appraisal of · conditions, and appraiser’s certification, my (our) opinion of the market value,...

File No.

APPRAISAL OF

LOCATED AT:

FOR:

BORROWER:

AS OF:

BY:

HAS0636

11623304

Certified Residential Appraiser

Chris Hawley

August 30, 2017

Alison Taylor

Troy, MI, 48083

2170 E Big Beaver Rd

Town Mortgage Company

Williamston, MI 48895

601 E Sherwood Rd

Thank you for your business

Uniform Residential Appraisal Report File No.

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address City State Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)

Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client Address

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No

Report data source(s) used, offering price(s), and date(s).

SU

BJ

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T

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No

If Yes, report the total dollar amount and describe the items to be paid.CO

NT

RA

CT

Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %

Note: Race and the racial composition of the neighborhood are not appraisal factors.

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

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Are the utilities and off-site improvements typical for the market area? Yes No If No, describe.

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe.

SIT

E

GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition

Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors

# of Stories Full Basement Partial Basement Exterior Walls Walls

Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish

Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor

Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot

Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None

Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars

Attic None Heating FWA HWBB 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 (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe.

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe.

IMP

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Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com

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According to the LBRMLS, the home has not been listed in the last 36 months. The subject is

a Forsale By Owner purchase as noted.

X

2170 E Big Beaver Rd, Troy, MI 48083Town Mortgage Company

X

X

00X

0057.0029620Sherwood Forest

2,346201633-03-03-21-376-002

WMS 287 Lot 2 Sherwood Forest Estates Sec. 21 T4N, R1E

InghamScott & Ericka HayesAlison Taylor

48895MIWilliamston601 E Sherwood Rd

$3754;;Closing Cost.

X

Purchase AgrmntX08/14/2017192,900

Arms length sale;Subject is currently under contract for $192,900 as of 08/14/2017. The appraiser has reviewed 6 total pages of the

purchase agreement at the time of inspection and completion of this particular appraisal report.

X

See Attached Addendum


40Unimp

60

30

150

1

195

500

70

The subject boundaries are Haslett Rd to the North, Williamston Rd to

the East, Jolly Rd to the South and Powell Rd to the West.

X

X

X

X

X

X

The

appraiser has not checked the land records for recorded easements and have reported only apparent easements, encroachments and

other apparent adverse conditions. The appraiser is not qualified to detect, even superficially, toxic substances, contaminated

materials, contaminated soil, etc. relating to any possible environmental contamination of the property.

X

See Attached AddendumX

08/16/201126065C0179DXX

None

XPaved

SepticX

WellX

X

X

See Attached

Addendum

X

See Attached AddendumX

Single Family ResidentialR-1

N;Unimpr;TreesRectangle15000 sf100' X 150'

Subject property

generally conforms to the neighborhood in style, utility, condition and use.

X

All houses

may have latent problems that were not detectable at the time of inspection. The appraiser is not a professional engineer, builder,

surveyor, pest inspector or home inspector. Should the lender, borrower or requestor of this report have any doubts as to these or other

components of the property, a professional in these in areas of expertise should be consulted.

X

C3;Kitchen-remodeled-one to five years ago;Bathrooms-

remodeled-one to five years ago;The subject was noted to be in good condition with the floor plan to be functionally adequate. No

measurable functional, external or physical inadequacies were observed. Design/Style: Most homes in the United States are only

minimally styled. The appraiser has made their best opinion of < continued in addendum >


1,0811.135

Fan HoodXXXXpp

X

0

2X

Concrete

2X

Fiberglass/Av

Stone/Av

Wood/Av

Drywall/Av

Carpet/Wood/Av

ShedXIGPLX

CoveredXPatioX

Wd/ChnX2X

0

Yes/Av

Yes/Av

V.D.H./Av

Alum/Av

Asphalt/Av

Brick/Wood/Av

Concrete Block/Av

X

Gas

X

X

85

1066

X

X

15

1957

Ranch

X

X

1

X


There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT

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. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data source(s)

My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

Data source(s)

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach.

Indicated Value by Sales Comparison Approach $

SA

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RIS

ON

AP

PR

OA

CH

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,

subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required

inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting

conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $

as of , which is the date of inspection and the effective date of this appraisal.

RE

CO

NC

ILIA

TIO

N


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197,500140,00015

249,000144,9003

Sherwood ForestSubdivision

2FP,Fen,Shd,IGPLAddnl Amenities

Cov, Pat

2ga2dw

V.D.H.

G.F.A/Central

Typical

1rr0br0.0ba0o

1066sf906sfin

1,08120

1.135

C3

60

Q4

DT1;Ranch

N;Unimpr;Trees

15000 sf

Fee Simple

N;Rural;

178.45

192,900


601 E Sherwood Rd

226,74011.6

-10.4

26,260X

0Tacoma Hills

-1,0002FP,Fen,Sauna,IGPL

-1,000Cov,Pat,Wd

2ga2dw

V.D.H.

1,500G.F.A./None

Typical

-1,0001rr1br0.0ba0o

0616sf210sfin

-18,2001,990

-1,5003.036

0

C3

058

Q4

0DT1.5;QuadLvl

-5,060N;Unimpr;Rvr

017860 sf

Fee Simple

N;Rural;

0s08/17;c08/17

Cash;0

ArmLth

MLS / Ext. Inspection

LBRMLS #218303;DOM 5

127.14

253,000

4.37 miles SW

Okemos, MI 48864

4423 Wausau Rd

201,60010.4

-6.2

13,400X

0Meridian Twp

2,0001FP,Fen,IGPL

-1,000Cov,Pat,Wd

02gd2dw

V.D.H.

1,500G.H.W./None

Typical

-4,0001rr3br1.0ba0o

-1,0001248sf996sfwo

-10,4001,600

-5002.025

1,000

C3

056

Q4

DT1;Ranch

N;Unimpr;Trees

-1,0001 ac

Fee Simple

N;Rural;

0s12/16;c12/16

Conv;0

ArmLth



134.38

215,000

3.76 miles SW

Okemos, MI 48864

4086 Dobie Rd

199,0007.8

0.8

1,500X

0Wood Valley 2

7,000None

-2,000Cov, Wd, Enc

2ga2dw

V.D.H.

G.F.A/Central

Typical

-2,0000rr2br1.0ba0o

01232sf1076sfin

-3,0001,232

5001.025

1,000

C3

038

Q4

DT1;Ranch

0N;Res;

012632 sf

Fee Simple

N;Rural;

0s03/17;c03/17

Cash;0

ArmLth



160.31

197,500

3.09 miles NW

Haslett, MI 48840

5664 Wood Valley

Lansing Board of Realtors MLS, Public Records

X

Lansing Board of Realtors MLS, Public Records

X

The following information is for the original list

prices for the comparables utilized within this particular report.

X

08/30/2017

PR, LBRMLS #0

0

09/01/2017

PR, LBRMLS #0

0

09/01/2017

PR, LBRMLS #0

0

09/01/2017

PR, LBRMLS #0

0

195,000

Additional comments on addendum page section "Comments on Sales Comparison"

There were prior sales of the subject property in the past three years

within the past 36 months. Comp#7 06/07/2016 $100.00 WD ROSENBERY, GREGG & ANN S ROSENBERY REVOCABLE TRUST

NOT USED ECF 2016-024926. Arms length sale;Subject is currently under contract for $192,900 as of 08/14/2017. The appraiser has

reviewed 6 total pages of the purchase agreement at the time of inspection and completion of this particular appraisal report.

08/30/2017

195,000


X

The cost approach is not given as much weight due to the age of the dwelling. This is a predominately an owner occupied area with few

rentals. Therefore, the income approach is considered, but not used. The Market Approach is therefore given all the weight in the

appraisal report.

0195,000

Hawley Appraisal Services


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EN

TS

COST APPROACH TO VALUE (not required by Fannie Mae)

Provide adequate information for the lender/client to replicate the below cost figures and calculations.

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

ESTIMATED 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.)

Estimated Remaining Economic Life (HUD and VA only) Years

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 (not required by Fannie Mae)

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

PROJECT INFORMATION FOR PUDs (if applicable)

Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached

Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.

Legal name of project

Total number of phases Total number of units Total number of units sold

Total number of units rented Total number of units for sale Data source(s)

Was the project created by the conversion of an existing building(s) into a PUD? Yes No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data source(s)

Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.

PU

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FO

RM

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0

0

70

0

0531

0Bsmt: 1066

01,081

24,000

55

The opinion of the site value is based on recent

vacant land sales of similar lot sizes and surroundings from the multiple listing service. The cost approach is not viewed as necessary

in order to produce credible assignment results for the client’s stated intended use. Effective age of home determined by appraiser's

observation at time of appraisal inspection is 15 less total economic life of 70 established remaining economic life of subject to be 55.

Note the income approach was not derived due to the subject property is not

considered a rental property.

000


This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including aunit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unitin a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement ofassumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of workto include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications ordeletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterationsto this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in anappraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement of assumptionsand limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of theinterior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from atleast the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis,opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject ofthis appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price isnot affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing oftitle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informedor well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed forexposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangementscomparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creativefinancing 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 arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readilyidentifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can bemade to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not alreadyinvolved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of thefinancing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing orconcessions based on the appraiser's judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to thefollowing assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. Thesketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (orother data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified SpecialFlood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding thisdetermination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has noknowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) thatwould make the property less valuable, and has assumed that there are no such conditions and makes no guarantees orwarranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field ofenvironmental hazards, this appraisal report must not be considered as an environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will beperformed in a professional manner.


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APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in thisappraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition ofthe improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability,soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practicethat were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at thetime this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparisonapproach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisalassignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwiseindicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for saleof the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject propertyfor a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to thedate of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a homethat has been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I havenoted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject propertyor that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions inmy analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subjectproperty.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which aresubject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners oroccupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditionedon any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predeterminedspecific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or theattainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loanapplication).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied onsignificant real property appraisal assistance from any individual or individuals in the performance of this appraisal or thepreparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisalreport. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change toany item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that orderedand will receive this appraisal report.

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower;the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary marketparticipants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentalityof the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s orsupervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed ordistributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or othermedia).


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22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain lawsand regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice thatpertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers,government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of anymortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminalpenalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section1001, et seq., or similar state laws.

SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis,opinions, statements, conclusions, and the appraiser’s certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature and Report

Effective Date of Appraisal

State Certification #

or State License #

or Other (describe) State #

State

Expiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENT

Name

Company Name

Company Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature

State Certification #

or State License #

State

Expiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject property

Did inspect exterior of subject property from street

Date of Inspection

Did inspect interior and exterior of subject property

Date of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from street

Did inspect exterior of comparable sales from street

Date of Inspection


1004_05UAD 12182015UAD Version 9/2011

HAS0636

11623304


Troy, MI 48083

2170 E Big Beaver Rd


AMC Settlement Services

195,000


601 E Sherwood Rd

Certified Residential Appraiser

07/31/2019

MI

1201006564

08/30/2017

09/15/2017

[email protected]

517-485-9047

Lansing, MI 48910

1318 S. Washington Ave.

Hawley Appraisal Service

Chris Hawley

Hawley Appraisal Services


FEATURE SUBJECT

Address


Sale Price $


Data Source(s)



Sale or Financing

Concessions

Date of Sale/Time

Location


Site

View

Design (Style)


Actual Age

Condition


Room Count


Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling


Garage/Carport

Porch/Patio/Deck


Adjusted Sale Price

of Comparables


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $

ITEM SUBJECT



Data Source(s)



Summary of Sales Comparison Approach

SA

LE

S C

OM

PA

RIS

ON

AP

PR

OA

CH

Fannie Mae Form 1004 March 2005Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com1004_05UAD 12182015

UAD Version 9/2011

HAS0636

11623304



Cov, Pat

2ga2dw

V.D.H.

G.F.A/Central

Typical

1rr0br0.0ba0o

1066sf906sfin

1,08120

1.135

C3

60

Q4

DT1;Ranch

N;Unimpr;Trees

15000 sf

Fee Simple

N;Rural;

178.45

192,900


601 E Sherwood Rd

193,66016.2

9.4

16,660X

0Red Cedar Rvr

6,0001FP,Shd

0Front,Pat,Wd

2ga2dw

V.D.H.

1,000G.H.W./None

Typical

-1,0001rr1br0.0ba0o

01066sf180sfin

-3,5001,256

5001.025

1,000

14,160C4

064

Q4

DT1;Ranch

N;Unimpr;Trees

-1,5001.35 ac

Fee Simple

N;Rural;

0s06/17;c06/17

0Conv;5310

ArmLth



140.92

177,000

0.82 miles SW


176 E Sherwood Rd

162,02013.9

12.5

18,020X

0Forest Hills 3

6,0002 F/P

-1,000Front,Pat,Enc

2ga2dw

V.D.H.

1,000G.F.A./None

Typical

1rr0br0.0ba0o

01080sf480sfin

01,080

5001.036

0

11,520C4

062

Q4

DT1;Ranch

0N;Res;

011326 sf

Fee Simple

N;Rural;

0s07/17;c07/17

Cash;0

ArmLth


LBRMLS #0;DOM 18

133.33

144,000

3.51 miles SW

Okemos, MI 48864

4517 Marlborough

191,37710.1

-4.3

8,523X

0Nemoka

2,000IGPL

1,000Front, Pat

2ga2dw

V.D.H.

G.F.A/Central

Typical

1,000

1,875441sf0sfin

-9,9001,575

-5002.036

0

C3

070

Q4

DT1;Ranch

0N;Res;

017424 sf

Fee Simple

N;Rural;

0Active

;0

-3,998Listing



126.92

199,900

4.09 miles NW

Haslett, MI 48840

5786 Lake Dr

08/30/2017

PR, LBRMLS #0

0

09/01/2017

PR, LBRMLS #0

$0

09/01/2017

PR, LBRMLS #0

$0

09/01/2017

PR, LBRMLS #0

$0


FEATURE SUBJECT

Address


Sale Price $


Data Source(s)



Sale or Financing

Concessions

Date of Sale/Time

Location


Site

View

Design (Style)


Actual Age

Condition


Room Count


Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling


Garage/Carport

Porch/Patio/Deck


Adjusted Sale Price

of Comparables


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $

ITEM SUBJECT



Data Source(s)



Summary of Sales Comparison Approach

SA

LE

S C

OM

PA

RIS

ON

AP

PR

OA

CH

Fannie Mae Form 1004 March 2005Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com1004_05UAD 12182015

UAD Version 9/2011

HAS0636

11623304



Cov, Pat

2ga2dw

V.D.H.

G.F.A/Central

Typical

1rr0br0.0ba0o

1066sf906sfin

1,08120

1.135

C3

60

Q4

DT1;Ranch

N;Unimpr;Trees

15000 sf

Fee Simple

N;Rural;

178.45

192,900


601 E Sherwood Rd

195,19414.7

8.5

15,294X

0Crestwood 2

6,5001 F/P

0Cov, Wd

02gbi2dw

V.D.H.

G.F.A/Central

Typical

-1,5001rr1br0.1ba0o

0524sf477sfin

01,100

-5002.036

0

14,392C4

039

Q4

0DT1;Bi-Level

0N;Res;

012981 sf

Fee Simple

N;Rural;

0Active

;0

-3,598Listing



163.55

179,900

5.17 miles NW

Haslett, MI 48840

6322 Sunhollow Ln

08/30/2017

PR, LBRMLS #0

0

09/01/2017

PR, LBRMLS #0

$100

06/07/2016

Uniform Appraisal Dataset Definitions File No.

Condition Ratings and Definitions

C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no

physical depreciation.*

*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% newfoundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have

not been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extendedperiod of time without adequate maintenance or upkeep).

C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recentlyrepaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category

either are almost new or have been recently completely renovated and are similar in condition to new construction.

*Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated.

C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, maybe updated or recently rehabilitated. The structure has been well maintained.

*Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age

is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation.

C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires

only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

*Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and someshort-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing

basis resulting in an adequately maintained property.

C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The

functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.

*Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components areat the end of or have exceeded their physical life expectancy but remain functional.

C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrityof the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.

*Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect

the safety, soundness, or structural integrity of the improvements.

Quality Ratings and Definitions

Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from

detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of thestructure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and

finishes throughout the dwelling are of exceptionally high quality.

Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in

high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exteriorornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or onan individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and

many materials and finishes throughout the dwelling have been upgraded from "stock" standards.

Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes

adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature someupgrades.

Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available orbasic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are

constructed with inexpensive, stock materials with limited refinements and upgrades.

Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or

without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimalconstruction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or

non-conforming additions to the original structure.

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating or modernization. This description includes, but is not limited to, new homes.

Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen

years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fullyfunctional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration.

Updated

The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meetexisting market expectations. Updates do not include significant alterations to the existing structure.

Remodeled

Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/ or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component(cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage).

This would include a complete gutting and rebuild.

Explanation of Bathroom Count

The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the

right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count.

Uniform Appraisal Dataset DefinitionsProduced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015UAD Version 9/2011

HAS0636

11623304

Uniform Appraisal Dataset Definitions File No.

Abbreviations Used in Data Standardization Text

Abbrev. Full Name Appropriate Fields

ac Acres Area, Site

AdjPrk Adjacent to Park Location

AdjPwr Adjacent to Power Lines Location

A Adverse Location & View

ArmLth Arms Length Sale Sale or Financing Concessions

AT Attached Structure Design(Style)

ba Bathroom(s) Basement & Finished Rooms Below Grade

br Bedroom Basement & Finished Rooms Below Grade

B Beneficial Location & View

BsyRd Busy Road Location

cp Carport Garage/Carport

Cash Cash Sale or Financing Concessions

CtySky City View Skyline View View

CtyStr City Street View View

Comm Commercial Influence Location

c Contracted Date Date of Sale/Time

Conv Conventional Sale or Financing Concessions

cv Covered Garage/Carport

CrtOrd Court Ordered Sale Sale or Financing Concessions

DOM Days On Market Data Sources

DT Detached Structure Design(Style)

dw Driveway Garage/Carport

Estate Estate Sale Sale or Financing Concessions

e Expiration Date Date of Sale/Time

FHA Federal Housing Authority Sale or Financing Concessions

g Garage Garage/Carport

ga Garage - Attached Garage/Carport

gbi Garage - Built-in Garage/Carport

gd Garage - Detached Garage/Carport

GR Garden Structure Design(Style)

GlfCse Golf Course Location

Glfvw Golf Course View View

HR High Rise Structure Design(Style)

Ind Industrial Location & View

Abbrev. Full Name Appropriate Fields

in Interior Only Stairs Basement & Finished Rooms Below Grade

Lndfl Landfill Location

LtdSght Limited Sight View

Listing Listing Sale or Financing Concessions

MR Mid-Rise Structure Design(Style)

Mtn Mountain View View

N Neutral Location & View

NonArm Non-Arms Length Sale Sale or Financing Concessions

op Open Garage/Carport

o Other Basement & Finished Rooms Below Grade

O Other Design(Style)

Prk Park View View

Pstrl Pastoral View View

PwrLn Power Lines View

PubTrn Public Transportation Location

rr Recreational (Rec) Room Basement & Finished Rooms Below Grade

Relo Relocation Sale Sale or Financing Concessions

REO REO Sale Sale or Financing Concessions

Res Residential Location & View

RT Row or Townhouse Design(Style)

RH Rural Housing - USDA Sale or Financing Concessions

SD Semi-detached Structure Design(Style)

s Settlement Date Date of Sale/Time

Short Short Sale Sale or Financing Concessions

sf Square Feet Area, Site, Basement

sqm Square Meters Area, Site, Basement

Unk Unknown Date of Sale/Time

VA Veterans Administration Sale or Financing Concessions

wo Walk Out Basement Basement & Finished Rooms Below Grade

wu Walk Up Basement Basement & Finished Rooms Below Grade

WtrFr Water Frontage Location

Wtr Water View View

w Withdrawn Date Date of Sale/Time

Woods Woods View View

Other Appraiser-Defined Abbreviations

Abbrev. Full Name Appropriate Fields Abbrev. Full Name Appropriate Fields

Uniform Appraisal Dataset DefinitionsProduced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 12182015UAD Version 9/2011

HAS0636

11623304

ADDENDUM

Borrower: Alison Taylor File No.: HAS0636

Property Address: 601 E Sherwood Rd Case No.: 11623304

City: Williamston State: MI Zip: 48895

Lender: Town Mortgage Company

Addendum Page 1 of 6

Regarding the Aerial photo for the subjects location has been included within this particular report to show the intendedusers any positive or negative influences that could possibly affect the subject's market ability in a negative or positive way.The appraiser has analyzed the Aerial photo to find no real positive or negative influences that could affect the subject in anegative or positive way at the time of inspection.

Appraiser has verified and reported subject's address to be accurate through USPS.com. Appraiser's reported address mayor may not differ from original appraisal order.

The ANSI standards make a strong distinction between above-grade and below-grade floor area. The above-gradefloor area is the sum of all finished square footage which is entirely above ground level. The below-grade floor areaincludes spaces which are wholly or partly below ground level.

Comparables for re-consideration but not utilized due to various differences that could exceed gross and/or netadjustments and would not reflect a more accurate indication of market value. These comparables noted below areas follows:

MLS#80674 - 29 E Oliver Dr, Williamston - Design: Tri-level / Split-level, Above-Grade sf 1,201, Built 1962,Improvements: Newer Bay Window, no pool noted on MLS data sheet, Effective age 20-25yrs.

MLS#212808 - 5673 N Woodside Dr, Haslett - Design: Quad-level / Split-level, Above-Grade sf 891, Built 1958,Improvements: Refinished Hardwood flooring in Living room, no pool noted on MLS data sheet, Effective age20-25yrs.

Subject features: All new windows, new slider, all remodeled baths, re-built chimney's, all new roof, facia, sofit, andgutters, new concrete driveway and walkway's, new pool pump w/surround, newly landscaped yard, new re-builtwest wall of garage, all new light fixtures, new flooring, new interior paint throughout, 3-new garage doors, all newhardware, outlets and plates, new gas lines, new sewer pump, new water heater, new sump pump, and all new trimthroughout.

Subject property is well maintained, with In-ground pool, Effective age of 15yrs. Neighborhood DescriptionThe subject property has a mailing address of Williamston and is located in Williamstown Township, Ingham County withinthe Williamston School District. There are homes similar in style and nature within the subjects marketed area. Employmentin the area seems to be diverse but stable. Shopping and recreational facilities are located within a reasonable distancefrom the subject property. Note there maybe a fair amount of unimproved land within the subjects marketed area; if notedwithin the neighborhood section under Present Land Use Percentages.

Neighborhood Market ConditionsMarket conditions for the subject area were found to be reasonable. Financing was found to be readily available at attractiverates. Research of MLS sales records indicated that property values were fairly stable after a period of decline at a rate of1-3% every 6 months. Nationwide foreclosure sales are up 25% from last year. Although foreclosed properties tend to bebelow average in condition they are still available in the market. Estimates of market times were also based on M.L.S.records.

The initial comparable sale search focused on sales, listings, and pending sales with transaction dates within the past 4months, located within 1 mile from the subject, within 200 sq. ft. above grade GLA, similar site size, similar age within a 10year range, and single-story homes. The initial search RESULTED in 4 properties, however, only two - one sale and onelisting - were considered comparable; the others were of superior quality located in a superior neighborhood. The searchparameters were then expanded to transaction dates within the past 6 to 12 months and within 0-5 miles from the subjectproperty using the same physical characteristics. Using the expanded search parameters a total of 12 properties were found(which includes those properties found in the initial search, 6 of which, 4 sales and 2 listings/pendings, were consideredmost comparable and included in the Sales Comparison Approach. Those not chosen were of superior quality and/orsuperior location.

Zoning ComplianceZoning is attempted to be described within the report, but should not be relied upon by any third party. The appraiserrecommends the client or any third party first verify information regarding zoning and permitted use of the subject propertyincluding such things as set back requirements, minimum and maximum sizes for allowable uses, allowable existing uses,etc. directly with the local zoning municipality prior to making any decision that may be effected by zoning regulations. Theappraiser further recommends such matters be confirmed in writing to the proposed user by the local zoning municipality.The appraiser is not responsible for any errors or changes regarding zoning matters.

Highest and Best UseGiven the current zoning, location and size of the site, surrounding land uses (recognizing the principle of conformity) anddevelopment characteristics of the market area, our opinion of the highest and best use of the property "as vacant" is forsingle family residential development. Further, the existing use/improvements exceed the value of the site vacant; thereforeour opinion of the highest and best use of the site "as improved" is for continued single family residential use.

Utilities/Off-Site ImprovementsThe subject's utilities and mechanicals were functional and working properly at the time of inspection.

Also note the subject's well, and septic system as a primary utility source is found to be common and accepted for thesubjects's marketed area. According to local township assessor's information there are no public utilities as noted, nor arethere any plans of public utilities available in the near future for the subjects' marketed area.

Site Comments

ADDENDUM






The subject's FEMA Special Flood Hazard Area is verified through the FEMA Flood Map Service Center as of the appraisaldate.

Additional FeaturesThe subject features all new windows, new slider, all remodeled baths, re-built chimney's, all new roof, facia, sofit, andgutters, new concrete driveway and walkway's, new pool pump w/surround, newly landscaped yard, new re-built west wall ofgarage, all new light fixtures, new flooring, new interior paint throughout, 3-new garage doors, all new hardware, outlets andplates, new gas lines, new sewer pump, new water heater, new sump pump, and all new trim throughout.

Condition of the PropertyContinued from Condition of the Property: style based on exterior architectural details of the subject and each comparable.The market may warrant a design adjustment to comparables as noted in sales comparison grid page 2. However, the samebuyer would look at all of these styles and not discriminate between them.

Comments on Sales ComparisonIt should be noted that these sales do give an accurate indication of market value of the subject property. Adjustments forsquare footage were calculated at $20.00/square foot.

Due to the subjects design, location, acreage, square footage and a limited number of similar comparables required theappraiser to utilize comparables that exceed sales dates of three and six months. But, not to exceed one year sales time.

Due to local stable markets did not require a time adjustment for comparables over four and six months.

Comparables #6 and #7 were utilized as current listings that warranted an adjustment due to listing status.

Comparables that have crossed over what is considered a major artery dividing the subject and comparables do not poseany sort of market division or barrier in the subjects marketed region.

All seven comparables are within gross and net adjustments of 15% and 25%.

Due to the subjects location, square footage, acreage, amenities and a limited number of similar comparables has requiredthe appraiser to utilize comparables that exceed distances of one and five miles. However, these comparables areconsidered within similar competing marketed areas as the subject property.

Adjusted value range exceeds normal 15% guidelines due to various adjustments warranted. However, these comparableswarrant use having various similarities to the subject property in terms of distance, square footage, age, design, roomcounts, foundations and amenities.

Comparables #3, and #4 were given most weight due to distance, sales times, square footage, room count, and amenities.Comparables #1, #2 and #5 warrant use having various similarities to the subject but not given as much weight.Comparables #6 and #7 were utilized as current listings within the subjects market area but were not given any weight due tolisting status.

Comparables #4, and #5 condition rating of C4 is based on homes are inferior to subject in terms of being well maintainedwith newer improvements/updates, that warranted an 8% adjustment.

Due to a shortage of comparables required the appraiser to utilize comparables that exceed a 20% GLA variance. However,the appraiser has completed an extensive search for comparables of similar GLA and the sales/listings utilized areconsidered to be the most similar and within reasonable gross living area to the subject property.

Having a shortage of comparables has required the appraiser to utilize comparables that exceed a 25% sales variance.However, these comparables used are considered to be the best and most representive of the surrounding marketed areafor the subject property.

Adjustments have been derived from paired sales data extracted from subjects marketed area as follows. Siteadjustment is $500 per 12,000 to 15,000 sf of subjects lot size. Foundation adjustments are based on $3.00 per 500square feet. Rooms Below Grade adjustments are at $1,000 per room (09/15/2017).

Typical marketing times are found to be under three months within the subjects marketed area. However, comparable #2 isabove typical marketing times with no specific given reason on MLS data sheet. Therefore, no factors that would contributeto an extended marketing time could be established.

The appraiser has completed an exhaustive search within reasonable distances and sales dates to find three comparablesof similar attributes to our subject property that sold within 90 days. However, this would not affect the subjects marketabilityin a negative way.

As a result of an analysis of Uniform Appraisal Dataset data specific to comparable adjustments, Fannie Mae has eliminatedthe 15% net and 25% gross adjustment guidelines and has provided clarification with respect to Fannie Mae’s expectationsfor the appraiser to analyze the market for competitive properties and provide appropriate market based adjustments withoutregard to limits on the size of the adjustments.

Sales concessions are found to be typical for the subjects marketed area, therefore no adjustments were warranted. Thiswould not effect the subjects market ability in a negative way.

The assigned appraiser has completed an extensive search for similar comparables of similar attributes within a reasonabledistance and sales date not to exceed normal guidelines of similar attributes to our subject property. After further review forthe subjects marketed area the appraiser has determined that these comparables are considered the best and mostrepresentive to the subject for the surrounding marketed area. These comparables are utilized within this particular report

ADDENDUM






having various similarities in style, location, acreage, age, room count, square footage, foundation, garage type andamenities.

Comparable #2 site area on MLS data sheet reports 161' x 271' = 43,631 or 1.0016299 ac or 1.00 ac that is revised onpage 2 sales grid (09/06/2017).

Comparable #2 bedroom count labels 1 bedroom above-grade and "Other Room 2" Level 1 or upper level orabove-grade level as 2nd bedroom as reported on pg 2 of sales grid that may have been reported materially differentfrom historical report(s) not available for the completion of this particular appraisal report (09/06/2017).

Appraiser's net adjustments for comparable sales may or may not materially differ from model net adjustments(09/06/2017).

Lot size adjustments may be materially different from adjustments indicated by market data not provided toappraiser for review. Lot size adjustments are market based and adequately supported through local data sourcesresearched by appraiser at time of completion of this particular appraisal report (09/15/2017).

Gross Living Area adjustment(s) $20/sf is an adjustment taken from market data of what typical buyer's would payper sf in difference to sales. $139.22/sf is an average cost based on cost new. Appraiser's look at what the market iswilling to pay for something rather than what it costs (09/15/2017).

Example: Comparable #3 sold for $197,500 @ 1,232sf = $160.31sf, compared to Subject's market value of $195,000@ 1,081sf = $180.39sf. Difference is $2,500 sale price/market value divided by difference in sf of 151 sf = $16.56/sf(09/15/2017).

Refer to line: Sale Price/Gross Liv. Area for price per square foot based on sales price for comparables (09/15/2017).

Final ReconciliationAdditional Certifications:1) Pursuant to USPAP requirements, in the three years preceding this assignment, this appraiser has not performed anyservices at the subject property. 2) USPAP requires the disclosure of any fees the appraiser pays in order to procure this appraisal assignment. Insatisfaction of that requirement, this appraiser has not paid fees to any third part in order to procure this assignment.

Appraiser must be licensed and is regulated by the Department of Licensing and Regulatory affairs, PO Box 30018, Lansing,Michigan, 48909

Appraiser certifies that the appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP)adopted by the Appraisal Standards Board of The Appraisal Foundation.

Geographic Competency:The subject property is located twelve miles from my office. This assignment requires geographic competency as part of thescope of work. I have spent sufficient time in the subjects market and understand the nuances of the local market and thesupply and demand factors relating to the specific property type and the location involved. Such understanding will not beimparted solely from a consideration of specific data such as demographics, costs, sales and rentals. The necessaryunderstanding of local market conditions provides the bridge between a sale and a comparable sale or a rental and acomparable rental.

Insulation Disclaimer:The appraiser is unable to verify the insulation "R" factor. The presence of urea formaldehyde foam insulation also could notbe determined. If UFFI is present, the appraised estimated market value may be adversely affected. Information contained inthis appraisal regarding insulation was obtained by either an interior or exterior inspection, the owners, their agents and orthe local MLS. The information is assumed to be correct and is for appraisal purposes only.

Mold and Environmental Hazards Disclaimer:Homes built prior to 1978 may contain lead paint. The appraiser is not a home or environmental inspector. The appraiserprovides an opinion of value. The appraisal does not guarantee that the property is free of defects or environmentalproblems. The appraiser performs an inspection of visible and accessible areas only. Mold may be present in areas theappraiser cannot see. As noted in item 5 of the attached limiting conditions (please read in its entirety), the appraiser has nospecial expertise regarding environmental hazards and this report must not be considered as an environmental assessmentof the property. A professional home inspection or environmental inspection is recommended if there is concern by thehomeowner or potential homeowner. It is normal to find on properties paint solvents, cleaning solutions etc.

An Appraiser's observation is limited to readily observable conditions and is not as comprehensive an inspection as oneperformed by a licensed home inspector.

Clarification of Intended Use and Intended User:

The Intended User of this appraisal report is the Lender/Client HUD/FHA. The Intended Use is to evaluate the property thatis the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of theappraisal, reporting requirements of this appraisal report form, and Definition of Market Value. Additional intended useridentified by the appraiser is FHA/HUD to support an FHA insured loan.

ADDENDUM






FHA:

A full head and shoulders inspection of the attic was performed. It meets HUD requirements.

A head and shoulders inspection of the crawl space was performed. It meets HUD requirements.

(Chris…Remove this if no crawl space).

All windows were functioning and provide adequate access/egress from bedrooms to exterior of home.

No chipping/peeling paint was observed at time of appraisal inspection.

There were no apparent wood destroying organisms at time of appraisal inspection.

All appliances were working at time of inspection and conveyed with property.

Water heater valve is appropriately attached and appears to be functional at time of inspection.

Water, gas and electric were on at the time of the appraisal inspection and were in working order.

There is ?? no farming within 1/4 mile of the subject property.

The subject property has a remaining economic life of XX years.

FHA Appraisals are no guarantee that the property is free from defects. The appraisal only establishes the value of theproperty for mortgage insurance purposes. Buyers need to secure their own home inspection through the services of aqualified inspector and satisfy themselves about the condition of the property (McCarthy, T.J. 2013).

Remove one or the other below

When below repairs are completed the dwelling will meet HUD/FHA minimum property and neighborhood standards forexisting dwellings as outlined in the HUD Handbooks 4000.1.

1.

The dwelling meets HUD/FHA minimum property and neighborhood standards for existing dwellings as outlined in the HUDHandbooks 4000.1.

Conditions of AppraisalMarket value was estimated in fee simple title, assuming no outstanding liens which could affect marketability. All sales weregiven similar consideration. This appraisal is prepared as a appraisal report under USPAP.

The report contains digital signatures, The Appraisal Standard Board of the Foundation has addressed electronic signaturesin Statement No. 8 dated January 1, 1999. The Board states "electronically affixing a signature to a report carries the samelevel of authority and responsibility as an ink signature on a paper copy report".

Additional CommentsExposure Time:Exposure time is presumed to precede the effective date of the appraisal. It is the estimated length of time the propertyinterest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at marketvalue, on the effective date of the appraisal. It is a retrospective opinion based on an analysis of past events assuming acompetitive and open market. This includes not only adequate, sufficient and reasonable time, but adequate, sufficient andreasonable effort. It is often expressed as a range. Based on historical market conditions, the reasonable exposure time forthe subject property would have been approximately five to seven months. This is based on the analyses of historical markettrends in the general area and takes into account the size, condition and price range of the subject property and surroundingarea.

The comparable photographs have been taken at the time of inspection, the appraiser has driven by all comparable salesand/or listings-pendings.

Comparable photos utilized in this particular appraisal are original photos collected by the appraiser within reasonable timeof completion for this appraisal report per HUD/FHA guidelines. Front and/or side views are provided on or all comparables,front and side views may or may not have been available at time of appraisal due to various obstructions, drive-waydistances, close range of neighbor homes, people may have been in photo view.

The 2017 State Equalized Value =$65,300.00.

Personal property and/or non-realty items were not included in final conclusion of market value. However, any personalproperty being transferred such as appliances would be considered common for the subjects marketed area and would notrequire additional photos.

As of the date of this report. I have completed the requirements of the continuing education program of the AppraisalInstitute.

In keeping with the USPAP rules, any excess financing costs and/or buydowns and/or promotional expenses and/or giftswere deducted from the comparables based upon the amounts paid when we are aware of such items.

The appraiser is engaged by client to render a value conclusion utilizing similar comparable sales within the subject’s market

ADDENDUM






area. From analyzing and adjusting similar/dissimilar features of the comparable sales, appraiser is able to render a value

conclusion. In addition, the cost to build a similar structure with a similar site is also evaluated. In this analysis these costs

would include typical local builder’s profit that is typically attained in the market. In some cases where the income approach

is applicable, appraiser also utilized this approach to value.

Appraiser has not examined the borrower’s credit report. Appraiser has not analyzed the borrower’s income, tax returns,

W-2’s, financial statement, nor any other financial instrument with regard to borrower’s credit worthiness or capacity to repay

any loan. Appraiser has not been engaged to assist in the underwriting criteria and decision making for any loan with

regards to the subject. The determination of the borrower’s ability to repay a loan or the rating class of the final loan placed

on the subject is determined solely by the lender – (the borrower’s ability to repay the loan note and not on the subject’s

overall value). It is further understood that any lending decision made is the sole discretion and burden of the lender who

qualifies the borrower’s ability to repay the loan and not the real estate which has been valued. Appraiser warrants that they

are not part of any credit or loan making decision in conjunction with this transaction.

Appraiser’s engagement is to render a value conclusion totally disconnected from the lending underwriting process withoutbias. Appraiser has valued the subject relative to the market and has analyzed any special condition or feature relevant tothe subject’s value. Appraiser has no financial connection or undisclosed business relationship with lender.

Appraiser Additional CertificationsI have performed no other appraisal services, as an appraiser or in any other capacity, regarding the property that is thesubject of the work under review within the three-year period immediately preceding acceptance of this assignment.

The signing appraiser for this particular appraisal report is on the FHA roster.

Extra CommentsSCOPE OF WORK PERFORMED TO REACH A VALUE OPINIONThe appraisal is based on the information gathered by the appraiser from public records, other identified sources, completevisual observation of the interior and exterior of the subject property, its neighborhood, and selection of comparable saleswithin the subject's market area. The original source of the comparables is shown in the Data Source section of the marketgrid along with the source of confirmation, if available. The sources and data are considered reliable. When conflictinginformation was provided, the source deemed most reliable has been used. Data believed to be unreliable was not includedin the report nor used as a basis for the value conclusion.

The appraiser will consider the three approaches to value, evaluate which approaches should or should not be included inthe assignment, and precede to carry out the research necessary to carry out the selected approach or approaches. Theappraiser shall then reconcile value conclusions into one opinion of value per the definition of value within the reportassignment. If in consultation with the Client prior to undertaking the assignment it is agreed through informed consent of theClient that certain approaches to value shall be omitted or other departures from USPAP are implemented in the completionof this report they shall be stated within this report and identified as departures from USPAP.

INSPECTION & PHYSICAL CONDITION COMMENTSAppraisal is a branch of applied economics. It is distinct from the applied sciences (engineering, surveying, mold orenvironmental testing, etc.), from the building trades (home inspection, pest and dry rot inspection, roof inspection,construction, etc.), and from the applied arts (architecture, home design, or drafting). The term "inspection" refers to a visualobservation of the unobstructed, exposed surfaces of accessible areas from standing height.

Complete visual inspection of the exterior of the subject property: a visual observation of the unobstructed, exposed, andaccessible perimeter of the residential improvements without the removal of personal possessions from standing height. Itincludes the visual observation of any automobile storage area, if any, as well as of any detached accessory buildingsjudged by the appraiser to have contributory value. It also includes a visual observation of any roofing materials from theground only. Repair items noted are limited to readily observable items visible from standing height on the ground.

Complete visual inspection of the interior areas of the subject property: a visual observation from standing height of theaccessible areas and unobstructed, exposed surfaces of the living area without the removal of personal possessions. Itincludes the visual observation of any automobile storage area, if any, as well as of any detached accessory buildingsjudged by the appraiser to have contributory value. Repair items noted are limited to readily observable items visible fromstanding height.

The appraiser is not a home inspector. The appraisal report cannot be relied upon to disclose hidden defects that are notapparent from a visual observation of the surfaces of the subject property from standing height. The testing of systems(structural, electrical, mechanical, heating, cooling, plumbing) and components (such as appliances, fixtures, doors,windows, etc.) lies outside of the scope of this appraisal assignment. The adequacy or suitability of any individual privatesewer and water system is also beyond the scope of work.

The appraiser made a cursory visual inspection of the subject property. The purpose was to ascertain the existence of thereal property and the existence of any improvements. This cursory inspection is to in no way be considered as any type ofstructural inspection of any improvements to the real estate whatsoever nor is it to be construed in any way as any type ofenvironmental inspection of the real property whatsoever. The appraiser is not qualified to detect any latent defects relatingto the real estate, subject land or any structural improvements whatsoever. The appraiser is not trained to recognize whatmay be described as obvious and superficial deficiencies. The appraisal report assumes the absence of major and minordefects including but not limited to hazardous substances, etc., to the subject property. This report should not be in any waywhatsoever considered a substitute for various inspections undertaken by qualified inspectors to determine the status ofissues relating to the real estate, land and its improvements. Having presented this position, in the event the appraiserrecognizes matters creating questions, the appraiser will make such note within the report, the failure of which to do soaffords no liability to the appraiser.

INTENDED USE/ FUNCTION

ADDENDUM






Intended User: the sole intended user of this report is the client named in this report and its ultimate funding source. Inaccordance with the Appraisal Standard Board’s interpretation of Certification #23, the appraiser does not intend the use ofthis appraisal by anyone other than the named client and its ultimate funding source. The party receiving a report copy fromthe client does not, as a consequence, become a party to the appraiser-client relationship. No other persons or entitieswhatsoever are Clients or intended users.

This report is not intended for use by the borrower for the purpose of identifying any adverse conditions in the subject’ssystems and components, which might be revealed by any inspections by licensed professionals in any relevant field. Thisappraisal does not guarantee that the subject property is free of undetected problems, possible defects, or environmentalhazards that could exist.

Intended Use: reading the appraisal report or possessing the report does not constitute use. Relying on the appraisal reportto understand how the appraiser developed the opinion of value does not constitute use. Use means relying on theappraisal report to make a decision or to take an action. The intended use of the report also known as the function of theappraisal report is to determine the current market value of the subject property. The purpose of the Appraisal is to providean opinion of market value of the subject property, as defined in this report, on behalf of the named Client as the intendeduser of the report. The only function of this report is to assist the client identified in the report in evaluating the subjectproperty for its market value as defined in the report. The use of this appraisal by anyone other than the stated intendeduser or users, or for any other use than the stated intended use is prohibited.

SUBJECT PROPERTY PHOTO ADDENDUM

Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

FRONT VIEW OFSUBJECT PROPERTY

Appraised Date:Appraised Value: $

REAR VIEW OFSUBJECT PROPERTY

STREET SCENE


48895MIWilliamston

11623304601 E Sherwood Rd

HAS0636Alison Taylor

195,000

August 30, 2017


Produced using ACI software, 800.234.8727 www.aciweb.com PHT6


48895MIWilliamston



Street scene Address

East side West side

Pool filter and pump Pool view




48895MIWilliamston



Living room Kitchen

Front entrance Hallway

Full bath Bedroom 1




48895MIWilliamston



Bedroom 2 Half bath

Bedroom 3 Dinning room

Garage Stairs to basement




48895MIWilliamston



Laundry Furnace and water heater

Water softner Landing in basement

Basement view Full bath




48895MIWilliamston



Well bladder Sump pump

FLOORPLAN SKETCH

Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: Town Mortgage Company

48895MIWilliamston



Sketch by Apex Sketch v5 Standard™

41'

41'

26'

21'

26'

21'

Covered Porch

2-Att Garage

Living RoomBedroom Bedroom

Bedroom

1/2 Bath

Bath

KitchenDining Room

Concre

te P

atio

Inground Pool

Comments:

AREA CALCULATIONS SUMMARYCode Description Net Size Net Totals

GLA1 First Floor 1081.00GAR

1081.00Garage 531.00 531.00

Net LIVABLE Area (rounded) 1081

Breakdown Subtotals

LIVING AREA BREAKDOWN

First Floor41.0 x 13.5 553.50 43.0 x 7.5 322.50 5.0 x 41.0 205.00

3 Items (rounded) 1081


FLOORPLAN SKETCH


48895MIWilliamston



Sketch by Apex Sketch v5 Standard™

41'

26'

41'

26'

Family Rm Den

BathLaundry

Mechanicals

8'

10'

8'

10'

Shed

Comments:

AREA CALCULATIONS SUMMARYCode Description Net Size Net Totals

BSMT Basement 1066.00OTH

1066.00Shed 80.00 80.00

Breakdown Subtotals

AREA BREAKDOWN


LOCATION MAP


48895MIWilliamston




COMPARABLE PROPERTY PHOTO ADDENDUM


COMPARABLE SALE #1

Sale Date:Sale Price: $

COMPARABLE SALE #2


COMPARABLE SALE #3



48895MIWilliamston



253,000

s08/17;c08/17

Okemos, MI 48864

4423 Wausau Rd

215,000

s12/16;c12/16

Okemos, MI 48864

4086 Dobie Rd

197,500

s03/17;c03/17

Haslett, MI 48840

5664 Wood Valley



COMPARABLE SALE #4


COMPARABLE SALE #5


COMPARABLE SALE #6



48895MIWilliamston



177,000

s06/17;c06/17


176 E Sherwood Rd

144,000

s07/17;c07/17

Okemos, MI 48864

4517 Marlborough

199,900

Active

Haslett, MI 48840

5786 Lake Dr



COMPARABLE SALE #7


COMPARABLE SALE #8


COMPARABLE SALE #9



48895MIWilliamston



179,900

Active

Haslett, MI 48840

6322 Sunhollow Ln

Market Conditions Addendum to the Appraisal Report File No.

The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required

addendum for all appraisal reports with an effective date on or after April 1, 2009.

Property Address City State Zip Code

Borrower

Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and

overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide

analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to

provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the

median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria

that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.

Inventory Analysis

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)

Total # of Comparable Active Listings

Months of Housing Supply (Total Listings/Ab.Rate)

Median Sale & List Price, DOM, Sale/List %

Median Comparable Sale Price

Median Comparable Sales Days on Market

Median Comparable List Price

Median Comparable Listings Days on Market

Median Sale Price as % of List Price

Seller-(developer, builder, etc.)paid financial assistance prevalent?

Increasing

Increasing

Declining

Declining

Increasing

Declining

Increasing

Declining

Increasing

Declining

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Declining

Declining

Increasing

Increasing

Declining

Increasing

Declining

Increasing

Declining

IncreasingYes No

Prior 7-12 Months

Prior 7-12 Months

Prior 4-6 Months

Prior 4-6 Months

Current - 3 Months

Current - 3 Months

Overall Trend

Overall Trend

Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.).

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of

pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

MA

RK

ET

RE

SE

AR

CH

& A

NA

LY

SIS

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:

Subject Project Data

Total # of Comparable Sales (Settled)

Absorption Rate (Total Sales/Months)

Total # of Active Comparable Listings

Months of Unit Supply (Total Listings/Ab. Rate)

Increasing

Increasing

Declining

Declining

Stable

Stable

Stable

Stable

Declining

Declining

Increasing

Increasing

Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend

Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties.

Summarize the above trends and address the impact on the subject unit and project.CO

ND

O /

CO

-OP

PR

OJ

EC

TS

APPRAISER

Signature

Name

Company Name

Company Address

State License/Certification # State

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name

Company Name

Company Address

State License/Certification # State

Email Address

AP

PR

AIS

ER

Page 1 of 1Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009Produced using ACI software, 800.234.8727 www.aciweb.com

1004MC_2009 090909

HAS0636

11623304

Alison Taylor

48895MIWilliamston601 E Sherwood Rd

XX

X

X

X

X

X

X

X

X

X

100.00%

113

159,900

13

169,950

1.50

3

2.00

6

0.00%

0

0

22

163,450

0.00

0

1.33

4

0.00%

0

0

17

152,000

0.00

0

0.83

5

Appraiser's "Inventory Analysis," "Median Sale & List Price", "DOM" and other observations in this addendum are based on the date

source identified above, which appraiser generally believes to be an acceptable source of market data. However, the appraiser cannot

verify all of the information in that data source and cannot guarantee the accuracy of such data or conclusions based thereon. The

appraiser also cannot guarantee future market conditions affecting the subject property. The market data above was taken from the

local MLS and is of those properties believed to be competitive with the subject property. The parameters for the search of comparable

sales and listings included a search by geographic area, gross living area, age and site size.

The appraiser has verified the above information with the local Multiple Listing Services for the subject

properties area.

There were 15 total MLS sales in the subject neighborhood in the past twelve months. Of those sales 0 were REO sales. Appraiser is

relying on the statistical information in the local MLS and assumes it to be accurate.

X

There were 15 total MLS sales in the subject neighborhood in the past twelve months. Of those sales 1 had seller concessions. Seller

concessions are normally in the range of 3-5% of the sales price and are typically used to cover purchaser's closing costs and pre-paid

expenses. Appraiser is relying on the statistical information in the local MLS and assumes it to be accurate.

N/ANot Applicable

[email protected]

MI1201006564

Lansing, MI 48910

1318 S. Washington Ave.

Hawley Appraisal Service

Chris Hawley


48895MIWilliamston




FLOOD MAP


48895MIWilliamston




AERIAL MAP


48895MIWilliamston




appraisal of · conditions, and appraiser’s certification, my (our) opinion of the market value,...

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