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Uniform Residential Appraisal Report
J a SUMMARY 1204623A Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 266AspenCt ESTIMATED SITE VALUE = $ ` 200,000 Comments on Cost Approach (such as, source of cost estimate, ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value,square foot calculation and for HUD, VA and FmHA, the Dwelling 835 Sq.Ft. @$ 100.00 = $ 83,500 estimated remaining economic life of the property): u Sq. Ft. @$ ' = See attached... o Patio Deck Porch = o_ Garage/Carport 0 Sq.Ft. @$ = 0 a cc Total Estimated Cost New = $ 83,500 rn Less 80 Physical Functional External Est.Remaining Econ.Life: 50 O Depreciation $26,093 = $ 26,093 Depreciated Value of Improvements = $ 57,407 "As-is"Value of Site Improvements . _ $ 10,000 . INDICATED VALUE BY COST APPROACH• • • • • • • • • • = $ 267,400 ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 ' COMPARABLE NO.3 266 Aspen Ct 1552 NICE AV 493 S 16TH ST 1015 MENTONE AV Address Arroyo GrandeGROVER BEACH,Ca 93433 GROVER BEACH,Ca 93433 Grover Beach,CA 93433 Proximity to Subject 7,71777:7-77:'77,771 0.68 miles 0.59 miles 0.98 miles Sales Price $ Refinance.77.71;777: $ 288,000 ?. ;•>r .r $ 305,000 ._ 1 '"1 $ 325,000 ',, :�.' ? 290.18 0 Price/GrossLiv.Area $ 0.00 0` $ 318.58 0 'i;: �•;;0,-:-'1 :. , - .3; $ 265.22 0 !;`'A�'.`:��•.-. $ -- • ,• - Data and/or - FARES/Title Co/Assessor FARES/Title Co MLS/Title/FARES/Assessor Verification Sources MLS#: 1018705 MLS#1016654 MLS#: 1020637 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION . •(-)SAdjustment DESCRIPTION .I-)SAdjustment DESCRIPTION . .(-)SAdjustment � Sales or Financing N/A-,, ''''7 :i; '�'s CTNL CTNL CTNL Concessions N/A°'':", _ ' '' :"` '-i Doc#66590 Doc#71131 Doc#100675 Date of Sale/Time N/A :' 06/20/2003 06/30/2003 09/04/2003 Location Urban Urban Grover Beach Grover Beach Leasehold/FeeSimpe Fee Simple Fee Simple Fee Simple Fee Simple Site 3480 5500 6750 -5,000 5270 ' View Neighborhood Neighborhood Neighborhood Mountain ' Design and Appeal Cottage Cottage Cottage Cottage Quality ofConstruubn Average Average Average Average Age 1920-updatd 1958 1949 1959 Sit Condition Average-cid Average Average Good -15,000 } Above Grade Total: Bdrms : Baths Total: Bdrms : Baths Total; Bdrms: Baths Total: Bdrms: Baths ec Room Count 35 4! 2! 1.00 5; 3! 1.00 5; 2; 1.00 4; 2; 1.00 cc Gross Living Area `835 Sq.Ft. 904 Sq.Ft. 1,150 Sq.Ft. -11,000 1,120 Sq.Ft. -10,000 ZO Basement&Finished None - None None None Rooms Below Grade Fe Functional Utility Average Average Average Average E Heating/Cooling FAU/None .gas FAU . Elect Wall/None gas Wall Ener. Efficient Items -None as earent None a•4arent None ae earent None aI earent Garage/Carport 2 Det.Garage 1.Att.Garage +5,000 2 car garage . 2 car garage . cc Porch,Patio,Deck, Porch,Patio,Deck Porch,Patio Porch,Patio Porch,Patio rn Fireplace(s),etc. 0 0 1 _1 Fence,Pool,etc. Fence Fenced Fenced _Fenced Days on market N/A ,55 143 49 Net Adj.(total) X❑ + ❑ - ;$ 5,000 ❑ + ❑x - ;$ 16 000 + X - ;$ . 25,000 Adjusted Sales Price -.. . • : Gross:Y.1 7% ''i ,Gross:.:5'.2%'` Grosst'7:7%- . of Comparable i Net:: 1.7%' $ 293,000 Net:; -5.2%'"- ,• $ 289,000 'Net:,'"'•-7.7% $ 300,000 Comments-on Sales Comparison(including the subject property's compatibility to the neighborhood,etc.): Each of the sales represent similar-alternative properties to the subject. Only minor differences exist in a narrow range that establishes a probable value for the subject in the range from$283,000 to$337,000. Given the subject's smaller site and older,smaller improvements,a value at the lower end of the indicated range is indicated. ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Date.Price and Data See attached for No prior sales data in the past 12 mos. No prior sales data in the past 12 mos. No prior sales data in the past 12 mos. Source for prior sales 3 year sales history - within year of appraisal . Analysis of any current agreement of sale,option,or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: The subject is not currently listed for sale.It has not been listed for sale or sold within the past twelve months.The comparable sales are not currently listed for sale. See Multiple Purpose Supplemental Addendum For Federally Related Transactions for three year sales history. INDICATED VALUE BY SALES COMPARISON APPROACH $ 290,000 wi INDICATED VALUE BY INCOME APPROACH(liApplicable) Estimated Market Rent$ N/A No.x Gross Rent Multiplier N/A =$ N/A i This appraisal is made X❑ "as is" ❑ subject to the repairs,alterations,inspections or conditions listed below -❑ subject to completion per plans and specifications. Conditions of Appraisal: This appraisal report is intended for use in a mortgage finance transaction only. This report is not intended for any other use. Final Reconciliation:See Addendum... Z C Q The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report,based on the above conditions and the certification,contingent = and limiting conditions,and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 10048(Revised 06/93 ). F.)" • i(WE)ESTIMATE THE MARKET VALUE,AS DEFINED,OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT,AS OF December 15,2003 8 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT)TO BE$ 290,000 . ce APPRAIS • SUPERVISORY APPRAISER(ONLY IF REQUIRED): Signature' f�.dt 1� Signature ❑Did ❑Did Not ' Name Michael McIntosh Name Inspect Property Date Report Signed 12/17/2003 Date Report Signed State Certification# AR009031 State CA State Certification# State Or State License# State Or State License# State r Freddie Mac Form 70 6.93 PAGE 2 OF 2 Fannie Mae Form 1004 6.93 Produced using ACI software.800.234.8727 www.aw,eb.com ' Michael S McIntosh - This report was prepared on behalf;of eAppraiselT SUMMARY USPAP COMPLIANCE ADDENDUM File No. 266AspenCt Borrower Blair Order# Property Address 266 Aspen Ct City Arroyo Grande County San Luis Obispo State CA Zip Code 93420 Lender/Client Wells Fargo Home Mortgage Client Reference# 1204623A Only those items checkedi2 below apply to this report. PURPOSE,FUNCTION AND INTENDED USE OF THE APPRAISAL • The purpose of the appraisal is to provide an opinion of market value of the subject property as defined in this report,on behalf of the appraisal company facilitating the assignment for the referenced client as the intended user of the report. The only function of the appraisal is to assist the client mentioned in this report in evaluating the subject property for lending purposes. The use of this appraisal by anyone other than the stated intended user,or for any other use than the stated intended use,is prohibited. O The purpose of the appraisal is to provide an opinion of market value of the subject property,as defined in this report,on behalf of the appraisal company facilitating the assignment for the referenced client as the intended user of this report. The only function of the appraisal is to assist the client mentioned in this report in evaluating the subject property Real Estate Owned(REO)purposes. The use of this appraisal by anyone other than the stated intended user,or for any other use than the stated intended use,is prohibited. EiThe purpose of this appraisal is to ,on behalf of the appraisal company facilitating the assignment for the referenced client as the intended user of this report. The only function of the appraisal is to assist the client mentioned in this report in evaluating the subject property for . The use of this appraisal by anyone other than the stated intended user,or for any other use than the stated intended use is prohibited. TYPE OF APPRAISAL AND APPRAISAL REPORT • This is a complete Appraisal written in a summary Report format and the USPAP Departure Rule has not been invoked. El This is a Limited Appraisal written in a Report format and the USPAP Departure Rule has been invoked as disclosed in the body or addenda of the report. The client has agreed that a Limited Appraisal is sufficient for its purposes. SCOPE(EXTENT)OF REPORT X❑ The appraisal is based on the information gathered by the appraiser from public records,other identified sources,inspection of the subject property and neighborhood,and selection of comparable sales,listings,and/or rentals within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation,if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided,the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The extent of analysis applied to this assignment may be further imparted within the report,the Appraiser's Certification below and/or any other Statement of Limiting Conditions and Appraiser's Certification such as may be utilized within the Freddie Mac form 439 or Fannie Mae form 1004b(dated 6/93),when applicable. MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY • A reasonable marketing time for the subject property is 30-90 day(s)utilizing market conditions pertinent to the appraisal assignment. • A reasonable exposure time for the subject property is +-60 day(s). APPRAISER'S CERTIFICATION 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 conclustions are limited only by the reported assumptions and limiting conditions,and are my personal, impartial,and unbiased professional analyses,opinions,and conclusions. - 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 stated within the report. - I have no bias with respect to the property that is the subject of this report or to 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. - I haveX❑or have not❑ made a personal inspection of the property that is the subject of this report. (if more than one person signs this report, this certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraisal property.) - No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions,the name of each individual providing significant professional assistance must be stated.) NOTE: In the case of any conflict with a client provided certification(i.e.,Fannie Mae or Freddie Mac),this revised certification shall take precedence. 7 - Supervisory Appraiser's Certification: If a supervisory appraiser signed the appraisal report,he or she certifies and agrees that: 1 directly supervise the appraiser who prepared the appraisal report,have reviewed the appraisal report,agree with the statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 2-7 and 9 on the second page of Freddie Mac Form 439 6-93/Fannie Mae Form 1004B 6-93,or the third page of Form 2055,and am taking full responsibility for the appraisal report. APPRAISER'S AND SUPERVISORY APPRAISER'S SIGNATURE APPRAISER: SUPERVISORY APPRAISER(only if required): Signature: �if�. iv eSkC � Signature: Name:Michael McIntosh Name: Date the Report was Signed:12/17/2003 Date the Report was Signed: State Certification#: AR009031 State Certification#: or State License#: or State License#: State: CA State: Expiration Date of Certification or License: 11/11/2004 Expiration Date of Certification or License: Did inspect subject property Ell Inspected Comparables El Interior&Exterior El Interior&Exterior illExterior only Exterior only USPAP Compliance Addendum-Rev.5/01 1 of 1 uspap0l Produced using ACI software,800.234.8727 www.achvee.carn This report was prepared on behalf of eAppraiselT 1204623A File No. 266AspenCt 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 considers his 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 LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and,therefore,will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report 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 the appraisal report whether 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. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs,depreciation,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 normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report,the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. 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,the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. S. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. 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 completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value,the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news,sales,or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 This report was prepared on behalf of eAppraiselT 1204623A File No. 266AspenCt APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to,or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and,if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge,that allstatements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis,opinions, and conclusions,which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to 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 the estimate of market value in the appraisal report on the race,color, religion, sex, 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. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation,or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity 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 as of the effective date of this appraisal, with the exception of the departure provision of those Standards,which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report,unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of 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 the report;therefore,if an unauthorized change is made to the appraisal report,I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above,and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 266 Aspen Ct,Arroyo Grande.CA 93420 APPRAISER: SUPERVISORY APPRAISER(only if required) Signature: dee„/F-ec,a6— Signature: Name: Michael McIntosh Name: Date Signed: 12/17/2003 Date Signed: State Certification#: AR009031 State Certification#: or State License#: or State License#: State:CA State: Expiration Date of Certification or License: 11/11/2004 Expiration Date of Certification or License: ❑ Did ❑ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 This report was prepared on behalf of eAppraiseIT ADDENDUM Borrower: Blair File No.: 266AspenCt Property Address: 266 Aspen Ct Case No.: 1204623A City: Arroyo Grande State: CA Zip: 93420 Lender: Wells Fargo Home Mortgage PROPERTY IDENTIFICATION The subject property is identified by 1)its physical address,2)the assessor's parcel number and attached plat map,and 3)if available by the lot,block,and tract description. A full length legal description can be found in the preliminary title report which was not available to the appraiser prior to submission of this report. NEIGHBORHOOD MARKET CONDITIONS The subject property is located within the evacuation area of the Diablo Canyon Nuclear Power Station. Property values in the subject neighborhood are stable. Thirty year fixed rate mortgages are in the+-6%range. Low mortgage rates and a stronger employment market have produced a stable demand for homes. Cash to a new loan is the predominant method of financing residential real estate transactions. There are no known financing concessions which would adversely affect the market at the present time. Typical sale to list price ratio is above 95%. Homes in the subject price range typically remain on the market in the range of months indicated. SITE COMMENTS No site easements were apparent to the appraiser other than those commonly used for public utilities. No apparent encroachments were observed at the time of inspection.No other apparent adverse site conditions were noted by the appraiser.Site size and utility are typical for this area. PHYSICAL INSPECTION OF THE SUBJECT DWELLING The physical condition of the subject improvements described herein is based solely on a visual inspection. The appraiser makes NO warranties or guaranties and assumes NO liability for the structural integrity of the subject improvements,their condition,or the adequacy,of mechanical equipment,plumbing,or electrical components. ENVIRONMENTAL CONDITIONS See"ADDITIONAL(ENVIRONMENTAL)LIMITING CONDITIONS"on page 2 of the"MULTI-PURPOSE.SUPPLEMENTAL ADDENDUM -FOR FEDERALLY RELATED TRANSACTIONS"attached to the appraisal report. SEISMIC STUDY ZONE San Luis Obispo County is one of twenty two counties within the State of California that have been identified as special study areas for earthquake faults. The San Andreas fault runs along the eastern portion of the County. There are also numerous fault lines that criss-cross the county that may have the potential for an earthquake of magnitude. The subject property and the comparable properties utilized in this analysis share this location feature in common. There would be a significant,effect on property value subsequent to a major earthquake. HAZARDOUS SUBSTANCES The presence of potentially hazardous material(s)may exist,whether naturally occurring or used in the construction and/or maintenance of the subject improvements. These include,yet are not limited to,formaldehyde,asbestos,molds,mildews,gases,insecticides, herbicides,pesticides,PCR's,and/or other petroleum products. The appraiser is not a qualified professional inspector of the aforementioned items. The appraiser's visual inspection of the property is strictly confined to the condition of topical items related to age,wear,and maintenance. **Questions pertaining to whether adverse conditions relating to hazardous substances exist on the subject property or surrounding area need to be answered by a professional qualified to investigate such matters. INFESTATION The appraiser's inspection of the property for the real estate appraisal did not include an inspection for infestation. The appraiser is not a pest inspection professional,therefore,what may or may not be"obvious signs of infestation"is,as stated,unknown. Structural pest infestation is a serious matter to the value and integrity of real estate. Therefore,a professional pest inspection would have to be completed in order to ascertain whether pests infest the subject property. Should the subject be infested with pests or should there be damage to the improvements as a result of past or present infestation,the value reported herein would be adversely affected. COST APPROACH COMMENTS The physical depreciation estimate is based on the following equation:Estimated Effective Age/(Estimated Effective Age+Estimated Remaining Economic Life).Direct and indirect costs plus entrepreneurial profit are included in the estimated reproduction cost. LAND TO VALUE RATIO The land to valueratio which is indicated in the cost approach is typical for the subject neighborhood. Buildable land in the local market is scarce and is outweighed by demand.The combination of high demand and scarce supply for buildable land inflates land values and raises the land to improvement ratio;a condition typical throughout San Luis Obispo County. FUNCTIONAL OBSOLESCENCE The subject property is not affected by functional obsolescence. Addendum Page 1 of 3 This report was prepared on behalf of eAppraiselT / 1'\ J ADDENDUM Borrower: Blair File No.: 266AspenCt Property Address: 266 Aspen Ct Case No.: 1204623A City: Arroyo Grande State: CA Zip: 93420 Lender: Wells Fargo Home Mortgage EXTERNAL OBSOLESCENCE The subject property is not affected by external obsolescence. LAND VALUATION Recent sales of vacant land in the subject neighborhood were not available. Land sales for the purpose of constructing single family residences in this area are uncommon. The Land Abstraction Technique was utilized to determine the land value for the subject.This method involves estimating the reproduction cost new for all improvements to the site. Physical depreciation,functional obsolescence, andexternal obsolescence are then deducted from the cost new of the improvements to arrive at their depreciated value as of the date of the appraisal.The estimated value of the improvements is then subtracted from the market value which was derived in the Sales Comparison Analysis.The remaining difference is attributable to the land value of the subject property. HIGHEST AND BEST USE Highest and Best Use is defined in the Dictionary of Real Estate Appraisal,compiled and published by the American Institute of Real Estate Appraisers,as follows:"The reasonably probable and legal use of vacant land or an improved property,which is physically possible,appropriately supported,financially feasible,and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility,physical possibility,financial feasibility,and maximum profitability." The existing residential use of the subject property is judged to be consistent with the above set out definition. The current improvements are both physically possible and legally permissible and under current zoning generate a value in excess of that produced by an alternate use. Due to current zoning and historical use,if the existing improvements were accidentally destroyed it is likely that they would be allowed to be rebuilt.Therefore the existing use is the Highest and Best use for the subject property. APPROACHES TO VALUE The three approaches to value are considered in developing a supportable value estimate. They are the 1)Cost Approach,2)Income Approach and,3)Sales Comparison Approach. The Cost Approach consists of historical construction costs and use of the Marshall and Swift Handbook. The age/life method was used to calculate the observed accrued depreciation of the subject property.The Cost Approach is more useful in appraising,new or newer improvements.The Cost Approach has limited value and reliability when attempting to accurately estimate the accrued depreciation of older.improvements. The site was valued in terms of its residual value derived from the market approach. Land sales in the Santa Barbara area are limited to a few areas.The appraiser's opinion of the land value is based upon the knowledge of land sales in either the subject's area or other surrounding,competing areas where land sales have occurred.This lack of land sale data,combined with the uncertainty of properly measuring physical depreciation,renders this approach to value less reliable than the market approach. The Income Approach,also known as the Gross Rent Multiplier Analysis,has been excluded altogether in this appraisal due to a lack of an active rental market for single family residences. Single family residences are rarely purchased for their income stream capabilities. The Sales Comparison Approach,is the best accepted method of valuation as it reflects the thinking of a typical buyer,representing an immediate alternative to purchasing the subject property.The adjustments used in this appraisal are based on market reaction to the presence or absence of certain features and amenities,and do not equate to the cost of these amenities/features.Site adjustments, depending on such factors as utility and/or view,were made on the basis of a building lot,with minimal market reaction to small differences in square foot area.These adjustments,as well as those for location,condition and other factors,were developed through study of market sales,using such methods as paired sales analysis and direct market extraction. RECONCILIATION As stated,the Sales Comparison Analysis is the most recognized approach to value for single family residences.Data obtained from market sources was analyzed,correlated and reconciled into the final estimate of value.This approach to value represents the appraiser's thorough findings based upon current market conditions.Although the Cost Approach was developed,it was less heavily relied upon for the reasons given above.The Income Approach was not considered at all. COMMENTS ON THE SALES COMPARISON ANALYSIS APPROACH The following enumerates the significant adjustment categories that are primarily responsible for differences in value from property to property and illustrates the differences that exist between the subject property and each comparable sale. FINANCING-The comparable sales were checked for concessions that would affect their reported transfer value. If concessions exist, like properties were selected with which the."concessioned property"could be paired and a difference in value abstracted. The difference thus abstracted was then applied to the"concessioned property"in order to bring its selling price in line with a typical market transaction. When such a paired sales analysis is not possible the"cash equivalency"method is applied to the comparable sale and the appropriate adjustment entered. LISTING ADJUSTMENT-An adjustment reflecting prevailing sale to list price ratios was applied to comparable listings in order to closely approximate their probable sales price. SITE-Site adjustments reflect differences in actual usable area as well as gross area.Adjustments for site differences are applied on that basis alone and consequently may be applied to properties with equal gross site area,yet different effective area. VIEW-Differences in view are based on the view amenity observed at the time of the exterior inspection of the comparable sale. This information is supplemented by broker and MLS descriptions. Addendum Page 2 of 3 This report was prepared on behalflof eAppraiselT ' 1 ADDENDUM Borrower: Blair File No.: 266AspenCt Property Address: 266 Aspen Ct Case No.: 1204623A City: Arroyo Grande State: CA Zip: 93420 Lender: Wells Fargo Home Mortgage CONDITION-Adjustments for condition reflect an approximate dollar amount necessary to bring the comparable sale up or down the level of the subject. ROOM COUNT-The living area adjustment adequately accounts for differences in room,bedroom,and bathroom count. Consequently individual room adjustments are redundant. GROSS LIVING AREA-The gross living area was adjusted to reflect differences in value caused by living area differences exceeding 100 square feet. SUMMARY OF SALES COMPARISON ANALYSIS DATA The comparable sale data was selected to match as closely as possible the location of the subject property and the physical characteristics of the improvements. All comparables are similar to the subject property in terms of presenting a realistic alternative choice to a typical buyer. Most weight is given to the value indicated by the sales comparison analysis. The cost approach lends further support to the value conclusion. The income approach to value is not applicable to predominantly owner occupied single family residences. COMMENTS AND CONDITIONS OF THE APPRAISAL Adjustments over 15%net or 25%gross,sale data located over 1 mile away from the subject,and sale data over six(6)months old,are made necessary by the limited sales data from which to select comparables. Sale data is limited by the low inventory of homes available for sale. When sale data is limited it is necessary to expand the prescribed parameters for obtaining comparable sale data and the adjustments applied to the differences typically found in the limited and disparate data. DATE OF THE APPRAISAL The effective date of the appraisal and the date of inspection are the same. The preparation date of the appraisal took place within approximately one week thereafter. Data and conclusions are based on the assumption that there have been no detrimental physical, functional or external factors transpiring between the date of the inspection and the date of the completion of this report. The value estimate is reliable and valid only as of the appraisal date,since market changes and external factors can significantly affect property value. If any information required or deemed pertinent to the completion of this appraisal is unavailable,it is disclosed and explained in the appraisal report. DIGITAL SIGNATURE The appraiser's signature has been affixed to this appraisal electronically. The result is a true and accurate digital image of the appraiser's signature. The process by which the signature is affixed to the appraisal is password protected and strictly controlled by the appraiser. Electronically affixing a digital signature to this report carries the same level of authenticity and responsibility as an ink signature. Addendum Page 3 of 3 This report was prepared on behalf of eAppraiselT SUMMARY USPAP-COMPLIANT REPORT IDENTIFICATION Case No. 1204623A File No. 266AspenCt Borrower/Client Blair Address 266 Aspen Ct City Arroyo Grande County San Luis Obispo _ State CA Zip Code 93420 Lender/Client Wells Fargo Home Mortgage This Appraisal conforms to one of the following definitions: ® Complete Appraisal The act or process of estimating value,or an estimate of value,performed without invoking the Departure Provision ❑ Limited Appraisal The act or process of estimating value,or an estimate of value,performed under and resulting from invoking the Departure Provision. This Report is one of the following types: ❑ Self Contained Report A written report prepared under Standards Rule 2-2(A)of a complete or limited appraisal performed under Standard 1. ❑X Summary Report A written report prepared under Standards Rule 2-2(B)of a complete or limited appraisal performed under Standard 1. ❑ Restricted Report A written report prepared under Standards Rule 2-2(C)of a complete or limited appraisal performed under Standard 1. • Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-2,1-3, 1-4,plus any USPAP-related issues requiring disclosure: None • Produced using ACI software,800.234.8727 www.achweb.com This report was prepared on behalf of eAppraiselT \--..' U SUMMARY 1204623A Pro.erty Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 266AspenCt Property Address 266 Aspen Ct city Arroyo Grande State CA Zip Code 93420 Legal Description CY AG PM 52-25 PAR 2 County San Luis Obispo F Assessor's Parcel No. 077-163-044 Tax Year 03/04 R.E.Taxes$ 1,563.96 Special Assessments$ N/A w Borrower Blair Current Owner Blair Occupant: 0 Owner ❑ Tenant ❑ Vacant Property rights appraised XI Fee Simple [ J Leasehold I Project Type U PUD Li Condominium(HUDNA only) HOA$ N/A /Mo. y Neighborhood or Project Name Arroyo Grande Map Reference 714-E4 Census Tract 0119.02 Sale Price$ Refinance Date of Sale N/A Description and$amount of loan charges/concessions to be paid by seller N/A Lender/Client Wells Fargo Home Mortgage Address 2051 Killebrew Dr,Suite 500 PMI De, Bloomington,MN 55425 Appraiser Michael McIntosh Address 1125 W Barton Ave,Lompoc,CA 93436 Location U Urban ❑ Suburban ❑ Rural Predominant Single family housing Present land use% Land use change Built up 0 Over 75% ❑ 25-75% ❑ Under 25% occupancy PRICE AGE E One family • 70% 0Not likely ❑ Likely Growth rate ❑ Rapid N Stable CI slow NOwner 249000 Low 0 2-4 family 10% ❑ In process Property values Q Increasing ❑ Stable ❑ Declining ❑ Tenant 695000 High 60 Multi-family 10% To: Demand/supply.Q Shortage ❑ In balance ❑ Oversupply Q Vacant(0.5%) 5.7 1 Predominant ;' Commercial 10% Marketing time Q Under 3 mos. ❑ 3-6 mos. ❑ Over 6 mos. ❑ Vacant(over 5%) 400000 35 ( ) Note:Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: Grand Ave to the north,Farroll Ave to the south,the Pacific Ocean to the west and Oak Park Blvd to the °o east. 2 Factors that affect the marketability of the properties in the neighborhood(proximity to employment and amenities,employment stability,appeal to market,etc.): g Subject is located in the City of Arroyo Grande. This is primarily a retirement community with better quality homes on quiet streets. City services and amenities are = convenient to the subject. Arroyo Grande is located along the Central Coast of California,90 miles north of Santa Barbara and 150 miles south of Monterey in the w County of San Luis Obispo. Arroyo Grande provides for a unique quality of life for its residents and draws tourists with its moderate coastal climate,drive-on beach, z and diverse recreational opportunities. Local employment consists mostly of professional,managerial,and service related businesses. Otherwise the area serves as a bedroom community to larger employment areas like the City of San Luis Obispo and the City of Santa Maria. Market conditions in the subject neighborhood(including support for the above conclusions related to the trend of property values,demand/supply,and marketing time --such as data on competitive properties for'sale in the neighborhood,description of the prevalence of sales and financing concessions,etc.): Property values continue to trend higher. Current data shows an increase•in inventory and market time. For homes similar to the subject,from 6/2003 to the present,the market is comprised of 16 sales ranging in value from$282,500 to$349,000 with an n average sale price of$321,187 and a market time of 51 days. Presently there are 3 active listings and 0 pending sales averaging$318,466 with a market time of 19 days. Newer improvements tend to occupy the the upper end of the range indicated. Project Information for PUDs (If applicable)--Is the developer/builder in control of the Home Owners'Association (HOA)? U YES ❑ NO E. Approximate total number of units in the subject project NA Approximate total number of units for sale in the subject project NA . Describe common elements and recreational facilities: N/A Dimensions See attached plat map Topography Level all usable LJ Site area 3480 Corner Lot ❑ Yes No Size Typical of area Specific zoning classification and description R1(single family residential) Shape Rectangular Zoning complianceX❑ Legal ❑ Legal nonconforming(Grandfathered use) ❑Illegal ❑ No zoning Drainage Appears adequate Highest&best use as improved: X❑Present use ❑ Other use(explain) View Neighborhood Utilities Public Other Off-site Improvements Type Public Private Landscaping Average Electricity 0 Street Asphalt X❑ ❑ Driveway Surface Concrete Gas X❑ Curb/gutter Concrete X❑ ❑ Apparent easements Typical utility Water Q Sidewalk Cohcrete X❑ ❑ FEMA Special Flood Hazard Area U Yes U No Sanitary sewer Street lights Standard Q ❑ FEMA Zone C Map Date 09/19/1984 Storm sewer Alley None ❑ ❑ FEMA Map No. 060305 0002C Comments(apparent adverse easements,encroachments,special assessments,slide areas,illegal or legal nonconforming zoning,use,etc.): See Addendum... GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No.of Units One Foundation Concrete Slab No Area Sq.Ft. 0 Roof ❑ No.of Stories 1 Story Exterior Walls Stucco Crawl Space Yes %Finished N/A ceiling concealer X❑ Type(Det./Att.) Detached _ Roof Surface Comp Shingle Basement No Ceiling N/A Walls concealer X❑ Design(Style) Cottage Gutters&Dwnspts. Yes - Sump Pump No Walls N/A Floor ❑ F Existing/Proposed Existing Window Type Metal Dampness None apparent Floor N/A None ❑ w Age(Yrs.) 1920-updatd Storm/Screens None/Yes settlement None apparent Outside Entry N/A Unknown ID • Effective Age SYrs.) 25 Manufactured House No Infestation Unknown ii• ROOMS Foyer Living Dining Kitchen - Den- Family Rm. Rec.Rm. Bedrooms #Baths Laundry Other Area Sq.Ft. pi Basement , 0 • Level 1 1 area 1 2 1 835 O • Level 2 _ 0 z 0 O P Finished area above grade contains: 4 Rooms; 2 Bedroom s); 1 Bath(s); 835 Square Feet of Gross Living Area Fe c_) INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: cis w Floors Wood,tile/gd Type FAU Refrigerator ❑ None CI Fireplace(s)# CI None ID O Walls Plaster/avg Fuel gas .Range/Oven Q' Stairs ❑ Patio wood 0 Garage 2 #of cars Trim/Finish Wd-painted/avg Conditionaverage Disposal -0 Drop Stair ❑ Deck wood Q Attached Bath Floor Tile/gd COOLING Dishwasher ❑ Scuttle ' Q Porch wood 0 Detached 2 Bath Wainscot Tile/gd Central N/A Fan/Hood ❑X Floor ❑ Fence wood Q Built-In Doors Panel/gd Other N/A Microwave ❑ Heated CIPool CICarport ET ConditionN/A Washer/Dryer n Finished ❑ ❑ Driveway 2 Additional features(special energy efficient items,etc.): The subject property offers amenities which are typical for this neighborhood-i.e.entry porch, Fenced yard. to Condition of the improvements,depreciation(physical,functional,and external),repairs needed,quality of construction remodeling/additions,etc.. Updated z bathroom with new fixtures,tile,and vanity. New tile kitchen floor,new concrete driveway,newer front landscaping. W E U Adverse environmental conditions(such as,but not limited to, hazardous wastes,toxic substances,etc.) present in the improvements,on the site,or in the immediate vicinity of the subject property: See Addendum... • Freddie Mac Form 70 6-93 PAGE 1 O 2 Fannie Mae Form 1004 6-93 Produced using ACI software,000.234.6727 www.eciwek.com This report was prepared on behalf,of eAppraiselT { FLOORPLAN Borrower: Blair File No.: 266AspenCt Property Address:266 Aspen Ct Case No.:1204623A City:Arroyo Grande State: CA Zip: 93420 Lender:Wells Fargo Home Mortgage 34.0' Bath Laundry Kitchen co Bedroom 5.5' 5.0' Bedroom Dining Room Living Room N Entry 39.0' r5.5' Comments: AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Size Net Totals Breakdown Subtotals GLA1 First Floor 835.00 835.00 First Floor 11.0 x 39.0 429.00 10.0 x 34.0 340.00 5.5 x 12.0 66.00 TOTAL LIVABLE (rounded) 835 3 Calculations Total(rounded) 835 1125 W Barton Ave,Lompoc,Ca 93436 (805)737-4095 I(805)456-3903 This report was prepared on behalf,of eAppraiselT 1204623A SUMMARY 266AspenCt Ei CURRENT SALES CONTRACT X❑ The subject property is currently not under contract. X❑ The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section. ❑ The contract and/or escrow instructions were reviewed.The following summarizes the contract: Contract Date Amendment Date Contract Price Seller ❑ The contract indicated that personal property was not included in the sale. ❑ The contract indicated that personal property was included. It consisted of Estimated contributory value is$ X❑ Personal property was not included in the final value estimate. ❑ Personal property was included in the final value estimate. ❑ The contract indicated no financing concessions or other incentives. ❑ The contract indicated the following concessions or incentives: X❑ If concessions or incentives exist,the comparables were checked for similar concessions and appropriate adjustments were made,if applicable, so that the final value conclusion is in compliance with the Market Value defined herein. © MARKET OVERVIEW under 3 months is considered a reasonable marketing period for the subject property based on Central Coast MLS © ADDITIONAL CERTIFICATION The Appraiser certifies and agrees that: (1) Their analyses,opinions and conclusions were developed,and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice("USPAP"),except that the Departure Provision of the USPAP does not apply. (2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client,the amount of the value estimate,the attainment of a stipulated result,or the occurrence of a subsequent event. (3) This appraisal assignment was not based on the requested minimum valuation,a specific valuation,or the approval of a loan. © ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. © ADDITIONAL COMMENTS None © APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION • Appraiser's Signature Effective Date December 15,2003 Appraiser's Name(print) Michael McIntosh Phone#(805 )737-4095 Date Prepared 12/17/2003 State CA ❑License If Certification# AR009031 Tax ID# 549-15-8315 • CO-SIGNING APPRAISER'S CERTIFICATION ❑ The co-signing appraiser has personally inspected the subject property,both inside and out,and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions,and confirms that the certifications apply fully to the co-signing appraiser ❑ The co-signing appraiser has not personally inspected the interior of the subject property and: ❑ has not inspected the exterior of the subject property and all comparable sales listed in the report. ❑ has inspected the exterior of the subject property and all comparable sales listed in the report. ❑ The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report,including the value conclusions and the limiting conditions,and confirms that the certifications apply fully to the co-signing appraiser with the exception of the certification regarding physical inspections. The above describes a level of inspection performed by co-signing appraiser. ❑ The co-signing appraiser's level of inspection,involvement in the appraisal process and certification are covered elsewhere in the addenda section of this appraisal. ■ CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Co-Signing Appraiser's Signature Effective Date Appraiser's Name(print) Phone#( ) Date Prepared State ❑License ❑Certification# Tax ID# Produced using ACI software,800.234.8727 www.atlwab.com mpsa03 This report was prepared on behalf;of eAppraiselT SUMMARY MULTI-PURPOSE SUPPLEMENTAL ADDENDUM 1204623A FOR FEDERALLY RELATED TRANSACTIONS 266AspenCt Borrower/Client Blair Property Address 266 Aspen Ct city Arroyo Grande county San Luis Obispo State CA Zip Code 93420 Lender Wells Fargo Home Mortgage This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a con- venient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC) and the Federal Reserve. This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. © PURPOSE & FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as defined herein.The function of the appraisal is to assist the above-named Lender in evaluating the subject property for lending purposes.This is a federally related transaction. Et EXTENT OF APPRAISAL PROCESS X❑ The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area.The original source of the com- parables is shown in the Data Source section of the market grid along with the source of confirmation, if available.The original source is presented first.The sources and data are considered reliable.When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. ® The Reproduction Cost is based on local construction cost estimates and/or Marshall&Swift Res.Online Cost Guide supplemented by the appraiser's knowledge of the local market. Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, if present, is specifically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market.This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. El The subject property is located in an area of primarily owner-occupied single family residences and the Income Approach is not consi- dered to be meaningful. For this reason,the Income Approach was not used. ❑ The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area.The rental knowledge is based on prior and/or current rental rate surveys of residential properties.The Gross Rent Multiplier is based on prior and/or current analysis of prices and market rates for residential properties. ❑ For income producing properties,actual rents,vacancies and expenses have been reported and analyzed.They have been used to pro- ject future rents,vacancies and expenses. © SUBJECT PROPERTY OFFERING INFORMATION According to Central Coast MLS the subject property; Q has not been offered for sale in the past: ❑30 days 0 1 year ❑3 years ❑Other ❑ is currently offered for sale for$ ❑ was offered for sale within the past: ❑30 days ❑1 year ❑3 years ❑Other for$ ❑ Offering information was considered in the final reconciliation of value. ❑ Offering information was not considered in the final reconciliation of value. ❑ Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. © SALES HISTORY OF SUBJECT PROPERTY According to the San Luis Obispo County Recorder the subject property; ❑ has not transferred in the past U 1 year Li 3 years U Other ❑ has transferred in the past ❑1 year ❑3 years ❑Other X❑ All prior sales which have occurred in the past 36 months or 3 years are listed below and reconciled to the appraised value, either in the body of the report or in the addenda. Date Sales Price Document# Seller Buyer 11/13/2002 $157,000 98629 Maurer Blair • FEMA FLOOD HAZARD DATA ,7 X❑ Subject property is not located in a FEMA Special Flood Hazard'Area. ❑ Subject property is located in a FEMA Special Flood Hazard Area. Zone FEMA Map/Panel# Map Date Name of Community C 060305 0002C 09/19/1984 ARROYO GRANDE,CITY OF ❑ The community does not participate in the National Flood.Insurance Program. X❑ The community does participate in the National Flood Insurance Program. X❑ It is covered by a regular program. ❑ It is covered by an emergency program. Produced using ACI sofwa,e.800.271.8727 www.athveb.tom mpse07 This report was prepared on behalf,of eAppraiselT COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Blair File No.: 266AspenCt Property Address:266 Aspen Ct Case No.:1204623A City:Arroyo Grande State: CA Zip: 93420 Lender:Wells Fargo Home Mortgage • COMPARABLE SALE#4 - • ' _ ; 695 S 7TH ST " - GROVER BEACH,Ca 93433 .� Sale Date:Active Listing(-5%) 1 ' t '� ^ ' Sale Price: $329,900 • r� nai F,,� I •a ... ..., ;. •., lr«.tet' --Ore: ] I,ill _.�-_.-.__ r _{ n- 1 , 1 i t ,r. P. ' ?......'•;•1•, .:,. ', ;40-;..44t4;;l,( t p,ys •�a. ! rte'f':' • • l li''.. .,•e • :.•,+4: '• ,.• +.1' T rc�,'' r COMPARABLE SALE#5 it'll' ,.,,1•, ti. • .1' ? '1.-; g.. i.' :rte' . -•,, ^ 1< •M,•M Itis• �•••,'•'M ' ' af��i11�i a • _: �a� ,y.,� N• ,,,`�'' t4' 4.;::.,./.r. . %�'•-a'r',�„= : 1,c•' , 533 BAKEMAN LN x,. • r_ :a ,,�:;",�;, •�� '. ARROYO GRANDE,Ca 93420 .yy4 ..'14..-1-44y � yi dogo,cit ,;� -A Sale Date:05/30/2003 1 i " ' $,,, :",.. ,, .. ,,,,,,..-„,,•—it:, Sale Price: $289,900 •ifi'l 41 II II tlif .i: '' .1!' •••°. •---.•-. i-ii..."•..t,‘•,._,11 COMPARABLE SALE#6 • Sale Date: Sale Price:$ • This report was prepared on behalf of eAppraiseIT COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Blair File 26No.: 6AspenCt 66AspenCt Property Address:266 Aspen Ct Case 604623A City:Arroyo Grande State: CA Zip: 93420 Lender:Wells Fargo Home Mortgage .c COMPARABLE SALE#1 �, +4 1552 NICE AV ,. r •,e c 0--• ,; `,A -"; �e, ..a0,- . "- - -- GROVER BEACH, Ca 93433 j � '. 1.4• k, Sale Date:06/20/2003 . }" n•-{�� •Y;,. Sale Price: $ 288,000 - • .t.".4'.4--%`"11 �'t• ,ih':;, .q ':` t 'it r 1y.r i., t,... . • 3i 'r�� J ',an'', << 4, . • '� '�k''~ ._. ry`. ' . - �!* ' V. r` 0.4- • •r• ',.,tf" COMPARABLE SALE#2 .� r 493 S 16TH ST ;R•t GROVER BEACH,Ca 93433 • •�.. --- ___,..„.....•,..- �y y�� + Sale Date:06/30/2003 .,>. l_ ;4;"•),?,i ,.,.. T Y.• '=rt Sale Price: $ 305,000 ;••#1: 11.,0,,..„i"ti rr ...0„..11.1% ,'S 't til I WI 1'7- f 7 Ff-",. • • __ •.-_ moi} — 2 .. ' _3,. . . +r ti�'ie3"••w_i.,s.,, v3'.---..t,..4 4`tr t 1, .... ,, • ,; , N0',' '•. w:.,. , -,h,. '' ..•: -, - '� '• _-:•.:.,.•.TI_, COMPARABLE SALE#3 t • , ;t, 1015 MENTONE AV Grover Beach,CA 93433 I Sale Date:09/04/2003 4 -; r� Sale Price: $ 325,000 r � .s..-a . - . m e r ' i -RA . i m., . is � {fI ' _ _-- ��� � TNIt11 � t' r J � _t.-_ . I iiiiiiiinilillihiil,i11I1111111 IMO 111111 1111111 iii;i t4111111!1trwiLi g � %i,C.:1.1. :• T%?c • ti �i(i 'E+Jia iKx "S"a: 1:7•41•••••';" r 4 +x3� " • • •••-•N.,-"- t ,r W wt ?,3. i '7*-• ••' . . 'I 14,' ., -.-_-,„1-,.,.1- .:p rY-•t"=P) `'3,,..4._! 2.1 .,. • 1,`; -n:iA:+..- 31..1:•' ••-.:-�; i�,jv'.•:.:i ny�; •1?SS t.�f'` This report was prepared on behatf,of eAppraiselT ). SUMMARY 1204623A ,Supplemental Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 266AspenCt ITEM SUBJECT COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6 266 Aspen Ct 695 S 7TH ST 533 BAKEMAN LN Address Arroyo Grande GROVER BEACH,Ca 93433 ARROYO GRANDE,Ca 93420 Proximity to Subject 1.22 miles 0.47 miles Sales Price $ Refinance : •=j $ 329,900 ,. ' $ 289,900 ',77,:--'7'7"---'7- $ Price/Gross Liv.Area $ 0.00 vi $' 302.38 rA "'r4:4 $ 287.60 t/S ''- - -.- $ :0.00 al ' ••. Data and/or FARES/Title Co/Assessor FARES/Title Co Verification Sources MLS#: 1025499 MLS#1017351 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION •(-)SAdjustment DESCRIPTION •(-)SAdjustment DESCRIPTION .(-)S Adjustment Sales or Financing N/A.z; ; , '.;:''-'-_ CTNL CTNL Concessions N/A`<<' Doc#N/A Doc#58590 Date of Sale/Time N/A • ' Active Listing(-5%) -16,495 05/30/2003 Location Urban Urban Urban Leasehold/FeeSimple Fee Simple Fee Simple Fee Simple Site 3480 4500 . 3600 View Neighborhood Neighborhood Neighborhood Design and Appeal Cottage Cottage Cottage Quality of Constriction Average Average Average Age 1920-updatd 1971. 1983 N Condition Average-gd Average-gd Average-Rd Above Grade Total; Bdrms : Baths Total; Bdrms: Baths Total; Bdrms: Baths Total; Bdrms j Baths z Room Count 4! 2; 1.00 5! 2; 2.00 5; 2; 1.00 . z Gross Living Area 835 Sq.Ft. 1,091 Sq.Ft. , -9,000 1,008 Sq.Ft. -6,100 Sq.Ft. o Basement&Finished None None None E. Rooms Below Grade a Functional Utility Average Average Average O Heating/Cooling FAU/None FAU/None Wall/None ` 6 Energy Efficient Items None apparent None apparent None apparent _I Garage/Carport 2 Det.Garage 1 Att.Garage 2 Car Garage in• Porch,Patio,Deck, Porch,Patio,Deck Porch,Patio Porch,Patio,Deck Fireplace(s),etc. 0 .0 0 Fence,Pool,etc. Fence Fenced Fence , Days on market N/A Listed:Nov-19-2003 ; 120 ` Net Adj.(total) -. ''':"-T--7-----7.-1-•''',--1: ❑ I. a - ;$ 25,495 ❑ + Q - :$ 6,100 X❑ + ❑ - ;$ 0 t oo ,. ..t,.l o Adjusted Sales Price Gross.,:7:7/ot', •,'.;� Grossi'2.1/o^;::,.;,, Gross'0.0% of Comparable . " ' Net 7.7%' . $ 304,405 Net: 2:1"/0 $ 283,800 Net: r'0.0% $ 0 Comments on Sales Comparison(including the subject property's compatibility to the neighborhood,etc.): Commented on previous page. • ITEM SUBJECT COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6 Date,Price and Data See attached for No prior sales data in the past 12 mos. No prior sales data in the past 12 mos. Source for prior sales 3 year sales history within year of appraisal Analysis of any current agreement of sale,option,or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: Commented on previous page. None N 1— z U.1 2 2 0 U J ct z Q . 0 O , Q • Produced using ACI software,800.234.8727 www.edweb.cmn This report was prepared on behalf•of eAppraiselT