from: invoice invoice number date reference purposes …

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INVOICE FROM: Telephone Number: Fax Number: TO: Telephone Number: Fax Number: Alternate Number: E-Mail: INVOICE NUMBER DATE REFERENCE Internal Order #: Lender Case #: Client File #: Main File # on form: Other File # on form: Federal Tax ID: Employer ID: Lender: Client: Purchaser/Borrower: Property Address: City: County: State: Zip: Legal Description: $ DESCRIPTION FEES AMOUNT SUBTOTAL PAYMENTS AMOUNT Check #: Date: Description: Check #: Date: Description: Check #: Date: Description: SUBTOTAL TOTAL DUE 12/10/2010 200712TRA 200712TRA N/A 200712TRA 72-72-6-0877TRA 27-0249TRA (555) 555-5292 (555) 555-2636 (555) 443-7283 Maria Pipo Homewood Appraisal 000 Street Anywhere, VA 22546 Mortgage Company 000 Freeway Anywhere, TX 78288-0544 Please note that this invoice is payable & due within thirty days of the date of invoice. Payment of this appraisal in not contingent upon any other event or terms. Acceptance of this appraisal is considered acceptance of these terms. Please find our Company W-9 directly behind this page. Mortgage Company/Dept of VA Randolph Scott 905 22nd St S Arlington Arlington Lts 3 4 Bk 23 Addison Hts 6000 Sq Ft VA 22202-2624 MULTIFAMILY 1025 400.00 400.00 400.00 Main File No. 200712TRA Page 1 of 29 For Training Purposes Only

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Page 1: FROM: INVOICE INVOICE NUMBER DATE REFERENCE Purposes …

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

12/10/2010

200712TRA

200712TRAN/A

200712TRA72-72-6-0877TRA27-0249TRA

(555) 555-5292 (555) 555-2636

(555) 443-7283

Maria Pipo Homewood Appraisal 000 Street Anywhere, VA 22546

Mortgage Company 000 Freeway Anywhere, TX 78288-0544

Please note that this invoice is payable & due within thirty days of the date of invoice. Payment of this appraisal in not contingent upon any other event or terms. Acceptance of this appraisal is considered acceptance of these terms. Please find our Company W-9 directly behind this page.

Mortgage Company/Dept of VARandolph Scott905 22nd St SArlingtonArlingtonLts 3 4 Bk 23 Addison Hts 6000 Sq Ft

VA 22202-2624

MULTIFAMILY 1025

400.00

400.00

400.00

Main File No. 200712TRA Page 1 of 29

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Page 2: FROM: INVOICE INVOICE NUMBER DATE REFERENCE Purposes …

Form W-9(Rev. October 2007)Department of the TreasuryInternal Revenue Service

Request for TaxpayerIdentification Number and Certification

Give form to therequester. Do notsend to the IRS.

Prin

t or t

ype

See

Spec

ific

Inst

ruct

ions

on p

age

2.

Name (as shown on your income tax return)

Business name, if different from above

Check appropriate box: Individual/Sole proprietor Corporation PartnershipLimited liability company. Enter the tax classification (D=disregarded entity, C=corporation, P=partnership) >Other (see instructions) >

Exemptpayee

Address (number, street, and apt. or suite no.)

City, state, and ZIP code

Requester's name and address (optional)

List account number(s) here (optional)

Part I Taxpayer Identification Number (TIN)Enter your TIN in the appropriate box. The TIN provided must match the name given on Line 1 to avoidbackup withholding. For individuals, this is your social security number (SSN). However, for a residentalien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it isyour employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3.Note. If the account is in more than one name, see the chart on page 4 for guidelines on whosenumber to enter.

Social security number

orEmployer identification number

Part II CertificationUnder penalties of perjury, I certify that:1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal

Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS hasnotified me that I am no longer subject to backup withholding, and

3. I am a U.S. citizen or other U.S. person (defined below).Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backupwithholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply.For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to a individual retirementarrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the Certification, but you mustprovide your correct TIN. See the instructions on page 4.

SignHere >

Signature ofU.S. person Date >

General InstructionsSection references are to the Internal Revenue Code unlessotherwise noted.

Purpose of FormA person who is required to file an information return with theIRS must obtain your correct taxpayer identification number (TIN)to report, for example, income paid to you, real estatetransactions, mortgage interest you paid, acquisition orabandonment of secured property, cancellation of debt, orcontributions you made to an IRA.

Use Form W-9 only if you are a U.S. person (including aresident alien), to provide your correct TIN to the personrequesting it (the requester) and, when applicable, to:

1. Certify that the TIN you are giving is correct (or you arewaiting for a number to be issued),

2. Certify that you are not subject to backup withholding, or3. Claim exemption from backup withholding if you are a U.S.

exempt payee. If applicable, you are also certifying that as aU.S. person, your allocable share of any partnership income froma U.S. trade or business is not subject to the withholding tax onforeign partners’ share of effectively connected income.Note. If a requester gives you a form other than Form W-9 torequest your TIN, you must use the requester’s form if it issubstantially similar to this Form W-9.

Definition of a U.S. person. For federal tax purposes, you areconsidered a U.S. person if you are:

An individual who is a U.S. citizen or U.S. resident alien,A partnership, corporation, company, or association created or

organized in the United States or under the laws of the UnitedStates,

An estate (other than a foreign estate), orA domestic trust (as defined in Regulations section

301.7701-7).Special rules for partnerships. Partnerships that conduct atrade or business in the United States are generally required topay a withholding tax on any foreign partners’ share of incomefrom such business. Further, in certain cases where a Form W-9has not been received, a partnership is required to presume thata partner is a foreign person, and pay the withholding tax.Therefore, if you are a U.S. person that is a partner in apartnership conducting a trade or business in the United States,provide Form W-9 to the partnership to establish your U.S.status and avoid withholding on your share of partnershipincome.

The person who gives Form W-9 to the partnership forpurposes of establishing its U.S. status and avoiding withholdingon its allocable share of net income from the partnershipconducting a trade or business in the United States is in thefollowing cases:

The U.S. owner of a disregarded entity and not the entity,

Cat. No. 10231X Form W-9 (Rev. 10-2007)

Form W-9(Rev. October 2007)Department of the TreasuryInternal Revenue Service

Request for TaxpayerIdentification Number and Certification

Give form to therequester. Do notsend to the IRS.

Prin

t or t

ype

See

Spec

ific

Inst

ruct

ions

on p

age

2.

Name (as shown on your income tax return)

Business name, if different from above

Check appropriate box: Individual/Sole proprietor Corporation PartnershipLimited liability company. Enter the tax classification (D=disregarded entity, C=corporation, P=partnership) >Other (see instructions) >

Exemptpayee

Address (number, street, and apt. or suite no.)

City, state, and ZIP code

Requester's name and address (optional)

List account number(s) here (optional)

Part I Taxpayer Identification Number (TIN)Enter your TIN in the appropriate box. The TIN provided must match the name given on Line 1 to avoidbackup withholding. For individuals, this is your social security number (SSN). However, for a residentalien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it isyour employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3.Note. If the account is in more than one name, see the chart on page 4 for guidelines on whosenumber to enter.

Social security number

orEmployer identification number

Part II CertificationUnder penalties of perjury, I certify that:1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal

Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS hasnotified me that I am no longer subject to backup withholding, and

3. I am a U.S. citizen or other U.S. person (defined below).Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backupwithholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply.For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to a individual retirementarrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the Certification, but you mustprovide your correct TIN. See the instructions on page 4.

SignHere >

Signature ofU.S. person Date >

General InstructionsSection references are to the Internal Revenue Code unlessotherwise noted.

Purpose of FormA person who is required to file an information return with theIRS must obtain your correct taxpayer identification number (TIN)to report, for example, income paid to you, real estatetransactions, mortgage interest you paid, acquisition orabandonment of secured property, cancellation of debt, orcontributions you made to an IRA.

Use Form W-9 only if you are a U.S. person (including aresident alien), to provide your correct TIN to the personrequesting it (the requester) and, when applicable, to:

1. Certify that the TIN you are giving is correct (or you arewaiting for a number to be issued),

2. Certify that you are not subject to backup withholding, or3. Claim exemption from backup withholding if you are a U.S.

exempt payee. If applicable, you are also certifying that as aU.S. person, your allocable share of any partnership income froma U.S. trade or business is not subject to the withholding tax onforeign partners’ share of effectively connected income.Note. If a requester gives you a form other than Form W-9 torequest your TIN, you must use the requester’s form if it issubstantially similar to this Form W-9.

Definition of a U.S. person. For federal tax purposes, you areconsidered a U.S. person if you are:

An individual who is a U.S. citizen or U.S. resident alien,A partnership, corporation, company, or association created or

organized in the United States or under the laws of the UnitedStates,

An estate (other than a foreign estate), orA domestic trust (as defined in Regulations section

301.7701-7).Special rules for partnerships. Partnerships that conduct atrade or business in the United States are generally required topay a withholding tax on any foreign partners’ share of incomefrom such business. Further, in certain cases where a Form W-9has not been received, a partnership is required to presume thata partner is a foreign person, and pay the withholding tax.Therefore, if you are a U.S. person that is a partner in apartnership conducting a trade or business in the United States,provide Form W-9 to the partnership to establish your U.S.status and avoid withholding on your share of partnershipincome.

The person who gives Form W-9 to the partnership forpurposes of establishing its U.S. status and avoiding withholdingon its allocable share of net income from the partnershipconducting a trade or business in the United States is in thefollowing cases:

The U.S. owner of a disregarded entity and not the entity,

Homewood Appraisal

000 Street

Anywhere, VA 22546

2 7 0 2 4 9 T R A

Maria Pipo 04/15/2010

Main File No. 200706TRAMain File No. 220712TRA Page 2 of 29

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Page 3: FROM: INVOICE INVOICE NUMBER DATE REFERENCE Purposes …

LOCATED AT:

FOR:

AS OF:

BY:

APPRAISAL OF REAL PROPERTY

905 22nd St S Lts 3 4 Bk 23 Addison Hts 6000 Sq Ft

Arlington , VA 22202-2624

Mortgage Co./Department of Veterans Affairs

12/08/2010

Main File No. 220712TRA Page 3 of 29

Maria Pipo Anywhere, VA 22546 Phone (555)555-5292

Fax (555)555-2636 [email protected]

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Page 4: FROM: INVOICE INVOICE NUMBER DATE REFERENCE Purposes …

Small Residential Income Property Appraisal Report File #

Freddie Mac Form 72 March 2005 Page 1 of 7 Fannie Mae Form 1025 March 2005

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).

SUBJECT

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.

CONTRACT

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

Neighborhood Characteristics 2-4 Unit Housing Trends 2-4 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)

NEIGHBORHOOD

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

SITE

General Description Foundation Exterior Description materials/condition Interior materials/condition

Units Two Three Four Concrete Slab Crawl Space Foundation Walls Floors Accessory Unit (describe below) Full Basement Partial Basement Exterior Walls Walls

# of Stories # of bldgs. Basement Area sq. ft. Roof Surface Trim/Finish Type Det. Att. S-Det./End Unit Basement Finish % Gutters & Downspouts Bath Floor

Existing Proposed Under Const. Outside Entry/Exit Sump Pump Window Type Bath Wainscot Design (Style) Evidence of Infestation Storm Sash/Insulated Car Storage Year Built Dampness Settlement Screens None Effective Age (Yrs) Heating/Cooling Amenities Driveway # of Cars Attic None FWA HWBB Radiant Fireplace(s) # Woodstove(s) # Driveway Surface

Drop Stair Stairs Other Fuel Patio/Deck Fence Garage # of Cars Floor Scuttle Central Air Conditioning Pool Porch Carport # of Cars Finished Heated Individual Other Other Att. Det. Built-in

# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Unit # 1 contains: Rooms Bedroom(s) Bath(s) Square feet of Gross Living Area Unit # 2 contains: Rooms Bedroom(s) Bath(s) Square feet of Gross Living Area Unit # 3 contains: Rooms Bedroom(s) Bath(s) Square feet of Gross Living Area Unit # 4 contains: Rooms Bedroom(s) Bath(s) Square feet of Gross Living Area Additional features (special energy efficient items, etc.) Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

IMPROVEMENTS

2

905 22nd St S Arlington VA 22202-2624ArlingtonCary GrantRandolph Scott

Lts 3 4 Bk 23 Addison Hts 6000 Sq Ft6,466201036-025-012

Addison Heights

Mortgage Co./Department of Veterans Affairs 000 Freeway, Anywhere, TX 78288-0544

DOM 221MRIS/MLS The subject was listed on 04/09/2010 for $ 795,000 and is now under contract for $715,000.

dwelling of the property.

the East, the Capital Beltway to the South, and Lake Braddock to the West.

other expected suburban amenities. Major commuter routes nearby provide access to most points in the metropolitan area including employment centers. The neighborhood exhibits average maintenance patterns and marketability.

for a third unit in the basement, this style of dwelling is very limited in the market area. Comparables in the immediate market area were not readily available. Financing types are limited to those who lend on multifamily dwellings. Typical seller concessions range from 0 to 3 points and are generally applied to closing costs. The subject is not considered an over-improvement.

61' x 100' 6,100 sf Rectangular AverageR-5 Residential

511090 1036.00

6600

3300

1.01.0

00

1,1021,102

The subject is in average condition and to the best of the appraisers' knowledge required no repairs at the time of inspection. The electricity and water was turned on at the time of inspection, mechanical systems/plumbing systems appear to be in working order.

4

00

Ceramic/Avg Ceramic/Avg

Wood/Paint/Avg Drywall/Avg Wood/Vinyl/Avg Concrete/CMU/Avg

Frame/Brick/Avg Composite/Avg

Aluminum/Avg Double Hung/Avg Insulated/Avg Present

1,102 0

Duplex1979

15 years

5155200010B 5/3/1982

PavementNone

80

45106+0137

1625+450

0

Paved/Concrete

0

715,000 11/16/2010 MRIS/MLS

C

Arms Length Sale. Typical of multi-family dwellings. Per the contract one tenant is required to vacate within thirty days in order for the owner to occupy one

The subject is bounded by Maryland State Line to the North, Southern Ave to

The subject is located in an established residential area within close proximity to schools, shopping, houses of worship and

Property values are stable. Demand exceeds supply. The subject is a duplex with potential

Main File No. 200712TRA Page 4 of 29Homewood Appraisal (555) 555-6040Summary Appraisal Report

200712TRA

2.55102.5

0 N/A

2 1

0 0Entry

0

2 2 2 2

0

Typical features for the neighborhood and the area.

72-72-6-0877TRA

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Page 5: FROM: INVOICE INVOICE NUMBER DATE REFERENCE Purposes …

Small Residential Income Property Appraisal Report File #

Freddie Mac Form 72 March 2005 Page 2 of 7 Fannie Mae Form 1025 March 2005

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 Is the property subject to rent control? Yes No If Yes, describe

IMPROVEMENTS

The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support the opinion of the market rent for the subject property.

FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3 Address Proximity to Subject Current Monthly Rent $ $ $ $ Rent/Gross Bldg. Area $ sq. ft. . $ sq. ft. $ sq. ft. $ sq. ft. Rent Control Yes No Yes No Yes No Yes No Data Source(s) Date of Lease(s) Location Actual Age Condition Gross Building Area

Rm Count Size Sq. Ft. Rm Count Size

Sq. Ft. Monthly Rent Rm Count Size Sq. Ft. Monthly Rent Rm Count Size

Sq. Ft. Monthly Rent Unit Breakdown Tot Br Ba Tot Br Ba Tot Br Ba Tot Br Ba

Unit # 1 $ $ $ Unit # 2 $ $ $ Unit # 3 $ $ $ Unit # 4 $ $ $ Utilities Included Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions, etc.)

COMPARABLE

RENTAL

DATA

Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.

Leases Actual Rent Opinion Of Market Rent Lease Date Per Unit Total Per Unit Total

Unit # Begin Date End Date Unfurnished Furnished Rent Unfurnished Furnished Rent 1 $ $ $ $ $ $ 2 3 4

Comment on lease data Total Actual Monthly Rent $ Total Gross Monthly Rent $ Other Monthly Income (itemize) $ Other Monthly Income (itemize) $ Total Actual Monthly Income $ Total Estimated Monthly Income $ Utilities included in estimated rents Electric Water Sewer Gas Oil Cable Trash collection Other (describe) Comments on actual or estimated rents and other monthly income (including personal property)

SUBJECT

RENT

SCHEDULE

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 history of the subject property and comparable sales (report additional prior sales on page 4).

ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale history for the subject property and comparable sales

PRIOR

SALE

HISTORY

905 22nd St S Arlington, VA 22202-2624

3,7001.68

MRIS/MLS06/2009Average35 Years/UpdatedAverage 2,204

0.09 miles SE4,6951.74

MRIS/MLS12/10/2009,02/17/2010Average36 Years/RenovAverage 2,700

2,204 6 6 0 0No

1,1021,102

3 3 0 0

1.01.0 0 0

2,700 7 5 0 0No

1,800900

4 2 0 0

3.01.0 0 0

4,6953,0001,695

00

0.29 miles E4,2000.82

MRIS/MLS12/09/2009Average26 Years/RenovAverage 2,312

2,312 5 5 4 0Yes

1,0561,056

2 2 1 0

1.01.01.0 0

4,2001,7501,750

7500

0.48 miles SE4,1750.32

MRIS/MLS#AR716197412/17/2009Average37 YearsAverage 3,160

3,160 5 5 4 0Water/Sewer

1,0801,0801,0000

2 2 1 0

1.01.01.0 0

4,1751,5251,5501,100

0

Rental data was provided by MLS/Listing Agents in the area. Rents for the area range from 700-3700 on a per unit basis. The comparables listed are the only available to the appraiser at the time of appraisal. Rental concessions show very little variance in rent prices in the area.

06/200906/200900

Typical for the area

06/201006/201000

1,8001,90000

0000

1,8001,90000

1,8001,80000

0000

1,8001,800

00

3,6000

3,600

3,70003,700

The opinion of market rent is based on the above rental comparables. No other monthly income or personal property is considered.

MRIS/MLS

MRIS/MLS

None NotedPast 36 monthsMRIS/MLSCurrent

None NotedPast 12 MonthsMRIS/MLSCurrent

None NotedPast 12 MonthsMRIS/MLSCurrent

None NotedPast 12 MonthsMRIS/MLSCurrent

Typical for the area.

Main File No. 200712TRA Page 5 of 29Homewood Appraisal (555) 555-6040Summary Appraisal Report

815 23rd St S Arlington, VA 22202

641 22nd St S Arlington, VA 22202

501 26th St S Arlington, VA 22202

200712TRA72-72-6-0877TRA

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Small Residential Income Property Appraisal Report File #

Freddie Mac Form 72 March 2005 Page 3 of 7 Fannie Mae Form 1025 March 2005

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 COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address

Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Bldg. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Gross Monthly Rent $ $ $ $ Gross Rent Multiplier Price Per Unit $ $ $ $ Price Per Room $ $ $ $ Price Per Bedroom $ $ $ $ Rent Control Yes No Yes No Yes No Yes No Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) Adjustment DESCRIPTION + (-) Adjustment DESCRIPTION + (-) Adjustment Sale or Financing Concessions

Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age /Updated Condition Gross Building Area Unit Breakdown Total Bedrooms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Unit # 1 Unit # 2 Unit # 3 Unit # 4 Basement Description Basement Finished Rooms Functional Utility Heating/Cooling Energy Efficient Items Parking On/Off Site Porch/Patio/Deck Net Adjustment (Total) + - $ + - $ + - $ Adjusted Sale Price Net Adj. % Net Adj. % Net Adj. % of Comparables Gross Adj. % $ Gross Adj. % $ Gross Adj. % $ Adj. Price Per Unit (Adj. SP Comp / # of Comp Units) $ $ $ Adj. Price Per Room (Adj. SP Comp / # of Comp Rooms) $ $ $ Adj. Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ $ $ Value Per Unit $ __________ X ________ Units = $ __________ Value Per GBA $_____________ X __________ GBA = $ __________Value Per Rm. $ __________ X ________ Rooms = $_________ Value Per Bdrms. $_____________ X __________ Bdrms. = $ ________Summary of Sales Comparison Approach including reconciliation of the above indicators of value.

SALES

COMPARISON

APPROACH

Indicated Value by Sales Comparison Approach $ Total gross monthly rent $ X gross rent multiplier (GRM) = $ Indicated value by the Income Approach Comments on income approach including reconciliation of the GRM

INCOME

Indicated Value by: Sales Comparison Approach $ Income Approach $ Cost 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:

RECONCILIATION 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.

905 22nd St S Arlington, VA 22202-2624

715,000324

3,600198.61

357,50059,583

119,167

AverageFee Simple.14 AcresAverageDuplexAverage35 Years/UpdatedAverage 2,204

1,102 Sq.Ft.UnfinishedAverageFWA/CACTypicalDrivewayPorchNoneNone223Days on Market

Misc. UpgradesFireplaces

0.48 miles SE660,000

305.564,175

158.08

132,00047,143

220,000

MRIS/MLS#AR7217839MRIS/MLS

6600

3300

1100

03/16/2010 SDAverageFee Simple.15 AcresAverageTriplexAverage36 YearsAverage 2,160

Full/1080Fully FinishedAverageFWA/CACTypicalDrivewayNoneNoneNone46

5540

2210

1110

11/09/2010 SDAverageFee Simple.12 AcresAverageTriplexAverage29 Years/UpdatedAverage 2,312

Full/1156Partial FinishedAverageFWA/CACTypicalDrivewayNoneNoneNone9

6640

3310

1110

04/09/2010 SDAverageFee Simple.13 AcresAverageQuadplexAverage30 YearsAverage 2,088

Full/1043Fully FinishedAverageFWA/CACTypicalDrivewayNoneNoneNone38

5544

2211

111

1.0

0

0

+50,000

0

0

0

-10,000

-9,720

3.79 miles NW750,000

324.395,190

144.51

107,14346,875

250,000

MRIS/MLS#AR7449069MRIS/MLS

3.55 miles W805,000

358.545,700

141.23

134,16744,722

201,250

MRIS/MLS#AR7256496MRIS/MLS

-15,000

00

+4,000

39,000

699,000233,00049,929139,800

-30,720

719,280239,76044,955102,754

-15,000

00

+4,000

0 00

0

0

+10,440

-15,000-15,000

00

+4,000

-15,560

789,440197,36043,858131,573

357,50059,583 12

2 715,000714,996 119,167

32462,204 714,096

715,002

Due to lack of comparables the appraiser had to expand search parameters to a 5 mile radius extending into Washington DC dating back 9 months.

720,0003,600 198.61 714,996

720,000 714,996

720,000

Sales recited are from subjects' area and are in acceptable proximity to the subject. They are the most recent and most comparable found. Basement adjustments were not necessary due to adjustments made per unit, these adjustments were included on a per unit basis. All value affecting dissimilaritieswere adjusted according to market reaction. Secondary market standards for net and gross adjustment percentages were met. The indicated range of values bracketsthe value of the subject. 0=No adjustment could be supported. Remaining economic life=45 I have considered relevant competitive listings and/or contract offerings in performing this appraisal-any trending indicated by the data is supported by the trend analysis in this report.

Income approach is based on current market rents in the immediate market area. The information has been obtained from local realtors and MRIS and has been verified by phone.

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729,000 889,000725,000 868,000

2 23

501 26th St S Arlington, VA 22202

4114 18th Rd N Arlington, VA 22202

3909 Washington Blvd Arlington, VA 22202

FHA 10,100

0 0

Conventional 0

0 0

Cash 0

5.91.5

4.15.2

1.95.5

12/08/2010

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Freddie Mac Form 72 March 2005 Page 4 of 7 Fannie Mae Form 1025 March 2005

ADDITIONAL

COMMENTS

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 OPINION OF SITE VALUE..................................................................= $ Source of cost data Dwelling Sq. Ft. @ $ ......................=$ Quality rating from cost service Effective date of cost data Sq. Ft. @ $ ......................=$ Comments on Cost Approach (gross building area calculations, depreciation, etc.)

Garage/Carport Sq. Ft. @ $ ......................=$ Total Estimate of Cost-New .....................= $

Less Physical Functional External Depreciation =$( ) Depreciated Cost of Improvements ......................................................=$ “As-is” Value of Site Improvements. .....................................................=$

COST

APPROACH

Estimated Remaining Economic Life (HUD and VA only) Years Indicated Value By Cost Approach .......................................................=$ 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.

PUD

INFORMATION

45

COMMENTS ON LAND USEPresent land use indicated 2.5% other, this reflects vacant land in the area.COMMENTS ON SALES COMPARISONPlease be advised that, in the market approach when there is a variance, bathrooms are adjusted for on the first line and the square footage on the second line. Thefloorplan variation is adjusted for under functional utility, when relevant. Although, as a general rule, the appraiser will adjust for one or the other, but not both. Grossliving areas shown for comparable sales are estimated based on actual field measurements. When taking measurements is not feasible, the information is gatheredfrom various sources including: the Multiple Listing Service, County tax records, Realtors, builders, buyers and/or sellers, and when available, our files. Slighvariations in size will not typically have an effect on the estimate of value. Square footage adjusted at $90 per square foot of GLA. This adjustment is based onmarket reaction to variance in GLA. The appraiser notes that in comparing the comparables to the subject, no attempt was made to isolate or reconcile every amenity,but rather adjustment were made only for major differences. All comparables were similar in size and utility and were taken from the same market area as the subject.All comparables were considered equally in determination of market value.FINAL RECONCILIATIONFor purposes of this report, most weight has been given the market approach to value to develop a final opinion of value.The cost approach when completed is usedto substantiate the estimated market value, but is not utilized to develop the final opinion of value.COMMENTS ON INTENDED USERThe Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report from, and Definition of Market Value. No additional Intended Users are identified by the appraiser.We at Homeland Appraisal warrant, represent and certify that we have complied with any and all aspects of relevant provisions of the HVCC, including but not limited to adequate training and disciplinary rules on appraiser independence (including the principles detailed in Part I of the HVCC) and have mechanisms in place to report and discipline and violates policies and procedures.It is the responsibility of the person and company ordering this appraisal assignment to determine if their company or the appraisal type ordered needs to comply with the HVCC. If they do not need to comply than the HVCC regulations will not need to be followed. It is not the appraisers or appraisal company's duty to determine which company need by the HVCC.COMMENTS ON PRIOR APPRAISALThe appraiser has not completed an appraisal on the subject in the last 36 months.COMMENTS ON COMPARABLE PHOTOGRAPHSThe appraiser reserves the right to substitute or replace subject and comparable photographs due to ambient light, poor visibility from public right of way, or in cases that the homeowner will not allow their home to be photographed.COMMENTS ON VA TIMELINEDate Ordered-11/30/2010Date Inspected-12/08/2010The appraiser upon inspection discovered the property was multi-family dwelling and contacted the lender to inform them of the change in the scope of work. On 12/10/201the appraiser received approval to proceed with the appraisal and began research to complete the report. The appraiser contacted listing agents on comparables in order to verify rental and condition information on 12/10/2010,12/14/2010,12/16/2010 and on 12/17/2010. In order to receive the information regarding rentals the appraiser had to perform multiple calls to the same listing agents. The informtion was verified complete and accurate on 12/20/2010.Date Submitted-12/21/2010

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Small Residential Income Property Appraisal Report File #

Freddie Mac Form 72 March 2005 Page 5 of 7 Fannie Mae Form 1025 March 2005

This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in aplanned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

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

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

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

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

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’s reaction to the financing or concessions based on the appraiser’s judgment.

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

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

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

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

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

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

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

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Freddie Mac Form 72 March 2005 Page 6 of 7 Fannie Mae Form 1025 March 2005

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 this appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies thatcould 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 Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison and income approaches to value. I have adequate market data to develop reliable sales comparison and income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unless otherwise indicated in this report.

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

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

7. 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 home that 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 subject property 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 in the 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 listing services, 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 from reliable 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, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration,the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property.

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

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

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, 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 or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

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

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

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

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Freddie Mac Form 72 March 2005 Page 7 of 7 Fannie Mae Form 1025 March 2005

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

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

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

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

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, 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’s analysis, 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 the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

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

5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper 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____________________________________

Maria PipoMaria Pipo

Homewood Appraisal000 StreetAnywhere, VA 22546555-555-8546

[email protected]

4001-005TRA

VA

905 22nd St S Arlington , VA 22202-2624

720,000

Mortgage Co./Department of Veterans Affairs000 Freeway Anywhere, TX 78288-0544

December 21, 201012/08/2010

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11/30/2012

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Exhibit 1: Requirements – Condition and Quality Ratings Usage Appraisers must utilize the following standardized condition and quality ratings within the appraisal report.

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% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep).

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 recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.

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, may be updated or recently rehabilitated. The structure has been well maintained.

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 functionallyadequate.

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.

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

UAD Field-Specific Standardization Requirements Document Version 1.1

EXHIBITS

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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 the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality.

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 residencesconstructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

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 on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards.

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 some upgrades.

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 or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades.

Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-roundoccupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure.

UAD Field-Specific Standardization Requirements Document Version 1.1

EXHIBITS

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Exhibit 2: Requirements – 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 fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

Updated

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

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

Remodeled

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

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

UAD Field-Specific Standardization Requirements Document Version 1.1

EXHIBITS

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Exhibit 3: Requirements – Abbreviations Used in Data Standardization TextAbbreviation Full Name Appropriate Fields

ac Acres Area, SiteAdjPrk Adjacent LocationAdjPwr Adjacent to Power Lines LocationA Adverse Location & ViewArmLth Arms Length Sale Sale or Financing Concessionsba Bathroom(s) Basement & Finished Rooms Below Gradebr Bedroom Basement & Finished Rooms Below GradeB Beneficial Location & ViewCash Cash Sale or Financing ConcessionsCtySky City View Skyline View ViewCtyStr City Street View ViewComm Commercial Influence Locationc Contracted Date Date of Sale/TimeConv Conventional Sale or Financing ConcessionsCrtOrd Court Ordered Sale Sale or Financing ConcessionsDOM Days On Market Data Sourcese Expiration Date Date of Sale/TimeEstate Estate Sale Sale or Financing ConcessionsFHA Federal Housing Authority Sale or Financing ConcessionsGlfCse Golf Course LocationGlfvw Golf Course View ViewInd Industrial Location & Viewin Interior Only Stairs Basement & Finished Rooms Below GradeLndfl Landfill LocationLtdSght Limited Sight ViewListing Listing Sale or Financing ConcessionsMtn Mountain View ViewN Neutral Location & ViewNonArm Non-Arms Length Sale Sale or Financing ConcessionsBsyRd Busy Road Locationo Other Basement & Finished Rooms Below GradePrk Park View ViewPstrl Pastoral View ViewPwrLn Power Lines ViewPubTrn Public Transportation Locationrr Recreational (Rec) Room Basement & Finished Rooms Below GradeRelo Relocation Sale Sale or Financing ConcessionsREO REO Sale Sale or Financing ConcessionsRes Residential Location & ViewRH USDA –Rural Housing Sale or Financing Concessionss Settlement Date Date of Sale/TimeShort Short Sale Sale or Financing Concessionssf Square Feet Area, Site, BasementUnk Unknown Date of Sale/TimeVA Veterans Administration Sale or Financing Concessionsw Withdrawn Date Date of Sale/Timewo Walk Out Basement Basement & Finished Rooms Below Gradewu Walk Up Basement Basement & Finished Rooms Below GradeWtrFr Water Frontage LocationWtr Water View ViewWoods Wood View View

EXHIBITS

Main File No. 200712TRA Page 14 of 29

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File #FEATURE SUBJECT COMPARABLE LISTING # COMPARABLE LISTING # COMPARABLE LISTING #

Address

Proximity to SubjectList PriceList Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Last Price Revision DateGross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom

$$

$

$$$

$$

$

$$$

$$

$

$$$

$$

$

$$$

Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDays on MarketLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck

Net Adjustment (Total) + – + – + –$ $ $Adjusted List Price

$ $ $of ComparablesAdjusted Price Per Unit (Adj. LP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. LP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm(Adj. LP Comp / # of Comp Bedrooms) $ $ $

Net Adj. %Gross Adj. %

Net Adj. %Gross Adj. %

Net Adj. %Gross Adj. %

Analysis/Comments

Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005

COMPARABLE LISTINGS

FireplacesPool/Hot TubOther Features

1 2 3COMPARABLE LISTINGS

FireplacesPool/Hot TubOther Features

1 2 3File #

FEATURE SUBJECT COMPARABLE LISTING # COMPARABLE LISTING # COMPARABLE LISTING #Address

Proximity to SubjectList PriceList Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Last Price Revision DateGross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom

$$

$

$$$

$$

$

$$$

$$

$

$$$

$$

$

$$$

Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDays on MarketLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck

Net Adjustment (Total) + – + – + –$ $ $Adjusted List Price

$ $ $of ComparablesAdjusted Price Per Unit (Adj. LP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. LP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm(Adj. LP Comp / # of Comp Bedrooms) $ $ $

Net Adj. %Gross Adj. %

Net Adj. %Gross Adj. %

Net Adj. %Gross Adj. %

Analysis/Comments

725,000

905 22nd St S Arlington , VA 22202-2624

N/A

198.61

AverageFee Simple.14 AcresAverageDuplexAverage35 Years/UpdatedAverage2,204

1,102 Sq.Ft.UnfinishedAverageFWA/CACTypicalDrivewayPorchNoneNoneAverage

MRIS/MLS#DC7434625MRIS/MLS

6 3 1

95AverageFee Simple.06 AcresAverageDuplexGood89 Years/RenovAverage2,228

MRIS/MLS#DC7483386MRIS/MLS

394,11087,580262,740

359,83071,966179,915

Listings provided to further support the final reconciliation of value. Due to the lack of available comparable listings in Arlington it was necessary to expand search

200712TRA

1307 S St NW Washington, DC 20009

327 11th St NE Washington, DC 20002

Active 0

-17,780 Active 0

-14,580

11.316.1

1.334.0

72-72-6-0877TRA

329.00

3,600

362,50060,417

120,833

11/12/2010

341.92

399.01

2,600

444,50098,778

296,333

889,000305.02

None

184.563,950

364,50072,900

182,250

729,000

6 3 10 0 00 0 0

5 2 14 1 1.50 0 00 0 0

NoneN/AAverageFWA/CACTypicalStreetPatio/Scrn PorchNoneNoneAverage

0

0

-50,000-50,000

0

00

+11,000

+10,000-4,000

788,220

-100,780

26InferiorFee Simple.05 AcresAverageDuplexGood65 Years/RenovAverage2,390

2 12 10 00 0

5500

Full/885UnfinishedAverageFWA/CACTypicalDriveway2 Decks/Patio2 FPNoneAverage

719,660

-9,340

0+50,000

+50,000

-50,000-50,000

+16,740

00

+2,500

-8,000-6,000

criteria to include the Metropolitan DC Area. The variances in location and quality of construction have been adjusted for based on the available market data.

Main File No. 200712TRA Page 15 of 29

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GROSS RENT MULTIPLIER ANALYSISInformation Required for 3 & 4 Unit Properties

FHA Case Number: (FHA does not require this information for 1 and 2 unit properties.)

Property Address:COMPARABLEPROPERTIES

(Addresses)

LIVINGUNITS

LIVING AREA AND---------------ROOM COUNT

PER LIVING UNIT

ACTUALGROSS MONTHLY RENT PER LIVING

UNIT

GROSSMONTHLY

RENT

SALEPRICE

GRM

UNIT 1 UNIT 2 UNIT 3 UNIT 4 UNIT 1 UNIT 2 UNIT 3 UNIT 4Subject:

Comp #1:

Comp #2:

Comp #3:

Fair Gross Monthly Rent (Economic) For Subject Property

Indicated Gross Rent Multiplier for Subject Property:Remarks:

Signature: License #: Date Signed:

GROSS RENT MULTIPLIER ANALYSISInformation Required for 3 & 4 Unit Properties

FHA Case Number: (FHA does not require this information for 1 and 2 unit properties.)

Property Address:COMPARABLEPROPERTIES

(Addresses)

LIVINGUNITS

LIVING AREA AND---------------ROOM COUNT

PER LIVING UNIT

ACTUALGROSS MONTHLY RENT PER LIVING

UNIT

GROSSMONTHLY

RENT

SALEPRICE

GRM

UNIT 1 UNIT 2 UNIT 3 UNIT 4 UNIT 1 UNIT 2 UNIT 3 UNIT 4Subject:

Comp #1:

Comp #2:

Comp #3:

Fair Gross Monthly Rent (Economic) For Subject Property

Indicated Gross Rent Multiplier for Subject Property:Remarks:

Signature: License #: Date Signed:

905 22nd St S, Arlington , VA 22202-2624

72-72-6-0877TRA

72-72-6-0877TRA

3600 Gross Monthly Rent

905 22nd St S Arlington

501 26th St S Arlington

4114 18th Road N Arlington

3909 Washington Blvd Arlington

4001-005TRA December 21, 2010

1,800 1,900

1,525 1,550 1,100

1,995

2,100 2,100

1,995 1,200

750 750

Main File No. 200712TRA Page 16 of 29

1,102 1,102

1,080

1,156

1,044

1,080

1,156

1,044

600+/-

522 522

2

3

3

4

Maria Pipo

3,700

4,175

5,190

5,700

660,000

750,000

660,000

3,700 1,800 1,900

6/3/1

5/2/1

6/3/1

5/2/1

6/3/1

5/2/1

6/3/1

5/2/1

5/2/1

4/1/1

4/1/1 4/1/1

158

145

116

200712TRA

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Market Conditions Addendum to the Appraisal Report

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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 subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing 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 extentit 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 anexplanation. 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 datain 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 anaverage. 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 thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price

Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing

Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining

Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain 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, condofees, 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 asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

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

Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing

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 offoreclosed properties.

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

SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009

File No.Market Conditions Addendum to the Appraisal Report

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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 subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing 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 extentit 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 anexplanation. 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 datain 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 anaverage. 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 thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months

Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)

Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price

Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing

Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining

Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain 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, condofees, 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 asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)

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

Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing

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 offoreclosed properties.

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

SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State

Email Address

905 22nd St SRandolph Scott

Arlington VA 22202-2624

13 42.17 1.33

0 00 0

745,000 822,00083 290 00 00 0

62.00

21.0

765,00032

809,0006195

Maria PipoMaria PipoHomewood Appraisal

000 Street, Anywhere, VA 225464001-005TRA VA

[email protected]

200712TRA

Main File No. 200712TRA Pg. 17 of 29

range from 0 to 3 percent and are generally applied toward closing costs.

The appraiser notes that pending/expired listings have been considered, however the most weight has been given to recent closed sales andcurrent active listings. Due to the lack of comparable sales there is insufficient market data to accurately complete the 1004MC Addendum••••••The subjects market area should reflect a 98% list to sales price ratio not 95%.

The appraiser notes that the active listings for the prior 7-12 and 4-6 months can not be provided due to the MRIS/MLS software running in realtime. The MRIS system does not have the capability of setting search parameters for prior listings within the one year to three month timeframe. This information was obtained directly from the MRIS tech support team.

MRIS/MLS

The appraiser notes that seller concessions have been stable over the past twelve months. Typically seller concessions

72-72-6-0877TRA

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Property AddressCity County State Zip Code

Subject Photo Page

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Rear

Subject Street

Client

Client

Subject Photo Page

Subject Front

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Rear

Subject Street

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 18 of 29

905 22nd St S

12 6 2 Average Average .14 Acres Average 35 Years/Update

715,000

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Property AddressCity County State Zip Code

Subject Photo Page

Subject Side

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Side

Subject Interior

Client

Client

Subject Photo Page

Subject Side

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Side

Subject Interior

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 19 of 29

905 22nd St S

12 6 2 Average Average .14 Acres Average 35 Years/Update

715,000

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Property AddressCity County State Zip Code

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 20 of 29

905 22nd St S

12 6 3 Average Average .14 Acres Average 35 Years/Update

715,000

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Property AddressCity County State Zip Code

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 21 of 29

905 22nd St S

12 6 3 Average Average .14 Acres Average 35 Years/Update

715,000

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Property AddressCity County State Zip Code

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 22 of 29

905 22nd St S

12 6 3 Average Average .14 Acres Average 35 Years/Update

715,000

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Property AddressCity County State Zip Code

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 23 of 29

905 22nd St S

12 6 2 Average Average .14 Acres Average 35 Years/Update

715,000

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Property AddressCity County State Zip Code

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Subject Interior Photo Page

Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Subject Interior

Subject Interior

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 24 of 29

905 22nd St S

12 6 2 Average Average .14 Acres Average 35 Years/Update

715,000

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Property AddressCity County State Zip Code

Comparable Photo Page

Comparable 1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Comparable 2

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Comparable 3

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Client

Client

Comparable Photo Page

Comparable 1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Comparable 2

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Comparable 3

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 25 of 29

501 26th St S

14 5 3 Average Average .15 Acres Average 36 Years

660,0000.48 miles SE

4114 18th Rd N

16 7 3 Average Average .12 Acres Average 29 Years/Updated

750,0003.79 miles NW

3909 Washington Blvd

18 6 4 Average Average .13 Acres Average 30 Years/Updated

805,000 3.55 miles W

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Property AddressCity County State Zip Code

Listing Photo Page

Listing 1

Proximity to SubjectList PriceDays on MarketGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsAge

Listing 2

Proximity to SubjectList PriceDays on MarketGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsAge

Client

Client

Listing Photo Page

Listing 1

Proximity to SubjectList PriceDays on MarketGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsAge

Listing 2

Proximity to SubjectList PriceDays on MarketGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsAge

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 26 of 29

1307 S St NW

95

9 3 2.5 89 Years/Reno

889,000 4.50 miles NE

327 11th St NE

26

10 4 2 65 Years/Renov

729,000 4.70 miles NE

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Property AddressCity County State Zip Code

Rental Photo Page

Rental 1

Proximity to SubjectGross Building AreaAge

Rental 2

Proximity to SubjectGross Building AreaAge

Rental 3

Proximity to SubjectGross Building AreaAge

Client

Client

Rental Photo Page

Rental 1

Proximity to SubjectGross Building AreaAge

Rental 2

Proximity to SubjectGross Building AreaAge

Rental 3

Proximity to SubjectGross Building AreaAge

Client

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 27 of 29

815 23rd St S

2,70036 Years/Renov

0.09 miles SE

641 22nd St S

2,31226 Years/Renov

0.29 miles E

501 26th St S

3,16037 Years

0.48 miles SE

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3ft

41ft4

4ft

3ft

41ft4

4ft

3ft

41ft4

4ft

4ft 4

ft

Property AddressCity County State Zip Code

Building SketchClient

Client

3ft

41ft4

4ft

3ft

41ft4

4ft

3ft

41ft4

4ft

4ft 4

ft

Building SketchClient

Client

Mortgage Co./Department of Veterans Affairs905 22nd St SArlington Arlington VA 22202-2624

000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 28 of 29

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Borrower/ClientProperty AddressCity County State Zip CodeLender/Client

Mortgage Co./Department of Veterans Affairs 905 22nd St S

Arlington Arlington VA 22202-2624000 Freeway, Anywhere, TX 78288-0544

Main File No. 200712TRA Page 29 of 29

Location Map

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