The URL can be used to link to this page

Browse Search

Home My WebLink About20091994.tiff4vi COLORADO September 9, 2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 SHARPEE MATTHEW D & PO BOX 252 WINDSOR, CO 80550-0252 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R2580303 PARCEL #: 080506400031 - PT E2SE4 6-6-66 LOT A REC EXEMPT RE -3549 (.66R) SITUS: 12949 72 CR WELD Dear Petitioner: On July 28, July 30, and August 5, 2009, 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 2009. 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 DETERMINED BY ASSESSOR ACTUAL VALUE AS STIPULATED $404,571 $389,206 2009-1994 AS0073 r 7 C L en -z.,;,6 (274-a-41 <1 SHARPEE MATTHEW D & - R2580303 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, y Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 2009-1994 AS0073 4 2009 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R2580303 i• STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF : NAME: Matthew D & Keli L Sharpee ADDRESS: P O Box 252 Windsor, CO. 80550-0252 c_ C: LU Petitioner(s), Matthew D & Keli L Sharpee and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2009 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: (PT E2SE46-6-66 LOT A REC EXEMPT RE3549) 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 2009. Land $ 147,560 Improvements$ 257,011 Total $ 404,571 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 138,880 Improvements$ 250,326 Total $ 389,206 2009-1994 4 4 5. The valuations, as established above, shall be binding only with respect to tax year 2009. 6. Brief narrative as to why the reduction was made: Took the land valuation down from $147,560 to $138,880 and corrected the outbuilding took it from average down to low based on Marshall Swift manual. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on DATE at TIME am be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED this 13 day of July, 2009. Pettioner(s) or Attorney Add Less: VCN. ≥ ac Cr. ?c' sc Telephone: °llC- VaLI s County Assessor Petitioner(s) or Attorney Address: P C 6 L'x I3 S LCt - St- Telephone: R -to 444 - 3 I' (c ria Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 REAL AND PERSONAL PROPERTY NOTICE OF DETERMINATION Christopher M. Woodruff WELD Assessor 1400 N 17th Ave GREELEY, CO 80631 Date of Notice: 6/24/2009 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R2580303 2009 3887 PT E2SE4 6-6-66 LOT A REC EXEMPT RE - 3549 (.66R) SITUS: 12949 72 CR WELD 000000000 12949 72 CR WELD, CO 000000000 PROPERTY OWNER SHARPEE MATTHEW D & PO BOX 252 WINDSOR, CO 80550-0252 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW RESIDENTIAL 404,571 404,571 TOTAL $404,571 $404,571 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: AL01 - Your property has been uniformly valued following Colorado law. Your protest of value has been denied due to comparison of other similar properties which sold during the 2007/2008 time period. 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. 6- r W `1) t-1 Fn -1 - h 15 -251/o -AR 53R 207-08/08 U1NOD It 3365 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10`11 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, Colorado 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 11. 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 9 Avg end 9t' Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www.dola.colorado.qov/baa 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, 2008? (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.) $ 3 o)cx.,o 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.) 1 (GP�rc.s.l S` ` \_\\\ S n 1 ti�P'4 k`�1� `<•. A ` l V c S Gtr cu �1 v!' au, 4e, c fl'. O. j Of (ao vor'' Qz h^CL- eo,. (o Co W tate_ On Rica e.r.c . ATTESTATION I, th undersigned owner or agent' of the property identified above, affirm that the statements co fined h rei nd on any attachments hereto are true and complete. q.1c,-22ti-3?bg —1-7-os N\NSignature Telephone Number Date et' cc_ \S CA 5O i.aeJ \a! "!o Tt, 4404b, ciQS‘r, 1 Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/08 NOD U. 3365 7/07/2009 Dear Weld County Assessor, We are writing in regards to the real property notice of Valuation. When we bought our home a little over 3 years ago it cost us $340,000, but the bank did appraise it at $380,000. We did protest it 2 years ago based on these numbers and the fact that at the time Weld County had the highest foreclosure rate. We felt at the time it would be fair to split the difference, but the county decided to go with the $380,000. Property values haven't been increasing over the past couple years and a lot have even decreased. We did as you know add a pole barn which cost us about $12,000. We also refinanced and our new appraisal, which I included, was at $386,000. I guess I feel that we are probably really now at that $380,000 mark based on our original purchase price and the addition of the pole barn, and maybe some equity. Anyway, thanks for giving us the opportunity to plead our case. Thank you, Matthew & Keli Sharpee File No. 536863061 Page #3 of 22 chsetc APPRAISAL OF REAL PROPERTY Cover picture provided by ho ?cool or 1; Nos e owner. qate el% On LOCATED AT: 12949 WCR 72 PT E2SE4 6-6-66 LOT A REC EXEMPT RE -3549 (.66R) Severance, CO 80546 FOR: Wells Fargo Bank, N . - 036040 1777 S. Harnson St STE 300 Denver, CO 80210 AS OF: 12/11/2008 BY: Katherine Sluyter Sage Appraisal 2916 11th St Rd STE 13 Greeley, CO 80634 Form GA5—'WinT0TAL" appraisal software by a la mode. inc. — 1-800-ALAM0DE Borrower MATTHEW SHARPEE File No. 53686306 Property Address 12949 WCR 72 City Severance County Weld State Co Lp Code 80546 Client Wells Fargo Bank, N.A. - 036040 TABLE OF CONTENTS Cover Page 1 Letter of Transmittal 2 Summary of Salient Features 3 URAR 4 Additional Compatibles 4-6 10 Subject Photos 11 Subject Photos 12 Subject Photos Interior 13 Building Sketch (Page - II 14 Comparable Photos 1.3 15 Comparable Photos 4-6 16 Location Map 17 Reg Market Conditions Summary 18 General Text Addendum . 19 Form T0CNP—'WinT0TAL appraisal software by a la mode, ire. — 1-800-ALAM0DE Inc No. 536863061 Page #4 of 221 Katherine Sluyter Sage Appraisal 2619 11th Street Road, Suite 13 Greeley. Colorado 80634 12/11/2008 Wells Fargo Bank. N.A. - 036040 1777 S. Harrison St STE 300 Denver, CO 80210 Re: Property: 12949 WCR 72 Severance, CO 80546 Borrower: MATTHEW SHARPEE File No.: 53686306 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The objective of this appraisal report is to offer an opinion of market value for the subject property as defined herein. The intended use of this appraisal report is to assist the lender(s)/client(s) named in the report in evaluating the subject property as collateral for a mortgage lending decision. 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. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me if we can be of additional service to you. Sincerely. T 1�dtasic Katherine Sluyter Sage Appraisal Vile No 536863061 Pace #5 of 221 SUMMARY OF SALIENT FEATURES Subject Address Legal Description Dry County State 12949 WCR 72 PT E2SE4 6-6-66 LOT A REC EXEMPT RE -3549 (.66R) Severance Weld CO bp Code 80546 Census Tract 08123-0022.01 Map Reference 24540 Sale Price $ 00 Date of Sale NA Borrower MATTHEW SHARPEE Client Wells Fargo Bank, N.A. -036040 Size (Square Feet) 2,711 Price per Square Foot $ Location No Subdivision Age 3a 1e Condition Good Total Rooms 7 Bedrooms 3 Baths 2.5 Appraiser Katherine Sluyter Date of Appraised Value 12/11/2008 Final Estimate of Value $ 386,000.00 Form SSD—'WinTOTAL' appraisal software by a la mode, inc.— 1-800-ALAM0DE Sage Appraisal (970)556-5506 [File No. 536863061 Pace #6 0172) I Appraisal Report File ft 53686306 1 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 12949 WCR 72 City Severance State CO Lp Code 80546 Borrower MATTHEW SHARPEE Owner of Public Record MATTHEW SHARPEE County Weld Legal Description PT E2SE4 6-6-66 LOT A REC EXEMPT RE -3549 (.66R) Assessors Parcel # R2580303 Tax Year 2007 R.E. Taxes $ 1,931 Neighborhood Name No subdivision Map Reference 24540 Census Tract 08123-0022.01 Occupant IX Owner r] Tenant Ft Vacant Special Assessments $ r] RID HOA $ r] per year El per month Properly Rights Appraised 7 Fee Sipple FT Leasehold 7 Other (describe) Assignment Type 7 Purchase Transaction ZI Refinance Transaction [T Other (describe) Lender/Client Wells Fargo Bank, N.A. -036040 Address 1777 S. Harrison St STE 300, Denver, CO 80210 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). MLS. 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. NA Contract Price $ .00 Date of Contract NA Is the property seller the owner of public record? 7 Yes H No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpaymem 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. NA Note: Race and the racial composition of the neighborhood se not appraisal factors. Neighborhood fhsse0xhtlp One-hilHousing Trends One -UM Housing Present Land Use% Location fl] Urban Z Suburban r] Rural Property Values PI Increasing ❑ Stable ® Declining PRICE AGE Ore -Unit 75 % Built -Up IT Over 75% Z 25-75% 7 Under 25% DemanWSuppy ❑ Shortage @ In Balance H Over Supply $ (000) (yrs) 2-4 Unit 15 % Growth n Rapid 7 Stable 7 Slow Modeling Time n Under 3 mlhs Z 3-6 rats r] Over 6 mgrs 120 Low New Meal -Family Neighbormod Boundaries See attached addenda 1,500 High 90 Commercial 10 % 300 Fred. 15 Other Neighborhood Description Subject neighborhood is located in close proximity to public parks and schools; centers of retail and commerce; and within ten (10) miles of major centers of employment. City of Severance (population 3,000 ♦l-) is located 15 miles from Fort Collins, CO (pop. 100,000) and ten miles from Greeley, CO (population 75,000 +1-) which features national employment firms. Market Condbons (including support for the above conclusions) Generally good market conditions in subject product type should result in marketing period not in excess of 180 days. Seller not typically required to pay discount fees or interest buydowns in excess of 3%. Credit has become more difficult to obtain, but is still readily available. Dimensions not available Area 4.34 Acres Shape Rectangular View Agriculture Specific Zoning Classification A Zoning Description Agriculture Zoning Compliance ® Legal r] Legal Noncomaming (Granfathered Use) ❑ No Zoning ❑ Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? ZI Yes T No I No, describe Utilities Public Other (describe) Public Other (describe) Off-ste improvements -Type Public Private Electricity 7 7 Water X ❑ NorthWekl Steel Gravel 7 T Gas r] ® Propane Sanitary Sewer H Z Septic Alley H r FEMA Special Flood Hazard Area ❑ Yes Z No FEMA Flood Zone C FEMA Map # 0802660475D FEMA Map Date 9/22/1999 Are the utilities and off -site improvements typical for the market area? ® Yes ❑ No t No, describe Are there arty adverse she condions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? ® Yes T No t Yes, describe There is a high voltage power line running through the properly with a tower located directly on the site. The tower itself is located over 60 yards from the main house. The decreases market appeal. Greed OaalptSon Foundation Exkrfor Description m&edds/oMMNah Inferior maMW/eafdtbn Units Z One r] Om with Accessory Unt 7 Concrete Slab r ] Crawl Space Foundation Walls Poured Con/GO Floors Carp/Tilemd/Gd # of Stories 2 ® Fug Basement r] Partial Basement Exterior Walls HdBrd/Gd Walls PtdDrywall/Gd Type Z Det. H At n S-Del/End Unit Basement Area 1,942 sq.ff. Roof Surface Asphalt/Gd TrirnvRrish Wood/Gd M Existing r] Proposed r] Under Const. Basement Finish Unfinished % Gutters & Downspouts PtdAlum/Gd Bath Floor Tile/Gd Design (Style) 1 12 Story " Outside Enby/EN ❑ Sump Pump Window Type OblPnNinrGd Bat Wainscot Tile/Gd Year Built 2005 Evidence of r] lnfestaton Storm SasMrsulated None Car Storage i I None Effective: Age (Yrs) 1 ❑ Dampness ❑ Settlement Screens Partal/Gd ® Driveway # of Cars 3 Attic (Ti None Heating 2] FWA It HWBB II I Radiant Anenites I I Woodstove(s) # Driveway Surface Gravel Fl Drop Stair H Stairs 7 Other Fed Propane 7 Fireplace(s) Of 1 63 Fence EncVinyl ® Garage # of Cars 3 PI Fluor ® Scuttle Cooling 7 Central Air Conditioning Z Patio/Deck Cvd ® Porch Covered n Carport # of Cars El finished ❑ Heated T Individual ILA Other ❑ Pool ❑ Other 7 Att. 7 Det. ❑ Built-in Applances 1 Refrigerator 2] Range/Oven ® Dishwasher Z Disposal ® Microwave 7 Washer/Dryer N Other (describe) hot tub Finished area above grade contains: 7 Rooms 3 Bedrooms 2.5 Bath(s) 2,711 Square Feet of Gross Living Area Above Grade Additional features (special enemy efficient items, etc.). Stainless steel appliances, upgraded tile/wood floor coverings, granite kitchen counters, extensive tile work in kitchen and bathrooms, central air, 1 fireplace. Steel pole barn, 960 sf, dirt floor, no heat/electric, built 2008, enclosed vinyl fence. Describe the condition of the property (including needed repairs, deterioration, renovations, remedeing, etc.). Subject is in good cond Son with minimal Physical Depreciation; no repairs or modernization needed at time of inspection. Second floor is not completely finished. It is lacking all floor coverings, trim, some light fixtures. Upstairs bathroom is lacking floor covering, toilet, sink, counter top, all fixtures. There is approximately $4000 left in needed completion costs, including materials and labor. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? 7 Yes ® No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? ® Yes El No t No, describe Freddie Mac Farm 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 Marc Form 1004— 'WinTOTAL' appraisal software by a la mode, inc.—1-800-ALAMODE Pie No 536863061 Pear #7 of 221 File# 53686306 Residential Appraisal Report There are 50• comparable properties currently offered fa sale in the subject neighborhood ranging in pace from $ 229,000 to $ 929,000 There are 21' comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 221,000 to $ 1,250,000 FEATURE I SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 12949 WCR 72 Severance, CO 80546 38506 WCR 27 Eaton, CO 12660 WCR 74 Eaton, CO 6710 Alexander Dr Windsor, CO ProAmity to Subject 3.76 miles N 9.96 blocks N 6.32 miles W Sale Price $ .00 $ 450,000 $ 450,000 $ 495,000 Sale Price/Gross Liv. Area $ sy.tt. $ 214.69 sq.tt. $ 128.72 soft. $ 195.34 sq.ft. Data Source(s) MLS/Broker DOM 246 MLS/Broker DOM 97 MLS/Broker DOM 25 Verification Source(s) Public Records Public Records Public Records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIM1ON +(-) $ Adjustment DESCRIPTION +(-) $ Adjusbnent Sales or Financing Concessions Conventional No concessions 0 0 Conventional No concessions 0 0 Conventional No concessions 0 0 Date of Sale/Time 04/24/2008 -9,400 09/29/2008 0 09/15/2008 0 Location No Subdivision No Subdivision 0 No Subdivision 0 Alexander -35,000 Leasehold/Fee Single Fee Simple Fee Simple 0 Fee Simple 0 Fee Simple 0 Site 4.34 Acres 4.61 Acres 0 2.86 Acres +7,500 2.52 Acres +9,000 View Agriculture Agricultural 35,000 Agricultural -45,000 Residential -50,000 Design (Style) 1 1/2 Story 2 Story 2 Story Ranch 0 Duality of Construction Good Good 0 Good 0 Good 0 Actual Age 3a 1e 7a 3e +7,000 2a 1e 0 10a le 0 Condition Good Average 0 Good 0 Average 0 Above Grade Room Count Gross Living Area Total Bdrms. Baths Total Bdrms. Baths 0 Total Bdrms. Baths 0 Total Bdrms. Baths 0 7 3 2.5 8 3 2.5 0 8 3 3.5 -5,000 7 2 2 +2,500 2,711 sq.t. 2,096 snit. +24,600 3,496 sq.ft. -31,400 2,534 sq.ft. +7,080 Basement & Finished Rooms Below Grade 1,942 Sq.Ft. Unfinished No Basement NA +19,4001567 0 Sq.F. Unfinished +3,7502534SgFUWO 0 90% Finished -13,500 45,600 Functional Utility Good Good 0 Good 0 Good 0 Heating/Cooling FANG/Cent AC HtWtr/CentAC 0 FANG/Cent AC 0 FANG/Cent AC 0 Energy Efficient Items TypicalAppl TypicalAppl 0 TypicalAppl 0 Typical 0 Garage/Carport 3-Car/Attached 2-Car/Detach+ +3,500 3-Car/Att/Tndm -2,500 3-Car/Attached 0 PorokPztlo/Deck Porch/CvdPat Deck/Patio 0 2StoryPorch -6,500 Deck/Pat/Prch 0 Fireplace 1 Fireplace No Fireplace +2,000 2 Fireplaces -2,000 1 Fireplaces 0 Landscape Avg Landscape Avg Landscape 0 Avg Landscape 0 Full Landscape -3,500 Extra Features 960sfOB/Fence 2 Lrg OBs -60,000 None +23,000 None +23,000 Net Adjustment (Total) ❑ + N - $ -57,900 El + Ni - $ -58,150 ❑ + N - $ -106,020 Adjusted Sale Price of Comparables Net Adj. 12.9% Gross Adj. 38.0 % $ 392,100 Net Adj. 12.9% Gross Adj. 28.1 % $ 391,850 Net Adj. 21.4% Gross Adj. 38.2% $ 388,980 I QS, did I I did not research the sale or transfer history of the subject property and comparab e sales. I 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) MLS/Weld County Records My research n did N 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/Weld County Public Records Repod the results of the research and analysis of the prior sale or transfer history M the subject property and comparable sales (report additional pnor sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Trander No record of prior sale durinc No record of prior sale durinc No record of prior sale durinc No record of prior sale duntx Price of Prior SaWTransfer past 36 months past 12 months past 12 months past 12 months Data Source(s) MLS/Weld County Records MLS/Weld County Records MLS/Weld County Records MLS/County Records Effective Date of Data Source(s) 12/11/2008 12/11/2008 12/11/2008 12/11/2008 AtaNsis of prior sale or transfer history of the subject properly and comparable sales Subject curren owner purchased vacant site and custom built the current improvements, no prior sales. All Sales have no prior sales Summary of Sales Comparison Approach Subject not located in developed subdivision, located in minimally developed area surrounded by mostly agriculture land. Lack of Sales, due to minimal number of improved sites, required the use of older than typical Sales, high variations in GLA and high feature variations, and Sales of further distance than typical. Lack of very similar Comps resulted in higher than typical gross/net adjustments. High adjustments and high distance is very typical and necessary for properties in this area. No other Sales available to remedy these issues. Subject contains external depreciation from the power line. No Sales available with same or similar feature; adjustment has no comparable basis; appraiser was required to adjust based upon professional estimation. All Sales were adjusted under "View"for this deficiency. Adjustments calculated from matched market pairs and confirmed with Marshall & Swift, Residential Cost Handbook. Sales were approximately adjusted for all the value influencing dissimilarities. See additional comments. Indicated Value by Sales Comparison Approach $ 386,000 Indicated Value by: Sales Comparison Approach S 386,000 Cost Approach (if developed) $ 397,646 Income Approach (if developed) $ NA The Sales Comparison Analysis, which is the best indicator, sets a minimum value of $386,680.00, and upper limit of value of $392,460.00. Second floor is not fully finished, requiring approximately $4000 left to complete. Hence, $386,000.00, was selected as the best indication of value, which is $4000 less than value indicated by comparable grid. This appraisal is made N "as is", ❑ subject to completed, ❑ subject to the following repairs or following required inspection based on the extraordinary completion per plans and specifications on the basis of a hypothetical condition that the improvements have beer alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or ❑ subject to the assumption that the condition or deficiency does not require aaeratan or repair This report is subject to the limiting conditions and certifications attached hereto and made a part of this appraisal report. Based on a complete visual inspection of the conditions, and appraiser's cer iflcation, my (our) $ 386,000.00 , as of 12/11/2008 interior and exterior areas of the subject properly, defined scope of work, statement of assumptions and limiting opinion of the market value, as defined, of the real properly that is the subject of this report is , 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— 'WinTOTAL' appraisal software by a la mode, inc.-1-800-ALAMOOE (File No. 536863061 Pate #8 of P2] Uniform Residential Appraisal Report File# 53686306 'All active/sales data pulled from entire subject surrounding area with 2-10 acres. Sales Comparison Approach: All Sales were selected based upon similar market appeal, average -good quality of construction and site features. Older Sales were adiusted for declining market. Sale No. 1: similar site size, two large outbuildings: 2160 sf and 2560 sf both built within the past 7 years, similar quality of construction Sale No. 2: smaller site size, no outbuildings, similar quality construction, sale was subject to short sale Sale No. 3: smaller site size, no outbuildings, located in developed subdivision with high demand due to proximity to municipalities, fully developed landscaping Sale No. 4: smaller site size, located in developed subdivision with average demand, 1736 sf steel outbuilding built 2002, average quality construction and interior features Active Listing No. 5: similar site size, average quality construction and interior features 1500 sf steel outbuilding built 1997, adiusted for anticipated price negotiations based upon market averages Active Listing No. 6: appears to be very overpriced confirmed based upon high DOM, also adjusted for anticipated price negotiations based upon market averages, 960 sf steel outbuilding built 1999, newer loaf shed, fence, extensive landscaping with stone retaining walls COST APPROACH TO VALUE (net 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 and sales or other methods for estimating site value) Not applicable due to age of subject. Not required by RELS or Fannie Mae. ESTIMATED H REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE.._ _$ 110,000 Source of cost data Marshall & Swift DWELLING 2,711 Sq.Ft. @$ 74.08 _._ _$ 200,831 Duality rating from cost service Good Effective date of cost data June 2005 Basement 1,942 Sq.Ft. @$ 17.68 =$ 34,335 Comments on Cost Approach (gross INing area calculations, depreciation, etc.) Appl/AC/FP/Porch/Patio/Barn/Fence =$ 39,420 Marshall & Swift, Good Quality = floor coverings x Garage/Carport 754 Sq.R. @ $ 23.43 =5 17,666 (Severance/December/2008) = $74.08 Total Estimate of Cost -New =$ 292,252 Less Physical Functional External Estimated economic life of subject improvements to be 594- years Depreciator 4,881 29,225 =5( 34,106) Depreciated Cost of Improvements _$ 258,146 Typical Physical Depreciation. No apparent Functional or External 'As -ism Value of Site Improvements _... _$ Depreciation. Grade/Permits/Landscape/Septic =5 29.500 Estimated Remaining Economic Life (MUD and VA only) 59 Years INDICATED VALUE BY COST APPROACH =$ 397,646 INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ NA X Gross Rent Multiplier NA = $ NA Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) Income approach not considered reliable indicator of value. PROJECT INFORMATION FOR PUDs fit applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? ❑ Yes ❑ No Und type(s) ] Detached ❑ Attached Provide the following information for PUDs ONLY J the devdoper/builde 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 existing building(s) into a PUD? ❑ Yes ❑ No If Yes, date of conversion. Does the project contain any multi-dweting units? H Yes H No Data Source Are the units, common dements, and recreation facilties complete? ❑ Yes ❑ No If No, describe the status of completion. Are the common elements leased to or by the Homeowners' Associaton? H Yes ❑ No t Yes, describe the rental terms and options. Describe common dements and recreational facilies. Freddie Mac Form 70 March 2005 Page of Fannie Mae Form 1004 March 2005 Forts 1004—'WinTOTAL" appraisal software by a la mode, inc.—1-800ALAMODE Iale No 536863061 Pear #9 of 221 Uniform Residential Appraisal Report File # 53686306 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—'WinT0TAL' appraisal software by a la mode, ins.-1-800-ALAM00E Pie No. 536863061 Pace #10 of 72j Uniform Residential Appraisal Report File # 53686306 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, inc. —1-800-ALAM0DE IRIe No. 536863061 Paoe #11 of 221 Uniform Residential Appraisal Report File# 53686306 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 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. 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 and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signatur lv,�-. , Signature Name Katherine Slu ter Name Company Name Sage Appraisal Company Name Company Address 2619 11th Street Road, Suite 13, Greeley, CO Company Address 80634 Telephone Number (970) 556-5506 Email Address kate(atsageappraisal.net Date of Signature and Report December 15, 2008 Effective Date of Appraisal 12)11/2008 State Certification # CR100000453 or State License # or Other (describe) State # State Co Expiration Date of Certification or License 12/31/2008 ADDRESS OF PROPERTY APPRAISED 12949 WCR 72 Severance, CO 60546 APPRAISED VALUE OF SUBJECT PROPERTY $ 386,000.00 LENDER/CLIENT Name Bonnie Holmberg Company Name Wells Fargo Bank, N.A. - 036040 Company Address 1777 S. Harrison St STE 300, Denver, CO 80210 Email 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 E Did not inspect exterior of comparable sales from street E Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004—'WinT0TAL appraisal software by a la mode, inc.— 1-800-ALAM0DE [File No. 536863061 Paae #12 of 271 Uniform Residential Aaoraisal Reoort Frio # 53686306 FEATURE SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 Address 12949 WCR 72 Severance, CO 80546 405 Immigrant Trail Windsor, CO 37500 WCR 23 Windsor, CO 80550 37497 WCR 27 Eaton, CO 80615 Prodmdy to Subject 29.64 blocks NW 33.36 blocks NW 30.60 blocks N Sale Price $ .00 $ 364,000 $ 358,500 $ 549,000 Sale Price/Gross Liv. Area $ soft. $ 272.05 SOIL $ 172.85 sq.fl. $ 236.43 5th. Data Source(s) MLS/Broker DOM 126 MLS/Broker DOM 105 MLS/Broker DOM 310 Verification Source(s) Pubic Records Public Records Public Records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-( $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sales or Rnancing Concessions Conventional No concessions 0 0 ActiveListing -7,200 0 ActiveListing Overpnced -11,000 -27,000 Date of Sale/Time 07/31/2008 -3,000 Current 0 Current 0 Location No Subdivision Settlers Landing -11,000 No Subdivision 0 No Subdivision 0 Leasehold/Fee Sipple Fee Simple Fee Simple 0 Fee Simple 0 Fee Simple 0 Site 4.34 Acres 2.25 Acres +10,500 4.3 Acres 0 7.98 Acres -18,000 View Agncueure Residential -36,000 Agricultural -36,000 Agricultural -55,000 Design (Style) 1 1/2 Story Ranch Ranch 0 Ranch Quality of Conshuction Good Average +26,000 Average +12,000 Good 0 Actual Age 3a le 10a 5e +10,500 lla5e +10,50010a le 0 Condition Good Average 0 Average 0 Average 0 Above Grade Room Court Gross Living Area Total Bdrms. Baths Total Bdrms. Baths 0 Total Mans. Baths 0 Total Bdrms. Baths 0 7 3 2.5 5 1 1.5 +5,000 6 3 2.5 0 7 3 2 +2,500 2,711 soft. 1,338 soft. +54,920 2,074 sq.ft. +25,480 2,322 sq.ft. +15,560 Basemen) 8 Rrdsled Rooms Below Grade 1,942 Sq.Ft. Unfinished 1338SqFt/WO 90% Finished -2,000 -24,000 No Basement NA +19,400 0 2322SgFt O 90% Finished -10,800 -41,800 Functional Utility Good Good 0 Good 0 Good 0 Heatng/Codng FANG/Cent AC FANG/Cent AC 0 Bsbrd/No AC +3,000 FANG/Cent AC 0 Energy Efficient Items TypicalAppl TypicalAppl 0 TypicalAppl 0 TypicalAppl 0 Garage/Carport 3-Car/Attached 2-Car/Attach+ +3,500 2-Car/Attached +6,500 2-Car/Detach+ +3,500 Porch/Pabo/Deck Porch/CvdPat Deck/Patio 0 Porch/Deck 0 Deck/Patio 0 Rreplace 1 Fireplace 1 Fireplace 0 1 Fireplace 0 2 Fireplaces -2,000 Landscape Avg Landscape Avg Landscape 0 Avg Landscape 0 Ext Landscape -9,500 Extra Features 960sf0B/Fence 1736sfOB/Fenc -9,000 1500sfOBOld -5,500 960sf/Loaf/Old -3,000 Net Adjustment(Total) ® + H - $ 25,420 Z + ❑ - $ 28,180 ❑ + ® - $ -156,540 Adjusted Sale Price of Comparables Net Adj. 7.0 % Gross Adj. 53.7 % $ 389,420 Net Adj. 7.9 % Gross Adj. 35.0 % $ 386,680 Net Ad. 28.5 % Gross Adj. 36.4 % $ 392,460 Report the results of the research and analysis of the nor sale or transfer hstory of the subject property and comparable sales (report addtional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 Date of Prior Sale/Transfer No record of prior sale dunnc No record of prior sale durinc No record of prior sale durinc No record of prior sale durinc Price of Prior Sala/Transfer past 36 months past 12 months past 12 months past 12 months Data Source(s) MLS/VVeki County Records MLS/Weld County Records MLSNVeld County Records MLS/Weld County Records Effective Date of Data Source(s) 12/11/2008 12/112008 12/11/2008 12/11/2008 Analysis of prior sale or transfer history of the subject property and comparable sales Analysis/Comments See page 2 of URAR Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Form 1004.(AC)—'WinTOTAL' appraisal software by a la mode, no. —1-800-ALAMODE (File No. 536863061 Page #13 01221 Subject Photo Page Borrower MATTHEW SHARPEE Property Address 12949 WCR 72 City Severance County Weld State CO Zip Code 80546 Client Wells Fargo Bank, NA. - 036040 Subject Front 12949 WCR 72 Sales Price .00 G.L.A. 2,711 Tot. Rooms 7 Tot_ Bedrms. 3 Tot. Bathrms. 2.5 Location No Subdivision View Agriculture Site 4.34 Acres Quality Good Age 3a 1e Subject Rear Subject Street Form PIC4x6.SR—'WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE (File No. 536863061 Page #15 of 221 Subject Interior Photo Page Borrower MATTHEW SHARPEE Property Address 12949 WCR 72 City Severance County Weld State CO Zip Code 80546 Client Wells Fargo Bank, N A. - 036040 Subject Kitchen 12949 WCR 72 Sales Price 00 G.L.A. 2,71 I Tot. Rooms 7 Tot. Bedrms. 3 Tot. Bathrms. 2.5 Location No Subdivision View Agriculture Site 4.34 Acres Quality Good Age 3a 1e Subject Dining Subject Living Room Form PIC4x6.S1 — "WinTOTAL' appraisal software by a la mode, inc. — 1-800-ALAMODE File No. 53686306 Building Sketch Pane #16 of 22 Borrower MATTHEW SHARPEE Properly Address 12949 WCR 72 City Severance County Weld State CO /ip Code 80546 Client Wells Fargo Bank, N.A. - 036040 Crd 29.0' First Floor bCvd Patio 6.0' o 3,../ \ 36.0' Master Bedroom (Carpet) L 717 CO u tt▪ 7 COS - LL Bedroom (Carpet) 120' 29.0' Living Room (Carpet) 1 c J (Wood) Entry Bedroom (Carpet} Dining i (W O 11.0' Garage 1/2 Bath (Tile) Kitchen (Wood) 12.0' 12.0' O 36.0' Cvd Porch 31.0' All measurements rounded to the nearest linear loot Sketch not necessarily drawn to scale 2 N 5.0' Second Floor 0 26.0' w 20.0' Rec Room 6:, Bedroom No F:oo Caver ngs ) 12.0' O 9.0' O 9.0' SIMMS 5.0' 5.0' 49.0' 5.0' 12 0' a ei Unfinished Basement D. 6.0' e 11.0' 12,0' 36.0' CN Comments: AREA CALCULATIONS SUMMARY Code Description Net Size Net Totals GLA1 First Floor 1958.0 Second Floor 753.0 2711.0 BSMT Basement 1942.0 1942.0 P/P Covered Patio 290.0 Covered Porch 544.0 834.0 GAR Garage 754.0 754.0 Net LIVABLE Area (Rounded) 2711 LIVING AREA BREAKDOWN Breakdown Subtotals First Floor 5.0 x 12.0 60.0 30.0 x 46.0 1380.0 11.0 x 20.0 220.0 2.0 x 6.0 12.0 0.5 x 2.0 x 2.0 2.0 0.5 x 2.0 x 2.0 2.0 8.0 x 21.0 168.0 3.0 x 38.0 114.0 Second Floor 4.0 x 5.0 20.0 4.0 x 5.0 20.0 13.0 x 20.0 260.0 5.0 x 23.0 115.0 13.0 x 26.0 338.0 13 Items (Rounded) 2711 Form SKT.BldSkl —'WinT0TAL' appraisal software by a la mode, inc. — 1-800-ALAM0DE File No 53686306 Comparable Photo Page Page #17 of 22 Borrower MATTHEW SHARPEE Property Address 12949 WCR 72 City Severance County Weld State CO Zip Code 80546 Client Wells Fargo Bank. N A - 036040 Comparable 1 38506 WCR 27 Prox. to Subj. 3.76 miles N Sales Price 450,000 G.L.A. 2,096 Tot. Rooms 8 Tot. Bedrms. 3 Tot Bathrms. 2 5 Location No Subdivision View Agricultural Site 4.61 Acres Quality Good Age 7a 3e Comparable 2 12660 WCR 74 Prox. to Subj. 9.96 blocks N Sales Price 450,000 G.L.A. 3,496 Tot. Rooms 8 Tot. Bedrms. 3 Tot. Bathrms. 3.5 Location No Subdivision View Agricultural Site 2.86 Acres Quality Good Age 2a 1 e Comparable 3 6710 Alexander Dr Prox. to Subj. 6.32 miles W Sales Pnce 495,000 G.L.A. 2,534 Tot. Rooms 7 Tot. Bedrms. 2 Tot. Bathrms. 2 Location Alexander View Residential Site 2.52 Acres Quality Good Age 10a le Picture from appraiser's files Form PIC4X6.CR—'WinTOTAL° appraisal software by a la mode. inc. —1-800-ALAMODE File No. 536863067 Page #18 of 22 Comparable Photo Page Borrower MATTHEW SHARPEE Property Address 12949 WCR 72 City Severance County Weld State CO Zip Code 80546 Client Wells Fargo Bank. N.A. - 036040 Comparable 4 405 Immigrant Trail Prox. to Subj. 29.64 blocks NW Sales Pnce 364,000 G.L.A. 1,338 Tot. Rooms 5 Tot. Bedrms. 1 Tot. Bathrms. 1.5 Location Settlers Landing View Residential Site 2.25 Acres Quality Average Age 10a 5e Active Listing 5 37500 WCR 23 Prox. to Subj. 33.36 blocks NW Sales Price 358,500 G.L.A. 2,074 Tot. Rooms 6 Tot. Bedrms. 3 Tot. Bathrms. 2.5 Location No Subdivision View Agricultural Site 4.3 Acres Quality Average Age 11 a 5e Active Listing 6 37497 WCR 27 Prox. to Subj. 30.60 blocks N Sales Price 549.000 G.L.A. 2,322 Tot. Rooms 7 Tot. Bedrms. 3 Tot. Bathrms. 2 Location No Subdivision View Agricultural Site 7.98 Acres Quality Good Age 10a le Form PIC4X6.CR — •WinTOTAL° appraisal software by a la mode, inc. — 1-800-ALAMODE File No. 536863061 Page #19 of 22 Location Map Borrower MATTHEW SHARPEE Property Address 12949 WCR 72 City Severance County Weld State CO Zip Code 80546 Client Wells Fargo Bank, N.A. - 036040 a la mode, inc: Ira rear al Pr far Itriaarg 3 C 0 L O Tunr i:h %0rly Rd 39 3F c R A 15 64 0 O 110.5 Comparable It 1 6710 Alexander Dr 6.32 miles W 32C f E CeowosnS tSvd 34 J Comparable * L £t8506 WCR 27 3.76 miles N tet C:R 15 5 17i Active Listing * S 37M W WCR 23 33.36 Socks NW 392 wawa st w 72 S Q L17 arm Win C 66 19 257 70 CRA0 N S.vetan cel ve C T 23 Bruce s 25 icz x :J CR-82 Comparable 0 4 40S Inunigrant Trail ?9.64 blacks NW un $6 cast CR•78 I aaunan Pan. Jr 1.19 CD , �t j(orrp 1 \ �.„ 1 s 54 CR-54 16 8t a •Ewe /v1.cro.o t - Virtual Earths pardrain 1521 15.5 CR-4e 5 Johnstown` Go *Clam CR-46 5 cal CR42 sHillsboro 64.5 21 CR•74 CR•76 HurytC1 0 mess 4 31 95 CR-82 rag' Aur: 4 Active Listing a e 3749/ WCR 27 10.60 blocks N 392 Comparable # 2 12660 WCR /4 9.96 blocks N 61WOSt 29 31 31 66 f AA 2 CFt 37 t 10 St 1rraa Siam st Coffins SI CR 12 s 37 Mason Car., I bat Cad* leA 631 OSl w►se C w c si 25 W 4th St g w 4th St 5�t, Bus •::: < 34 W 10 n St > < w toed sr n 9th h Y (-17'. p Q w lean st gj en w2091St i ; ▪ N < e O < s > < a e n ri w nth St w:829: Si m S Ir inN `�fm St 37th St to 37th 51 < A W 4Milkken o crw pelt r: 49th 5; 5 e O,3o 19th St N0RA ti" 49th St 0 La S 48 2.: miles .lfS.a.-...a Form MAP.I0C — "WinTOTALv appraisal software by a la mode. inc. — 1-800-ALAM0DE Sage Appraisal (970)556-5506 [File No. 536863061 Pape #20 of ?pi MARKET CONDITIONS SUMMARY Order Number: Borrower MATTHEW SHARPEE Property Address: 12949 WCR 72 City: Severance 53686306 1. Pending Sales/Active Llstlngs State: CO Zip Code: 80546 (Pending sales are preferred over listings, if sufficient pending sales are available.) The typical sale price to list price ratio (Sale price divided by List price = ratio) in the subject market is 98 %. This figure was utilized as the adjustment factor in the sales comparison approach to reflect negotiations for the pending sales (if the list price is reported, but not for contract price) and listings in the appraisal report. (Note: if the reported sale price to list price ratio was not utilized in the sales grid, please explain.) 2 Days on Market for the Comparable Solos Please provide the days on the market (D.O.M.) for each of the comparable sales used within the appraisal. If multiple listings had occurred, the D.O.M. should reflect the cumulative marketing lime. COMP I COMP2 COMP 3 COMP4 COMP 5 COMP 6 See D.O.M. Comp D.O.M. Grid D.O.M. D.O.M. D.O.M. D.O.M. 3. Date of Sala/Proximity to Subiect If the comparable sales used in the appraisal sold in excess of 90 days prior to the effective date of the appraisal and/or are located greater than one mile from the subject, please thoroughly explain the reasoning for not using more current/proximate comparable sales. Due to uniqueness of properly and lack of nearby recent Comparable Sales, older Sales were required and were adjusted accordingly. 4. Days on Market for the Sublect and Listlna History ft the subject is currently listed for sale or has been listed for sale in the past 12 months, please provide the following: Total Days on Market D.O.M. $ Original List Price $ Comments on the marketing for the subject properly: Not for sale. Final List Price Number of Price Reductions 5 Defined Neighborhood Data In the neighborhood section of the appraisal report, the neighborhood boundaries were defined. These defined boundaries represent the area that a typical buyer would also consider for comparable substitute properties. This should not include areas considered dissimilar enough that the same buyer would not consider properties for possible purchase. The appraiser estimates that property values over the past year and within the defined neighborhood boundaries are: ❑ Increasing ( %) ❑ Stable ® Decreasing ( 5 %) Provide analysis and data to support the property value trend indicated: Average homes sales price over the past 24 months has dropped an average of 5-9% for the entire area. Based on the data utilized in the report, calculate the time to sell current inventory: 50' Current Listings / 2 Average sales per month during preceding 6 months 6. Foreclosure Activity in the Subjects Neighborhood Were foreclosures utilized as comparable sales, active listings or pending sales in the appraisal report? ❑ Yes ® No If foreclosures were utilized, explain herein their impact and weighting in the final reconciliation of value: However Sale No. 2 was subject to short sale approval which carries some distress. Not all short sales sell for less than market value. 25.0 months to liquidate inventory. 7. Additional Comments Provide any additional commentary that you feel would help the reader of the report to better understand the present market conditions of the subject's market If any revisions have been made to previously submitted appraisal reports, comments must be provided herein explaining the revisions and why they were deemed necessary. All data in this Summary is pulled from entire surrounding area with 2-10 acres. The appraiser certifies that the Information contained in this Market Conditions Summary is consistent with similar Information provided on the appraisal form and in any general addendum comments. The appraiser has reconciled the information in this addendum with the final value conclusion stated in the appraisal report. Appraiser Name: Katherine Sluyter Co- or Supervisory Appraiser: Designation: Designation: License or Certification #: CR100000453 Expiration Date of License or Certification: 12/31/2008 Date of Report (Signature): December 15, 2008 State: CO License or Certification #: Expiration Date of License or Certification: Date of Signature: State: Reis 07/2008 Page 1 of 1 Form WFMCS2—'WmTDTAL' appraisal software by a la mode, inc. —1-800ALAMODE IEle No. 536863061 Paae #21 of 99l File No. 53686306 Supplemental Addendum Borrower MATTHEW SHARPEE Propedy Address 12949 WCR 72 City Severance County Weld State CO Bp Code 80546 Client Wells Fargo Bank, N.A. - 036040 flppralsal Kate Sluyter 2619 11th St Rd #13, Greeley, CO 80634 Phone 970-556-5506 Fax 800-518-9070 katefa)sageannraisatnet www.sageappraisal.net In November 2005, Ms. Sluyter formed Sage Appraisal. In order to do so she formed many important business relationships with lenders, real estate agents and other business owners. For the past 3 years she has logged over 3000 appraisal hours and over 400 appraisal reports, allowing her to achieve the highest Residential License available in the state of Colorado. As a Colorado Certified Residential Appraiser, Ms. Sluyter strives to help the appraisal profession gain a reputation as being trustworthy, objective and honest. Work Experience: • Started Sage Appraisal, Greeley, Colorado • Mentorship under Jack Crowley • The Real Estate Appraisal Store, Ironwood, Michigan • Internship under a licensed appraiser Education: • Required class hours to obtain license and continuing education • Residential Site Valuation and Cost Approach • REO/Foreclosure Appraisals • FHA Appraisals • Small Income Properties • Real Estate Appraisal I, Real Estate Appraisal II and USPAP • Colorado State University, Fort Collins, Colorado • Bachelor of Science, 4 year degree November 2005 -Present_ November 2005 -July 2007 March 2005 -October 2005 Licenses and Certifications and Insurance: • Passed the Level B Colorado State Appraiser Board Exam May 2008 • Certified Residential license, No. CR100000453, expires December 31, 2008 • FHA Approved with HUD October 2007 • E & 0 Insurance No. NJA997705A, expires March 29, 2009 Department el R•gule40ryApE.S DI•Ylnn of Reel Wale PAINTED Cei SECURE Pa, Cart ResipMaal Aleuts 1COICO as tyrant Meal apps taus pa gee at 200• ass xxtr®aCl RUMP GIEELEY. 004013• Ptah tt•lat• n,._•:�T,'�.�" Form TADD — WinTOTAL• appraisal software by a la mode, inc. —1-800-AIAMODE file No. 536863061 Pane #22 of 221 File No. 53686306 Supplemental Addendum Borrower MATTHEW SHARPEE Properly Address 12949 WCR 72 City Severance County Weld Slate CO Zip Code 80546 Dent Wells Fargo Bank, N.A. - 036040 • URAR : Neiahborhood - Boundaries Neighborhood is bounded on the north by Hwy 14, west by Hwy 257, south by County Road 70, east by County Road 21. Neighborhood includes all areas surrounding the city of Severance. Located within City Limits of Severance, but located 5 miles from the Town Center with few subdivisions surrounding it. Surrounded mostly by undeveloped farm land. Contains a physical address of Severance, but a mailing address of Ault. Subject subdivision comprised of higher end homes located on lots ranging in size of 3-7 acres some of which allow horses. Property values range from $600,000-$1,500,000. Form TAD0 — WNinTOTAC appraisal software by a la mode, Inc. — 1-800-ALAM0DE Hello