ClickFORMS Appraisal Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Brian Ward Appraisal CONFIDENTIAL Case No. CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL San Diego San Diego CA 92127 CONFIDENTIAL CONFIDENTIAL, CONFIDENTIAL 1 28
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ClickFORMS Appraisal Software 800-622-8727
File No.
Borrower
Property Address
City County State Zip Code
Lender/Client Address
Page of
Brian Ward Appraisal CONFIDENTIAL
Case No. CONFIDENTIAL
CONFIDENTIAL
CONFIDENTIAL
San Diego San Diego CA 92127
CONFIDENTIAL CONFIDENTIAL, CONFIDENTIAL
1 28
ClickFORMS Appraisal Software 800-622-8727
File No.
Table of Contents
Page Title Page #
Brian Ward Appraisal
CONFIDENTIAL
Case No. CONFIDENTIAL
Brian Ward Appraisal 1
Table of Contents 2
Transmittal Letter 3
Comments / Scope of Work 4
URAR Page 1 5
URAR Page 2 6
URAR Page 3 7
Extra Comps 4-5-6 8
FNMA 1004MC 9
URAR Page 4 10
URAR Page 5 11
URAR Page 6 12
Photo Subject Lg 13
Photo Subject Extra 14
Photo Subject Extra 15
Photo Subject Extra 16
Photo Subject Extra 17
Photo Subject Extra 18
Photo Subject Extra 19
Photo Comparables 1-2-3 20
Photo Comparables 4-5-6 21
Residential Cost Analysis 22
Sketch 23
Location Map 24
Plat Map 25
Brian Ward Appraisal - License 26
Brian Ward Appraisal - Insurance 27
Invoice 28
RE:
File No.
Case No.
Dear
In accordance with your request, I have personally inspected and prepared an appraisal report of the real
property located at:
The purpose of this appraisal is to estimate the market value of the property described in the body of this
appraisal report.
Enclosed, please find the appraisal report which describes certain data gathered during our investigation
of the property. The methods of approach and reasoning in the valuation of the various physical and
economic factors of the subject property are contained in this report.
An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of
neighborhood data, led the appraiser to the conclusion that the market value, as of
is:
$
The opinion of value expressed in this report is contingent upon the limiting conditions attached to this
report.
It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know.
Respectfully submitted,
Signature:
Brian Ward Appraisal
16358 Calloway Dr
San Diego, CA 92127
Loan File: 476538
6/22/2009
CONFIDENTIAL
CONFIDENTIAL
CONFIDENTIAL
CONFIDENTIAL
CONFIDENTIAL
San Diego, CA 92127
CONFIDENTIAL
CONFIDENTIAL
Amerisave Mortgage Corporation,
CONFIDENTIAL, San Diego, CA 92127
06/22/2009
745,000
Brian A. Ward
ClickFORMS Appraisal Software 800-622-8727
COMMENT ADDENDUMFile No.
Borrower
Property Address
City County State Zip Code
Lender/Client Address
Page of
Brian Ward Appraisal
CONFIDENTIAL
Case No. CONFIDENTIAL
CONFIDENTIAL
CONFIDENTIAL
San Diego San Diego CA 92127
CONFIDENTIAL CONFIDENTIAL, CONFIDENTIAL
SCOPE OF WORK
NO PERSONAL PROPERTY IS INCLUDED IN THIS VALUATION, INCLUDING THE PERSONAL PROPERTY DECLARED IN THE PURCHASE CONTRACT AND AN
ABOVE GROUND SPA PRESENT ON THE PROPERTY.
The purpose of this appraisal report is to develop an opinion of the market value of the fee simple interest of the real property rights of the property
identified as the "subject property" or 'subject" in the body of this report.
The Intended User of this appraisal report is the Lender/Client, or assignee. The Intended Use is to evaluate the property that is the subject of this
appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal
report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.
In this report, the subject property is identified by physical address, tax assessor parcel number, and legal description, where available. The subject
property has been inspected by the appraiser which includes the personal physical examination of the visible exterior and interior areas of the subject
property without the disassembly or relocation of any portion or feature at the property and the physical examination of the areas external to the
subject, the subject's neighborhood, and nearby neighborhoods. The inspection was focused on the features, condition, safety, suitability,
compatibility, limitations, and quality of the subject property and its neighborhood, and on any other value influences external to the subject's site.
Any observed/discovered physical, functional, or external value influences have been noted and considered in the relevant approaches to value,
analysis, comments, and reconciliation areas of the attached appraisal form.
Commonly used and accepted data and research were utilized in the this report. In this report, First American Title, National Data Collective, and the
local Multiple Listing Service have been employed for data collection and the compilation of statistical data. In addition to these data services, other
services identified below under the Data services/Software heading may also be utilized. When possible and relevant, interviews and data collection
from local agents, the client, the borrower, the owner, and local governmental authorities are also conducted and utilized. The specific research and
data sources used are indicated on the relevant areas of the attached appraisal form. The appraiser relies on information supplied by parties
knowledgeable about the subject property, such as the owner, borrower, or sales agent, and the terms and conditions of any past or present sale but
does not guarantee the accuracy of the information. Examples include motivations of buyers and sellers, legality or permit status of site
improvements, and home owner's association fees.
A sketch of the subject property has been provided as a supporting document for the purpose of illustrating the basic configuration (size and shape)
of the subject property, and reflects the physical measurements of the property on the day of the inspection. It is intended for illustration only. It is
not unusual to see minor discrepancies between public records and actual measurements as a result of inexact construction methods or exterior
cosmetic features - such as a stone veneers. Features that add significantly to size but do not contribute to living space have been removed from the
sketch. Adjustments for size in the comparable sales grid provide for a tolerance to account for minor variations, (and other such concerns.)
Significant discrepancies between physical measurements and public record will be reconciled and noted in the addendum. In the event that physical
measurements are confirmed to be significantly less than or greater than public record, the actual measured size will be used in the report,
superseding public record. Room locations are approximate. Rooms may have more than one use, and may be labeled in more than one way on the
sketch. Rooms are labeled first to reflect public record and second to match the use of space observed at the time of the inspection. Pool, spa,
patio(s,) balcony(s) and driveway(s) are not to necessarily scale. Relative position of any exterior amenities is approximate, unless noted otherwise.
About Quality and Condition in the Sales Comparison
Quality describes a degree of worth and the character of the workmanship and material used and describes the structure and the features - such as
counter tops and flooring. In contrast, condition is used to describe the degree of defects or physical deterioration present, also in the structure and
in the features. Every effort is made to adhere as closely as possible to the Marshall & Swift definitions of quality and condition, but it is also common
for the descriptions to be relative references between properties to accurately illustrate the differences in property quality and condition.
Comparable property photographs with a palm tree watermark are from the local MLS and are included due to property photograph restrictions such
as people being present in front of a property which could support a racial bias.
Data Services/Software:
First American Title / Realist
Fidelity National Title
Desert Area MLS (Coachella Valley/Riverside, CA & High Desert /San Bernardino, CA)
High Desert MLS (High Desert /San Bernardino, CA)
MRMLS (Inland Empire of Southern California)
SocalMLS
SandicorMLS
Google Maps
Microsoft MapPoint, Streets & Trips, and Live Mapping
Map references taken from "The Thomas Guide" or represent latitude or longitude
County Property Information and Tax Websites
Other resources utilized are specifically identified in the attached report.
4 28
ClickFORMS Appraisal Software 800-622-8727
File No.
Uniform Residential Appraisal ReportThe 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, offerings price(s), and date(s).
SU
BJE
CT
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.
CO
NT
RA
CT
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %
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) 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/or 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.
SIT
E
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
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
IMP
RO
VE
ME
NT
S
Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
Page of
Brian Ward Appraisal
CONFIDENTIAL
Case No. CONFIDENTIAL
CONFIDENTIAL San Diego CA 92127
CONFIDENTIAL CONFIDENTIAL San Diego
CONFIDENTIAL
CONFIDENTIAL 2008 11,139.00
4S Ranch 1169-E4 170.32
X 169/Month/Mello Roos X 75 X
X
X
CONFIDENTIAL CONFIDENTIAL, CONFIDENTIAL
X
CONFIDENTIAL
X
CONFIDENTIAL
CONFIDENTIAL CONFIDENTIAL X First American Title
X
CONFIDENTIAL
X
X
X
X
X
X 385
1,011
765
3
9
6
40
10
20
Schl,Prks 30
The subject's market area located within the master planned community of 4S Ranch, bound
by I15 Freeway (east), Camino del Sur (west), Del Dios Hwy (north), and Black Mountain Park (south).
The neighborhood is a master planned community that appeals to young families. Within the community are elementary schools, multiple parks,
hiking trails, and shopping and commercial areas. Properties are subject to a Mello Roos tax that is used to support the community facilities and helps protect the community
from governmental financial problems, like the current California budget crisis, and provide higher quality services. Properties are newer and are generally well maintained.
The Property Values trend is Declining, evidenced by the median sales price change of -6.1% over the past 9
months (average -0.7%/month). The Demand/Supply trend is in Balance, evidenced by the 12 months of current housing supply. The Marketing Time trend is Under 3
Months, evidenced by the median Days on Market of 44 days over the most recent quarter. Pending sales indicate that these trends will continue.
105 x 101.35 x 114.06 x 10.48 x 33.02 x 10 Assr: 6,999 SqFt Irregular Hills, Valley
RS4 Single Family Residence / 4 Units per Acre
X
X
X
X
X
X
Asphalt X
None
X X 0602841088F 06/19/1997
X
X
No adverse site conditions observed or reported. A title report was not available for review by this appraiser. The value opinion of this report assumes a marketable title.
X
2 Story
X
X
Conventional
2003
6
X Concrete/Good
Stucco/Good
Concrete Tile/Good
Aluminum/Good
Dbl-Hung,Fxd,Sldrs/Good
Alum-Yes/Good
Standard/Good
Wood,Tile,Carpet/Avg+Good
Paint,Drywall/Avg+Good
Wood,Paint/Avg+Good
Tile,Carpet,Wood/Avg+Good
Tile/Good
X
X
Gas
X
X 2
X CvSlb
X Mason,Wood,Iron
X Covrd.Slab
X 3
Concrete
X 3
X
P X X X X P X Double Oven
7 4 3.50 2,925
Crown molding, very good quality wood flooring, professional landscaping, built-in barbecue, built-in sound system,
The subject property is in average/good condition and shows
near regular general maintenance. There are no needed repairs, no unusual deterioration, and there has been no remodeling. All minor deferred maintenance, such as nail
holes and minor carpet stains, are included in the condition description of the subject property.
X
X
5 28
ClickFORMS Appraisal Software 800-622-8727
Net Adj: 6%
Gross Adj : 8%
Net Adj: 9%
Gross Adj: 12%
Net Adj: -1%
Gross Adj: 3%
File No.
Uniform Residential Appraisal ReportThere are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .
There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address
Proximity to Subject
Sale Price $ $ $ $
Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft.
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 $ $ $
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data source(s)
My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data source(s)
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
RIS
ON
AN
AL
YS
IS
Indicated Value by Sales Comparison Approach $
Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
RE
CO
NC
ILIA
TIO
N
$ , as of , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
Page of
Brian Ward Appraisal
CONFIDENTIAL
Case No. CONFIDENTIAL
110 615,000 1,395,000
111 579,000 1,350,000
CONFIDENTIAL
San Diego, CA 92127
CONFIDENTIAL
0.00
Very Good/4S Ranch
Fee Simple
Assr: 6,999 SqFt
Hills, Valley
Conventional
Very Good
6 yrs
Average/Good
7 4 3.50
2,925
N/A
N/A
Average
FWA/Central
Not a Value Infl.
3 Car Garage
Patio,Porch
Pool,Spa None
16390 Alipaz Ct
San Diego, CA 92127
0.30 miles E
705,000
232.75
MLS#090024779 ADOM:25
First American/Realist
None
Cash Equivalent
06/11/20009
Good/Bernardo Springs 19,000
Fee Simple
7,565 Sqft
Hills Over Busy Street 15,000
Conventional
Very Good
9 yrs 9,000
Average/Good
7 4 3.00 1,000
3,029 -9,000
N/A
N/A
Average
FWA/Central
Not a Value Infl.
2 Car Garage 5,000
Patio, Porch
None
X 40,000
745,000
10108 Prairie Fawn Dr
San Diego, CA 92127
0.54 miles N
684,000
236.68
MLS#090014725 ADOM:30
First American/Realist
None
Cash Equivalent
05/29/2009
Very Good/4S Ranch
Fee Simple
8,671 Sqft -12,000
Hills, Apts,Commer,Street 15,000
Conventional
Good 38,000
7 yrs 3,000
Average 10,000
6 3 2.50 2,000
2,890
N/A
N/A
Average
FWA/Central
Not a Value Infl.
2 Car Garage 5,000
Patio, Porch
None
X 61,000
745,000
16310 Cayenne Ridge Rd
San Diego, CA 92127
0.38 miles E
755,000
252.00
MLS#090015798 ADOM:5
First American/Realist
None
Cash Equivalent
05/15/2009
Very Good/4S Ranch
Fee Simple
6,932 Sqft
Hills, Valley
Conventional
Very Good/Excellent
6 yrs
Average/Good
7 4 3.50
2,996
N/A
N/A
Average
FWA/Central
Not a Value Infl.
2 Car Garage 5,000
Patio, Porch
Pool,Spa -15,000
X -10,000
745,000
X
X
First American Data Services/Realist
X
First American Data Services/Realist
CONFIDENTIAL
CONFIDENTIAL
First American/Realist
06/23/2009
08/10/2000
$445,000
First American/Realist
06/23/2009
05/24/2002
$558,000
First American/Realist
06/23/2009
12/01/2003
$627,000
First American/Realist
06/23/2009
There are no prior sales or transfers of the subject within 36 months of the effective
date of this report. There are no prior comparables sales or transfers within 12 months of the effective date of this report.
Comparable listing and sales data at the top of this section are derived from properties: within 20% gross livable area of the
subject property, within 10 years of age of the subject property's actual age, and in the subject's zip code.
PLEASE SEE THE ADDITIONAL COMMENTS SECTION ON THE NEXT PAGE FOR THE COMPLETE SUMMARY
745,000
745,000 747,000 N/A
PLEASE SEE THE ADDITIONAL COMMENTS SECTION ON THE NEXT PAGE
X
There are no special conditions of this
appraisal beyond the work scope and attached conditions/certifications/and assumptions.
745,000 06/22/2009
6 28
ClickFORMS Appraisal Software 800-622-8727
File No.
Uniform Residential Appraisal Report
AD
DIT
ION
AL
CO
MM
EN
TS
COST APPROACH TO VALUE (not required by Fannie Mae.)Provide adequate information for the lender/client to replicate your cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$
Source of cost data Dwelling Sq. Ft. @ $ =$
Quality rating from cost service Effective date of cost data Sq. Ft. @ $ =$
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
Garage/Carport Sq. Ft. @ $ =$
Total Estimate of Cost-new =$
Less Physical Functional External
Depreciation =$ ( )
Depreciated Cost of Improvements =$
"As-is" Value of Site Improvements =$
CO
ST
AP
PR
OA
CH
Estimated Remaining Economic Life (HUD and VA only) Years Indicated Value By Cost Approach =$
INCOME APPROACH TO VALUE (not required by Fannie Mae.)Estimated Monthly Market Rent $ X Gross Multiplier =$ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
INC
OM
E
PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowner's Association (HOA)? Yes No Unit type(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.
Does the project contain any multi-dwelling units? Yes No Data source.
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowner's Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
PU
D IN
FO
RM
AT
ION
Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
Page of
Brian Ward Appraisal
CONFIDENTIAL
Case No. CONFIDENTIAL
SUMMARY OF THE SALES COMPARISON
No adjustments for property value changes to comparables 1-3 as there are signs of a recent steading in the market as preferable summer months approach. Each of
these 3 properties sold within the past 38 days.
Notes on the Subject and Comparables:
* Comparables 1 and 4 are not in the subject's master planned community of 4S Ranch and are not entitled to 4S Ranch's superior community features making their
community of Bernardo Springs slightly less desirable, reflected in their Location rows.
* The subject has a desirable elevated view of hills and valleys over other residences. Comparable 1 has an elevated view of a busy street with equal elevation to
properties across the street, rendering their view inferior. Comparable 2 has an elevated view over the busiest street in the market area with commercial areas and high
density apartments within the near view resulting in a less desirable view.
* Comparable 4's Date of Sale/Time adjustment is derived using paired sales analysis.
* Comparable 5 is an actively listed property that is the most aggressively priced, similar, and proximate property to the subject available for comparison that is not a bank
or short sale listing. The comparable does not have a desirable view and there are no similar properties currently listed for sale with desirable views. The Date of
Sale/Time adjustment applied to comparable 5 is derived from the average sales price to list price ratio as detailed on the 1004MC form and over the past quarter.
In developing my opinion of the subject's market value by sales comparison, I place strong emphasis on the following:
* Comparables 1-3 for being strong reflections of the most current market trends.
* Comparables 2, 3, and 5 for being strong reflections of the appeal of the subject's Location within the community of 4S Ranch.
* Comparables 3 and 4 for being the best reflections of the appeal of the subject's view.
* Comparable 5 for supporting that there is no active competition in the market area that indicates a lesser value than the value indicated by the sold properties in this
comparison.
* The mode value of this sales comparison.
* The purchase price. Under typical market conditions the purchase price is a strong indicator of market value because it reflects the actions of market participants on the
subject property. In the case of the current sale of the subject property, the purchase price falls within the range of the comparables indicating that the purchase price is a
reliable indicator of market value.
The property characteristics of the comparables used on this form were collected from listing agents and the MLS. In some cases they differ from what is reported in
public record. In all cases where they differ, except one (public record reports comparable 1 has a 3 car garage), the difference favors a lesser value for the subject
property. In the area, public record is often incorrect due to a significant number builder/buyer options that were chosen after the initial plans were reported to the
planning department and not updated, and I rely on the agents' descriptions because they have first-hand knowledge of the properties.
RECONCILIATION
I place sole emphasis on the sales comparison approach as it reflects the actions of market participants and it satisfies the client's purpose for the appraisal report. The
cost approach supports the sales comparison but it is a less reliable measure of market value when there is an active housing market and because there are no vacant site
sales to derive site value from. The income approach is not considered because properties in the market area are not typically purchased for their income producing
qualities. I interviewed the listing agent for the sale of the subject property and he stated that the subject property initially received 9 offers when listed and the seller
raised the price to its final list price of $749,000 after witnessing the appeal of their house on the market. The listing agent's statement is supported by the low typical
marketing time of similar properties and the scarcity of view properties, like the subject, which could logically be cause for multiple competing offers.
There is not an adequate supply of site sales in the
subject's neighborhood to develop an opinion of site value by site comparison according to local MLS data. Site value can most accurately be developed through
abstraction from improved sales. The indicated value of the subject's site by abstraction is: $300,000.
X
AppraiserBASE/First American Real Estate Solutions
Builder/Custom June 2009
AppraiserBASE Residential Cost Analysis attached. A building sketch with square feet
area calculations attached. Physical depreciation by strait line method. The site to
total value ratio is reasonable for the area. "As-is' Value of Site Improvements
includes any porches, patios, driveways, courtyards, landscaping, decking,
walls/fences, and any other items external to the subject's house. This cost approach
is not intended to be used for insurance purposes and cannot be considered reliable
for that purpose.
54
300,000
2,925 137.00 400,725
694 44.00 30,536
431,261
9
38,813
0
0
0
0 38,813
392,448
55,000
747,000
N/A N/A N/A
The income approach is not considered because the subject property would not typically be
purchased for its income producing qualities.
X X X
7 28
Net Adj: -4%
Gross Adj : 11%
Net Adj: 4%
Gross Adj: 19%
Net Adj: 0%
Gross Adj: 0%
ClickFORMS Appraisal Software 800-622-8727
File No.
Borrower
Property AddressZip CodeCity County State
Lender/Client Address
FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #
Address
Proximity to Subject
Sale Price $ $ $ $
Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft.
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 $ $ $
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales
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
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
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Page of
Brian Ward Appraisal
EXTRA COMPARABLES 4-5-6
CONFIDENTIAL
Case No. CONFIDENTIAL
CONFIDENTIAL
CONFIDENTIAL
San Diego San Diego CA 92127
CONFIDENTIAL CONFIDENTIAL, CONFIDENTIAL
CONFIDENTIAL
San Diego, CA 92127
CONFIDENTIAL
0.00
Very Good/4S Ranch
Fee Simple
Assr: 6,999 SqFt
Hills, Valley
Conventional
Very Good
6 yrs
Average/Good
7 4 3.50
2,925
N/A
N/A
Average
FWA/Central
Not a Value Infl.
3 Car Garage
Patio,Porch
Pool,Spa None
4
16608 Santa Mariana Ct
San Diego, CA 92127
0.48 miles NE
780,000
245.82
MLS#090003393 ADOM:6
First American/Realist
None
Cash Equivalent
02/23/2009 -30,000
Good/Bernardo Springs 19,000
Fee Simple
6,866 Sqft
Hills, Valley
Conventional
Very Good
8 yrs 6,000
Good -10,000
7 4 3.00 1,000
3,173 -21,000
N/A
N/A
Average
FWA/Central
Not a Value Infl.
3 Car Garage (tandem)
Patio, Porch
None
X -35,000
745,000
5
9842 Deer Ridge Pl
San Diego, CA 92127
0.30 miles NW
749,000
226.97
MLS#090027878 ADOM:39
Agent#(858) 208-7713
None
Cash Equivalent
Active Listing 3.07% -23,000
Very Good/4S Ranch
Fee Simple
7,292 Sqft
No Desirable View 45,000
Conventional
Good 38,000
6 yrs
Average/Good
7 4 3.00 1,000
3,300 -32,000
N/A
N/A
Average
FWA/Central
Not a Value Infl.
3 Car Garage (tandem)
Patio, Porch
None
X 29,000
778,000
6
0
0
CONFIDENTIAL
CONFIDENTIAL
First American/Realist
06/23/2009
4
No Prior Sales or Xfer Data
No Prior Sales or Xfer Data
First American/Realist
06/23/2009
5
11/19/2002
$495,000
First American/Realist
06/23/2009
6
Please see previous analysis section.
Please see previous Summary of Sales Comparison section.
8 28
ClickFORMS Appraisal Software 800-622-8727
File No.Market Conditions Addendum to the Appraisal Report
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 that data
in the analysis. If data sources provide all 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.
Explain in detail 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.
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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) Increasing Stable Declining
Total # of Active Comparable Listings Declining Stable Increasing
Months of Unit Supply (Total Listings/Ab. Rate) Declining Stable Increasing
Are foreclosures 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.
CO
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Signature Signature
Appraiser Name Supervisor Name
Company Name Company Name
Company Address Company Address
State License/Certification # State State License/Certification # StateEmail Address Email Address
AP
PR
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Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009
Page of
Brian Ward Appraisal
CONFIDENTIAL
Case No. CONFIDENTIAL
CONFIDENTIAL San Diego CA 92127
CONFIDENTIAL
61 28 22 X
10.2 9.3 7.3 X
156 112 110 X
15.29 12.04 15.07 X
715,000 701,000 685,000 X
40 55 43 X
779,000 794,000 777,000 X
82 76 59 X
97.07 95.82 96.97 X
X X
Seller concessions are not common for comparables of the subject property.
X
Foreclosures and short sales have been spurring property value declines over the past 2+ years. According to the local MLS 44.3% of all sales over the past quarter in the
subject's zip code are bank sales or short sales which is an increase from 29.2% 7-12 months ago. The ratio of short sale and bank listings has increased over the past year
and currently 28.9% of all listings are short sale or bank listings which is a change from 22.1% 7-12 months ago. These statistics are derived from the local MLS and rely on
accurate reporting by local real estate agents. While the statistics may not be accurate, the trends indicated by the statistics are the best available and should be reliable.
Real estate sales agents active in the market area, MLS listings, and a review of sales in public record over the past year.
Properties considered comparables on this form are within 20% gross livable area of the subject property, within 10 years of age of the subject property's actual age, and
within the subject's zip code. The descriptive areas of the neighborhood section and the One-Unit Housing statistics are derived using all properties within 1 mile of the
subject property as it is not possible to select properties in the subject's community of 4S Ranch only from the available dataservices. The comparable properties included
on this form represent 31.4% of all sales and 27.7% of all listings in the subject's zip code over the past year. My statistical conclusions in the neighborhood section are
derived by using an analysis similar to this 1004 Form on all properties in the subject's zip code. The descriptive sections of the neighborhood section reflect the subject's
community of 4S Ranch only.
The subject property is not in a condominium or cooperative project.
The subject property is not in a condominium or cooperative project.