HomeMy WebLinkAbout20111948.tiff CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4226
FAX: (970) 3 STREET
1150 O STREET
P. O. BOX 758
111k.
GREELEY, COLORADO 80632
COLORADO
August 26, 2011
ELLINWOOD DONNA R
328 GLEN AYRE
DACONO, CO 80514
RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY:ACCOUNT#: R5892586 PARCEL#: 146906105003-DAC 2GL-
221 L221 UNIT#2 GLENS OF DACONO
Dear Petitioner:
On July 26, 2011,the Board of County Commissioners of Weld County,Colorado, convened,
and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered
the Stipulation on your petition of appeal of the County Assessor's valuation of your property
described above, for the year 2011.
The Stipulation was entered into between the Assessor and said petitioner(s),and accepted
by the Board of Equalization, agreeing that the assessment and valuation of the Weld County
Assessor be Stipulated as follows:
ACTUAL VALUE AS ACTUAL VALUE
DETERMINED BY AS STIPULATED
ASSESSOR
$34,605 $106,000
2011-1948
eL', /�ET�E'J�7�Y c� o�lo 026,)// AS0079
ELLINWOOD DONNA R - R5892586
Page 2
If you have questions or need additional information, please do not hesitate to contact me at
(970) 336-7215, Extension 4226.
Very trulyyours,
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
2011-1948
AS0079
. c :'. 2'. 20' 1 12 : 25PM _ean n Tree No. 0493 P.
2011
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
ASSESSOR'S ACCOUNT NUMBER R5892586
STIPULATION (As To Tax Year 2011 Actual Value)
RE PETITION OF :
NAME: Donna Ellinwood
ADDRESS: 328 Glen Ayre
Dacono, CO 80514
Petitioner(s), Donna Ellinwood and the Weld County Assessor, hereby enter into this
Stipulation regarding the tax year 2011 valuation of the subject property,and jointly move
that the Board of Equalization to enter its order based on this Stipulation.
Petitioner(s) and the Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
L221 Unit#2 Glens of Dacono
2. The subject property is classified as Residential
property.
3. The County Assessor originally assigned the following actual value to the subject
property for tax year 2011.
Land $ 25.000
Improvements$ 8`
Total $ 34.605
4, After further review and negotiation,the petitioner(s) and Weld County Assessor
agree to the following actual value for the subject property.
Land $ 25,00Q
Improvements$ 81,000
Total $ 106.000
2011-1948
. J:1. 2'. 2011 12: 25PM Lean in Tree No. 0483 P. 2
5. The valuations, as established ab ye, shall be binding only with respect to tax
year 2011.
6. Brief narrative as to why the red _ tion was made: Changed the home from
double wide manufactured home t stick built residential home,
7. Both parties agree that the hearing cheduled before the Weld County Board of
Equalization on DATE at TIM am be vacated,; or, a hearing has not yet
been scheduled before the Boar of Equalization x (check if
appropriate).
I
DATED this 20"' day
of July, 2011,
..-c_4-vv.-gni 1
Petitioner(s) or A orney Pet; oner(s) or Attorney
Address: Ad ress:
3,a G ter. P,i r e'
c,f r'�✓\l , Cc atS/ V
Telephone: 7,2U-3Ou S o? 8 Te. phone:
r 6 ri
Coun Ass so
Address;
1400 N.17th Avenue I
Greeley, CO 80631
(970) 353-3845 ext. 36, 6
•
NOTICE OF DETERMINATION
Christopher M. Woodruff Date of Notice: 6/28/2011
Weld County Assessor Telephone: (970) 353-3845 or (720) 652-4255
1400 N 17th Ave Fax: (970) 304-6433
Greeley, CO 80631 E-mail: appeals@co.weld.co.us
www.co.weld.co.us Office Hours: 8:00 AM - 5:00 PM
SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/
PHYSICAL LOCATION
R5892586 2011 2954 DAC 2GL-221 L221 UNIT #2 GLENS OF
DACONO
328 GLEN AYRE ST, DACONO
ELLINWOOD DONNA R
• 328 GLEN AYRE
>.• DACONO,CO 80514
r,, C
a
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O _
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4"€�. . CJl
1> C�ASSESSOR'S VALUATION -, .
ACTUAL VALUE PRIOR TO Cos `'
PROPERTY CLASSIFICATION ACTUAL WOE AFTER
REVIEW REVIEW w `r
RESIDENTIAL 34,605 34,605
TOTAL $34,605 $34,605
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based
on the following:
MH-03 Your residence was classified as a Manufactured Home for the 2011/12 tax years. If this
is not a correct classification, please provide our office with documentation to the contrary.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The deadline for filing personal property appeals is July 20.
The Assessor establishes property values. The local taxing authorities (county, school district,
city, fire protection, and other special districts) set mill levies. The mill levy requested by each
taxing authority is based on a projected budget and the property tax revenue required to
adequately fund the services it provides to its taxpayers. The local taxing authorities hold
budget hearings in the fall. If you are concerned about mill levies, we recommend that you
attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a
listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
RECEIVED ? D. R Ellinwood
• 1''PO Box 254
` Dacono, CO 80514-0254
or
IJUL 11 2011
WELD COUNTY ASSESSOR
GREELEY, COLORADO
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from July 1 through August 5
at 915 10th Street, Greeley, CO
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization
shown below, and mail or deliver a copy of both sides of this form to:
Weld County Board of Equalization
915 10th Street, P.O. Box 758
Greeley, CO 80632
Telephone (970) 356-4000 Ext, 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property and on or before July 20 for
personal property— after such date, your right to appeal is lost. You may be required to prove
that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with
proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of
the decision. The County Board of Equalization must conclude hearings and render decisions
by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of
Equalization and you wish to continue your appeal, you must file an appeal with the Board of
Assessment Appeals by September 12, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue
your appeal, you must appeal within 30 days of the date of the County Board's written decision
to ONE of the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 9th Avenue and 9th Street
Denver, CO 80203 P.O. Box C
(303) 866-5880 Greeley, Colorado 80632
www.dola.colorado.qov/baa (970) 356-4000 Ext. 4520
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County
Board of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other
document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been
timely filed if filed on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2010? (Your opinion of value in terms of
a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ I( e' 0. 00
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll,
original installed cost, appraisal, etc.)
C ,+,-'C -i ce4,„ e tee,(t,e ,S 7A o-1. C..? 2 C i.v‘d
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ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements contained
(hin and on any ttac nts hereto are true and complete.
�z Lui -rr17' 72C- 30- 3/04
Signature Telephone Number Date
' Attach letter of authorization signed by property owner.
File N INW0 0 009 03 20071 Pane x11
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APPRAISAL OF REAL PROPERTY
LOCATED AT:
328 Glen Ayre St
O
3L 221 L221 UNIT#2 GLENS OF DACONO 328 GLEN AYRE ST DACON
Dacono,CO 80514-9540
FOR:
Bank of the West
1450 Treat Blvd #NC-TRE-03S
Walnut Creek,CA 94597
AS OF:
09/03/2007
BY:
Dorinda Kay1
Licensed Appraiser
Form GA1—"NInT0TAL'appraisal software by a la mode,Inc.—1-800-ALAM0DE
File No.ELLINW00009032007[Pie#L
File No.ELLINW OO009032007
Dorinda K. Kayl
116 53rd Avenue
Greeley, CO 80634
09/03/2007
Attention:
Bank of the West
1450 Treat Blvd.,#NC-THE-03-S,Walnut Creek,CA 94597
Borrower: Ellinwood
In accordance with your request,I have personally inspected and appraised the real property at:
328 Glen Ayre St
Dacono CO 80514-9540
The purpose of this appraisal is to estimate the market value of the subject property,as improved. The
property rights appraised are the fee simple interest in the site and improvements.
In my opinion,the estimated market value of the property as of 09/03/2007 is:
$124,000
This report is based on a physical analysis of the site and improvements,a locational analysis of the
neighborhood and city,and an economic analysis of the market for properties such as the subject. The
appraisal was developed and the report was prepared in accordance with the Uniform Standards of
Professional Appraisal Practice.
Dorinda Kayl
Licensed Appraiser
Thank You
We Appreciate Your Business.
Form DCVR—WinT0TAL'appraisal software by a la mode,inc.-1-600-ALAM0DE
All About Appraisals(970)590-7575 Wile No.ELLINW00009032007J Page#3)
ELLINW 00009032007
Uniform Residential Appraisal Report File#ELLINWOOD09032007
The purpose of this summary appraisal report is to provide the lender/client with an accurate,and adequately supported,opinion of the market value of the subject property.
Property Address 328 Glen Ayre St City Dacono State CO Zip Code 80514-9540
Borrower Ellinwood Owner of Public Record Ellinwood County Weld
Legal Description DAC 2GL-221 L221 UNIT#2 GLENS OF DACONO 328 GLEN AYRE ST DACONO 00000
Assessor's Parcel# 146906105003 Tax Year 2006 R.E.Taxes$ $989
Neighborhood Name Glens Dacono Map Reference 24540 Census Tract 0020.02
Occupant id Owner ❑Tenant ❑Vacant Special Assessments$ 0.00 ❑PUD HOA$N/A ❑per year ❑per month
Property Rights Appraised ®Fee Simple n Leasehold ❑Other(describe)
Assignment Type 9 Purchase Transaction ®Refinance Transaction n Other(describe)
Lender/Clent Bank of the West Address 1450 Treat Blvd.,#NC-TRE-03-S,Walnut Creek CA 94597
Is the subject property currently offered for sale or has it been offered lot sale in the twelve months prior to the effective date of this appraisal? n Yes N No
Report data source(s)used,offering price(s),and date(s). County Records,MLS
I ❑did ®did not analyze the contract for sale for the subject purchase transaction.Explain the resets of the analysis of the contract for sale or why the analysis was not
pedarmed. Refinance,no current sales contract
Contract Price$ Date of Contract Insp:9/3/07 Is the properly seller the owner of publc record? ®Yes lc No Data Source(s) County Records
Is there any financial assistance(tan 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 Hems to be paid.
Note:Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Chamcterfstias 3; DarUnGHausing Trends One-Unit Housing Present Land Use% (.
Location ❑Urban ®Suburban ❑Rural Property Values ❑Increasing ®Stable ❑Deeming PRICE AGE One-Unit 80%%
Built-Up N Over 75% ❑25-75% 9 Under 25% Demand/SupplY n Shortage /3 In Balance ❑Over Supply $(000) (yrs) 2-4 Unit 10%%
Growth ❑Rapid �Stable ❑Slow Marketing Time l❑Under 3 mths d 3-6 mths ❑Over 6 mths 60 Low New Mulct-Family 5%%
Neighborhood Boundaries The subject is located north of County Road 12,south of County Road 14,east 180+ High 40 Commercial 5%%
Colorado Boulevard.and west of County Road 17. 120+ Pred. 20 Other
Neighborhood Description See attached addenda.
Market Conditions(including support for the above conclusions) Marketing conditions of the subjects neighborhood appear stable at this time with marketing
times of approximately 3-6 months. Values are stable to increasing. Conventional,FHA,and VA financing are popular in the subjects market
area.
Dimensions N/A Area +/-5,396 SgFI Shape Rectangular View Neighborhood/Avg
Specific Zoning Classification MH Zoning Description Manufactured Housing
Zoning Compliance N Legal ❑Legal Nonconforming(Grandfathered Use)❑No Zoning ❑Illegal(describe)
Is the highest and hest use of subject property as improved(or as proposed per plans and specifications)the present use? N Yes ❑No d No.describe
Utilities Public Other tdescribe) Public Other(describe) Olt-site lmprovemems-Type Public Private
Electricity ® ❑ Water ® ❑ Street Asphalt N ❑
Gas ❑ ❑ Sanitary Sewer 0 ❑ Alley None ❑ ❑
FEMA Special Food Hazard Area ❑Yes ®No FEMA Flood Zone C FEMA Map# 0802360001A FEMA Map Dale 7/16/1979
Are the elides and off-site improvements typical for the market area? N Yes ❑No h No,describe
Are there any adverse she conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? ❑Yes N No If Yes,describe
See attached addenda. __.-___,_
Ge1eraloesttipUon z' Foundation!:; �xteflpr Di ejjtion s mater'($/wndiGon Interior malerialsJcond"amnt.
Units N One f(One with Accessory Unit ❑Concrete Slab N Crawl Space _Foundation Walls Concrete/Avg Floors Carpet/Vinyl/Avg
#of Stories One ❑Full Basement ❑Partial Basement Exterior Walls Wood//Avg Walls Painted/Drywall/Avg
Type N Del. ❑Alt. ❑S-DeL/End Unit Basement Area None sq h.Roof Surface Asph.Sh./Avg Trim/Finish Wood/Panted/Avg
7 Existing❑Proposed❑Under Coast Basement Finish 0% %Gutters 8 Downspouts Metal/Avg Bath Floor Linoleum/Avg
Design(Style) Ranch 7 Outside Entry/Exit ❑Sump Pump Window Type DblPne/Ins Bath Wainscot Fiberglass/Tile
Year Built 1968 Evidence of n Infestation Storm Sash/Insulated Storm 5aurylns Car Storage ❑None
Effective Age(Yrs) 5 Years ❑Dampness ❑Settlement Screens Thermo/Yes SiDriveway #of Cars 4
Attic ❑None Heating N FWA (( HWBB Radiant Amenities n Woodstove(s)# Driveway Surface Concrete
9 Drop Stair ❑Stairs n Other Fuel Gas n Rreplace(s)# N Fence Wood ❑Garage #of Cars
P Floor O Scuttle Cooing n Central Air Conditioning Z Patio/Deck 7 Parch n Carport #of Cars
❑Rnished 9 Heated N Indlvideai Swap❑Other ❑Pool n Other ❑Att ❑Del. ❑Built-in
Appliances 0 Refrigerator ®Range/Oven N Dishwasher N Disposal ❑Microwave ❑Washer/Dryer n Other(descdbe)
Rnished area above grade contains: 6 Rooms 3 Bedrooms 2 Bath(s) 1,176 Square Feet of Gross Living Area Above Grade
Additional features(special energy efficient items,etc.). See attached addenda.
Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). The subject is in overall average condition with an
effective age of approximately 5 years,and a remaining economic life of approximately 55-65 years. No functional or external depreciation was
noted. No repairs were noted as being needed.
Are there any physical deficiencies or adverse conditions that affect the inability,soundness,or structural integrity of the properly? ❑Yes ®No tl Yes,describe
Does the property generally conform to the neighborhood functional utility,style,condition,use,construction,etc.)? ®Yes n No II No,describe
Freddie Mac Form 70 March 2005 Page 1 016 Fannie Mae Form 1004 March 2005
Form 1004—VinTOTAL appraisal software by a la mode,inc.—1-800-ALAMODE
File Na.ELLINWOOD09032007(Pane#rj
ELLIN W OOD09032007
Uniform Residential Appraisal Report File# ELLINWDOD09032007
There are 8 comparable properties currently offered for sale in the subject neighborhood ranging in price tram$ 106,000 to$ 179,500
There are 10 comparable sales In the subject neighborhood within the past twelve months ranging in sale price from$ 99,900 to$ 172,500
FEATURE I SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 I COMPARABLE SALE#3
Address 328 Glen Ayre St 1083 Glen Dale Circle 132 5th Street 521 Glen Ayre Street
Dacono,CO 80514-9540 Dacono,CO 80514 Dacono,CO 80514 Dacono,CO 80514
Prodmity la Subject i:!0.42 miles SE 0.43 miles NW 0.12 miles N _
Sale Price $ $ 160,000 $ 112860% 'd$ 114,000
Sale Price/Gross Liv.Area $ sq fl $ 11a05 sigh $ 122.14 soft. $ 118.75 5q it.
Data Source(s) li MLS#504929 DOM=40 MLS#526017 DOM=83 MLS#479273 DOM=291 _
Verification Source(s) sltitltlili5S*I5SI555ISS5StitittSgb County Records County Records County Records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION I +(-)$Adjustment
Sales or Financing Other Cony VA
Concessions Other -4,850 DwnPayAsst -2,257 No Concessions
Date of Sale/Time 09/26/2006 06/19/2007 11/20/2006
Location SuburbaNAvg SuburbaNAvg Suburban/Avg Suburban/Avg
Leaseholdfee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site +/-5,396 SqFt +/-5,020 SqFt +1.7,078 SqFt +1-6,444 SqFt
View Neighborhood/A Neighbrhd/Avg Neighbrhd/Avg Neighbrhd/Avp
Design(Style) Ranch Ranch Ranch Ranch/Modular +5,000
Quality of Construction Wd/Avg Wd/Avg Wd/Avg Wd/Avq
Actual Age 39 Years 1 Year -11,400 68 Years +8,700 19 Years -6,000
Condition Average Good -5,000 Average Average
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdmrs. Baths'
Room Count 6 3 2 6 4 2 5 2 1 +1,500 6 3 2 _
Gross LMnp Area 1,176 soft 1,344 Wt. -5,880 924 stiff. +8,820 960 sq.tt. +7,560
Basement&Finished None None 288 Sq.Ft. -1,152 None
Rooms Below Grade 0% OSFFinOBA OSFFinOBA OSFFinOBA _
Functional Utility_ Average Average Average Average
Heating/Cooling GFA/Swamp GFANone +500 GFA/CentralAir -1,000 CFA/None 5 +500
Energy Efficient Items Dbl Pn Wndows Dbl Pn Wndows Dbl Pn Wndows Dbl Pn Wndows ___
Garage/Carpod None None 2 Det.Garage -4,000 None
Porch/Patio/Deck Porch/Patio Porch/Patio Porch Porch
Fireplace None None None None
Net Adjustment(total) 'I rl+ ® - $ -26,630 0+ [1- $ 10,611 ®+ rl- 3 7,060
Adjusted Sale Price ;Net Adj. 166 % Net Adj. SA % Net Adj. 6.2 %
o1 Comparables Gross Adj. 17.3 %$ 133,370 Gross Adj. 24.3 % $ 123,471 Gross Adj. 167 % $ 121,060
I N did [ I did not research the sale or transfer history of the subject property and comparable sales.If not,explain
My research 9 cid 6 cid not reveal any prior sales or flusters of the subject property for the three years prior to the effective dare of this appraisal.
Data Source(s) MLS,County Records ---
My research 9 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) MLS,County Records
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Date of Prior Saki/Transfer No sales prior No sales prior No sales prior No sales prior
Price of Prior Sale/Gansfer 36 months-per 12 months 12 months 12 months
Data Source(s) County Records per MLS per MLS per MLS
Effective Date of Data Source(s) 09/03/2007 09/03/2007 09/03/2007 09/03/2007
Analysis of prior sale or transfer history of the subject property and comparable sales Per County Records the most recent date of sale on the subject property
was 10/04/1994.The sales price al that time was$75,000.No other sales showing on any of the comparable properties in the prior 12 months.
Summary of Sales Comparison Approach See Attached Addendum
Indicated Value by Sales Comparison Approach$ 124,000
Indicated Value by:Sala Comparison Approach$ 124,000 Cost Approach(if developed)$ 124,009 Income Approach(ifdeveloped)$
See Attached Addendum
This appraisal is made®"as is", 9 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, 9 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 dots not require alteration or repair: No conditions,the appraisal is
made"as is'. Certification and limiting conditions are attached.
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
cond'nions,and appraiser's certNcation,my(our)opinion of the market value,as defined,of the real properly that is the subject of this report is
$ $124,000 ,as of 09/03/2007 ,which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005
Form 1004—'WrnTOTAL"appraisal software by a la mode,inc.—1-800-ALAMDOE
IFlle No.ELLINWOOD090320071 Page#51
ELLINW 00009032007
Uniform Residential Appraisal Report filer/ELLINWOOD08032007
See Attached Addenda
-.: OOS7'APPAPACH TS VALUE{atrti'equved by FanriieMaet
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Suppod for the opinion of site value(summary of comparable land sales or other methods for estimating site value) The see value was determined by reviewing
several land sales in areas around Dacono similar in size to the subject property.Sales of similar lot sizes ranged from$35,000 to$54,000.The
general area of the subject property was in the range of$35,000.
ESTIMATED n REPRODUCTION OR (7 REPLACEMENT COST NEW OPINION OF SITE VALUE _$ 35,000
Source of cost data MLS,Marshall and Swift DWELLING 1,176 So Ft @$ 77.00 =1 90,552
Wal'd),rating tom cost service 7 Effective date of cost data 09/03/2007 None Sq.FL @$ _$
Comments on Cost Approach(gross living area calculations,deprecation,etc.) =5
The Marshall and Swift handbook was considered. The economic Garage/Carpor Sq.Ft.@$ _$
factors,and the depreciation rate of the area were determined by the Total Estimate of Cost-New 4 90,552
appraiser using market data in this specific area. Land to value ratio is Less Physical Functional External
23%,which is typical for the area. Depredation 7,543 =$( 7,543)
Depreciated Cost of Improvements =1 83,009
'As-is'Value of Site Improvements =$ 6,000
Estimated Remaining Economic Life(HUD and VA only) 55 Years INDICATED VALUE BY COST APPROACH =$ 124,009
INCOME APPROACH TO VALUE(ma raquhedbyfannie Mae)
Estimated Monthly Market Rent$ X Gross Rent Mulplier =$ Indicated Value by Income Approach
Summary of Income Approach(inchding support for market rent and GRM)
PROJECTINFORMATION FORPUDs Of applicable(
Is the developer/builder in control of the Homeowners'Association(HOA)? 0 Yes n No UM type(s) n Detached ❑Attached
Provide the following information for PUDs ONLY if the developer/builder Is in control of the HOA and the subject properly is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing huileing(s)into a PUD? n Yes n No If Yes,date of conversion.
Does the project contain any multi-dwelling units? n Yes n No Data Source
Are the units,common elements,and recreation facilities complete? n Yes n No I No,describe the status of completion.
Are the common elements leased to or by the Homeowners'Association? ❑Yes n No If Yes,describe the rental terms and options.
Describe common elements and recreational fadlities.
Freddie Mac Form 70 March 2005 Page 3 016 Fannie Mae Form 1004 March 2005
Farm 1004—InnTOTALI appraisal software by a la mode,inc.—t-800-ALAMODE
IFile No ELLINW00009032007I Pace#6]
ELLIN W OOD09032007
Uniform Residential Appraisal Report File ELL,NWOODn9032007
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications, Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs In virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect 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.
The sketch is Included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted In this appraisal report whether any portion of the subject site is located In an
Identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research Involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005
Form 1004—'We:TOTAL'appraisal software by a la mode,inc.—1-800-ALAMOOF
(File No,ELLINW00D090320071 Page#7I
ELLINw00009032007
Uniform Residential Appraisal Report Fileq ELLINWOOD09032007
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. I reported the condition
of the improvements in factual, specific terms. I Identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. 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 approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise Indicated in this report.
5. 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 this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to 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, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such Individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any Individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal Is unauthorized and I will take no
responsibility for it.
20. I Identified the lender/client In this appraisal report who is the Individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005
Form 1004—'WinT0TAL'appraisal software by a la mode,too.—1-B00-ALAM0DE
IFile No.ELLINW00D090320071 Page#8)
ELLIN W OOD09032007
Uniform Residential Appraisal Report File#ELLINWOOD090320D7
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to,the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or Its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those teens are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, 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. It this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature,the appraisal report shall be as effective, enforceable and
valid as If a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER Dorinda Kayl SUPERVISORY APPRAISER(ONLY IF REQUIRED)
k\/ i
Signature • Mien 1.�z. Signature
Name Dorinda Kay 1j - Name
Company Name Dorinda Kad Company Name
Company Address 116 53rd Avenue Company Address
Greeley,CO 80634
Telephone Number (970)590-7575 Telephone Number
Email Address pdkkayl3@msn.com Email Address
Date of Signature and Report September 03,2007 Date of Signature
Effective Date of Appraisal 09/03/2007 State Certification#
State Certification# or State License#
Of State License# AL40033639 State
or Other(describe) State# Expiration Date of Certification or License
State CO
Expiration Date of Certification or License 12/31/2009 SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property
328 Glen Awe St ❑ Did inspect exterior of subject property from street
Dacca),CO 80514-9540 Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY$ $124,000 C Did inspect interior and exterior of subject property
LENDER/CLIENT Date of Inspection
Name
Company Name Bank of the West COMPARABLE SALES
Company Address 1450 Treat BNd.,#NC-THE-03-S,Walnut C Did not inspect exterior of comparable sales from street
Creek,CA 94597 ❑ Did inspect exterior of comparable sales from street
Email Address Date of Inspection
Freddie Mac Form 70 March 2005 Page 6 of 6 Fannie Mae Form 1004 March 2005
Form 1004—'WnT0TAL"appraisal software by a la mode,inc.—1-800-ALAM0DE
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