appraisal of · 2018. 9. 4. · file no. appraisal of located at: client: as of: by: 18336ts tim...
TRANSCRIPT
File No.
APPRAISAL OF
LOCATED AT:
CLIENT:
AS OF:
BY:
18336TS
Tim Schmidt
LIC. #AR036468
Tim P. Schmidt
08/27/2018
Sacramento, CA, 95831-3622
63 Rose Mead Cir
Jennie Krausse
Sacramento, CA 95831-3622
63 Rose Mead Cir
A Single Family Residence
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
File No.
File Number:
In accordance with your request, I have appraised the real property at:
The purpose of this appraisal is to develop an opinion of the defined value of the subject property, as improved.The property r ights appraised are the fee simple interest in the site and improvements.
In my opinion, the defined value of the property as of i s :
The at tached repor t conta ins the descr ip t ion, analys is and suppor t ive data for the conclus ions,final opinion of value, descriptive photographs, assignment conditions and appropriate certif ications.
18336TS
Tim Schmidt
LIC. #AR036468
Tim P. Schmidt
Regards,
Five Hundred Ninety-Five Thousand Dollars
$595,000
August 27, 2018
Sacramento, CA 95831-3622
63 Rose Mead Cir
Jennie
18336TS
Sacramento, CA, 95831-3622
63 Rose Mead Cir
Jennie Krausse
Jennie Krausse
08/27/2018
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
Residential Appraisal Report File No.
The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal.
Client Name/Intended User E-mail
Client Address City State Zip
Additional Intended User(s)
Intended Use
PU
RP
OS
E
Property Address City State Zip
Owner of Public Record County
Legal Description
Assessor's Parcel # Tax Year R.E. Taxes $
Neighborhood Name Map Reference Census Tract
Property Rights Appraised Fee Simple Leasehold Other (describe)
SU
BJ
EC
T
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.
Prior Sale/Transfer: Date Price Source(s)
Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable)
Offerings, options and contracts as of the effective date of the appraisal
SA
LE
S H
IST
OR
Y
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %
Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %
Neighborhood Boundaries High Commercial %
Pred. Other %
Neighborhood Description
Market Conditions (including support for the above conclusions)
NE
IGH
BO
RH
OO
D
Dimensions Area Shape View
Specific Zoning Classification Zoning Description
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)
Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe.
Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private
Electricity Water Street
Gas Sanitary Sewer Alley
Site Comments
SIT
E
GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials INTERIOR materials
Units One One w/Acc. unit Concrete Slab Crawl Space Foundation Walls Floors
# of Stories Full Basement Partial Basement Exterior Walls Walls
Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish
Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor
Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot
Year Built Storm Sash/Insulated Car Storage None
Effective Age (Yrs) Screens Driveway # of Cars
Attic None Heating FWA HW Radiant Amenities WoodStove(s) # Driveway Surface
Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars
Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars
Finished Heated Individual Other Pool Other Att. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade
Additional Features
Comments on the Improvements
IMP
RO
VE
ME
NT
S
Page 1 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
18336TS
Restricted-Use
Market value for the subject property
Jennie Krausse and her assignees
95831-3622CASacramento63 Rose Mead Cir
[email protected] Krausse
X
0040.01C003South Land Park Hills
3,131.002017031-0141-013-0000
South Land Park Hills 28 Lot 181
SacramentoKrausse Jennie L 2004 Trust
95831-3622CASacramento63 Rose Mead Cir
None
There have been no sales or transfers of the subject property within the
thirty six months prior to the effective date of this appraisal. No comparables listed have been sold in the twelve months prior to the transactions listed above.
Realist and Public Records.$220,00011/26/2001
X
See attached addendum
The subject is located in the city of Sacramento which has a population of approximately 450,000. All schools, police, fire protection and
shopping facilities are located nearby and considered adequate. There are major employment centers in Sacramento as well as in the Bay Area with a commute
time of ten to ninety minutes. Although land uses are mixed they are compatible.
4
2
4
90
40
70
1
350
725
170
Neighborhood boundaries are defined by 35th Ave to the north, Meadowview Rd to the
south, Freeport Blvd to the east and Interstate 5 to the west.
X
X
X
X
X
X
No adverse easements or encroachments were noted at the time of inspection. The preliminary title report was not available for review . (see
preliminary title report for easements, encroachments, or tax liens of record).
None
XAsphalt
X
X
X
X
The subject's
present use represents it's highest and best use at this time.
X
X
Single Family ResidentialR-1-EA
N;ResIrregular12,197 sfSee attached plat map
See Attached Addendum.
See attached picture addendum
2,1322.147
Fan / HoodXXXXX
X
1X
2X
Concrete
2X
Tile / Good
Tile / Vinyl / Good
Wood / Avg
Drywall / Avg
Wood / Good
OutbldgsXConcreteX
CoveredXUncvdX
PerimeterX1X
0
Screens / Avg.
Insulated / Avg.
Dual Pane / Avg.
Galv. Metal / Avg.
Comp Shingle / Avg.
Wood / Stucco / Avg.
Concrete / Avg.
X
Gas
X
0
0
X
X
20
1966
Contemporary
X
X
2
X
Residential Appraisal Report File No.
FEATURE SUBJECT
Address
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Above Grade Total Bdrms. Baths
Room Count
Gross Living Area sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
COMPARABLE SALE NO. 1
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 2
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 3
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
RIS
ON
AP
PR
OA
CH
COST APPROACH TO VALUE
Site Value Comments
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW
Source of cost data
Quality rating from cost service Effective date of cost data
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
Dwelling Sq. Ft. @ $ . . . . . . . . . . . . = $
Sq. Ft. @ $ . . . . . . . . . . . . = $
Garage/Carport Sq. Ft. @ $ . . . . . . . . . . . . = $
Total Estimate of Cost-New . . . . . . . . . . . . = $
Less Physical Functional External
Depreciation = $ ( )
Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . = $
CO
ST
AP
PR
OA
CH
INCOME APPROACH TO VALUE
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
INC
OM
E
Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,
subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed subject to the following:
Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property
that is the subject of this report is $ as of , which is the effective date of this appraisal.
RE
CO
NC
ILIA
TIO
N
Page 2 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
18336TS
Restricted-Use
Fence / PoolFence / Pool
1 FireplaceFireplace(s)
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Standard
No Basement
2,13275.00
2.147
Good
52
Average
Contemporary
N;Res
12,197 sf
Fee Simple
Suburban
0.00
Sacramento
63 Rose Mead Cir
604,1257.1
6.9
39,125X
10,000Fence / None
-5002 Fireplaces
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Average
0sf
14,6251,937
5,0002.025
10,000
Good
053
Average
Contemporary
N;Res
011761 sf
Fee Simple
Suburban
007/02/2018
0Conv;0
Conventional
Doc#1807021118
Metro#18024745;DOM 42
291.69
565,000
0.88 miles NW
Sacramento, CA 95831
1310 Tuggle Way
622,8286.5
6.5
37,828X
Fence / Pool
1 Fireplace
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Average
0sf
25,6501,790
5,0002.036
5,000
Good
053
Average
Contemporary
N;Res
2,17810019 sf
Fee Simple
Suburban
006/29/2018
0Conv;0
Conventional
Doc#1806291336
Metro#18035878;DOM 8
326.82
585,000
0.88 miles NW
Sacramento, CA 95831
6713 13th St
582,9752.7
-2.7
16,025X
Fence / Pool
-5002 Fireplaces
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Average
0sf
-15,5252,339
2.147
Good
053
Average
Contemporary
N;Res
012632 sf
Fee Simple
Suburban
004/27/2018
0Cash;0
Cash
Doc#1804270373
Metro#18018971;DOM 13
256.09
599,000
0.72 miles NW
Sacramento, CA 95831
6745 Swenson Way
See attached addendum
611,600
461,593
184,637$184,637
70
646,230
27,95050.00559
618,280290.002,132
150,000
Cost estimates, if applied, are based on current cost service provided data and
supplemented by the appraiser's knowledge of costs in this market and/or
actual builder cost data. When provided, the land value estimate is determined
by abstraction and/or analysis of actual site sales, if applicable. Physical
depreciation is based upon effective age and remaining economic life. Land to
value ratio is typical for the area.
CurrentAvg - Good
Marshall & Swift Residential Cost Handbook
X
See Attached Addendum.
The income approach is not applicable due to predominantly owner occupied dwellings in this
area, and therefore insufficient rental data.
00.000.00
08/27/2018595,000
See Attached Addendum.
X
Most weight has been given to the sales comparison method. The cost approach and the income approach were considered but not developed due to their
irrelevance to the value conclusion in this report and also due to the fact that they are not a fannie mae requirement.
0611,600595,000
Residential Appraisal
Residential Appraisal Report File No.
FEATURE SUBJECT
Address
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Above Grade Total Bdrms. Baths
Room Count
Gross Living Area sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
COMPARABLE SALE NO. 4
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 5
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 6
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
RIS
ON
AP
PR
OA
CH
Additional ComparablesThis form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
18336TS
Restricted-Use
Fence / PoolFence / Pool
1 FireplaceFireplace(s)
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Standard
No Basement
2,13275.00
2.147
Good
52
Average
Contemporary
N;Res
12,197 sf
Fee Simple
Suburban
0.00
Sacramento
63 Rose Mead Cir
599,5001.8
1.6
9,500X
10,000Fence / None
-5002 Fireplaces
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Standard
No Basement
02,175
2.147
Good
053
Average
Contemporary
N;Res
011761 sf
Fee Simple
Suburban
004/12/2018
0Conv;0
Conventional
Doc#1804120925
Metro#18014348;DOM 5
271.26
590,000
0.75 miles NW
Sacramento, CA 95831
1380 Tuggle Way
712,1753.1
-1.8
12,775X
Fence / Pool
1 Fireplace
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Standard
No Basement
-17,7752,369
02.136
5,000
Good
053
Average
Contemporary
N;Res
011326 sf
Fee Simple
Suburban
Active Listing
0
Active Listing
Sac County Records
Metro#18054524;DOM 5
306.02
724,950
0.84 miles NW
Sacramento, CA 95831
6685 Arboga Way
581,74611.9
10.0
52,746X
10,000Fence / None
500No Fireplace
Porch / Patio
2 Car Garage
Dual Pane
Fau / Central
Standard
No Basement
38,3251,621
-5,0003.037
5,000
Good
053
Average
Contemporary
=
3,9218276 sf
Fee Simple
Suburban
Active Listing
0
Active Listing
Sac County Records
Metro#18027204;DOM 123
326.34
529,000
0.43 miles NW
Sacramento, CA 95831
6936 S Land Park Dr
Residential Appraisal Report File No.
Scope of Work, Assumptions and Limiting Conditions
Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions.
The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report.
The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results.
1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership.
2. Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey of the property.
3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto.
4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser.
5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice.
6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser.
7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such.
8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar expert, unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested.
This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected.
Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order.
Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property.
9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed.
10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use.
11. The ACI General Purpose Appraisal Report (GPAR™) is not intended for use in transactions that require a Fannie Mae 1004/Freddie Mac 70 form, also known as the Uniform Residential Appraisal Report (URAR).
Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions
Page 3 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
18336TS
Restricted-Use
Residential Appraisal Report File No.
Appraiser's Certification
The appraiser(s) certifies that, to the best of the appraiser's knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions.
3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved.
4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results.
6. The appraiser's 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.
7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report.
9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by:
Additional Certifications:
Definition of Value: Market Value Other Value:
Source of Definition:
ADDRESS OF THE PROPERTY APPRAISED:
EFFECTIVE DATE OF THE APPRAISAL:
APPRAISED VALUE OF THE SUBJECT PROPERTY $
APPRAISER
Signature:
Name:
State Certification #
or License #
or Other (describe): State #:
State:
Expiration Date of Certification or License:
Date of Signature and Report:
Date of Property Viewing:
Degree of property viewing:
Interior and Exterior Exterior Only Did not personally view
SUPERVISORY APPRAISER
Signature:
Name:
State Certification #
or License #
State:
Expiration Date of Certification or License:
Date of Signature:
Date of Property Viewing:
Degree of property viewing:
Interior and Exterior Exterior Only Did not personally view
Page 4 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
18336TS
Restricted-Use
X
08/27/2018
09/04/2018
02/17/2019
CA
AR036468
Tim P. Schmidt
595,000
08/27/2018
Sacramento, CA 95831-3622
63 Rose Mead Cir
USPAP
X
Residential Appraisal
ADDENDUM
Client: Jennie Krausse File No.: 18336TS
Property Address: 63 Rose Mead Cir Case No.:
City: Sacramento State: CA Zip: 95831-3622
Addendum Page 1 of 4
Beginning AddendumPer the Conduct Section of 2010 USPAP I am to disclose any prior service on the subject that I become aware of either prior to theassignment engagement or during the assignment process. I hereby certify that I have not performed any services regarding thesubject property within the prior three years of the client engagement date, as an appraiser or any other capacity. Other capacitymay include but are not limited to; property management, leasing, brokerage, auction, or investment advisory services.
The appraiser certifies that the lender or the AMC did not improperly influence, or attempt to improperly influence, the outcome ofthis appraisal by doing any of the things prohibited by Section 1(B) of the Appraiser Independence Requirements, effective10/15/2010.
The subject property is located under 30 miles from my office, which is located in zip code 95762. This assignment requiresgeographic competency as part of the scope of work. I have spent sufficient time in the subjects market and understand thenuances of the local market and the supply and demand factors relating to the specific property type and the location involved.
The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is toassist the named lender in evaluating the subject property for lending purposes and for these purposes only. This may be a federally relatedtransaction.
This report contains digitally-reproduced signatures, which are approved by FNMA, GNMA, and FHA/HUD. The ACI appraisal softwareprogram used to write this report allows an appraiser to attach a digitally-reproduced signature by entering a secret password.
After the report is digitally signed, it is locked and cannot be altered by anyone but the signing appraiser. The appraiser accepts fullresponsibility for this appraisal report. However, an adobe acrobat version of the report is known to be alterable so the same guarantee ofsecurity for an Adobe PDF file cannot be provided. Please request an original aci file copy of the report if this is a concern.
Clarification of Intended Use and Intended User:See USPAP 2006 attached form. Please note that the borrower nor any other third parties are intended users as defined in the URAR form.
Neighborhood Market ConditionsDuring the past 6 months, marketing time in this area averaged 27 days with a 98% list price to sales price ratio according to statistics onthe local MLS. Market conditions in this area have been consistent with California averages. Although credit guidelines have tightenedsignificantly, conventional financing is readily available at rates purchasers and existing property owners consider attractive. Sales andfinancing concessions are not uncommon.
DOM stated above is an average for all homes that have sold within a one mile radius of the subject property within the last six months.Because this is an average, it is important to know that a typical range of marketing time for the subject market area is between "less thanone month" to "over three months". Comparables with DOM in excess of the predominant value are still considered to be within anacceptable range for the subject market area.
After analyzing the market data in the area of the subject during the time period the subject would have been exposed to the market prior tothe effective date of valuation, it is this appraiser’s opinion the reasonable exposure time for the subject property would be approximately15-20 days. Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on themarket prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimatebased on an analysis of past events assuming a competitive and open market. Exposure time is always presumed to occur prior to theeffective date of the appraisal. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable timebut also adequate, sufficient and reasonable effort.
Quality and Condition of PropertyThe subject has received average care and maintenance. There were no functional or external inadequacies noted during inspection. Physical depreciation based on Marshall Swift Cost Service / Midlife Theory (expected life =70 years).
The appraiser tested a random sampling of electrical outlets/appliances, tested the plumbing by opening the faucets and flushing the toilet,and tested the heating and/or cooling system. Unless stated elsewhere in this report, these systems appeared to be operable for theirdesigned function with no readily observable deficiencies being noted or report by the property contact.
Inspection of the subject property revealed no areas of the subject property that were in need of repair. Electricity was on and all fixturesappeared to be functional. Water supply to the subject was on and pressure appeared to be adequate at the time of inspection.
Readily visible areas of the subject property were viewed at the time of inspection including garage and crawl space where applicable. Ahead and shoulders inspection took place of attic area and an inspection was made of crawl space (where applicable) and no issues werenoted in these areas at the time of inspection.
ADDENDUM
Client: Jennie Krausse File No.: 18336TS
Property Address: 63 Rose Mead Cir Case No.:
City: Sacramento State: CA Zip: 95831-3622
Addendum Page 2 of 4
At the time of inspection, the kitchen was fully functional with cabinetry installed and a working stove and sink. The subject property wasfully habitable and all mechanical equipment, plumbing, gas and electrical were functional and in working condition.
At the time of property inspection, a carbon monoxide detector was visible by appraiser. Although new California state lawrequires a carbon monoxide detector to be present, The presence, or lack of, a CO detector does not have any effect on overallproperty value.
The water heater at the subject property was double strapped, as required by building codes, at the time of appraisal inspection.
Smoke detectors were present and functional at the time of property inspection.
The subject property has not been affected by any natural disaster, and there has been no effect on marketability or value as aresult of the disaster.
Subject property has a built in swimming pool feature. Other than the typical risk associated with swimming activities, the pooldoes not appear pose any health, safety or environmental hazards. The pool and its related equipment appear operational and/orserviceable, however, the appraiser is not a "home inspector" or "pool expert" and does not warrant to its efficacy or longevity. Ifa higher degree of certification is required, we recommend a professional in the related field to address this concern.
Comments on Sales ComparisonThe sales comparison approach to value is based on the principal of substitution which is defined by the appraisal institute as follows: " theprincipal of substitution as applied in the sale comparison approach holds that the value of a property that is replaceable in the market tendsto be set by the cost of acquiring an equally desirable substitute property."
This principal is applied using the well-accepted method of paired sales analysis and bracketing whenever possible, by applying reasonableadjustments to generally accepted units of comparison and bracketing.
Particular attention is devoted to bracketing the sales price/fmv of the subject with both one actual and one adjusted sales price of at leastone comp. The comps chosen also bracket the subject's GLA/SF and every effort is made for the comps to be no larger or smaller by 20%of the subject's gla as well as its FMV value before and after adjustments.
Finally, the comps ideally are within one mile of the subject to ensure a neighborhood match as much as possible, and using sales that haveoccurred within the last six months, to ensure the data is as current as possible.
A methodical six month search of the immediate one mile area was performed for recent comparable sales sales with the goal of findingenough data to choose the most similar ones to then use those for valuing the subject.
When these parameters did not produce enough data to value the subject by the sales comparison approach, these parameters wereexpanded until enough data was produced.
This data was then analyzed to determine which of the properties are deemed to be the most similar to the subject in terms of location, age,living area, and room configuration. All sales chosen were as recent and similar to the subject in overall appeal as possible. The followingadjustments were made:
Subject’s GLA is calculated from measurements taken during field observation on the effective date of the appraisal. GLA for thecomparable sales utilized within the sales comparison approach is obtained from MLS and assessors data. Often these data sources willdiffer in reported GLA. When this occurs, the appraiser has selected the data source which was relied upon by the market participant whenmaking their offer to purchase. To remain consistent the same data source has been utilized for all comparable sales.
Adjustments have been derived/applied utilizing the paired sales analysis and market reaction methods for each specific amenity. MLS datawas utilized for these methods.
GLA @ $75 per sf, bathrooms @ $10,000, bedrooms and half baths @ $5,000, garages @ $5,000/auto and fireplaces @ $500/ea.
Multiple comparables were found to be located across roadways that appear to be potential area boundaries/borders. The comparablesutilized within sales grid are confirmed to be in similar locations to the subject property and are not determined to be warranting of anadjustment based solely on location.
GLA adjustments have been applied to reflect market reaction to differing (+/-) property sizes (GLA) as is typical in the subject market area.The rate of adjustment has been derived through market reaction, paired sales analysis and appraiser's experience in the immediate area.
Garage adjustments have been applied to reflect market reaction to differing (+/-) garage sizes (# of cars) as is typical in the subject market
ADDENDUM
Client: Jennie Krausse File No.: 18336TS
Property Address: 63 Rose Mead Cir Case No.:
City: Sacramento State: CA Zip: 95831-3622
Addendum Page 3 of 4
area. The rate of adjustment has been derived through market reaction, paired sales analysis and appraiser's experience in the immediatearea.
No market data was found to support an age adjustment for the differences that were found between the selected comparables and thesubject property. No adjustments have ben applied for age differences.
Condition adjustments were applied to comparables to specifically reflect conditions of comparables (as described on MLS) versus that ofthe subject property.
No market data was found to support an age adjustment for the differences that were found between the selected comparables and thesubject property. No adjustments have ben applied for age differences.
Bedroom differences are considered to be reflected in overall GLA and adjustments are applied under that line item as such. Adjusting forGLA and bedroom count would be considered a double adjustment.
Comparables 5 and 6 (Active) have been adjusted 2% of listing price to accurately reflect current market area trend of 98% sale/list priceratio.
Adjustments for site size variations ($1/sf) are based on an evaluation not just of the gross lot size but also of each comparable's utility andview, since lot size alone is not necessarily the determinant value.
Appraisal analysis of the subject property was performed on or after the date of the physical inspection as stated on page two of fhlmc form70. The date of completion is the date on the letter of transmittal.
This appraisal conforms to all of the uniform standards of professional appraisal practice (USPAP) as required by the Appraisal Foundationand the California State Office Of Real Estate Appraisers.
Support for the Opinion of Site ValueThe cost approach is loosely applied due to less reliability in estimating accrued depreciation considering the fact that the subject os notproposed or new construction, or it has a relatively high effective age. The Cost Approach is performed for the intended use of providing anadditional approach to value for purposes of determining market value for mortgage financing purposes. Reliance upon this approach orportions thereof for any other use, such as determining an insurance value, is not anticipated by the appraiser, nor is it an intended use.While such users may choose to rely upon the Cost Approach or some portion thereof, the appraiser advises against this as it may tend tomislead as to insurable value.
Final ReconciliationPrimary consideration was given to the sales comparison approach to value, as this approach is deemed to be the most accurate indicatorof market activity.
The Cost Approach was developed in this appraisal but not considered in arriving at final value conclusion as it was determined to not benecessary to develop a credible opinion of value.
The Income Approach was considered but not developed in this appraisal due to the predominant owner-occupancy nature of the subjectmarket area where properties are purchased for home ownership and not for investment purposes and as such it is not necessary toproduce a credible opinion of value.
PREDOMINANT VALUE: The final value conclusion of the subject property varies by more than 20% of the predominant value noted onpage one. The subject neighborhood is not homogeneous, and contains a very wide variety of properties. All of which sell at multiple pricepoints. The predominant price shown on page one indicates the “mode”, a statistical term referring to the most frequently occurring variant ina data set, for the neighborhood. This typically has nothing to do with the subject's relationship within the neighborhood, and should not beconsidered a benchmark for an over or under improvement. The subject's estimate of market value is within the low to high price range forthis area, and is considered an appropriate improvement.
The Indicated Value by Sales Comparison Approach, $595,000, is calculated using the following weights:
20.3% - 1310 Tuggle Way; Sale Price $565,000; Adjusted Value $604,125; Gross Adj: 7.1%21.4% - 6713 13th St; Sale Price $585,000; Adjusted Value $622,828; Gross Adj: 6.5%28.4% - 6745 Swenson Way; Sale Price $599,000; Adjusted Value $582,975; Gross Adj: 2.7%30.0% - 1380 Tuggle Way; Sale Price $590,000; Adjusted Value $599,500; Gross Adj: 1.8%
Most weight in final value conclusion has been applied to comparable #4 as it required the least amount of overall adjustments.Comparables are placed in sales grid in chronological order of COE date and not weighted value of final conclusion. Remaining
ADDENDUM
Client: Jennie Krausse File No.: 18336TS
Property Address: 63 Rose Mead Cir Case No.:
City: Sacramento State: CA Zip: 95831-3622
Addendum Page 4 of 4
comparables which required the least amount of overall adjustments were given slightly more weight with additional weight applied to mostproximate properties. Closed sales 1-4 were utilized in arriving at the final value conclusion. Comparables 5-6 are listings (Active orPending) only and were shown in grid to reveal current market expectations only. These two comps were not weighted in final valueconclusion as they are not confirmed closed sales as of the effective date of appraisal report.
Sales price range for the market area (noted above grid) exceed 30% from a low to high typical market value. This is due to the inclusion ofa multiple number of pocket areas within the general market area of the subject property. Although specific comparable selection was keptto properties with the most similar set of features to that of the subject property, within the general market area are homes that aresignificantly different (larger/smaller;newer/older;differing room counts etc).
Conditions of AppraisalAll sales are confirmed closed by two of the following services: Realist Tax Records service, Multiple Listing Service for the subject area,Fares or Title Companies serving the subject county.
This appraisal was delivered with digital signatures which is deemed a legal document as recognized by the OREA.
The physical inspection is of visible and accessible areas only.
Scope of the AppraisalThe following steps were taken in arriving at the final opinion of value included in the appraisal report of the subject property:
After receiving the assignment, a preliminary search of all available resources was made to determine market trends, influences, and othersignificant factors pertinent to the subject property.Interior and/or exterior inspections and calculation on the subject property were taken noting the condition, quality of construction, updating,and noting any type of depreciation.
While due diligence was exercised during the inspection of the subject property, the appraiser is not an expert in such matters as pestcontrol, structural engineering, hazardous wastes, or construction and no warranties are given or implied as to these or other elementsoutside the analysis of market data. Inspections by various professionals within these fields may be recommended with the final opinion ofmarket value for the subject property.
A highest and best use analysis was performed on the subject property. Recent sale of similar nearby properties were reviewed andresearched utilizing data sources that include the local Multiple Listing Service, Realist Tax Records, brokers, and/or in-office data. Themost similar sales were utilized in the direct sales comparison approach and adjusted for significant differences to the subject property. The adjusted value for each of these comparables were then correlated to a single opinion of market value for the subject property.
A replacement cost approach was also performed providing support to the opinion of value for the subject. Opinions of value from bothapproaches were then reconciled to a final opinion of market value for the subject. Unless otherwise stated in the report, the incomeapproach to value was omitted from the appraisal based on a predominate number of owner-occupied properties in the neighborhoodcreating insufficient market data to substantiate this approach to value.
The appraisal report was completed in accordance with standards dictated by the Appraisal Foundation and comply with the UniformStandards of Professional Appraisal practices. The report includes sufficient data and information needed to lend a reader to a similarconclusion of the opinion of market value.
The appraisal report was then delivered to the client which constituted the completion of the assignment.
SUBJECT PROPERTY PHOTO ADDENDUM
Client: File No.:Property Address: Case No.:City: State: Zip:
FRONT VIEW OFSUBJECT PROPERTY
Appraised Date:Appraised Value: $
REAR VIEW OFSUBJECT PROPERTY
STREET SCENE
95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
595,000
August 27, 2018
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT6
95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
Additional Picture Page
Street
Subject Property
Pool
Subject Property
Backyard
Subject Property
Cabin Exterior
Subject Property
Cabin Interior
Subject Property
Shed
Subject Property
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT6
95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
Additional Picture Page
Upstairs Bedroom
Subject Property
Upstairs Half Bathroom
Subject Property
Bedroom
Subject Property
Bathroom
Subject Property
Bathroom
Subject Property
Dining Room
Subject Property
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT6
95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
Additional Picture Page
Nook
Subject Property
Living Room
Subject Property
Kitchen
Subject Property
Garage Interior
Subject Property
Bedroom
Subject Property
Bedroom
Subject Property
COMPARABLE PROPERTY PHOTO ADDENDUM
Client: File No.:Property Address: Case No.:City: State: Zip:
COMPARABLE SALE #1
Sale Date:Sale Price: $
COMPARABLE SALE #2
Sale Date:Sale Price: $
COMPARABLE SALE #3
Sale Date:Sale Price: $
95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
565,000
07/02/2018
Sacramento, CA 95831
1310 Tuggle Way
585,000
06/29/2018
Sacramento, CA 95831
6713 13th St
599,000
04/27/2018
Sacramento, CA 95831
6745 Swenson Way
COMPARABLE PROPERTY PHOTO ADDENDUM
Client: File No.:Property Address: Case No.:City: State: Zip:
COMPARABLE SALE #4
Sale Date:Sale Price: $
COMPARABLE SALE #5
Sale Date:Sale Price: $
COMPARABLE SALE #6
Sale Date:Sale Price: $
95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
590,000
04/12/2018
Sacramento, CA 95831
1380 Tuggle Way
724,950
Active Listing
Sacramento, CA 95831
6685 Arboga Way
529,000
Active Listing
Sacramento, CA 95831
6936 S Land Park Dr
FLOORPLAN SKETCH
Client: File No.:Property Address: Case No.:City: State: Zip: 95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
PLAT MAP
Client: File No.:Property Address: Case No.:City: State: Zip: 95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
LOCATION MAP
Client: File No.:Property Address: Case No.:City: State: Zip: 95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
Client: File No.:Property Address: Case No.:City: State: Zip: 95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
Aerial Map
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
Client: File No.:Property Address: Case No.:City: State: Zip: 95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
License
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
Client: File No.:Property Address: Case No.:City: State: Zip: 95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
E and O Insurance
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180
USPAP ADDENDUM File No.
Borrower:Property Address:City: County: State: Zip Code:Lender:
This report was prepared under the following USPAP reporting option:
Appraisal Report A written report prepared under Standards Rule 2-2(a).
Restricted Appraisal Report A written report prepared under Standards Rule 2-2(b).
APPRAISAL AND REPORT IDENTIFICATION
Reasonable Exposure Time
My opinion of a reasonable exposure time for the subject property at the market value stated in this report is:
Additional Certifications
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-yearperiod immediately preceding acceptance of this assignment.
I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-yearperiod immediately preceding acceptance of this assignment. Those services are described in the comments below.
Additional Comments
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:or Other (describe): State #: State:State: Expiration Date of Certification or License:Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property:Effective Date of Appraisal: Did Not Exterior-only from street Interior and Exterior
Produced using ACI software, 800.234.8727 www.aciweb.com USPAP_14 04272015
18336TS
Restricted-Use
Jennie Krausse
95831-3622CASacramentoSacramento
63 Rose Mead Cir
Jennie Krausse
X
After analyzing the market data in the area of the subject during the time period the subject would have been exposed to the market prior to the effective date of
valuation, it is this appraiser’s opinion the reasonable exposure time for the subject property would be approximately 15-20 days. Exposure time is defined as the
estimated length of time 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; a retrospective estimate based on an analysis of past events assuming a competitive and open market. Exposure time is
always presumed to occur prior to the effective date of the appraisal. The overall concept of reasonable exposure encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficient and reasonable effort.
15-20 days
Per the Conduct Section of 2010 USPAP I am to disclose any prior service on the subject that I become aware of either prior to the assignment engagement or
during the assignment process. I hereby certify that I have not performed any services regarding the subject property within the prior three years of the client
engagement date, as an appraiser or any other capacity. Other capacity may include but are not limited to; property management, leasing, brokerage, auction, or
investment advisory services.
X
08/27/2018
02/17/2019
CA
AR036468
09/04/2018
Tim P. Schmidt
Client: File No.:Property Address: Case No.:City: State: Zip: 95831-3622CASacramento
63 Rose Mead Cir
18336TSJennie Krausse
Subject Tax Sheet
El Dorado Hills, Ca 95762 / PH. 916-705-4476 FAX 916-304-0180