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HomeMy WebLinkAboutPlan Review Response PacketE Ix EI- SIC)R 1882 SE Crowberry Drive, Port St. Lucie, FL 34983 Phone 772-418-8809 Fax 772-618-6660 State of Florida License # CGC 1521911 State of Florida License # CFC 1429254 State of Florida License # CCC 1327191 Attention: Joseph Fersch Plan Review Comments for Permit # 2011-0578 Property Information: 13 Majestic Way Fort Pierce, FL 34949 Parcel Id: 1414-701-0172-000/2 December 13, 2020 • Comment #1: 'The cost of construction seems low. A copy of the contract for the job needs to be submitted." Response: As requested, please find a copy of the executed contract. Additionally, please find a copy of a recent appraisal that was utilized for the recent sale of the property to the current owners. Pursuant to the 2017 FBC 6" Edition definition of Substantial Improvement, you will find that the cost does not equal or exceed 50 percent of the market value of the structure before the improvement or repair is started. • Comment #2: "In order to verify whether or not the work is substantial improvement a survey of the property showing the residence and the flood zones will need to be submitted." Response: As requested please find a copy of a recent property survey that was performed in preparation of the home selling to current owners. Thank you, Kevin Matyjaszek President Licensed and Insured Page 1 of 1 FHANA Case No. unlTorM KeSloentlal Appraisal lie 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. 1 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, at seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. 1 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. 1 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 State Certified /Residential Appraiser Signature �"" '"— i`— Name Andrew Stewart Company Name ADVANTAGE POINTE VALUATION SERVICES, LI Company Address 2122 SE Grand Or Port St Lucie FL 34952 Telephone Number (386) 366-1560 Email Address advantagepointe.11c(cDgmail.com Date of Signature and Report 08/23/2020 Effective Date of Appraisal 08/19/2020 State Certification # RD5078 or State License # or Other (describe) State # State FL Expiration Date of Certification or License 11/30/2020 ADDRESS OF PROPERTY APPRAISED Hutchinson Island, FL 34949-8309 APPRAISED VALUE OF SUBJECT PROPERTY $ 518,000 LENDER/CLIENT Name Class Valuation Company Name MORTGAGE INVESTORS GROUP Company Address 8320 E. Walker Springs Lane, Knoxville, TN 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 70 March 2005 UAD Version 9/2011 Page 6 of 6 Form 1004UAD -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Fannie Mae Form 1004 March 2005 FHANA Case No. 1163402 Uniform Residential Appraisal Report File# 1163402 FEATURE I SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 13 Majestic Way Hutchinson Island FL 34949-8309 53 Sovereign Way Hutchinson Island FL 34949-836 Proximity to Subject 0.51 miles W Sale Price $ 515,000 $ 275.11 sq.fl. $ 775,000 $ $ Sale Price/Gross Liv. Area $ 380.27 sq.g. MLS#RX-10634305;DOM 9 $ sq.fl. $ sq.ft. Data Source(s) Verification Source(s) St WECount Pro . A ./MLS VALUE ADJUSTMENTS DESCRIPTION PTI DESCRION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions Listing Listin ;0 Date of Sale/Time Active Location B;WtrFrGated B;WtrFrGated Leasehold/Fee Simple Fee Simple Fee Simple • Site 11000 sf 10890 sf 0 View N-Wtr N;Wtr ' Design (Style) DT1-Southern DT1 Southern • Quality of Construction Q4 Q3 -150 000 • Actual Age 42 18 0 ' Condition C3 C3 -50 000 • Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Bals Total Bdrms. Baths Room Count 7 3 2.0 7 3 3.0 -6 000 - Gross Living Area 1,872 sq.ft. 2,038 sq.tt -9 960 sq.ft. sq.n. Basement & Finished Rooms Below Grade Osf Osf Functional Utility Average Average Heating/Cooling CHA CHA Energy Efficient Items Typical Typical Garage/Carport 1 aldw 2 a2dw -8000 Porch/Patio/Deck Cv Ent / Cv Pat Cv Ent / Cv Pat Fireplace / Pool 1-Fire/Pool PkQ Pool PkQ 0 Kitchen Appl/Uporades Standard Standard Boat Dock None Boat Dock -10 000 Net Adjustment (Total) ❑ + ®- $ -233 960 ❑ + ❑ - $ ❑ + ❑ - $ Adjusted Sale Price of Comparables Net Adj. 30.2% Gross Adl. 30.2 % $ 541,04 Net Adj. % Gross Adj. % $ Net Adj. % Gross 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 # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) St Lucie County Pm . App, St Lucie County Pm . Appr. Effective Date of Data Source(s) 08/19/2020 08/19/2020 Analysis of prior sale or transfer history of the subject property and comparable sales Comparable listing four has had no other sales or listings in the previous 12 month period outside of the above mentioned listings. Analysis/Comments Com arables four have been provided to illustrate comparable sale/listing activity with in the defined market. Market based adjustments were performed for the quality, age/condition, room count heated square footage, and amenities. .No listing ad"ustment was warranted based upon current comparable sales trends illustrating recent listings selling at or above their actual listing vices. Due to the currently active listing status of com arebles four & five minimal consideration has been given to them with in the valuation rocess. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005 Form 1004UAD.(AC) -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Supplemental Addendum File No.1163402 Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Ma'estic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP Predominant Value The subject's sale price and appraised value is higher than the predominant neighborhood value. Homes much larger in size and higher in value do exist in the immediate area and subject is not considered an over -improvement. Appraised value falls well within the neighborhood high and low range of values and no affect on the subject's marketability is noted. The appraiser notes some MLS Photos were used as the comparable are located with -in private gated communities. Exposure Time: Is defined as the length of time that the property interest being appraised has been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market. The appraiser notes that there were sales that had illustrated longer exposure periods with in the defined segment, but the median exposure time was determined to be 84 days to contract_ Compliance Rationale: The appraiser notes that the order acceptance and completion of the attached appraisal report was done so in accordance with HVCC regulations and / or guidelines. The appraiser notes that there is no current or prospective interest in the subject properties or the parties involved, and no services have been performed by the appraiser with in the three years preceding the acceptance of the appraisal assignment, as an appraiser or in any other capacity. Reconciliation and Final Value Conclusion The Sales Comparison Approach is the most reliable estimate of value. The Cost Approach has been provided and weighted accordingly with in the valuation process. The Income Approach is not considered necessary due to predominance of owner -occupied dwellings. The intended user of this Appraisal report is the Lender / Client. The intended use is to evaluate the property that is the subject of this Appraisal for a mortgage finance transaction, subject to the 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. 1004 MC Form Rationale: The appraiser notes that the 1004 MC form suggests contradictive data. The upper section of the 1004 MC form suggests that the data provided within the form should be representative of the "Neighborhood" section on page one of the URAR form. However, the request for the various data with in the form indicates that the information is based upon "Comparable" sales & listings. The "Neighborhood Section" on page one of the URAR is representative of the entire competing market (Not only comparables) as defined with in the neighborhood boundaries. The appraiser notes that a neighborhood very rarely is comprised of homes that all similar in build, size, and amenity. Therefore, the appraiser provides similar sale & listing information in the 1004 MC form to determine data more specific to the subject property itself, and not diluted data significant to the overall market. If the data that has been provided is fully reviewed it offers more credible information to the report, as it illustrates where the subject property fits with in the market segment when the 1004 MC data is compared to the overall market data as indicated on page one. Additionally, the appraiser notes that occasionally sales are provided that exceed the typical market time. This does not represent any adverse affect with respect to the comparable's credibility. The appraiser notes that houses often times enter the market at elevated price points. Naturally, these homes often do not sell until their prices are brought to acceptable market price points. As result, these properties often exceed the median listing periods, but still offer credible data in the opinion of value. Cost Approach Synopsis: Replacement cost figures used in the Cost Approach are for valuation purposes only. The definition of market value on page 4 of this report is not consistent with definitions of insurable value. The cost approach has only been developed by the appraiser as an analysis to support their opinion of the property's market value. Use of this data, in whole or part, for other purposes is not intended by the appraiser. Nothing set forth in the appraisal should be relied upon for the purpose of determining the amount or type of insurance coverage to be placed on the subject property. No one, client or 3rd parties, should rely on these figures for insurance purposes. The appraiser assumes no liability for and does not guarantee that any insurable value estimate inferred from this report will result in the subject property being fully insured for any loss that may be sustained. Further, the cost approach may not be a reliable indication of replacement or reproduction cost for any date other than the effective date of this appraisal due to changing costs of labor and materials and due to changing building codes and governmental regulations and requirements. MILS Market Data Please refer to the attached one mile 16 month Market Sales data, as obtained through the MLS, for both the current 6 month period and the prior 6 month period. The appraiser notes that the 6 month sales data is a non restricted statistic of all sales that have occurred in the previous 6 months with in the subject's defined marketplace. This above noted information is reflective of the data on page one of the URAR Neighborhood section. The appraiser notes that the 100MC form does not represent the subject market as a whole and therefore often times does not coincide with page one data. No adverse affects are noted. Form TADD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. 1163402 File No. 1163402 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements) Condition Ratings and Definitions The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.* *Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like -new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. 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. 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. 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. 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. Quality Ratings and Definitions 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. 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. 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. 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. UAD Version 9/2011 Form UADDEFINE - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements) Quality Ratings and Definitions (continued) 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. 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 overfifteen 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 plumbingigas 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 Form UADDEFINE - "TOTAL" appraisal software by a la made, inc.-1-800-ALAMODE FHANA Case No. 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 ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location & View Arml-th Arms Length Sale Sale or Financing Concessions ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade B Beneficial Location & View Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Conv Conventional Sale or Financing Concessions CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions GlfCse Golf Course Location Glfvw Golf Course View View Ind Industrial Location & View in Interior Only Stairs Basement & Finished Rooms Below Grade Lndfl Landfill Location LtdSght Limited Sight View Listing Listing Sale or Financing Concessions Mtn Mountain View View N Neutral Location & View NonAnn Non -Anus Length Sale Sale or Financing Concessions BsyRd Busy Road Location 0 Other Basement & Finished Rooms Below Grade Prk Park View View Pstd Pastoral View View PwrLn Power Lines View PubTm Public Transportation Location rr Recreational (Rec) Room Basement & Finished Rooms Below Grade Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA - Rural Housing Sale or Financing Concessions s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site 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 wu Walk Up Basement Basement & Finished Rooms Below Grade WtrFr Water Frontage Location Wtr Water View View Woods Woods View View Other Appraiser -Defined Abbreviations UAD Version 9/2011 Form UADDEFINE -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Borrower Michael Poslaiko & Sara Poslaiko Hello. 1163402 Property Address 13 Majestic Way city Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: ® Appraisal Report (A written report prepared under Standards Rule 2-2(a) pursuant to the Scope of Work, as disclosed elsewhere in this report.) Restricted (A written report prepared under Standards Rule 2-2(b) pursuant to the Scope of Work, as disclosed elsewhere in this report, Appraisal Report restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 1 certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I have 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 that were in effect at the time this report was prepared. Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time(USPAP defines Exposure Time as the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: Please refer to the attached text addendum. Comments on Appraisal and Report Identification Note any USPAP related issues requiring disclosure and any State mandated requirements: APPRAISER: SUPERVISORY or CO -APPRAISER (if applicable): Signature: Signature: Name: Andrew Stewart Name: State certification #: RD5078 State certification #: or State License #: or State License #: State: FL Expiration Date of Certification or License: 11/30/2020 State: Expiration Date of Certificaton or License: Date of Signature and Report: 08/23/2020 Date of Signature: Effective Date of Appraisal: 08119/2020 Inspection of Subject: ❑ None ® Interior and Exterior ❑ Exterior -Only Inspection of Subject: ❑ None ❑ Interior and Exterior ❑ Exterior -Only Date of Inspection (if applicable): 08/19/2020 Date of Inspection (if applicable): Form ID14E LT -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. 1113402 Market Conditions Addendum to the Appraisal Report File No. 11 R941712 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 13 Majestic Way City Hutchinson Island State FL ZIP Code 34949-8309 Borrower Michael Poslaiko & Sara Poslaiko 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;'d 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 Total # of Comparable Sales (Settled) 3 1 2 ❑ Increasing ® Stable [ Declining Absorption Rate (Total Sales/Months) 0.5 0.33 0.67 ❑ Increasing X Stable [ Declining Total # of Comparable Active Listings 1 2 1 ❑ Declining I ® Stable ❑ Increasing Months of Housing Supply (Total Listings/Ab.Rate) 2 6 1.5 ❑ Declining I ® Stable ❑ Increasing Median Sale & List Price, DOM, Sale/List % Prior 7-12 Months Prior 4-6 Months Current- 3 Months Overall Trend Median Comparable Sale Price $565,000 $550 000 $632 000 ® Increasing ❑ Stable [ Declining Median Comparable Sales Days on Market 134 4 69 X Declining ❑ Stable ❑ Increasing Median Comparable List Price $535 000 $552 000 $775 000 1 ® Increasing ❑ Stable ❑ Declining Median Comparable Listings Days on Market 1 165 129 1 9 1 ® Declining ❑ Stable ❑ Increasing ' Median Sale Price as % of List Price 1 94.24 100 1 96.23 1 ❑ 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.). The data used in the grid above does not indicate there were any c ncessions associated with the reported transactions. However, this is not a mandatory reporting field foragents 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. - Are foreclosure sales (RED sales) a factor in the market? ❑ Yes ® No If yes, explain (including the trends in listings and sales of foreclosed properties). 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 foragents 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. Cite data sources for above information. The BeachesMLS MILS was the data source used to complete the Market Conditions Addendum. Effective Date: Sunday, August 23 2020 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. The data above indicates a stable trend in the number of "Cora arables"sold in the recent months with a stable trend in the number of "Comparable" active listings. The median "Comparable" sales Price currently illustrates an increasing trend consistent with the overall market trend indicated on page one of the URAR. The appraiser notes that the above data pertains to properties comparable to the subject and is not always representative of the data provided on page 1 of the URAR for the overall marketplace. The data on page one of the URAR represents the subject entire competing market and is not only based on Property statistics for properties comparable to that of the subject. Please refer to the attached Text Addendum 1004MC rationale section. N 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 I Overall Trend Total # of Comparable Sales (Settled) ❑ Increasing ❑ Stable _ Declining Absorption Rate (Total Sales/Months) ❑ Increasing ❑Stable Declining Total # of Active Comparable Listings I ❑ Declining ❑ Stable IL Increasing Months of Unit Supply (Total Listings/Ab.Rate) 11 1 Declining 11 1 Stable I [ Increasing Are foreclosure sales (RED sales) a factor in the project? ❑ Yes ❑ No If yes, indicate the number of RED 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 Signature Appraiser Name Andrew Stewart Supervisory Appraiser Name Company Name ADVANTAGE POINTE VALUATION SERVICES LLC Company Name Company Address 2122 SE Grand Dr Port St Lucie FL 34952 Company Address State License/Certification # RD5078 State FL State License/Certification # State Email Address Email Address advantagepointe.11c@gmail.com Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2 -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Subject Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender Client MORTGAGE INVESTORS GROUP Subject Front 13 Majestic Way Sales Price 515,000 Gross Living Area 1,872 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location B;WtrFr;Gated View N;Wtr, Site 11000 sf Quality 04 Age 42 Subject Rear View Subject Street Scene 1 Form PICPIX.SR -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Subject Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP Subject Street Scene 2 13 Majestic Way Sales Price 515,000 Gross Living Area 1,872 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location B;WtrFr;Gated View N;Wtr, Site 11000 sf Quality 04 Age 42 Subject Left Side View Subject Right Side View Form PICPIX.SR -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE EXC;ELSI P)l 1882 SE Crowberry Drive, Port St. Lucie, FL 34983 Phone 772-418.8809 Fax 772-618-6660 State of Florida License # CGC 1521911 State of Florida License # CFC 1429254 State of Florida License # CCC 1327191 CONTRACT FOR SERVICES THIS CONTRACT, made and entered into this 191h day of September, 2020, by and between: Michael & Sara Poslaiko (Purchasers), and Excelsior Construction and Roofing (Seller/Contractor), NAME Poslaiko Residence PHONE 561-315-9360 STREET 13 Majestic Way CITY Fort Pierce STATE FL ZIP 34949 For the Following Services and Terms: 1. Residential remodel work per engineered plans and including the following: a. Kitchen remodel to include new island, cabinetry, and countertops. Appliances to be supplied by owners. b. Remodel both bathrooms to include all new tile, showers, toilets, vanities, and lighting. c. Relocate laundry room near spare bathroom. To include new plumbing and venting. d. Create larger master suite within existing footprint. Includes all new interior doors and drywall. e. Relocation of water heater location and install new tank less heater. f. Time Frame: Job will be completed within 90 days once building permit issued, depending upon availability of materials, labor, and weather permitting. No work shall commence until building permit issuance or permission is granted. 2. Price includes all labor, materials, tax, permits, and debris removal. All work meets Florida Building Code in effect and local building codes. • Job done to 100% satisfaction • 3 Year Labor Warranty • Any applicable manufacturer warranties will be provided. 3. Total price $55,000.00 (fifty five thousand dollars) for the remodeling work to be paid as follows: ➢ 10% ($5,500.00) upon contract signing ➢ 40% ($22,000.00) at rough in/50% completion ➢ 40% ($22,000.00) upon 85% completion Licensed and Insured Page 1 of 2 FHANA Case No. Subject Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender Client MORTGAGE INVESTORS GROUP Subject Roof Surface 13 Majestic Way Sales Price 515,000 Gross Living Area 1,872 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location B;WtrFr;Gated View N;Wtr, Site 11000 sf Quality 04 Age 42 Form PICPIX.SR -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Subject Interior Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP Subject Kitchen 13 Majestic Way Sales Price 515,000 Gross Living Area 1,872 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location B;WtrFr;Gated View N;Wtr, Site 11000 sf Quality 04 Age 42 Subject Bathroom Subject Living Room Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Subject Interior Photo Page 3omower Michael Poslaiko & Sara Poslaiko 'roperty Address 13 Majestic Way xy Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 -ender/Client MORTGAGE INVESTORS GROUP Subject Master Bedroom 13 Majestic Way Sales Price 515,000 Gross Living Area 1,872 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location B;WtrFr;Gated View N;Wtr, Site 11000 sf Quality 04 Age 42 d Subject Master Bathroom o i nr i Subject Bedroom Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Subject Interior Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP Subject Bedroom 13 Majestic Way Sales Price 515,000 Gross Living Area 1,872 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location B;WtrFr;Gated View N;Wtr, Site 11000 sf Quality 04 Age 42 —A Subject Dining y V 1 Subject Family Room Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Subject Interior Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender Client MORTGAGE INVESTORS GROUP Subject Laundry 13 Majestic Way Sales Price 515,000 Gross Living Area 1,872 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location B;WtrFr;Gated View N;Wtr, Site 11000 sf Quality 04 Age 42 Subject Garage Form PICPIX.SI - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Building Sketch Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Ma'estic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP 37' rn 20' 17' N Covered Patio ^' Family ^' 17' v uwi Master Bedroom Bedroom Living Dining Master Bath iV M 20' 1 Foyer Livin9 Area First Floor Total Living Area (Rounded): Non -living Area 1 Car Attached Covered Patio Concrete Patio Laundry 1822' 22' Area Calculations 1872 Sq ft 1872 Sq ft 330 Sq ft 204 Sq ft 922 Sq ft 25' Bedroom I - 12' Kitchen Bath - 32' Calculation Details 20 x 12 = 240 16 x 12 = 192 27 x 32 = 864 18 x 32 = 576 22 x 15 = 330 12x 17= 204 20 x 35 = 700 37 x 6 = 222 Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Comparable Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP Comparable 1 122 Queen Bess Ct Prox. to Subject 0.21 miles SW Sale Price 549,000 Gross Living Area 1,801 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Location B;WtrFr,Gated View N;Wtr, Site 10000 at Quality 04 Age 33 Comparable 2 22 Sovereign Way Prox. to Subject 0.26 miles SW Sale Price 550,000 Gross Living Area 2,112 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Location B;WtrFr,Gated View N;Wtr, Site 11326 at Quality 04 Age 38 Comparable 3 123 Queens Rd Prox. to Subject 0.19 miles S Sale Price 517,500 Gross Living Area 2,321 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 3.0 Location B;WtrFr,Gated View N;Wtr, Site 10890 at Quality 04 Age 42 Form PICPIX.CR -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. Comparable Photo Page Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP Comparable 4 53 Sovereign Way Prox. to Subject 0.51 miles W Sales Price 775000 Gross Living Area 2038 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 3.0 Location B;WtrFr,Gated View N;Wtr, Site 10890 at Quality 03 Age 18 Comparable5 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PICHUR -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE %-2h.Aq 0 IV G o I ogle FHANA Case No. Location Map Borrower Michael Poslaiko & Sara Poslaiko Property Address 13 Majestic Way City Hutchinson Island County St. Lucie State FL Zip Code 34949-8309 Lender/Client MORTGAGE INVESTORS GROUP a la mode, in SUBJECT 13 Majestic Way COMPARABLE No. 4 53 Sovereign Way 0.51 miles W COMPARABLE No. 3 123 Queens Rd 2Wa, 0.19 miles SLos CCOMPARACOMPARABLE No. 1 22 Soverei122 Queen Bess Ct uTM 0.26 miles 0.21 miles SW OCEANIQUE Regd Rd ReyN Rd Z Indian lack Island State Preserve 9 Lrk Id-d Access Rd 1.k> Way Ja,k Isldnd Indian. I tto�do r ec 260 m BnQ 92020 T—Tom ® 2020 HERE C 2020 M—ft Corpo� Br n �S,.ree M T Form MARLOC -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE 1EXMSRI - -�� CV a'.fYktlC rttlH i Rool"40 -- 1882 SE Crowberry Drive, Port St. Lucie, FL 34983 Phone 772-418-8809 Fax 772-618.6660 State of Florida License # CGC 1521911 State of Florida License # CFC 1429254 State of Florida License # CCC 1327191 ➢ Balance ($5,500.00) due upon passing final inspection 1. This Agreement constitutes the entire understanding of the parties and no other understanding, collateral or otherwise shall be binding unless in writing, signed by both parties. 2. The Seller hereby gives notice that this Agreement incorporated by reference any and all statements required by Federal and State law (Florida) which shall be executed independently hereof. The Seller further advises that the Purchaser's right of rescission are subject to and limited by said laws. 3. The word 'Purchaser' as used in this Agreement shall include the plural, if there is more than one Purchaser hereunder. In the event Purchaser breaches this Contract of Sale then Purchaser shall pay Seller all reasonable attorney fees incurred by Seller with respect to such breach. 4. If the Purchaser shall fail, neglect or refuse to perform any of the conditions herein according to the terms specified herein, the Purchaser shall forfeit and pay to Excelsior Construction and Roofing, as liquidated damages, the sum of Two Thousand Dollars ($2,000.00) in addition to contract amount. 5. Any provision hereof contrary to, prohibited by or invalid under applicable laws or regulations shall be inapplicable and deemed omitted here from, but shall not invalidate the remaining provision hereof. 6. ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST SELLER OF GOODS AND SERVCES OBTAINED PURSUANT HEREOF, RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED THE AMOUNT PAID BY THE DEBTOR HEREUNDER. 7. All material is guaranteed to be as specified. All work is to be completed in a professional workmanlike manner according to standard practices. Any alterations or deviations from above specifications involving extra costs, will be executed only upon written change orders specifying changes from original contract, the cost of changes, and will be agreed upon in writing by OWNER and CONTRACTOR or his authorized representative. All agreements are contingent upon strikes, accidents, delays beyond our control, and weather. Owner is entitled to hold back no more than $500.00 once work is completed, if final inspection has yet to be performed. In WITNESS WHEREOF Purchaser(s) each acknowledge receipt of a completed copy of this CONTRACT, AND ALL DISCLOSURES on the day and year written above. Acceptance: Purchaser, Excelsior Construction & Roofing Michael Poslaiko, Owner A'� Kevin MAa5zek, President Date: 9/19/2020 Date: 9 O Suva TOJ(ti{lk0 Sara Poslaiko, Owner Date: 9/19/2020 Licensed and Insured Page 2 of 2 FHANA Case No. Insurance GeneralStar M General Star National Insurance Company P.O. Box 10360 (Attn: GSN) Stamford, Connecticut 06904 REAL ESTATE APPRAISERS ERRORS & OMISSIONS INSURANCE POLICY DECLARATIONS PAGE This is a claims made and reported policy. Please read this policy and all endorsements and attachments carefully. Policy Number: NJA360994A Renewal of Number: NJA360994 1. NAMED INSURED: Andrew Stewart III STREET ADDRESS: 2122 SE Grand Dr., Port St Lucie, Florida 34952 2. POLICY PERIOD: Inception Date: 10/2212019 Expiration Date: 10122/2020 Effective 12:01 a.m. Standard Time at the address of the Named Insured. 3. LIMITS OF LIABILITY: Each Claim: $1,000,000 Aggregate: $2,000,000 Claim Expenses have a separate Limit of Liability: Each Claim: $1,000,000 Aggregate: $2,000,000 4. DEDUCTIBLE: Each Claim: $0 Aggregate: $0 5. RETROACTIVE DATE: 10/22/2013 If a date is indicated, this policy will not provide coverage for any Claim arising out of any act, error, omission or personal injury which occurred before such date. 6. ANNUAL PREMIUM: $ 739 7. ENDORSEMENTS: This policy is made and accepted subject to the printed policy form together with the following form(s) or endorsement(s). AP 10 0001 06 11, SGN 90 0001 07 10, AP 00 0001 FL 06 11, AP 04 000106 11, AP 04 0003 07 14. AP 04 0004 07 14, AP 95 0008FL O6 11, AP 08 0010FL 08 14 8. PRODUCER NAME: Norman -Spencer Agency, Inc. STREET ADDRESS: 8075 Washington Village Dr., Dayton OH 45458 Authorized Representative Producer Code: 26480 Class Code: 73128 Date: 10/08/2019 AP 10 0001 06 11 © Copyright 2011, General Star Management Company, Stamford, CT Page 1 of 1 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. License t �TF RICK SCOTT, GOVERNOR JONATHAN ZACHEM, SECRETARY a dbpr I� STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED RESIDENTIAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES STEWART, ANDREW W, 2122 SE GRAND DR PORT ST LUCIE FL 34952 LICENSE NUMBER: RD5078' EXPIRATION DATE: NOVEMBER 30, 2020 Always verify licenses online at MyFloridaLicense.com oo 41. Do not alter this document in any form. 0� This is your license. It is unlawful for anyone other than the licensee to use this document. Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE SHEET 1 OF 2 (SURVEY SKETCH) ------------ SURVEY NOT COMPLETE WITHOUT ALL SHEET MAP OF BOUNDARY SURVEY PREPARED FOR MICHAEL A. POSLAIKO AND SARA E. POSLAIKO NE CORNER OF BLOCK 18 MAJESTIC WAY 30' R 165,09' N69731'45'E 110.12' R 5/8 FIRNOlD) NO ID) N 35.0 BASIS o e 6 ELM 6'e LOT C BLOCK 18 13 ONE STORY CBS a ��.BLOCK 1 •"" w RESI ENCE ,. 3 �,, 4 • „ , •• SCRE�ENLEO � m N .'• ENCLOSURE .. � m N S N Z PORCH N W ID N LOT D of j5/,.. BLOCK 18 iIR 5/8' (NO 10) S89.31'457W I10.12' NO ABL N I IONS: PROPERTY APPEARS TO BE SERVICED BY PUBLIC UTILITIES. THERE IS A REAR 10' PUBLIC UTILITY AND DRAINAGE EASEMENT. THERE IS A 6' PUBLC UTILITY AND DRAINAGE EASEMENT ON EACH SIDE. NOTES: NORTH ARROW ALL BEARINGS AND DISTANCES SHOWN ARE RECORD AND MEASURED, UNLESS OTHERWISE SHOWN. P.U.&D.E. =PUBLIC UTILITY AND DRAINAGE EASEMENT GRAPHIC SCALE BEARINGS ARE BASED UPON THE RECORD BEARING FOR THE SOUTHERLY RIGHT OF WAY UNE OF MAJESTIC WAY. JOB N- 20 K N W NOW, I N C. 1PROFESSIONAL SURVEYING AND MAPPING O US HIGHWAY 1, #104 • RO BEACH FL 32967 P — — O WWW.KINSURVEY.COM • - 09/ FIELD DAM9/22/2020 REV1510N - DRAWN sY - J.N. WIf7§5q7ZI REMSION - REVISION - TE7079 REVISION -1 REVISION REWSION - FLORIDA BUSINESS CERTIFICATE OF AUTHORIZATION NUMBER LB 6912 SHEET 2 OF 2 SURVEY DETAILS SURVEY NOT COMPLETE WITHOUT ALL SHEETS LEGAL DESCRIPTION: JOB NUM -1 1 LOT D, BLOCK 18, QUEENS COVE, UNIT 1, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 11, FIELD WORK DATE: 09/22/2020 PAGE(S) 12, 12A THROUGH 12C, OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA. PROPERTY ADDRESS: 13 MAJESTIC WAY, FORT PIERCE, FL 3494 FLOOD INFORMATION: PANEL NUMBER: 12111C0089K FIRM DATE: FEBRUARY 19, 2020 FLOOD ZONE: X BASE FLOOD ELEVATION: NA COMMUNITY NAME: ST. LUCIE COUNTY COMMUNITY NUMBER: 120285 AERIAL PHOTOGRAPH SURVEYOR'S LEGENDI FFE = FINSHED FLOOR ELEVATION N F MP N CURVATURE LIN Y A C = AIR CONDITIONING = AND CA = =BOUNDARY LINE - VENTER - MEN - =STRUCTURE LINE - - AND CAP - R RVA R ___ CENTERLIN _ = ARK = IL AND DISC = = ENT _ --- EASEMENT UNE _ CAI V - LE T.V. RISER - PK NAIL - AND DISC = FENCE LINE = OFWAY = RA T = ON _ = RCDD CAP &LUUL - = BENCHMARKNO SEC ON = RISERul ML M AL U H L = LIGHT POLE ®= TELEPHONE SERVICE _ _ = - URVATURE _ GH L - = LL =DRAINAGE MANHOLE = POLE _ =BENCHMARK ®= SANITARY SERVICE = ONUMENT - SURVEYOR'S NOTES 1. THIS SURVEY DOES NOT DETERMINE OR INDICATE LAND OWNERSHIP. 2. THE SURVEYOR DID NOT RESEARCH OR ABSTRACT THE LAND RECORDS FOR RIGHTS -OF -WAY, EASEMENTS, RESERVATIONS, DEED RESTRICTIONS, ZONING REGULATIONS, SETBACKS, LAND USE PLAN DESIGNATIONS, ADJOINING DEEDS, LIENS, MURPHY ACT RIGHTS -OF -WAY, AREAS OF LOCAL CONCERN, OR OTHER SIMILAR JURISDICTIONAL DETERMINATIONS. TO THE EXTENT THAT THIS TYPE OF INFORMATION IS SHOWN, IT IS SHOWN SOLELY ON THE BASIS OF INFORMATION PROVIDED BY THE CLIENT OR INFORMATION OTHERWISE KNOWN TO THE SURVEYOR AND MAY NOT BE COMPLETE. 3. UNDERGROUND UTILITIES, BUILDING FOUNDATIONS, AND OTHER UNDERGROUND FIXED IMPROVEMENTS WERE NOT LOCATED, UNLESS OTHERWISE INDICATED. TO THE EXTENT THAT THIS TYPE OF INFORMATION IS SHOWN, IT IS SHOWN SOLELY ON THE BASIS OF SURFACE INDICATIONS OBSERVED BY THE SURVEYOR AND MAY NOT BE COMPLETE. 4. JURISDICTIONAL WETLANDS AND ENDANGERED OR THREATENED SPECIES HABITAT, IF ANY, THAT MAY EXIST ON OR AROUND THE SURVEY SITE WERE NOT DETERMINED OR LOCATED. 5. THE SURVEY DATE IS THE FIELD DATE SHOWN IN THE TITLE BLOCK, NOT THE SIGNATURE DATE. 6. THIS SURVEY MAP OR THE COPIES THEREOF ARE NOT VAUD WITHOUT THE SIGNATURE AND THE ELECTRONIC OR ORIGINAL RAISED SEAL OF A FLORIDA UCENSED SURVEYOR AND MAPPER. 7. FENCES SHOWN ON SURVEY ARE FOR ILLUSTRATIVE PURPOSES ONLY. FENCE TIES SHOWN ARE RELATIVE TO THE CENTER OF SAID FENCE. THE SURVEYOR WILL NOT BE RESPONSIBLE FOR DAMAGES RESULTING FROM THE REMOVAL AND/OR CHANGES TO ANY FENCES UNLESS THE SURVEY WAS PROVIDED SPECIFICALLY FOR FENCE LOCATION PURPOSES. 8. PROPERTY UNES AND OR IMPROVEMENTS SHOWN WERE PHYSICALLY LOCATED BY FIELD SURVEY. 9. MONUMENTS FOUND OR SET ARE SHOWN, CALCULATED LINES AND INFORMATION IS NOTED BY (C). 10. COMPUTATIONS OF ONES AND OR DATA NOT FOUND ARE SHOWN AS (C). 11. ACCURACIES OBTAINED IN THIS SURVEY IS GREATER THAN (RURAL) V IN 5000', (SUBURBAN) V IN 7500', (COMMERCIAL) 1' IN 10,000'. 12. PRIOR TO SURVEY INFORMATION OBTAINED WAS LEGAL DESCRIPTION FROM CUENT OR FROM PUBLICLY PUBUSHED COUNTY TAX COLLECTOR SITE, RECORDED PLATS AND OR SECTION CORNER RECORDS IF APPLICABLE. 13. IF ONLY A DIGITAL SURVEY COPY IS REQUIRED A SURVEY REPORT WILL BE PLACED IN FILE. THE DIGITAL SURVEY IS NOT FULL AND COMPLETE WITHOU THE SURVEY REPORT FILE. SURVEYORS SIGNATURE1 CERTIFIED TO: MICHAEL A. POSLAIKO NOT VALID NITHOUT THE 9GNATURE AND ORIGINAL RAISED SEAL OR ELECTRONIC SEAL OF THE FLORIDA LICENSED SURVEYOR BELOW. WE SURVEYOR HEREBY CERTIFIES THAT WE ELECTRONIC SIGNATURE AND SEAL HEREON MEETS PROCEDURES SET FORTH IN CHAPTER 5117.062 OF WE FLORIDA ADMINISTATIVE SARA E. POSLAIKO CODE. PURSUANT TO SECTION .72,025, FLORIDA STATUTES THE SURVEYOR HEREBY CERTFES THAT MORTGAGE INVESTORS GROUP THIS SURVEY MEETS WE STANDARDS OF PRACTICE FOR SURVEYS. SET FORTH BY WE FLORIDA BOARD OF SURVEYORS AND MAPPERS IN CHAPTER S-17.051 AND 5117:052 OF WE FLORIDA ADMINISTRATVE PREMIER TITLE PARTNERS OF FLORIDA, LLC CODE. PURSUANT TO SECTION 472.027. FLORIDA STATUTES STEWART TITLE GUARANTY COMPANY 14 K N W I NOW, I N ' ,,rgrF:9 9.24.20 BILL HYA R DATE 0 PROFESSIONAL SURVEYING AND MAPPING •. 0 US HIGHWAY 1, #104 A U V Y NI'A�'' RO BEACH FL 32967P - - 0 WWW.KINSURVEY.COM FLORIDA BUSINESS CERTIFICATE OF AUTHORIZATION NUMBER LB 6912 FHANA Case No. APPRAISAL OF REAL PROPERTY LOCATED AT: 13 Majestic Way Queens Cove -unit 1- Blk 18 Lot D(or 1190-2326: 1743-1401; 2842-2699) Hutchinson Island, FL 34949-8309 FOR: MORTGAGE INVESTORS GROUP 8320 E. Walker Springs Lane Knoxville, TN 37923 AS OF: 08/19/2020 BY: Andrew Stewart Advantage Pointe Valuation Services LLC 2122 SE Grand Dr Port St Lucie, FL 34952 386-366-1560 Office Advantage Pointe Valuation Services, L-C. Form GA2 -"TOTAL" appraisal software by a la made, inc.-1-800-ALAMODE Advantage Pointe Valuation Services, LLC. FBniva case No. 1163402 Uniform Residential Appraisal Report File# 1163402 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 13 Majestic Way City Hutchinson Island State FL Zip Code 34949-8309 Borrower Michael Poslaiko & Sara Poslaiko Owner of Public Record Deas tr Nancy B County St. Lucie Legal Description Queens Cove -unit 1- Elk 18 Lot Dior 1190-2326: 1743-1401; 2842-2699 Assessor's Parcel # 141470101720002 Tax Year 2019 R.E. Taxes $ 4,586 Neighborhood Name Queen's Cove Unit 1 Map Reference 38940 Census Tract 3812.04 Occupant X Owner ❑ Tenant ❑ Vacant Special Assessments $ 0 X PUD HOA $ 57 ❑ per year X per month " Property Rights Appraised X Fee Simple ❑ Leasehold ❑ Other (describe) Assignment Type X Purchase Transaction ❑ Refinance Transaction ❑ Other (describe) Lender/Client MORTGAGE INVESTORS GROUP Address 8320 E. Walker Springs Lane Knoxville TN 37923 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? X Yes ❑ No Report data sources) used, offering price(s), and date(s). DOM 165;Sub'ect property was offered for sale.;Latest Price 535 000;Latest Date 07/17/2020;Ori inal Price $535 000;Ori inal Date 02/03/2020;MLS#RX-10598016 I X 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. Arms length sale;The subject sales contract appears to be a typical Florida based real estate purchase. Contract Price $ 515,000 Date of Contract 07/17/2020 Is the property seller the owner of public record? X Yes ❑ No Data Source(s) ContractfPublic Rae Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any parry on behalf of the borrower? ❑ Yes X No If Yes, report the total dollar amount and describe the items to be paid. 0;; Note: Race and the racial composition of the neighborhood are not appraisal factors. hborhood Characteristics Location ❑ Urban X Suburban ❑ Rural One -Unit Housing Trends One -Unit Housing Property Values ❑ Increasing X Stable ❑ Declining PRICE AGE Presets Land Use One -Unit 30 % Built -Up X Over 75% ❑ 25-75% ❑ Under 25% 1 Demand/Supply ❑ Shortage X In Balance ❑ Over Supply $ (000) (yrs) 2-4 Unit 25 % Growth ❑ Rapid X Stable ❑ Slow Marketing Time X Under 3 mths ❑ 3-6 mths ❑ Over 6 mths 122 Low 0 Multi -Family 25 % Neighborhood Boundaries The subject competingoompeting segment is bounded:North by the Indian River County 1,000 High 42 Commercial 10 % Line East by the Atlantic Ocean South by the Ft Pierce Inlet and West by the Indian River. 308 Pred. 31 Other 10 % Neighborhood Description The subject is located in Queen's Cove Unit an established Saint Lucie County residential neighborhood, within a reasonable proximity to all residential support facilities. The subject is located in a gated oommunity of homes of moderate quality and value with waterfront market appeal. The 10 % other land use consists of lakes & retention areas road was vacant land and public utility service areas. Market Condifions (including support for the above conclusions) A three month market time is typical within this market based upon current economic conditions. Marketing time occurs after the effective date of the appraisal, and is the anticipated time required to "get the word ouf' to an adequately large number of prospective purchasers. The estimate marketing to would be less than days. Dimensions 110 x 100 Subject to Survey) Area 11000 sf Shape Rectangular View N;Wtr Specific Zoning Classification RS-4Co Zoning Description Planned Unit of Development Zoning Compliance X Legal ❑ Legal Nonconforming (Grandfathered Use) ❑ 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? X Yes ❑ No If No, describe The Highest and Best Use is Legally Permissible Physically Possible Financially Feasible & Maximally Productive. Ufilities Public Other (describe) Public Other (describe) Off -Site Improvements - Type Public Private Electricity X ❑ Water X ❑ Street Asphalt X ❑ Gas ❑ ❑ None Sanitary Sewer ❑ X Septic/Private Alley None ❑ ❑ FEMA Special Flood Hazard Area ❑ Yes X No FEMA Flood Zane X500 FEMA Map # 12111 C0089K FEMA Map Date 02/19/2020 Are the utilities and off -site improvements typical for the market area? X Yes ❑ No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? ❑ Yes X No If Yes, describe There are no apparent adverse easements encroachments or other adverse conditions. Lot dimensions and flood zone status should be confirmed by survey. -The appraiser notes that the subject private sewage is typical to the market due to the lack of public sewage no connection availability. No adverse marketing characteristics are present, relative to the private utility amenities General Description Foundation Exterior Description materials/condition Interior materials/condition Units X One ] One with Accessory Unit # of Stories 1 X Concrete Slab ❑ Crawl Space ] Full Basement ❑ Partial Basement Foundation Walls Mason / Avg Floors Tile/Cr t/ Avg Walls D. Wall/ Avg Exterior Walls CC Blk/Stuc/ Avg Type X Det. ❑ Att. ❑ S-Det./End Unit Basement Area 0 sq.ft. Roof Surface Com Shin Ie/ Av Trim/Finish Wd/ Paint/ Avg X Existing ❑ Proposed ❑ Under Const. Basement Finish 0 % Gutters & Downspouts Parti Alum / Avg Bath Floor Tile / Av Design (Style) Southern ❑ Outside Entry/Exit ❑ Sump Pump Window Type SH Aluminum / Avg Bath Wainscot Tile / Avg Year Built 1978 Evidence of ❑ Infestation Storm Sash/insulated Metal / Avg Car Storage ❑ None Effective Age (Yrs) 20 ❑ Dampness ❑ Settlement Screens Nylon Mesh / Avg Driveway # of Cars 1 Attic ❑ None Heating X FWA ❑ HWBB ❑ Radiant Amenities ❑ Woodstove(s) # 0 Driveway Surface Concrete X Drop Stair ❑ Stairs ❑ Other Fuel Electric X Fireplace(s) # 1 ❑ Fence None X Garage # of Cars 1 ❑ Floor ❑ Scuttle Cooling X Central Air Conditioning IX Pato/Deck Cv/Sr X Porch Cv Et ❑ Carport # of Cars 0 ❑ Finished ❑ Heated ❑ Individual ❑ Other IX Pool Sr ❑ Other None X Att. ❑ Dot ❑ Built-in Appliances X Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave ❑ Washer/Dryer X Other (describe) W&D Personal Finished area above grade contains: 7 Rooms 3 Bedrooms 2.0 Bath(s) 1,872 Square Feet of Gross Living Area Above Grade . Additional features (special energy efficient items, etc.). Additional Features:Wood cabinetry, energy saver appliances, sky light, covered entry, covered patio, screened pool. Describe the condition of the property (including needed repairs, deterlomfion, renovations, remodeling, etc.). C3-Kitchen-remodeled-timeframe unknown;Bathrooms-remodeled-timeframe unknown;The subject is of average quality construction and is maintained in average overall condition. No deferred maintenance is noted. There is no apparent evidence of functional or external depreciation. The sub'ect floor plan appears to be functional with no inadequacies noted at time of inspection. The appraiser notes that the subject utilities were in service and functioning, properly at the time of appraisal. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? ❑ Yes X No If Yes, describe While no physical deficiencies or adverse conditions that affect livability, soundness or structural integrity were noted. Such items are generally beyond the expertise of the appraiser. Issues of soundness and structural integrity are often related to areas that are hidden from the a raiser's view. Does the property generally conform to the neighborhood (functional utility, style, condition, use, constructor, etc.)? X Yes ❑ No If No, describe Functional utility is acceptable and what is tVpical for this neighborhood. The floor plan is adequate with typically sized rooms. The design of the subject is in line with other houses in the neighborhood. Also the subject has good appeal from the curb. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD -'TOTAL" appraisal software by a Is mode, inc.-1-800-ALAMODE FHANA Case No. 1163402 Uniform Residential Appraisal Report File# 1163402 There are 1 comparable properties currently offered for sale in the subject neighborhood_ ranging in price from $ 775,000 to $ 775,000 There are 6 comparable sales in the subject neighborhood within the past twelve months ranging in sale pace from $ 517,50 to $ 715,000 FEATURE I SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 13 Majestic Way Hutchinson Island FL 34949-8309 122 Queen Bess Ct Hutchinson Island FL 34949-8362 22 Sovereign Way Hutchinson Island FL 34949-8355 123 Queens Rd Hutchinson Island FL 34949-8349 Proximity to Subject 0.21 miles SW 0.26 miles SW 0.19 miles S Sale Price $ 515,000 $ 275.11 sq.fl. $ 549,000 $ 550 000 $ 517,500 Sale Price/Gross Liv. Area $ 3114.83 sq.g. MLS#RX-10604439;DOM 93 $ 260.42 sq.g. MLS#RX-10594833;DOM 4 $ 222.96 SO MLS#RX-10561654;DOM 116 Data Source(s) Verification Source(s) St WECount PLOP. A ./MLS St Lucie CountyPro . A ./MLS St Lucie Count Pro . A ./MLS VALUE ADJUSTMENTS DESCRIPTION DESCRON IPTI +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Financing Concessions AmnLth Conv;O AnnLth VA;O Arml-th Cash;O Date ofSale/Time s07/20;c05/20 s02/20;c0l/20 s02/20;c01/20 Location B;WtrFrGated B,WtrFr,Gated B;WtrFrGated B-WtrFr-Gated Leasehold/Fee Simple Fee Simple Fee Sim Is Fee Simple Fee Simple She 11000 at 10000 at 0 11326 sf 0 10890 sf 0 View N-Wtr N,Wtr, N;Wtr- N;Wtr- Design (Style) DT1-Southern DT1;Southern DT2;Southern 0DT1;Southem Quality of Construction Q4 Q4 Q4 Q4 Actual Age 42 33 038 042 Condition C3 C3 C3 C3 Above Grade Total Bdmis. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 7 3 2.0 7 3 2.1 0 7 3 2.1 0 7 3 3.0 -6 000 Gross Living Area 1,872 sq.fl. 1,801 sq.fL 0 2,112 sq.fL -14 400 2,321 sq.ft. -26 940 Basement & Finished Rooms Below Grade Osf Osf Osf Osf Functional Utility Average Average Average Aver® e Heating/Cooling CHA CHA CHA CHA Energy Efficient Items Typical Typical Typical Typical Garage/Carport 1 al dw 2 a2dw -8 000 2 a2dw -8 000 2 a2dw -8 000 - Porch/Patio/Deck Cv Ent / Cv Pat Cv Ent / Cv Pat Cv Ent / Cv Pat Cv Ent / Cv Pat • Fireplace / Pool 1-Fire/Pool Pkq Pool Pkq 0 Pool Pkq 0 Pool Pkq 0 Kitchen Appl/Uparades Standard Standard Standard Standard ' Boat Dock I None Boat Dock -10 000 Boat Dock -10 000 Boat Dock -10 000 • Net Adjustment (Total) Adjusted Sale Price _ of Comparables ❑ + ®- Net Adj. 3.3 % Gross Adl 3.3 % $ -18 000 $ 531 000 El ® - Net Adj. 5.9 % Gross Adj. 5.9 % $ -32 400 $ 517 600 ❑ + ®- Net Adj. g.8 % Gross Adj. g,8 % $ -50 940 $ 466,560 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) The subject sales and transfer history were researched through Public Record and MLS. 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) Comparable listing and transfer history were researched through Public Records MLS. 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). REM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) St Lucie County Pm . Appr. St Lucie County Pm . Appr. St Lucie County Pm . Appr. St Lucie County Pm . Effective Date of Data Source(s) 08/19/2020 08/19/2020 08/19/2020 08/19/2020 Analysis of prior sale or transfer history of the subject property and comparable sales A property history was obtained through public records for the subject's respective county. No title search has been performed, nor is the history resented herein warranted.The sub'ect has had no prior sales or listings in the previous three year period. The com arables have had no other sales or listings in the previous 12 month period outside of the above mentioned transactions. Summary of Sales Comparison Approach All sales have been selected from within the defined market segment, as indicated on page one of the L RAR. The subject property is typical residential and oom atible with other properties in the segment. Market based adjustments were performed for room count heated square footage, and amenities. Cora arables 1 through 3 were placed in order of Net & Gross percentage adjustments and were therefore weighted accordingly in the final estimate of value. The Sales Comparison Approach benefits from recent reliable data in the subject's immediate locale. The appraisers data set does not illustrate a market reaction for 1/2 bathroom and fire lace No adjustment made. At this time there is not a comparable sales with 1 car garage and none Boat dock an across the board adjustment was unavoidable Indicated Value by Sales Comparison Approach $ 518,000 Indicated Value by: Sales Comparison Approach $ 518,000 Cost Approach (if developed) $ 555,743 Income Approach ('d developed) $ The Sales Comparison Approach is the most reliable estimate of value. The Cost Approach has been provided and weighted acoordingly with in the valuation process. The Income Approach is not considered necessary due to preclominanoe of owner -occupied dwellings. This appraisal was • prepared for the client named on page 1 for the purpose of providing mortgage financing and is not intended for any other user or purpose. - This appraisal is made ® "as is", ❑ subject to completion per plans and specifications on the basis of a hypothegcal condition that the improvements have been completed, ❑ subject to the following repairs or alterations on the basis of a hypothegcal condition that the repairs or alterations have been completed, or ❑ subjecttothe • following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: This appraisal is subject to the attached general assumptions, limiting conditions and appraiser's certification. 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 $ 518,000 , as of 08/19/2020 , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. 1163402 Uniform Residential Appraisal Report File, 1163402 All sales were typical of value in the area were of the best found and contributed to the final market value estimate of the subject. The subject property is !cal residential and compatible with other properties in the neighborhood. Market data for this appraisal was obtained from the county tax and deed transfer records or from the Multiple Listing Records of the Greater Palm Beach Area Association of Realtors. Data believed to be unreliable was not utilized nor was data which appeared to represent unusual sale conditions utilized unless a reasonable ad'ustment could be made to offset these conditions. Confirmation of sales information: attempts have been made to confirm all sales information utilized in this appraisal. In the absence of specific confirmation from one of the parties involved in the transaction this appraiser has relied on at least two sources of public information to confirm the validity of the sales information. If both public sources indicated the same information the sale was utilized. If they differed the sale was not utilized unless another independent source of information was able to confine the data utilized. A "Complete Visual Inspection" lncludes: an interior & exterior walk through, view of components of the house that are readily observable floor Ian & layout observation assessment of functional utility, notation of special amenitiesgeneral condition notation of renovations repairs & upkeep, ualit of components, confirming measurements and neighborhood oonformitV. It does not include but is not limited to: moving of furniture fixtures appliances, lifting carpet or flooring, att!cs & crawls aces unless otherwise noted inaccessible areas activation or testing of mechanical systems such as water supply, sewage, etc., activation or testing of appliances, infestation of termites rodents bats etc., personal property, code compliance, environmental assessment. Relative to #10 on the A raiser's Certification. It must be understood that some information retrieved has no disinterested party (ie. the purchase agreement, etc. and any information regarding the improvements per the owner that are not verifiable ie. dates of maintenance etc. • have no way of being confirmed via a disinterested third party. Disinterested third parties are considered to be: title companies, escrow officers county records assessor records MILS. Any pendingsales included in the report cannot be verified by a disinterested third party, are not given any weight to value and are included • only to display market activity. The appraiser did not complete extensive research regarding but not limited to rehabilitative houses registered sex offenders criminal activity, drug houses etc. Receipt of a oopy or the original appraisal report by parties listed in #21 of the Appraisers Certification or any other parties does not obligate the appraiser and does not make them an intended user of the appraisal report. This appraisal was prepared for the client named on page 1 for the purpose of providing mortgage financing and is not intended for any other user or purpose. In addition the scope of this assignment is specific to the needs of the client named on page 1. If other parties choose to rely on the report, the appraiser is not obligated to such parties and it does not result in such parties becoming an intended user. Livable is defined as fit or suitable to live in or with. However, what is suitable in some markets and considered "Livable" is not consistent with what is considered suitable in other markets. Therefore the appraiser has completed an analysis of what is common and suitable within the subject market and evaluated the subject based on these terms. The Income Approach is not considered neoessa due to redominance of owner -occupied dwellings. Please see attached addenda for further comments regarding the oost approach. COST APPROACH TO VALUE (not reqUiffiffDTFIRIM Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Estimated site value via analysis of recent land sales in the area or allocation/extraction method. No weight given to the Cost Approach. —The appraiser notes that the building to land ratio for the subject property was determined to be !cal within the market and not indicative of any adverse marketing characteristics. ESTIMATED ❑ REPRODUCTION OR ® REPLACEMENT COST NEW OPINION OF SITE VALUE ------------------------------------ _$ 310000 Source of cost data Marshall & Swift DWELLING 1872 Sq.R.@$ 100.00------- _$ 187200 Quality rating from cost service Avg Effective date of cost data 08/20 0 Sq.FL @ $ ------- Comments on Cost Approach (gross living area calculations, depreciation, etc.) ------- Gross living area calculations are based on Public Record & Ph sisal Garage/Carport 330 Sq.R. @ $ 35.00 __ __ _$ 11,550 • measurement of the subject exterior. Depreciation was estimated via Total Estimate of Cost -New __ _ __ _ _ _$ 198,750 the age/life method. Site improvements: covered entry, covered Less Physical Functional I External patio,sea wall open patio, septic sstem landscaping, drive & Depreciation 13,107 =$( 53,007) walkways for contributory value of $100 OOO.Re lacement cost figures Depreciated Cost of Improvements =$ 145,743 used in the Cost Approach are for valuation purposes only. No one, "As -is" Value of Site Improvements ------------------=$ 100000 client or 3rd parties, should rely on these figures for insurance purposes. Estimated Remaining Economic Life (HUD and VA only) 55 Years INDICATED VALUE BY COST APPROACH __________________ =$ 555743 INCOME APPROACH TOVALUE (not required byFannleM', 8� • Estimated Monthly Market Rem $ X Gross Rem Multiplier - $ _ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) The income approach was considered but deemed un-necessaryto develop a credible opinion of value as the tvDical home sale within the market was determined to be for primary residence. NATION FOR PUDs [If applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? ❑ Yes ® No Unit type(s) X Detached ❑ Attached Provide the following irdormaton for PUDs ONLY it 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 Homeowners' Association? ❑ Yes ❑ No it Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE FHANA Case No. unlTorm KeSloentlal Appraisal lie This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect ether 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 the 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 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE 1163402 FHANA Case No. APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. 1 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. 1 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. 1 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. 1 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. 1 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. 1 selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property 8. 1 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. 1 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. 1 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. 1 have knowledge and experience in appraising this type of property in this market area. 12. 1 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. 1 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. 1 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. 1 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. 1 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. 1 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. 1 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. 1 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 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD -'TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE