 609 14 × 2.5 = 35 Third Floor 714 Sq ft 21 × 34 = 714 Total Living Area (Rounded): 1490 Sq ft Non-living Area Open Porch 35 Sq ft 7 × 5 = 35 Wood Deck 126 Sq ft 21 × 6 = 126 Property Address City County State Zip Code
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Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Borrower Lender/Client Property Address City County State Zip Code
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Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Borrower Lender/Client Property Address City County State Zip Code
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2699764378 3204410 335 Glendale Ln Ferndale MI 48220 Anekant Jain 3 0.50 N/A N/A $315,101 8 N/A N/A 97.42 1 0.33 N/A N/A $280,000 28 N/A N/A 93.36 0 0 0 0 0 0 0 0 0 The data used in the grid above does not indicate there were any concessions associated with the reported transactions. However, this is not a mandatory reporting field for agents and there may be some transactions that do include concessions, but have not been reported. It is beyond the scope of this assignment to confirm each sale used in the Market Conditions Report. The data used in the grid above does not indicate there were any REO/Short sales or other distressed properties associated with the reported transactions. However, this is not a mandatory reporting field for agents and there may be some distressed sales that were not reported. It is beyond the scope of this assignment to confirm each sale used in the Market Conditions Report. REALCOMP was the data source used to complete the Market Conditions Addendum. 1/30/2026 Appraisers "inventory analysis," median sale and list price, Dom and other observations in this addendum are based on the data source identified above, which this appraiser generally believes to be an acceptable source of market data. However, the appraiser cannot guarantee the accuracy of such data or conclusions based thereon. The appraiser, also cannot guarantee future market conditions affecting the subject property. Overall values in the area have been generally stable with marketing and exposure time of 0-90 days. Demand is greater than supply. The above information was obtained from Realcomp and Data Master. The lack of recent sales makes the above information. Parkdale Townes 2 0.33 0 0 1 0.33 0 0 0 0 0 0 The data used in the grid above does not indicate there were any REO/Short sales or other distressed properties associated with the reported transactions. However, this is not a mandatory reporting field for agents and there may be some distressed sales that were not reported. It is beyond the scope of this assignment to confirm each sale used in the Market Conditions Report. Overall values in the area have been generally stable with marketing and exposure time of 0-90 days. Demand is greater than supply. Thomas Michael Wilkins Class Valuation 2600 Bellingham Dr Suite 100, Troy, MI 48341 1204000176 MI SA@classvaluation.com Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. Market Conditions Addendum to the Appraisal Report MARKET RESEARCH & ANALYSIS CONDO/CO-OP PROJECTS APPRAISER The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address City State ZIP Code Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Total # of Comparable Active Listings Months of Housing Supply (Total Listings/Ab.Rate) Median Comparable Sale Price Median Comparable Sales Days on Market Median Comparable List Price Median Comparable Listings Days on Market Median Sale Price as % of List Price Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Overall Trend Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Declining Stable Increasing Increasing Stable Declining Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties). Cite data sources for above information. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend Total # of Comparable Sales (Settled) Absorption Rate (Total Sales/Months) Months of Unit Supply (Total Listings/Ab.Rate) Total # of Active Comparable Listings Increasing Stable Declining Increasing Stable Declining Declining Stable Increasing Declining Stable Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. Summarize the above trends and address the impact on the subject unit and project. Signature Appraiser Name Company Name Company Address State License/Certification # State Email Address Signature Supervisory Appraiser Name Company Name Company Address State License/Certification # State Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
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Form PICFOUR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC The analysis of median sales and list price in the subject's competing market shows that values have been generally stable. The lack of recent sales makes the above information unreliable. The analysis of median sales price per square foot in the subject's competing market shows that values per square foot have been generally stable. The lack of recent sales makes the above information unreliable. The average sales and list price in the subject's competing market shows that the market has been generally stable. The lack of recent sales makes the above information unreliable. Borrower Lender/Client Property Address City County State Zip Code Comments: Comments: Comments: Comments:
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Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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· Intended Use: 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. · Intended User: The client and any other party as identified by name or type, as users of the appraisal or review report, by the appraiser based on communication with the client at the time of the assignment. The intended user for this residential appraisal report is the client/lender. No additional intended users are identified by the appraiser. Any party other than the client using this report, will not, as a consequence of coming into possession of a copy of this appraisal, become a party to the appraiser/client relationship. · Scope of the Appraisal: The scope of the assignment represents a Residential Appraisal Report. The subject property has been physically inspected on the exterior and interior in order to determine the physical characteristics of the property. The inspection of the subject property and any improvements is for the purpose of determining fair market value of the property. An appraisal is not a home inspection. No liability is assumed for structural or mechanical elements of the subject property. See limiting conditions attached. Comparable properties have been researched and those presented herein are considered the best indicators of value and have been inspected from the exterior. Adjustments have been made to all value influencing factors and have been developed based on market reaction. The value has been developed considering the strengths and weakness' of the data and approaches to value. · Disclosures: Appraisers are required to be licensed and are regulated by the Michigan Department of Labor and Economic Growth, P.O. Box 30018, Lansing, Michigan 48909 The following licenses are issued by the department: State Certified General; State Certified Residential; State Licensed; Limited License. Limited License appraisers may only materially assist in an Appraisal assignment under direct supervision of a State Certified Appraiser. · Highest and Best Use: The subject is a legally permissible use based on its current zoning. Also, the lot size, shape and land-to-building ratio allow the present structure and indicate a good utilization of the improvements. Based on current market conditions, the existing use is its financially feasible and maximally productive use. The highest and best use, as if vacant, would be to construct a condominium project. Therefore, its current use is considered to be its highest and best use. · Sales Comparison General Comments: · Sales concessions of up to 3% of purchase price are typical in the current market. Specific, area-based analysis as well as market derived adjustments have been utilized. The comparable sales presented are considered the best available of the current data for direct comparison purposes and provide a good indication of market value for the subject property. Condition and quality ratings assigned to the subject and comparables are based on MLS Listing Photos, MLS Listing agent comments as well as observations noted at the time of inspection. Due to the limited number of condition and quality ratings available with the UAD rating system, the subject and a comparable can have the same overall condition or quality rating but be different enough in condition or quality to warrant an adjustment or two comparables with the same condition or quality rating can be different enough in condition or quality to warrant a different adjustment amount. The association fee covers maintenance of the common areas and greenbelts. · · The condo questionnaire was not available. The number of rentals in the project is unknown and marked as zero in the report. · · It is unknown to this appraiser if the condo association is involved in any litigation, pre-litigation or mediation. Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3204410 Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC Borrower Lender/Client Property Address City County State Zip Code File No.
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2699764378 3204410 Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 1/2014)
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Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 1/2014)
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Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear A Adverse Location & View ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design (Style) B Beneficial Location & View ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade BsyRd Busy Road Location c Contracted Date Date of Sale/Time Cash Cash Sale or Financing Concessions Comm Commercial Influence Location Conv Conventional Sale or Financing Concessions cp Carport Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View cv Covered Garage/Carport DOM Days On Market Data Sources DT Detached Structure Design (Style) dw Driveway Garage/Carport e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Attached Garage Garage/Carport gbi Built-in Garage Garage/Carport gd Detached Garage Garage/Carport GlfCse Golf Course Location Glfvw Golf Course View View GR Garden Design (Style) HR High Rise Design (Style) in Interior Only Stairs Basement & Finished Rooms Below Grade Ind Industrial Location & View Listing Listing Sale or Financing Concessions Lndfl Landfill Location LtdSght Limited Sight View MR Mid-rise Design (Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions o Other Basement & Finished Rooms Below Grade O Other Design (Style) op Open Garage/Carport Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA - Rural Housing Sale or Financing Concessions rr Recreational (Rec) Room Basement & Finished Rooms Below Grade RT Row or Townhouse Design (Style) s Settlement Date Date of Sale/Time SD Semi-detached Structure Design (Style) Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade Woods Woods View View Wtr Water View View WtrFr Water Frontage Location wu Walk Up Basement Basement & Finished Rooms Below Grade UAD Version 9/2011 (Updated 1/2014)
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2699764378 3204410 Anekant Jain 335 Glendale Ln Ferndale Oakland MI 48220 Guaranteed Rate Affinity, LLC 0-90 0-90 Thomas Michael Wilkins 01/30/2026 1204000176 MI 07/31/2027 01/28/2026 Form ID20EC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client USPAP Compliance Addendum Loan # File # Property Address City County State Zip Code APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). Restricted Appraisal Report This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b), and is intended only for the use of the client and any other named intended user(s). Users of this report must clearly understand that the report may not contain supporting rationale for all of the opinions and conclusions set forth in the report. ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. PRIOR SERVICES I have NOT performed 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. PROPERTY INSPECTION I have NOT made a personal inspection of the property that is the subject of this report. I HAVE made a personal inspection of the property that is the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY A reasonable marketing time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignment. A reasonable exposure time for the subject property is day(s). APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Date of Signature State Certification # or State License # State Expiration Date of Certification or License Effective Date of Appraisal Signature Name Date of Signature State Certification # or State License # State Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property Did Not Exterior-only from Street Interior and Exterior USPAP Compliance Addendum 2020 Page 1 of 1
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Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE