Page 7 - Appraisal Bayou House

Summary Appraisal Report
Uniform Residential Appraisal Report File # DS050091-3
A D D I T I O N A L
C O M M E N T S
"The appraisal was prepared in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice." Additionally, Reg Z will also require a signed certification that "The appraisal was prepared in accordance with the
requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended (12 U.S.C
3331 et seq.) and any implementing regulations.
The Appraiser has included sales from within the market area. Adjustments for age/condition/quality of construction are
based on the Appraisers knowledge of construction, his current research of sales and listings in the market area and the
information provided in MLS and/or a physical inspection. Adjustments for quality/condition are based on the type of
construction such as slab vs piers, wood/vinyl vs brick, ceramic vs marble, upgraded appliances and electrical fixtures vs
standard less expensive quality and so on. Appraiser evaluates the exterior and all interior photos of each comp in order to
determine its quality vs that of the subject. Making these assessments is a big part of the appraisal process. Appraiser has
researched the differences in newer vs older homes in order to provide a realistic age adjustment. All comps regardless of
age are an accurate reflection of value. Comps over 6 months old still fall within acceptable guidelines and are still
considered accurate indicators of value. The median price was used in determining overall market value. Comps exceeding
15mile are typical in this market when comparing historical homes.
property within the last 3 years preceding acceptance of the assignment. Estimated exposure time is 3-6 months.
Appraiser has not provided any services in regards to the subject
***The adjustments made by the appraiser are market derived, and based upon match paired sales analysis. The quality and
condition ratings and the location and view determinations for the subject and comparable sales are based upon my personal
inspection of the subject, and my interpretation of the photos and comments for comparable sales from the MLS, and how
they compare to the subject. The appraiser is not privy to and does not have access or knowledge of quality and condition
ratings from other appraiser's peers for the same comparable sales utilized. Additionally, the appraiser does not have
knowledge or information regarding the adjustment methods utilized by other appraiser's peers.
Source of cost data Marshall & Swift
Quality rating from cost service Avg Effective date of cost data 07/2018
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
The Marshall & Swift Valuation Service was used in the
calculation of the reproduction cost. Physical
depreciation is based on straight-line (age/life) using
effective age.
Estimated Remaining Economic Life (HUD and VA only) 50 Years
COST APPROACH TO VALUE (not required by Fannie Mae)
C O S T
A P P R O A C H
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
The site value estimate is based on recent sales and listings of property within the subject's market area, as well as the
appraiser's knowledge of the area.
ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW
OPINION OF SITE VALUE...........................................................................=$ 120,000
Dwelling 948 Sq. Ft. @ $ 125.00 ....................... =$ 118,500
Other 1,033 Sq. Ft. @ $ 40.00 ....................... =$ 41,320
Garage/Carport Sq. Ft. @ $ ....................... =$ 0
Total Estimate of Cost-New
....................... =$ 159,820
Less Physical Functional External
Depreciation 53,220 =$ ( 53,220)
Depreciated Cost of Improvements..............................................................=$ 106,600
'As-is' Value of Site Improvements..............................................................=$ 10,000
Indicated Value By Cost Approach.........................................................=$ 236,600
I
NC Estimated Monthly Market Rent $ 0 X Gross Rent Multiplier 0 = $ 0 IndicatedValuebyIncomeApproach
MO Summary of Income Approach (including support for market rent and GRM) Incomeapproachisnotconsideredtoapplyinthiscase. E
INCOME APPROACH TO VALUE (not required by Fannie Mae)
PROJECT INFORMATION FOR PUDs (if applicable)
P U D
I N F O R M A T I O N
Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unittype(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal name of project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data Source(s)
Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion
Does the project contain any multi-dwelling units? Yes No Data Source(s)
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities
FreddieMacForm70March2005 UAD Version 9/2011 Page 3 of 6 FannieMaeForm1004March2005
Noland Appraisal Service