HomeMy WebLinkAbout20091813.tiffto (4w:
lik
COLORADO
August 6, 2009
EMERSON MARCIA KIM &
35238 MORNING STAR CT
WINDSOR, CO 80550
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4226
FAX: (970) 352-0242
P. O. BOX 758
GREELEY, COLORADO 80632
RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT #: R8467400 PARCEL #: 080704003018 - ME L18
MORIAH ESTATES PUD 35238 MORNING STAR CT WELD 00000
Dear Petitioner:
On August 3, 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 your petition of appeal of the County Assessor's valuation of your property described
above, for the year 2009.
The Board of Equalization found that the evidence presented at the hearing clearly
supported an adjustment of the value placed upon your above described property by the County
Assessor. The assessment and valuation of the Weld County Assessor was adjusted as follows:
ACTUAL VALUE AS
DETERMINED BY
ASSESSOR
ACTUAL VALUE AS
SET BY BOARD
$496,271 $484,567
2009-1813
AS0073
('() / i' `/ C r I, I 2 7(10TEX1) &P/C(/7
EMERSON MARCIA KIM & - R8467400
Page 2
A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by
selecting one of the following three options; however, said appeal must be filed within 30 days of
the denial:
1. Board of Assessment Appeals: You have the right to appeal the County Board
of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA).
Such hearing is the final hearing at which testimony, exhibits, or any other
evidence may be introduced. If the decision of the BAA is further appealed to
the Court of Appeals, only the record created at the BAA hearing shall be the
basis for the Court's decision. No new evidence can be introduced at the Court
of Appeals. (Section 39-8-108(10), C.R.S.)
Appeals to the BAA must be made on forms furnished by the BAA, and such
appeals should be mailed or delivered within thirty (30) days of denial by the
OBOE to:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, CO 80203
Phone: 303-866-5880
Fees: A taxpayer representing himself is not charged for the first two appeals to
the Board of Assessment Appeals; however, a taxpayer being represented by an
agent or an attorney must submit a fee of $101.25 per appeal.
OR
2. District Court: You have the right to appeal the CBOE's decision to the District
Court of the county wherein your property is located. New testimony, exhibits or
any other evidence may be introduced at the District Court hearing. For filing
requirements, please contact your attorney or the Clerk of the District Court.
Further appeal of the District Courts decision is made to the Court of Appeals for
a review of the record. (Section 39-8-108(1), C.R.S.)
OR
3. Binding Arbitration: You have the right to submit your case to arbitration. If
you choose this option the arbitrator's decision is final and your right to appeal
your current valuation ends. (Section 39-8-108.5, C.R.S.)
Selecting the Arbitrator: In order to pursue arbitration, you must notify the
CBOE of your intent. You and the CBOE select an arbitrator from the official list
of qualified people. If you cannot agree on an arbitrator, the District Court of the
county in which the property is located will make the selection.
Arbitration Hearing Procedure: Arbitration hearings are held within sixty days
from the date the arbitrator is selected. Both you and the CBOE are entitled to
participate. The hearings are informal. The arbitrator has the authority to issue
subpoenas for witnesses, books, records, documents and other evidence. He
2009-1813
AS0073
EMERSON MARCIA KIM & - R8467400
Page 3
also has the power to administer oaths, and all questions of law and fact shall be
determined by him.
The arbitration hearing may be confidential and closed to the public, upon mutual
agreement. The arbitrator's written decision must be delivered to both parties
personally or by registered mail within ten (10) days of the hearing. Such
decision is final and not subject to review.
Fees and Expenses: The arbitrator's fees and expenses are agreed upon by
you and the CBOE. In the case of residential real property, such fees and
expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses,
not including counsel fees, are to be paid as provided in the decision.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 336-7215, Extension 4226.
Very truly yours,
u C ,.t; G • "iaznt A
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
2009-1813
AS0073
Weld County
CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR
BRENDA DONES, DEPUTY ASSESSOR
VALUATION REPORT
OF
RESIDENTIAL IMPROVED PROPERTY
FOR
County Board of Equalization
EMERSON MARCIA KIM &
EMERSON MICHAEL L
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0807-04-0-03-018
Schedule Number: R8467400
Log Number: 2483
Date: 8/3/2009
Time: 11:30 AM
Board: Board #1
PREPARED BY
APPRAISERS NAME
Daina Bustillos 7/24/2009
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
ASSESSOR'S VALUE
RESIDENTIAL $496,271
Total: $496,271
2009-1813
CBOE_RES 010898
Page 1
GENERAL DESCRIPTION AND MARKET SUMMARY
SUBJECT SITE AND IMPROVEMENTS
This property is located at 35238 MORNING STAR CT in the city of WELD. The legal
description of the property is ME L18 MORIAH ESTATES PUD 35238 MORNING STAR CT
WELD 00000. Utilities available to the site are typical for the area. The residence is a Frame
Stucco house constructed in2007. It has 2537 square feet of finished living area. There are 2
bedrooms. The Assessor has classified the structure as a Ranch 1 Story home of Good
quality, using Good quality materials.
MARKET APPROACH SUMMARY
CBOE_RES_01C
Pag
Real property for the tax year 2009 must be valued utilizing the level of value for the period of
one and one-half years immediately prior to July 1, 2008. A period of five years immediately
prior to July 1, 2008 shall be utilized to determine the level of value if adequate data is not
available from such one and one-half year period to adequately determine the level of value for
a class of property. Said level of value shall be adjusted to the final day of the data -gathering
period. Changes occurring between base years are not to be accounted for until the following
level of value is implemented, other than additions, change in use, detrimental acts of nature,
damage due to fire, etc., creation of a condominium, new regulations restricting or increasing
the use of the land, or a combination thereof {39-1-104(11)(b)(I), CRS}.
The Weld County Assessor has an established ongoing Sales Confirmation and Validation
Program for property transactions used in developing values.
The subject property has been classified as Residential for assessment purposes. Residential
property value shall be determined by appropriate consideration of the Market Approach to
Value {39-1-103(5)(a), CRS}. The Assessor has considered this approach to value for the subject
parcel.
ASSESSOR'S VALUE
RESIDENTIAL $496,271
Total: $496,271
CBOE_RES_010.
Pag(
00 to
co a)
o m
o ca
mIa
W
cc
I
W
O
m
0
co CO
m
co a)
0 a)
o cu
(i)l a
W
W
1
W
O
OD
rn
co cu
co
Z5 (V
lQ_
w
cc
WI
O
m
0
V
t)
W
,^ C^,
eNn
O
V
wQ
Y co
Q
Z
C
N
/\
Cu
I-
O co
E
O
N
a)
V/
Cy r
a e o 0 o h a
D p
E
on en 0 N
CC 0 O N U) co 0)
0
r0
✓
✓ oow(0m M w
N
O
0 0 0 0 0 0 0 0 0 0
in (n N fA 09 0) 69 19 49 (0
CD
C3
N
m
0
O M
N 0 LL
CO
• WO 00 CO CO >'00
▪ N U) r r O CO O F It CO
P. O O 0
O) (9 0 (9
N O
0 0
6 69
0
N O
0) N
N.
N 0 T
O r O < r
O m 0 (D
N N N
CO • " 0 CO CO
N N N r
N 69
M N
69 E0
LL
CO
m m
• U
E En. a`
O E
J 0 0
C V m m
m QJ U (/1
• Q
m o VI VI
Q ▪ Q J J
» 0 Z < <
Z
J
w
J
0 0
O 0
N co
O 0
n • 0 o 0 0, 0
O O R. N co
U co up to to o It a)
Cra 000 (p N 58.0 0 0 0 0 0 0 0 0 0 0 0
< f9 (9 (9 N O 0 0 (9 N N N W (9 (9 (9 (9 (9 (9 (9
0 r N (p N N
N r.N T
(9 fA
N
m
0
E 55
0 ea
N- O IL r
CO co m my co u u
A co O C CD O- C
O O N T m
N N �/) N N N 7 V O H It
00
N
KERSON RUN
Ft N 0 M 3
a OO 0
Oor) D)
Cm (0 o NNN
U (o (0(0o 0
¢n
to
0
• O
O 0
o
0 O CO
(• 9•1) O N
o
0 m N
0 r cn
a O N
U) N
Ell
0 m
U
m _
E a a`
a E v m
C o m m m
O 4 a U U)
To ' Q d
-a m ° D
a o z o
(9 U Z Q Q
0 t o 0 O)
N p O 0
O a
L) N
Lor
(.9
N 't
A Oo
LL
U)
C U U
Ili
C 4
E o
m ° Q m
a. m a UI ,
(9• 0 Z <<
c (A (A (A (Oj (A 0 f9 f9 {9 0 (9 f9 W V) 69 WO N
Q a r N N
D ° N V O
U 2 (9 (A
69
m
D
0
r YD
O m
O LL r
U
cool ON N aCM
m
r r- N LnN en 0 v o F Cr m
U in
O O
O 0 0 J N
co
0l
C)
0 0 0 O
V
a a a N O
C N N r2...
N N O CO in
a en 69 (9 0 It en
J
U
Z_
Z
cc
O
0
c `v n 0
o E y
0 0 m= z Q
m .9 (0 z
00_ 13- ,T)
m m .- V m
mv)h.a4M
0
O m
O O LL
N CD `6
mco
co n O C N V
N V N (9 N
O VI J
N C Y
c m�
O
LL 11 7 y
L T N
(I) -E UC C C C E
c(0:2 nE E E o
a- O J m m m t
C D m N
J m m U m m m m m
m J Z O m m m m
C
0
O
0
m
It
T
E
0
c
aCo
m 0 ▪ • t-
o O
co M 0 F' K r 0 0 0 0 0 0 0 N
Bonus Room, SF
O
C 0
m m C U
a a
CO m= m Q N
m N y m N
O Q cocoJ n J_
C
Q m m mrn m 0 m T Q
C m N m m 2-3 m C L L m m
0 0 0 0 0 0 j 0 0 0 co
O N—
O (D
N
r— m
r
cis
m
w
CO
m
J
> >
Y Y
m m
m m
C C
LL LL
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
R8467400
2009
0430
ME L18 MORIAH ESTATES PUD 35238
MORNING STAR CT WELD 00000
35238 MORNING STAR CT
WELD, CO 00000
',, PROPERTY OWNER
EMERSON MARCIA KIM &
35238 MORNING STAR CT
WINDSOR, CO 80550
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR
REVIEW
ACTUAL VALUE AFTER
REVIEW
RESIDENTIAL
525,428
496,271
TOTAL
$525,428
S496,271
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:
AL02 - The actual valuation of your property has been adjusted based on new information. This may
be information you have supplied, corrections of characteristics or additional sales which we have
uncovered during the appeals process.
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.
15-DPT-Ak
PR 207.09,08 •
NOD 11 1861
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, 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`" Avenue and 9`" Street, P.O. Box C
Denver, CO 80203 Greeley, Colorado 80632
(303) 866-5880 Telephone (970) 356-4000 Ext. 4520
www.dola.colorado.gov/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.)
$ 'i?)",occ
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.)
StE p-7'ra-cfn 1
bvC U /r!✓ rJ
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements
contained bereft) and n any attachments hereto are true and complete.
}may -@ ci70 tf.F&-gL:1•7
Signature Telephone Number Date
Ci-t„ ''?t, 4=173(c;_cc)
1 Attach letter of authorization signed by property owner.
7-7:1t:
15-0PT AR
PR 207-08/08
NOD IS 1861
July 15, 2009
Weld County Board of Equalization
915 10`h Street, PO Box 758
Greeley, CO 80632
RE: Protest for assessment for Schedule #R8467400, M. Emerson
To Whom It May Concern:
Please accept this letter to protest our proposed assessment on our personal residence
located at 35238 Morning Star CT, Windsor, CO 80550. We believe our correct
assessment to be $435,000 as of June 30, 2008. We have arrived at that amount using a
Uniform Residential Appraisal Report on our home dated December 21, 2007 in the
amount of $485,000. In an article in the Greeley Tribune dated September 7, 2008, it is
reported that housing prices are down 4.8% for the second quarter of 2008 and 7% in the
first quarter of 2008 for a total of 11.8% from January 2008 to June 2008. This decrease
of 11.8% on a $485,000 home would be $57,230. That would place the value on our
home at $427,770. In our previous protest, we placed the value on our home at $435,000,
which is still the value we believe as of June 30, 2008. Please contact us, if you have any
questions. Thank you in advance for your consideration. Copies of the appraisal and the
Tribune article are enclosed.
Sincerely,
Michael L. Emerson
35238 Morning Star Ct
Windsor, CO 80550
Enc
How low will housing prices go? I Greeley Tribune
Page 1 of 3
Home
News Spats Ertertanment Opirnon Lwmg Community Photos • Videos
H^ee > >
How low will housing prices go?
Sharon Dunn
Emat L'rin
C%rmment Recommend
I Contribute I Subscribe I Advertise I Place an Ad I Arawes I RSS Feeds I Contact Us
Send us your news
back
Sunday, September 7, 2008
Share on Faceboos
Sharon Herdman calls It a nutty real estate market.
Some homes are getting multiple offers, getting snapped up by first-time buyers and investors.
Then there are homes that have been sitting co the market for two years without an offer. Then there are
the other homes out there that are getting tow balled.
"We're seeing people offer from 5100.000 to 5150.000 Less (than the asking price)," said Herdman, a
Realtor with Sears Real Estate.
So for Herdman. hearing word that the average home sates price in Greeley is dropping is no surprise.
'We're seeing a lot of price reductions, she said. 'What were also seeing is that if you reduce the price to
make it more marketable, people are stilt hitting them 550.000 to 575.000" below their asking prices.
It's called a buyer's market- and buyers are capitalizing on the high inventory, including foreclosed homes
that are selling at the lowest prices seen in years.
Average home sate prices have dropped almost 8 percent in the Greeley/Evans areas from July 2007 to
2008: since 2005, average prices have dropped about 13 percent, according to numbers from Information
Real Estate Services. According to a report released Thursday by Global Insight, a national economic
analysis company, housing prices nationwide are down 4.8 percent for the second quarter of the year.
"I keep hearing Realtors say they're seeing prices from 10 years ago," said John DeWitt, president of the
Greeley Area Realtor Association_ "I dolt know that I agree with that in all neighborhoods."
The average home price as of July in Greeley/Evans was 5157,840. The year prior, the average sates price
was $171,204, according to the IRES numbers.
'The houses have finally come back into a range that your average Greeley -Evans hard-working folk can
afford,' DeWitt said.
The Global Insight report notes that prices fell in the second quarter of the year in 152 of 330
metropolitan statistical areas across the country. Pnces fell almost 7 percent nationwide in the first three
months of the year. In Greeleys metropolitan statistical area, which includes all of Weld County • -
including the high performing southern portion of the county -- housing prices for the second quarter
averaged $164,200, down 4 percent from the second quarter of 2007, but up from $159,100 in the first
three months of 2008.
Housing prices in larimer County, which includes Loveland and Fort Collins. dropped 2.7 percent to
$218,000 in the second quarter of the year. Larimer prices also were up 1.4 percent from the first three
months of the year, the Global Insight survey noted.
The lower home prices mean some great deals for buyers (try $139,000 for a home that sold recently in
the upscale Kelly Farms neighborhood). DeWitt said, but not so great for sellers, who reaped the benefits
of strong markets for years.
'When I got into the business nine years ago. all the stories were about the sellers and how they were
getting contracts in one day,'" DeWitt said. 'Now it's a full -on buyer's market and sorry, sellers. Stay put....
The days of selling a house ... for an unreasonable price are gone
Lower home prices are being blamed in part on the number of foreclosures in the area, which, until a
couple of years ago. led the nation. The increasing numbers of foreclosed homes on the market competed
with other home sales, putting a glut, on the market and subsequently driving down home prices.
To date, foreclosure filings are up 12 percent to 2,007 iron the same tome last year, with actual homes
lost in a foreclosure sate up about 17 percent at 1,025, according to numbers iron the Weld County Public
Trustee. Banks and lenders initiate more foreclosures than actually go to sale because borrowers are
allowed time to 'cure' the loans.
-Foreclosures are still going to be higher than 2007. but it seems to be leveling oft,- said John Cordova,
chief deputy public trustee. Last year, foreclosure filings hit a record high at 2,869, resulting in 1.914
sales.
Jobs Autos Real Estate Classifieds
Site search 4 : Search
sponsored by
[Games} Fobs] Autos [Real Estate l IGassifiedsI
I I I 70. l0*F III Tuesday July 14th
Welcome, Guest r--1
L OtN I Bet,.ee a R1cnde, I'raiars
Event Calendar
.moron an EMI!
7114/2O He-adxiar and Hatpins Exnlo,t
7/14/2009 fc!ka and fluter[ hop Dances
7/14/2009 Ee Psycheoe!'C E>nenence• Pack
P rosters from the San Francaaao Bay
Area, 19_.5.1971
7P4 2009 2009 Through :0122 Gift Of Giving Toy
Dave
7/15/2009 He_dweat and riatpins Erhib,t
711517M9 The DfivrhAll.olic F+menuncer Rory
You Can
6044
00.
Just by filling
` f �a sur.�ey here
Top Jobs
more
httn://www.greeleytribune.com/article/?0080907/BUSINESS/ 109079986&parentprofile=-1 7/14/2009
May 30, 2009
Christopher M. Woodruff
Weld Assessor
1400 N. 17th Ave.
Greeley, CO 80631
Re: Protest for assessment for Schedule # R8467400, M. Emerson
To Whom It May Concern:
Please accept this letter to protest our assessment on our personal residence located at
35238 Morning Star Ct., Windsor, CO 80550. We believe our correct assessment to be
$435,000 as of June 30, 2008. We have arrived at these figures using the comparison
sales from 1443 Red Fox Cir, 37151 Dickerson Run, and 1427 Red Fox Cir. Windsor,
CO. All three properties are within 1.5 miles from our home and all sold prior to June
30, 2008. All are ranches with basements. 1427 Red Fox and 37151 Dickerson Run had
finished basements but an adjustment was made to reduce their sales price using a price
of $25 per Sq. Ft. for a finished basement. Local various contractors have told me that is
an average cost to finished a basement in this area. I have enclosed my calculations to
calculate our value using their adjusted sales price without a finished basement. Please
contact us, if you have any questions. Thank you in advance for your cooperation.
Sincerely,
Michael L. Emerson
35238 Morning Star Ct.
Windsor, CO 80550
AS ORrG'NA[!.Y FILED
C)
0
X
0
N �
V o
r W
Z
0
r W
M
O
O
(.00
d
V o
r W
a
F
co
M
LN Z
M Z
0
I-
Z
W
W Q)
2w
O W
x
Z (n
O <
w O
WO
W • (0
N Ln
O
NN
MN
LT Ln
MM
NN
OO
r0
NN
W
M I�
et NN N
n
r
Ln
Ln
vcr
N -
r
V
O
F-
n
V
V
in
V
O
LO
O
v
N
O)
O
O (O
Ln N
W
wH
(n Z W
J W U)
w2
Z w H
2mH
FINISHED SF
O M Ln r o) Ln
O Mr r M n
O N M CO
N OO V N
Q) W V to
» Nee
to
O V V O Ln O
O of o or- O
O 66
r(p r ON- mm to
N- S
O r
(OD ON
0 (O
O vj 0 O N
S M
M fA V M
A SS
SALES PRICE (SP)
o
W
W
oH -
W w H
w < E OH
f- w w
EH
J J
W W > >
as as
ma DD
WW 00
LO
N
BASEMENT FINISHED
$401,200.00 $443,625.00
SALES PRICE W/O FINISHED BASE.
00
M CO
N-
0
COCO
LO O)
LO N
O
W
A N
m
OUR HOME VALUE USING SF SALES PRICE
AVERAGE VALUE USING COMPARISONS
{
Timken Appraisal Services
[RIgNO. 712BCEME3;2(Pfat e #1
Summary Appraisal Report
Uniform Residential Appraisal Report
6850051615
Fee # 712BCEME352
The purpose of INs summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market vale of Ibe subject properly.
Property Address 35238 MORNING STAR CT. City WNDSOR State CO hp Code 80550-2664
Borrower EMERSON Owner of Public Record EMERSON County WELD
Legal Desception ME L18 MORIAH ESTATES PIA
Assessors Parcel # 080704003018 Tax Year 2006 RE. Taxes $ 1 792 44
ElLightorhood Name MORIAH ESTATES PUD MaLneference 232-KF37 Census Tract 0022.01
Occupare ® Owner r] Tenant [j Vacant Special Assessments $ WA N PUD HOA E 300.00 [ per year H per month
Properly Rights Appraised N Fee Simple ❑ Leasehold ❑ Other (describe)
Assignment Type ( j Purchase Tansacton N Refinance Transaction ( ] Other (describe)
Lender/Dent BANK OF COLORADO Address 4848 THOMPSON PKWY, JOHNSTOWN, CO 80534
Is the subject properly currently offered for sale or has it been offered for sale in the twelve montiu59rior to the effective date of tors appraisal? I_] Yes N [le
Report data source(s) used, offering price(s), and date(s). ACCORDING TO MLS AND COUNTY RECORDS, THE SUBJECT HAS NOT BEEN LISTED FOR SALE IN THE PRIOR 36
MONTHS. OTHER THEN THE SUBJECT'S SITE SALE ON 04/18/2007, NO OTHER SALES WERE NOTED IN 36 MO. THIS REPORT IS FOR REFINANCE PURPOSES ONLY.
I ❑ did ) ] did rot analyze the contract for sate for the subject purchase transaction. Explain the resets of the analysis of the contract for sale or why the analysis was not
performed.
Contract Price 8 WA Date of Contract WA Is the properly seller the owner of public record? ❑ Yes ❑ No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gal or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? ❑ Yes ❑ No
If Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
Once -Unit Housing Trends
One -Unit Housing
Pres¢ntLand Use%
Location [] Urban [Y Suburban L] Rural
Property Values ❑ Increasing N Stable ❑ Declining
PRICE AGE
Ore -Unit ss %
BHfit -Up ® Over 75% ❑ 25-75% H Under 25%
Demand/Supply] Shortage Gel m Balance ❑ Over Supply
S (000) (yrs)
2-4 Unit %
Growth I I Rapid Z1 Stable ❑ Slow
Marketing Time H Under 3 mills H 3-6 mihs [] Over 6 mths
370 Low NEW
Malt -Family
Neighborhood Boundaries NORTH OF DOWNTOWN WINDSOR, SOUTH OF STATE ROUTE 14. EAST OF THE LARIMER/WELD
800+ High ID
Canunercial 5
COUNTY LINE, AND WEST OF COUNTY ROAD 23. GOOD ACCESS TO LOCAL CONVENIENCES.
500 Red_ 5
Other
Neighborhood Descdplion SOMEWHAT NEWER DEVELOPMENT, PREDOMINATED BY A VARIETY OF HOMES, WITH AVERAGE DUALITY MD STYLE, AND WITH OVERALL AVERAGE
APPEAL, MARKETABILITY, AND EMPLOYMENT STABILITY. DRIVING ACCESS TO LOCAL CONVENIENCES, INCLUDING SHOPPING IN DOWNTOWN WINDSOR, SCHOOLS, AND FREEWAY
ENTRY, AS WELL AS NUMEROUS PUBLIC PARKS AND OTH R AMENITIES. PROXIMITY TO EMPLOYMENT AND OTHER AMENITIES IS TYPICAL OF SUBURBAN LOCATIONS.
Market Condihons (including support for the above conchs ons) MARKET CONDITIONS ARE TYPICAL OF THE AREA, INTEREST RATES RANGE FROM 6.00% TO 8.00%. CURRENT
RATES ARE FAIRLY STABLE, SELLER PARTICIPATION WITH CLOSING COSTS AND BUILDER INCENTIVES ARE FAIRLY TYPICAL FOR THE CURRENT MARKET. TYPICAL EXPOSURE TIMES
RANGE FROM 1 TO 6 MONTHS. PROPERTY VALUES ME PRESENTLY STABLE TO SLOWLY TRENDING UPWARD. NO DETRIMENTAL MARKET CONDITIONS NOTED.
Dimensions SITE AREA FROM COUNn RECORDS Nea 43,560 SF Shape RECTANGULAR View AVG/RESIDENTIAL
Specific Zoning Classilicaiier R1 Zoning DeSenMIOn RESIDENTIAL
Zoning Compliance N Legal H Legal Nonconforming (Grandialered Use) LJ No Zon g H Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? >Q Yes No I No, describe
Uelities Puck Other (descrbe) Pubic Other (descrbe) OH -site Improvements -Type Pubic Prorate
Electricity PI [] Water N Steel AS ALT N I.I
_[]
Gas 61 L Sanitary Sewer H N SEPTIC/TYPICAL Alley NONE r ] r]
FEMA Special Hood Hazard Area H Yes [H No FEMA Hood Zone c FEMA Map # 0802660465D FEMA Ma_p Date 09'22/1999
Are the utilities and off -site improvements typical far the market area? N Yes L] No 8 No, describe
Are there any adverse she conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? ❑ Yes N No ff Yes, describe
NO TITLE SEARCH (A SURVEY WAS MADE AVAM91£ TO THE APPRAISER, THEREFORE, /WY ADVERSE EASEMENTS COALS NOT BE DErERMINED. THE SITE 6 TYPICAL FOR THE AREA
General Description
Foundation
Exterior Description materials/condition
Interior mat /condition
Units [H One ❑ One with Accessory Unit
I ] Concrete Slab H Crawl Space
Feurdafion Walls coNcerreerce
Floors CARPETMNn/TILE/GO
# of Stories 1 STORY
[H FOG Basement I I Partial Basement
Exterior all STONE/STUCCO/GOOD
Walls DRWAAWfgm
Type [H DeL H Att. H S1.Det/End Unh
Basement Area 2,339 soft.
Root Surface COMPsHINGLE/GOOn
TNTVRnish CUSTOM WOOD/GOOD
N Fasting r] Proposed Li Under Const.
Basement Finish 245 SF FIN 25 %
Gutters & Downspouts METAL/,m0
Bath Floor TILE/GOOD
Demon (Style) 1 STORY
I I Outside Entry/EDN Hj Supp Pump
Window T CASEMENT/GOOD
Bath Wainscot TAUGOOD
Year Bert 2007
Evidence of ❑ Infestation
Storm SasMnselaied pmELE PANEI0000
Car Storage I l None
Ellutive Age )Yrs( NEW
❑ Dampness [] Setllemem
Screens YES0000
[H Driveway # of Cars 3
Athc 5 None
Heating pQ FWA h j HWBB (i I Radiant
Ameniies N Woodstave)s) # 1
Driveway Surface co carry
❑ Drop Stair [I Stairs
I I Other (Feet ess
-] Hreplace(s) # ❑ Fence
(),I Garage # of Cars 3 ATTACHED
I 1 Floor N Sou
Coolrp [xl Cental Air CoMitioti
Pabo/Deck OPEN N Porch COVERED
rLCarporl # of Cars
❑ Finished ❑ Heated
Li 'di dl IN Otte C. Fans
i. I Pmt ❑ Other
N Al ❑ Det. i fi a
Apptances gyp] Retngerata N Range/Oven H Dishwasher N Disposal (A Microwave Li Washer/Dryer N Other (describe) AN
Rnished area above grade contains: 8 Rooms 2 Bedrooms 2.s Bath( oL 2,435 Square Feet of Gross Living Area Above Grade
Additional featly (special enefgy efficient items, etc.). THE SUBJECT IS A NEW ONE STORY RANCH OF GOOD DUALITY AND IN OVERALL GOOD CONDITION IMPROVEMENTS
INCLUDE A COVERED FRONT PORCH, LARGE REAR PATIO, 3 CAR ATTACHED GARAGE, AND IS LOCATED ON A LARGE I ACRE SITE. REFER TO ADDENDA.
Describe the condition of the property (IMluding_needed repairs, deterioration, renovations, remodeling, etc.). THE SUBJECT IS OF GOOD DUALITY, AND IS IN GOOD CONDITION.
IT IS FUNCTIONALLY DESIGNED AND LOCATED IN A RESIDENTIAL DEVELOPMENT. NEITHER FUNCTIONAL NOR EXTERNAL OBSOLESCENCE WAS NOTED AT THE TIME OF THE
INSPECTION. AS THE SUBJECT IS NEW, NO PHYSICAL DEPRECIATION IS CONSIDERED. THE EFFECTIVE AGE REFLECTS THE SUBJECT BEING NEW. NO VISIBLY APPARENT REPAIRS
NOTED (APPRAISER CANNOT GUARANTEE THE CONDITION OF THE MECHANICALS).
Are there any physical deficiencies or adverse conditions that affect the dvability, soundness, or structural integrity of the property? ❑ Yes ® No h Yes, describe
THIS REPORT IS AN APPRAISAL TO DETERMINE MARKET VALUE, AND IS NOT A HOME INSPECTION. THE APPRAISER ONLY PERFORMED A VISUAL INSPECTION OF ACCESSIBLE
AREAS. THE APPRAISAL REPORT CANNOT BE RELIED UPON TO DISCLOSE CONDITIONS AND/OR DEFECTS IN THE PROPERTY AND RELATED IMPROVEMENTS.
Does the property generally cordorm to the neighborhood (tunchonol util(, style, condition, use, construction, etc.)? iLl Yes 0 No I No, describe
Freddie Mac Form 70 March 2005
Page 1 of 6
Fannie Mae Form 1004 March 2005
Form 1004—'WInTOTAC appraisal software by a la mode, Inc.-1-800-ALAMDDE
(File No. 712BCEMF352( Page #3j
Uniform Residential Appraisal Report
6850051615
File N 712BCEME352
There are 13 Comparable prOpolies cerrelltty altered for sale in the subject neighborhood ranging in price from $ 439900 10 5 649,000
There are 6 Comparable sales in Me subjec neighborhood within the past twelve months ranging in Sale price from $ 445,000 ID $ 510,000
FEATURE I SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
Address 35238 MORNING STAR CT.
WINDSOR, 0080550.2664
6592 ABERDOUR CIR.
WINDSOR. CO 80550
8327 SAND DOLLAR DR
WINDSOR CD 80528
2214 DOMINIC CT.
WINDSOR, CO 80550
Prodmty to Subject
5.32 miles SW
497 miles SW
4.OG miles NE
Sale Price
$ WA
$ 495,000
E 506,850
$ 499.000
Sale Price/Gross Liv. Arm
$ Gq.fl.
S 216.82 sq It.
$ 204.29 sgfl.
5 19192Sq. II.
Data Source(s)
MLS# 537469/EXT OBSERVATION
MLS# 517654/EY.R OBSERVATION
MLS# 512192/EXT OBSERVATION
VCdfiCation Source(s)
COUNTY RECDRDS/➢OM 92
COUNTY RECOROS/DOM 338
COUNTY RECORDS/DO M 265
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-j $ Adjusblent
DESCRIPTION
+(') $ AdjusthenI
DESCRIPTION
+(-j $ AdjuShrent
Sales Of Fnarrirg
COncessios5
CONY/FIXED
NONE NOTED
CONY/EKED
NONE NOTED
CONY/FIXED
NONE NOTED
Date of Sal/Time
0924/2007 -TO
12/13/2007 -TO
07/13/2007,TO
Location
GOOD
GOOD
GOOD
GOOD
Leasehold/Fee Simple
FEE SIMPLE
FEE SIMPLE
FEE SIMPLE
FEE SIMPLE
Silo
43,560 SF
9,360 SF
+15,000
15 000 SF
+ 10, 00098,
071 SF
-10.000
View
AVG/RESIDENTIAL
SIMILAR
SIMILAR
SIMILAR
Design (Style)
1 STORY
I STORY
1 STORY
1 STORY
Duality of Construction
GOOD
0000
GOOD
6000
Actual Age
NEW
2 YEARS (20051
NEW
3 YEARS (2004)
Condition
GOOD
GOOD
GOOD
GOOD
Above Grade
Room Court
Gross Living Area
Total
Bdrms. Barns
Total Bdrms. Baths
Total Bdrms.
Baths
Total
Bdrms. Baths
8
2 2.5
6 2 25
8 3
25
7
3 2.5
2,435 sq.fL
2,283 Sq.fl.
0
2.481 5)).
0
2,600 sgft.
2,600 SF
1,950 SF FIN (75%)
0
-17,000
Basement 8 Finished
Rooms Below Grade
2,339 Sq FE
245 SF FIN (10%)
2,203 SF
1,102 SF FIN (50%)
-8500
2,278 SF
-0- FINISH
+2 500
Functional Utility
AVERAGE
AVERAGE
AVERAGE
AVERAGE
Heating/Cooling
FWNCENTRAL AIR
FWA/CENTRAL AIR
FWNCENTRAL AIR
FWNCENTRAL AIR
Energy Efficient hems
DOUBLE PANE
DOUBLE PANE
DOUBLE PANE
DOUBLE PANE
Garage/Carport
3 ATTACHED
l 5 ATTACHED
-100003
ATTACHED
3 ATTACHED
POrCh/PaliO/D
PORCH/PATIO
Similar Features
Similar Features
Similar Features
FIREPLACE
I FIREPLACE
1 FIREPLACE
1 FIREPLACE
1 FIREPLACE
OP-BONS/FINISH
GOOD
SIMILAR
SUPERIOR OPTIONS
-8000
SIMILAR
DAYLIGHT
BASEMENT
DAYLIGHT
GARDEN LEVEL
+5,000
DAYLIGHT
Net Adjustment (Total)
M + ❑ -
$ 1,500
® + H -
$ 4,500
❑ + -
b -27,000
Adjusted Sale Price
of Comparables
Net Adj. 0.3 %
Grass Adj. 7.8 %
$ 496500
Net Adj. 0.9 %
Gross Adj. 4.0 %
$ 511,350
Net Adj. 5 4 %
Gross Adj. 54 %
$ 472,000
I (XI did U did rot research the sale or transfer history of the subject p operry and comparable sales. It not explain
My research N did Li did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of his appraisal.
Data Soate(S) WELD COUNTY RECORDS, REAL LIST, AND MLS
My research [1 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) WELD COUNT/ RECORDS, REAL LIST, AND MLS
Report the results of the research and analysis of the prior sale or transfer 'story of Ifle 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/Transter
04/1R/2007
01/20/2005 FOR 5453,500
01/26/2005 $178,800 Ste Only)
05/17/2004 FOR 5105,000
Price of Prior Sale/Transfer
$125,000 (SITE ONLY)
0526/2004 FOR $67,000
09/05/2003 $310.500 Mly Skes)
08/25/2002 FOR $89,900
Data Source(s)
COUNTY RECORDS AND REALIST
COUNTY RECORDS AND REALIST
COUNTY RECORDS AND REALIST
COUNTY RECORDS AND REALIST
Effective Date of Data Source(s)
12/19/2007
2/21/2007
12/21/2007
12/19/2007
Analysis of prior sale or transfer lesfony of the subject property and Comparable Sales RESEARCH REVEALED THAT, OTHER THAN ANY SALES NOTED ABOVE, THE SUBJECT NOR
THE SALES USED IN THE ANALYSIS APPEAR TO HAVE SOLD OR TRANSFERRED OVER THE 36 MONTHS PRIOR TO THE EFFECTIVE DATE OF THIS APPRAISAL. ALL OF THE PRIOR
SALES NOTED APPEAR TO HAVE BEEN STANDARD AND TYPICAL, WITH NOTHING UNUSUAL DETERMINED OR NOTED.
Summary of Sales Comparison Approach THE COMPARABLES USED IN THE ANALYSIS BRACKET THE SUBJECT IN SALE PRICES, SOUARE FOOTAGE OF UVING AREAS, AND FINAL
ADJUSTED SALE PRICES. THEY ALL REQUIRED ADJUSTMENTS FOR DIFFERENTIALS THAT ARE COMMONLY RECOGNIZED IN THE MARKET IN THE NORTHERN COLORADO AREA, AND
THE DOLLAR AMOUNTS OF THE ADJUSTMENTS WERE WELL WTHIN RECOMMENDED GUIDELINES. ADJUSTMENTS MADE TO THE COMPARABLE SALES ARE DERIVED FROM THE
MARKET THRU PAIRED SALES ANALYSIS, AS WELL AS THE APPRAISER'S KNOWLEDGE OF THE MARKET AREA. THE SALES REQUIRED FEW ADJUSTMENTS, NONE OF WHICH WERE
UNUSUAL OR OUT OF THE ORDINARY. —REFER TO ADDENDA**
Indicated Value by Sales Comparison Approach $ 485,000
Indicated Value by: Sales Comparison Approach $ 485,000 Cost Approach(if developed) 485280 Income Approach id developed)$
THE MARKET APPROACH IS GIVEN MOST WEIGHT IN THE FINAL RECONCILIATION IT BEST REPRESENTS THE REACTIONS OF THE TYPICAL PURCHASER. AS THE SUBJECT IS NEW,
THE COST APPROACH PROVIDES GOOD SUPPORT TO THE FINAL VALUE ESTIMATE. AS THIS IS AN ANALYSIS OF A OWNER OCCUPIED, RESIDENTIAL PROPERTY, THE INCOME
APPROACH IS NOT NECESSARY TO PRODUCE A CREDIBLE APPRAISAL. THE INCOME APPROACH IS NOT CONSIDERED TO BE APPLICABLE AND IS NOT USED IN THIS REPORT.
TNs appraisal is made NJ "as Is", Li subject to completion pa plans and specificatons on the basis of a hypothetical condition that the improvements have been
completed, ❑ subject to the hollowing repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or L] subject to the
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair NO CONDITIONS SPECIFIED. THE
PROPERTY IS APPRAISED IN ITS 'AS IS" CONDITION.
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$ 485,000 as of 12/21/200 which is the dale of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005
Page 2 ot 6
Fannie Mae Form 1004 March 2005
Form 1004 — 1WinTOTAM appraisal software by a la mode, inc.— 1-800-ALAMODE
Pe No- 712BQEME352] Pate #4]
Uniform Residential Appraisal Report
6850051615
Poe N 712BCEME352
IN THE APPRAISAL PROCESS, THE APPRAISER SEARCHES FOR RECENT TRANSFERS THAT ARE AS SIMILAR TO THE SUBJECT AS POSSIBLE. HOMES ARE RARELY
IDENTICAL IN EVERY WAY. GENERALLY THERE ARE DIFFERENCES AND AMENITIES THAT THE TYPICAL BUYER WOULD EITHER PAY MORE OR LESS FOR.
1118 APPRAISER IDENTIFIES THE DIFFERENCES BETWEEN PROPERTIES THROUGH RESEARCH AND DATA COLLECTION. THE COMPARABLES ARE ADJUSTED FOR DIFFERENTIALS
THAT ARE RECOGNIZED BY THE TYPICAL BUYER FROM THIS MARKET. THE DOLLAR AMOUNT OF THE ADJUSTMENTS IS TAKEN FROM THE MARKET AND THE APPRAISERS
GENERAL KNOWLEDGE OF THE MARKET. THE DOLLAR AMOUNT OF EACH ADJUSTMENT DIFFERS FROM DEVELOPMENT TO DEVELOPMENT. IT IS DEPENDENT ON
OVERALL HOUSE QUALITY ANTI MARKET DEMAND AND MARKET APPEAL OF EACH INDIVIDUAL DEVELOPMENT AND EACH INDMDUAL DIFFERENTIAL THE AMOUNT
OF AN ADJUSTMENT IS DETERMINED BY PAIRED DATA ANALYSIS. PER THE DICTIONARY OF REAL ESTATE APPRAISAL, THIRD EDITION, PAGE 258.
THE DEFINITION OF 'PAIRED DATA ANALYSIS' IS: 'A QUANTITATIVE TECHNI DUE USED TO IDENTIFY MID MEASURE ADJUSTMENTS TO THE SALE PRICES OR
RENTS OF COMPARABLE PROPERTIES; TO APPLY THIS TECHNIOLF, SALES OR RENTAL DATA ON NEARLY IDENTICAL PROPERTIES ARE ANALYZED TO ISOLATE
A SINGLE CHARACTERISTICS EFFECT ON VALUE OR RENT'. THIS APPRAISAL OFFICE PERFORMS CONTINUOUS PAIRED DATA ANALYSIS ON NUMEROUS
ADJUSTABLE ITEMS, RECOGNIZED BY SPECIFIC MARKETS, TO DETERMINE ADJUSTMENTS FOR THOSE ITEMS AS THEY RELATE TO THOSE SPECIFIC MARKETS.
THE SUBJECT IS LOCATED IN A VERY ESTABLISHED NEIGHBORHOOD WITH NO RECENT TRANSFERS NOTED IN THE PRIOR 24 MONTHS. AS A RESULT THE APPRAISER WAS FORCED
TO SEEK SIMILAR COMPARABLE PROPERTIES IN COMPETING DEVELOPMENTS IN WINDSOR AND THE NEARBY SMALL TOWN OF SEVERANCE. ALL THE SALES USED IN THE ANALYSIS
ARE OF GOOD DUALITY, HAVE SIMILAR FUNCTIONAL UTILITY AND OVERALL MARKET APPEAL, AND ARE GIVEN EQUAL CONSIDERATION IN THE OVERALL ANALYSIS. AFTER A
CAREFULL SEARCH OF THE DATA FROM THE SUBJECT MARKET AREA. THE COMPARABLE SALES USED IN THE ANALYSIS WERE FOUND TO BE THE BEST , MOST CURRENT
AVAILABLE AS OF THE EFFECTIVE DATE OF THE APPRAISAL. THE SALES USED ARE ALL AS SIMILAR TO THE SUBJECT AS POSSIBLE AND ARE FROM AS CLOSE PROXIMITY TO THE
SUBJECT AS POSSIBLE. ALL OF THE COMPARABLES WERE FINANCED AT MARKET RATES WITH ND INDICATED SELLER ASSISTANCE. AND REQUIRED NO UNUSUAL ADJUSTMENTS.
ALTHOUGH ALL THREE SALES ARE OVER A MILE FROM THE SUBJECT, THEY ARE ALL WITIIIN THE SUBJECT MARKET AREA, HAVE SIMILAR FUNCTIONAL UTILITY, AND OVERALL
MARKET APPEAL AS THE SUBJECT AND REWIRE NO UNUSUAL ADJUSTMENTS.
"NOTE: ALTHOUGH 'BRACKETING' WITHIN THE SALES COMPARISON ANALYSIS SECTION OF THE REPORT IS THE IDEAL IT IS NOT ALWAYS POSSIBLE IN THE
REAL WORLD. UNLESS A NEIGHBORHOOD IS FUI L OF NEWER'TRACT'STYLE HOUSING, HOMES TEND TO BECOME INDIVIDUAUZED BY THE OCCUPANTS, AS
REMODELS AND ADDITIONS OCCUR OVER THE YEARS. THE APPRAISAL PROCESS LOOKS AT EACH INDMDUAL HOUSE (SALE), AND ADJUSTMENTS ARE MADE
FOR THE DIFFERENCES BASED ON THE MATCHED PAIR ANALYSIS, THE APPRAISER'S KNOWLEDGE OF THE AREA MARKET, AND HIS/HER EXPERTISE.
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate iniormalion for the Ieoder/client to replicate Iha below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other metlods TOT estimating Site value) A THOROUGH SEARCH OF THE MULTIPLE LISTING SERVICE
(MLS) REVEALED A NUMBER OF RECENT COMPARABLE LAND SALES IN THE SUBJECT'S MARKET AREA. A TOTAL OF 6 SALES, FROM THE PAST I2 MONTHS WERE SELECTED AS
COMPARABLE LAND SALES TO THE SUBJECT. THE SITES RANGE FROM 43.560 SF+/- TO 108,900 SF +/-. W TH A SALE RANGE OF $99,000 TO $142,500.
ESTIMATED j ] REPRODUCTION OR N REPLACEMENT COST NEW
OPINION OF SITE VALUE....._. -...=5 125,000
Sour Ee of cost data MARSHALL & SWIFT RESIDENTIAL COST HANDBOOK
DWELLING 2 435 Sg.Ft. @ S 98 00 _ =S 238,630
OeaE rating tram cast service AVERAGE Effective date of cost data 092007
BASEMENT 2,339 Sq.Ft.@S 2500 _=S 58475
Comments on Cost Approach (gross living area calculations, depreciation, etc)
PORCH, PATIO, W000 STOVE, APPLIANCES =S 14,000
THE COST DATA WAS OBTAINED FROM THE MARSHALL AND SWIFT COST HANDBOOK,
Garage/Carport 1,367 Sq.FL @ $ 2500 =S 34,175
AND FROM OTHER COST DATA PROVIDED BY AREA HOME BUILDERS. THE SITE VALUE IS
Total Estimate of Cost -New _. =S 345.280
DERIVED BY ANALYSIS OF AREA VACANT SITE SALES AS WELL AS BY MARKET
Less Physical
Wncbonal
EulenIal
ABSTRACTION METHODS. PHYSICAL DEPRECIATION IS BASED ON THE AGE/LIFE METHOD.
Depreciation
=S( )
NO FUNCTIONAL OR EXTERNAL OBSOLESCENCE WAS NOTED AS OF THE EFFECTIVE DATE
Oepreclaled Cost at Improveme Ts _.... =5 345 280
OF THE APPRAISAL. THE ESTIMATED ECONOMIC LIFE OF THE SUBJECT PROPERTY IS
'As -is' Value of Site Improvements _ ____=6 15,000
APPROXIMATELY 90 YEARS. THE EFFECTIVE DATE OF THE APPRAISAL IS 12/21/2007
Estimated Remaining ECOnonaC Life (HUD and VA onty) 85 Years
INDICATED VALUE BY COST APPROACH.__ =S 485,280
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated MonthM Markel Rent $ X Gross Rent Multiplier = $ Indicated Valve by Income Approach
Summary of Ircome_pproach (including support for market rent and GRIN)
PROJECT INFORMATION FOR PLDs Of applicable)
Is the developer/builder in control of the Homeowners' Association (HOA)? [ ] Yes X No Unit type(s) FI Detected ❑ ATtaClied
Provide Ile following intonation for PM ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwering unit.
Legal Name of Project
Total number of phases Total number of ends Total lumber of units sold
Total number of ends rented Total number of units for sale Data source(s)
Was the project created by he conversion of ensling building(s) into a PUD? ❑ Yes ❑ No II Yes, date of conversion.
Dees the project contain any multi -dwelling units? [] Yes ] No Data Source
Are the units, common elements, and recreation lac litre conglele? f] Yes ❑ No If No, describe the status of completion.
Are the common elements leased to or by the Ho Association? [ I Yes [] No V Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
reddie Mac Form 70 March 2005
Page 3 of 6
Fannie Mae Form 1004 March 2005
Form 1004 —'W nTOTAL' appraisal software by a la mode, inc.—1-80DALAM0DE
Fie Na. ]12BCEME3521 Pate #51
6850051615
Uniform Residential Appraisal Report FAe# ]12BCEME352
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 hum 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 properly.
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— 'MnTOTAP appraisal software by a la mode, no, —1-BOIFALAMODE
IFIeNe 712BCEMEJ52 Paae#e
Uniform Residential Appraisal Report
6850051615
File # 7128CEME352
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. 1 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— ^NInTOTAL appraisal software by a l mode, inc. —1-806AFAMOOF
(File No. 712BOLME352LPage #71
Uniform Residential Appraisal Report
6850051615
Fleur 712BCEME352
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, govemment 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 DIGITAL SIGNATURE/ACCEPTABLE PER USPAP STANDARDS
Signature ASignature
Name 5%N w1L AMs7LICENS AP TstH Name
Company Name HARRIER APPRAISAL SERVICES, LLC Company Name
Company Address
Company Address P.D. BOX 272268. FoRr COLLINS, co 80527
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Telephone Number 19701282-1206
Email Address ordery@happrcom
Date of Signature and Report 12/21/2007
Effective Date of Appraisal 12/21/2007
State Certification #
or State License # AL46031960
or Other (describe) State #
State co
Expiration Date of Certification or License 12/31/2009
ADDRESS OF PROPERTY APPRAISED
35238 MORNING STAR CT.
WINDSOR. CO 80550-2664
APPRAISED VALUE OF SUBJECT PROPERTY $ 4B5,C
LENDER/CLIENT
Name
Company Name BANK OF COLORADO
Company Address 4848 THOMPSON PKWY, JOHNSTOWN, CO 80534
Email Address appraisals@pinnbank.com
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
Li Did inspect exterior of subject property from street
Date of Inspection
❑ Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
1Li Did not inspect exterior of comparable sales from street
❑ Did inspect exterior of comparable sales from street
Date of Inspection
Freddie Mac Form 70 March 2005
Page 6 of 6
Fannie Mae Foma 1004 March 2005
Form 1004—'yinTOTAL' appraisal software by a l mode, inc.— 1-800-ALAMODE
He No. Z12BCEME352I Page #8]
Supplemental Addendum
Ale N0. ]12BCEME352
Borrower/Cheat
EMERSON
Property Address
35238 MORNING STAR CT.
City
WINDSOR
County WELD
Slate
CO
Lp Code
80550-2664
Lender
BANK OF COLORADO
SCOPE OF THE APPRAISAL
THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDEFUC TIENT. TIIE INTENDED USE IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS
APPRAISAL FOR A MORTGAGE FINANCE TRANSACTION, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL. REPORTING
REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE
APPRAISER. REFER TO THE DEFINITIONS AND THE STATEMENT OF ASSUMPTIONS MID LIMITING CONDITIONS ON PAGES 4, 5, AND 6.
THIS APPRAISAL IS COMPLETED FOR FEDERALLY RELATED MORTGAGE LOAN PURPOSES. IT IS A SUMMARY APPRAISAL REPORT COMPLETED IN
CONFORMANCE WTI TITLE XI OF THE F1RREA ACT OF 1990, STANDARDS RULE 2'2(6) OF THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE
FOR A SUMMARY REPORT_ THE APPRAISER PHYSICALLY WALK-THROUGH THE SUBJECT PROPERTY. EXTERIOR, AND INTERIOR, EXTERIOR AND INTERIOR
PHOTOS WERE TAKEN. MID THE HOUSE WAS MEASURED FROM THE EXTERIOR.
MULTIPLE LISTING SERVICE REPORTS AND COUNTY ASSESSOR'S DATA WERE EXAMINED AND UTILIZED. EXTENSIVE OFFICE FILE INFORMATION WAS ALSO
EXAMINED FOR COMPARISON AND VERIFICATION OF OTHER PERTINENT DATA. AN EXTERIOR OBSERVATION OF ALL COMPARABLE SALES WAS DONE, AND THE
SALES DATA WAS VERIFIED THROUGH AT LEAST TWO SOURCES.
THIS APPRAISER RESEARCHED THE SUBJECT 'NEIGHBORHOOD' THROUGH THE LOCAL MLS AND COUNTY RECORD DATA. AS WELL AS VISUAL OBSERVATION.
THE TOWN OF WINDSOR WAS CONSULTED REGARDING DETAILS OF THE ZONING.
THE NORMAL DEFINITION OF MARKET VALUE. AS SHOWN ON PAGE 4 OF THE 1004 FORM, IS BASED SUBSTANTIALLY ON THAT FOUND IN PIE FEDERAL
REGISTER ON 08/24/1990 ISSUED BY THE OFFICE OF CONTROLLER OF CURRENCY ((ICC). SOURCE: 12 CFR 34.42 (g).
COMMENTS ON FACTORS THAT AFFECT MARKETABILITY OF PROPERTIES
THE SUBJECT IS LOCATED NORTH OF WINDSOR AND WEST OF SEVERANCE IN THE NEWER MORIAIl ESTES DEVELOPMENT. THE AREA HAS OVERALL GOOD
APPEAL AND MARKETABILITY, AND IS PREDOMINATED BY HOMES OF VARIOUS QUALITY, STYLE, AND APPEAL. THERE ARE NO DETRIMENTAL MARKET
FACTORS NOTED. GOOD ACCESS TO LOCAL CONVENIENCES, INCLUDING SHOPPING, SCHOOLS, DOWNTOWN WINDSOR AND FORT COLLINS, AND THE
COLORADO STATE UNIVERSITY CAMPUS. PROXIMITY TO EMPLOYMENT AND OTHER AMENITIES IS TYPICAL, WITH NO DETRIMENTAL INFLUENCES NOTED. THE
SUBJECT LOCATION IS SURROUNDED ON ALL SIDES BY OTHER SINGLE FAMILY TYPE STRUCTURES, WITH NO DETRIMENTAL VIEW OR EXTERNAL FACTORS
NOTED.
MAJOR AREA EMPLOYERS INCLUDE EASTMAN KODAK, HEWLETT PACKARD, COLORADO STAFF UNIVERSITY, TELEDYNE WATER PIK, AND A NUMBER OF OTHER
LARGE AND MEDIUM SIZED COMPANIES. AREA VALUES ARE CURRENTLY STABLE TO SLOWLY INCREASING. CONVENTIONAL AND FHA OR VA LOANS ME
TYPICAL FOR THE SUBJECTS MARKET. TYPICAL MARKETING TIMES RANGE FROM 3 TO 6 MONTHS. THE AREA IS PROJECTED TO EXPERIENCE STABLE TO
REASONABLE GROWTH PATTERNS THROUGH THE YEAR 2008 AND BEYOND.
HIGHEST AND BEST USE
THE HIGHEST AND BEST USE IS DERNED AS 'THE REASONABLY PROBABLE AND LEGAL USE OF VACANT LAND OR AN IMPROVED PROPERTY, WHICH IS
PHYSICALLY POSSIBLE, APPROPRIATELY SUPPORTED, FINANCIALLY FEASIBLE, AND THAT RESULTS IN 111E HIGHEST VALUE. THE FOUR CRITERIA THE
HIGHEST AND BEST USE MUST MEET ARE LEGAL PERMISSIBILITY, PHYSICAL POSSIBILITY, FINANCIAL FEASIBILITY, AND MAXIMUM PROFITABILITY.' (QUOTED
FROM THE DICTIONARY OF REAL ESTATE APPRAISAL, THIRD EDITION.)
AFTER RESEARCH OF THE HIGHEST AND BEST OF THE SUBJECT AS IMPROVED, IT WAS DETERMINED THAT THE HIGHEST AND BEST USE IS THE PRESENT USE
OR RESIDENTIAL.
ADDITIONAL FEATURES
THE SUBJECT IS A NEW CUSTOM ONE STORY HOME BY HARTLEY HOMES, WITH A FULL (25% FINISHED) BASEMENT A 3 CM FINISHED ATTACHED GARAGE,
AND LOCATED ON A LARGE 1 ACRE SITE. THE PROPERTY IS OF GOOD QUALITY AND IN OVERALL GOOD CONDEMN.
THE IMPROVEMENTS INCLUDE A COVERED FRONT PDRCII, OPEN REAR PATIO, SPRINKLER SYSTEM STUB OUT, STONE ACCENTS, LARGE CENTER ISLAND,
GRANITE COUNTERS, AND CHERRY CABINETS IN THE KITCHEN, TWO 40 GALLON WATER HEATERS. SUMP PUMP, CENTRAL AIR CONDITIONING, HUMIDIFIER,
WASH BASIN, 2 ELECTRIC GARAGE DOOR OPENERS, AND 2 SERVICE DOORS Y4 THE FINISHED GARAGE, CASEMENT WOOD WINDOWS, TRAVERTINE TILE
COUNTERS IN THE 1/2 BATHROOM, LARGE WALK-IN CLOSET. GRANITE COUNTERS, AND SOAKER TUB IN THE MASTER BATHROOM, WOOD BURNING STOVE
AND BUILT-IN ENTERTAINMENT CENTER IN TIE LIVING ROOM, VAULTED CEILINGS AND CEILING FANS. A HEATED SUNROOM WITH BRICK FLOORS. ROUNDED
CORNERS, IEXI _ URED PAINT, CHERRY TRIM, TRAVERTINE TILE FLOORS IN THE FOYER, HALLWAY, KITCHEN, NOOK, MID ROOT BATHROOMS, SLATE TILE
FLOORS IN THE MASTER BATHROOM, MID CARPETING ON ALL REMAINDER FLOORS. THE FULL BASEMENT INCLUDES A FINISHED 3/4 BATHROOM AND
STORAGE AREA OF SIMILAR GOOD QUALITY AS ABOVE GRADE.
COMMENTS REGARDING THE APPRAISAL OBSERVATION PROCESS
THIS APPRAISAL IS NOT A HOME INSPECTION AND THE APPRAISER IS NOT ACTING AS A HOME INSPECTOR WHEN PREPARING THE REPORT. THE BORROWER
HAS THE RIGHT TO HAVE THE HOME INSPECTED BY A PROFESSIONAL HOME INSPECTOR AND/OR BUILDING CONTRACTOR.
WHEN PERFORMING THE OBSERVATION OF THIS PROPERTY, THE APPRAISER VISUALLY OBSERVED AREAS THAT WERE READILY ACCESSIBLE. THE APPRAISER
IS NOT REQUIRED TO DISTURB OR MOVE ANYTHING THAT OBSTRUCTS ACCESS OR VISIBILITY.
THE APPRAISAL OBSERVATION DOES NOT OFFER WARRANTIES OR GUARANTEES OF ANY KIND. THE APPRAISER DOES NOT OFFER WARRANTIES ON THE
CONDITION OF THE FURNACE, WIRING, ROOF SHINGLES, PLUMBING, WATER HEATER, OR ANY OTHER MECHANICALS OR ITEMS HIDDEN WITHIN WALLS OR
UNDER FLOORS.
COMMENTS ON SALES COMPARISON
THE SUBJECT IS LOCATED IN A VERY ESTABLISHED NEIGHBORHOOD WITH NO RECENT TRANSFERS NOTED IN THE PRIOR 24 MONTHS. AS A RESULT THE
APPRAISER WAS FORCED TO SEEK SIMILAR COMPARABLE PROPERTIES IN COMPETING DEVELOPMENTS IN WINDSOR AND THE NEARBY SMALL TOWN OF
SEVERANCE. ALL THE SALES USED IN THE ANALYSIS ARE OF GOOD DUALITY, HAVE SIMILAR FUNCTIONAL UTILITY AND OVERALL MARKET APPEAL, AND ARE
GIVEN EQUAL CONSIDERATION IN THE OVERALL ANALYSIS. AFTER A CAREFULL SEARCH OF THE DATA FROM THE SUBJECT MARKET AREA, THE COMPARABLE
SALES USED IN THE ANALYSIS WERE FOUND TO BE THE BEST , MOST CURRENT AVAILABLE AS OF THE EFFECTIVE DATE OF THE APPRAISAL. THE SALES USED
ARE ALL AS SIMILAR TO THE SUBJECT AS POSSIBLE AND ARE FROM AS CLOSE PROXIMITY TO THE SUBJECT AS POSSIBLE. ALL OF THE COMPARABLES WERE
FINANCED AT MARKET RATES WITH NO INDICATED SELLER ASSISTANCE, AND REQUIRED NO UNUSUAL. ADJUSTMENTS. ALTHOUGH ALL THREE SALES ARE
OVER A MILE FROM THE SUBJECT, THEY ARE ALL WITHIN THE SUBJECT MARKET AREA, IIAVE SIMILAR FUNCTIONAL UTILITY, AND OVERALL MARKET APPEAL
AS THE SUBJECT AND REWIRE NO UNUSUAL ADJUSTMENTS.
SALE #1 REQUIRES AN ADJUSTMENT FOR A SMALLER SITE, MORE BASEMENT FINISH, A LARGER GARAGE, AND FOR A LESSER GARDEN LEVEL BASEMENT
VERSUS THE SUBJECT'S DAYLIGHT BASEMENT.
SALE #2 REQUIRES AN ADJUSTMENT FOR A SMALLER SITE, LACK OF BASEMENT FINISH, AND FOR SUPERIOR OPTIONS ACCORDING TO REALTOR COMMENTS
MID MLS PHOTOS.
SALE #3 REQUIRES AN ADJUSTMENT FOR A LARGER SITE AND FOR MORE BASEMENT FINISH.
COMMENTS ON THE APPRAISAL PROCESS
Form TADD— WinTOTAL' appraisal software by a la node, MC.— 1.800-ALAMODE
!File No. 7120CEME352) Page #9]
Supplemental Addendum
File No. 112BCEME352
Boerows/Cbenl EMERSON
Property Address 35238 MORNING STAR CT.
ly WINDSOR
County WELD
State
CO
Lp Code
80550.2664
Lender BANK OF COLORADO
IN THE APPRAISAL PROCESS, TIIE APPRAISER SEARCHES FOR RECENT TRANSFERS THAT ME AS SIMILAR TO THE SUBJECT AS POSSIBLE HOMES ARE
RARELY IDENTICAL IN EVERY WAY. GENERALLY, THERE ARE DIFFERENCES AND AMENITIES THAT THE TYPICAL BUYER WOULD EITHER PAY MORE OR LESS
FOR. THE APPRAISER IDENTIFIES TIIE DIFFERENCES BETWEEN PROPERTIES THROUGH RESEARCH MID DATA COLLECTION. THE COMPARABLES ARE
ADJUSTED FOR DIFFERENTIALS THAT ARE RECOGNIZED BY THE TYPICAL BAYER FROM THIS MARKET. THE DOLLAR AMOUNT OF THE ADJUSTMENTS IS TAKEN
FROM THE MARKET, AS WELL AS FROM THE APPRAISERS GENERAL KNOWLEDGE OF THE MARKET. THE DOLLAR AMOUNT OF EACH ADJUSTMENT MAY DIFFER
FROM DEVELOPMENT TO DEVELOPMENT, AND IS DEPENDENT ON OVERALL HOUSE DUALITY, MARKET DEMAND, AND MARKET APPEAL OF EACH INDIVIDUAL
DEVELOPMENT AND EACH INDIVIDUAL DIFFERENTIAL. THE AMOUNT OF AN ADJUSTMENT IS DETERMINED BY PAIRED DATA ANALYSIS. PER THE DICTIONARY
OF REAL ESTATE APPRAISAL. THIRD EDITION, PAGE 258, THE DEFINITION OF 'PAIRED DATA ANALYSIS' IS: 'A QUANTITATIVE TECHNIQUE USED TO IDENTIFY
AND MEASURE ADJUSTMENTS TO THE SALE PRICES OR RENTS OF COMPARABLE PROPERTIES; TO APPLY THIS TECHNIQUE, SALES OR RENTAL DATA ON
NEARLY IDENTICAL PROPERTIES ARE ANALYZED TO ISOLATE A SINGLE CHARACTERISTICS EFFECT ON VALUE OR RENT'. THIS APPRAISAL OFFICE PERFORMS
CONTINUOUS PAIRED DATA ANALYSIS ON NUMEROUS ADJUSTABLE ITEMS, RECOGNIZED BY SPECIFIC MARKETS, TO DETERMINE ADJUSTMENTS FOR THOSE
ITEMS AS THEY RELATE TO THOSE SPECIFIC MARKETS.
—NOTE ALP 'OUCH 'BRACKETING' WITHIN THE SALES COMPARISON ANALYSIS SECTION OF THE REPORT IS THE IDEAL, IT IS NOT ALWAYS POSSIBLE IN THE
REAL WORLD. UNLESS A NEIGHBORHOOD IS FULL OF NEWER 'TRACT' STYLE HOUSING, HOMES TEND TO BECOME INDIVIDUALIZED BY THE OCCUPANTS. AS
REMODELS AND ADDITIONS OCCUR OVER THE YEARS. THE APPRAISAL PROCESS LOOKS AT EACH INDIVIDUAL HOUSE (SALE), AND ADJUSTMENTS ARE MADE
FOR THE DIFFERENCES BASED ON THE MATCHED PAIR ANALYSIS, THE APPRAISER'S KNOWLEDGE OF THE AREA MARKET, AND HIS/HER EXPERTISE_
ADDITIONAL APPRAISER CERTIFICATIONS
AS OF THE DATE OF THIS APPRAISAL, SYNAMON WILLIAMS (AL40031960), HAS COMPLETED ALL CONTINUING EDUCATION REQUIREMENTS FOR THE STATE OF
COLORADO, DEPARTMENT OF REGULATORY AGENCIES.
I CERTIFY THAT THE USE OF THIS REPORT IS SUBJECT TO THE REQUIREMENTS OF THE APPRAISAL FOUNDATION RELATING TO REVIEW BY ITS DULY
AUTHORIZED REPRESENTATIVES.
I CERTIFY TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE REPORTED ANALYSES, OPINIONS, AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT
PREPARED, IN CONFORMITY WITH THE REQUIREMENTS OF THE CODE OF PROFESSIONAL ETHICS AND THE STANDARDS OF PROFESSIONAL APPRAISAL
PRACTICE OF THE APPRAISAL FOUNDATION.
COMMENT REGARDING DIGITAL SIGNATURES
THIS APPRAISAL REPORT MAY CONTAIN DIGITAL SIGNATURES THAT MEET THE REQUIREMENT OF 'STATEMENT ON APPRAISAL STANDARDS #8'. THE
SOFTWARE PROGRAM USED TO TRANSFER THE REPORT ELECTRONICALLY PROVIDES DIGITAL SIGNATURE SECURITY FEATURES FOR THE APPRAISER SIGNING
PIE REPORT_ THE APPRAISER THAT HAS SIGNED (AFFIXED AN ELECTRONIC SIGNATURE) THIS REPORT HAS ENSURED THAT THE ELECTRONIC SIGNATURE IS
PROTECTED, AND THE APPRAISER HAS MAINTAINED CONTROL OF THE SIGNATURE. PER SMT-8 OF THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL
PRACTICE (USPAP), ELECTRONICALLY AERXING A SIGNATURE TO A REPORT CARRIES THE SAME LEVEL OF AUTHENTICITY AND RESPONSIBILITY AS AN
ORIGINAL INK SIGNATURE ON A PAPER COPY REPORT. EVIDENCE OF A DIGITAL SIGNATURE, IF IT APPLIES TO THIS REPORT, IS INDICATED ABOVE THE
SIGNATURE ON THE ANALYSIS SECTION OF THE
APPRAISAL.
EXTRAORDINARY ASSUMPTIONS
1. UNDER NORMAL CIRCUMSTANCES, THE APPRAISER(S) ME NOT ABLE TO PHYSICALLY OBSERVE THE INTERIOR OF THE COMPARABLES (UNLESS
OTHERWISE STATED), AND ARE MAKING THE ASSUMPTION THAT PIE INTERIOR CONDITIONS (CONDITION INCLUDES ANY INFORMATION REGARDING
UPDATING AND/OR REMODELING) ARE IDENTIFIED WITH REASONABLE ACCURACY IN THE COMMENTS NOTED IN THE MLS DATA AND/OR FROM THE
LISTING/SELLING REALTORS. PIE APPRAISER(S) ALSO ASSUME THAT, WHERE SUCH INFORMATION MAY BE UNAVAILABLE, THE INTERIOR OF A GIVEN
COMPARABLE IS SIMILAR IN CONDITION TO PIE EXTERIOR, BASED ON HIS/HER EXTERIOR OBSERVATION OF THE COMPARABLES.
2. THE APPRAISERS) ASSUME THAT THERE IS NO MOLD PRESENT IN THE SUBJECT THAT MAY ADVERSELY AFFECT THE OCCUPANTS, AND THEREBY
POSSIBLY ADVERSELY AFFECT THE MARKETABILITY AND/OR VALUE OF THE PROPERTY BEING APPRAISED. THE APPRAISER(S) ARE NOT EXPERTS IN THIS
FIELD, AND ARE NOT TRAINED TO IDENTIFY OR DIAGNOSE ANY MOLDS OR SIMILAR INFLUENCES THAT MAY BE PRESENT. IF THE BORROWER IS CONCERNED
ABOUT THE POSSIBILITY THAT MOLD MAY BE PRESENT, THEY ME ADVISED TO CONTACT AN EXPERT IN THIS FIELD AND HAVE THE PROPERTY INSPECTED.
3. SELLER CONCESSIONS IN THE FORM OF SELLER PAID POINTS AND/OR CLOSING COSTS, AND CASH BACK AT THE TIME OF CLOSING, AT TIMES BECOME
PREVALENT IN A GIVEN MARKET. THE APPRAISER(S) NOTE THAT SUCH CONCESSIONS ARE ALMOST NEVER NOTED ACCURATELY IN THE MLS DATA, AND ARE
NOT INDICATED IN SUBSEQUENT COUNTY DATA. TIIE APPRAISER WORKS DILIGENTLY TO CONTACT LISTING/SELLING REALTORS TO DETERMINE WHETHER
ANY SUCII SELLER CONTRIBUTIONS AND/OR ASSISTANCE WAS PROVIDED IN A GIVEN TRANSACTION. HOWEVER. COOPERATION IN DIVULGING SUCH
INFORMATION IS NOT ALWAYS FORTHCOMING. AT TIMES, SELLER ASSISTANCE IN THE FORM Of SELLER PAID POINTS AID/OR CLOSING COSTS, OR OTHER
CONCESSIONS, ARE NOT NOTED OR INCLUDED IN THE CONTRACT PROVIDED REGARDING PHE PROPERTY BEING APPRAISED_ THIS IS A PRACTICAL
LIMITATION OF THE APPRAISAL PROCESS AND, UNLESS OTHERWISE NOTED, AND IN THE ABSENCE OF CONTACT WITH THE REALTOR(S) INVOLVED, THE
APPRAISER IS MAKING THE EXTRAORDINARY ASSUMPTION THAT THERE WAS NO SELLER ASSISTANCE OR OTHER CONCESSIONS INCLUDED IN THE
PURCHASE PRICE OF THE COMPARABLES OR, WHERE APPUCABLE. THE SALE OF A PROPERTY BEING APPRAISED.
E. IF APPLICABLE, THE APPRAISAL ASSUMES THAT THE CONTRACT FOR SALE IS THE TRUE. BONAFIDE, AND COMPLETE CONTRACT. THE APPRAISAL ALSO
ASSUMES THAT ALL INFORMATION PERTAINING 70 ANY CURRENT SALE TRANSACTION HAS BEEN PROPERLY AND COMPLETELY DISCLOSED TO PIE
APPRAISER.
"'SHOULD IT BECOME KNOWN TO THIS APPRAISER THAT THE ABOVE ASSUMPTIONS THAT ARE ASSUMED TO BE TRUE ARE NOT TRUE, THEN THE APPRAISAL
REPORT COULD BECOME NULL AND VOID, AND A REANALYSIS WOULD HAVE TO BE PERFORMED.
HYPOTHETICAL CONDITIONS
NO HYPOTHETICAL CONDITIONS NOTED.
Form TADD—'WinTOTAL' appraisal software by a la mode, inc. — 1-BODALAMODE
File No. 7120CFME3521 PauC #10
Building Sketch
Borrower/Glen EMERSON
Properly Address 35238 MORNING STAR CT.
Cily WINDSOR
Courtly WELD
Male CO
lip Code 80550-2664
Lender BANK OF COLORADO
23 5
-1 4-1
36
q Apex IN
Co
852
MASTER
BEDROOM
ASTER BATH
NOOK
BEDROOM tGt
FULL BATH f
JT4. 102 BATH
.3.
26.5'
LMNG ROOM
FOYER DINING ROOM
OFFICE
2
2
J
o !.5'
4 5'
?tr THE INTERIOR DIAGRAM IS NOT TO SCALE.
e THE FLOOR PLAN IS PROVIDED TO SHOW THE GENERAL LAYOUT
AND IS NOT INTENDED TO BE AN EXACT REPLICATION.
Comments.
Code
AREA CALCULATIONS SUMMARY
Description Net Size Net Totals
GSA1
First Floor
2435,4
2435.4
P/e
Porch
296.0
PATIO
432.0
729.0
GAR
Garage
1367.0
1367.0
Net LIVABLE Area
(Rounded)
2435
LIVING AREA BREAKDOWN
Breakdown Subtotals
First Floor
0.5 x 2.0 x
2.5
17,0 x 31.5
535,5
4.0 20.5
82.0
5,5 N 33,5
184.3
0.5 x 2.5 x2,0
2.5
2.0 x 2.0
4.0
4.5 x 31,5
141.8
0,5 x 4,0 z 4.0
8,0
0.5 x
2,0
0,5 N 4,0 x
8,0
4.0 x 31.5
128.0
5,0 x 35,5
177.5
0.5 x 4.5 x 16.2
35,4
0.5 x 7.3 x 22.5
82.4
0.5 a 9.0 x 21.7
97,3
21.7 x 22.5
488,5
14,5 x 31.5
456,8
17 Items (Rounded)
2435
fonn SKT.BIdSkI — ^WinTDTAL' appraisal software by a la mode, Inc. —1-800-ALAM0DE
IFie No. 712BCEMEZLPaae #11J
Location Map
BonowerfC6ent EMERSON
Property Address 35238 MORNING STAR CT.
City
Lender BANK OF COLORADO
WINDSOR
County WELD
State Co Zip Code 80550-2554
a la mode Inc.
.v••+ • .�
Mk
I
ECayn Rd ECR'4
a
Areimad • rt _ E c•
Ruining
• Deer
Nsearat
• Area .
hxselouth Rd 46
[oniony Rd
r CR•5$
:� Kean._......_..
•
• .> enrarh
Harmoey. Rd 30,
aft' 0.
• Vygpp p.1
r fra.soeG+
14Th Si Se
3gg
i ]E:
a1cso,orf
Virtual Earth"
__'sLL:•2::. Tess ...aa F,e=. Cdr
CN•Vu
+74
72
1! .
3
b1 w
N h
X S
:.r u
_..
CR81
Comparable X 3
2214 Dr1MINIC CT.
4.06 miles NE
GR.7fi 5'
Sevnan e
W43; Ave g
Vryxi
Comparable # 2
8327 SAND DOLLAR DR.
4.97 miles SW
W ManSt 1,iTv�.ui "`.,`�'e°_.•y ^y:
..a• ;,; 5: ie3 - Comet
g
44!. !14 fasx.,n P..iDr
Comparable # 1
6592 AOERDOUR CIR.
5,32 miles 5W
17.'5
2ST
CR-54
25,.
u
vR 76
CR•72
CA as
Hume+
'Tutor.
31:
•14 ."WOR
St
,yty51
W4015t K .4
%fat Wf09e 9e �•:�. :.,� .:. .......
•
' W 20ri St 1 • ..
11111 S
4.
4.: mike:
M1 aw, n
Ftm
Forrn MAPIOC — e6YnTOTALe appraisal software by a la mode. inc. —1-800-ALAMODE
[File Na 712BCEME3521 Pane #121
Harfieb Appraisal Services
FIRREA / USPAP ADDENDUM
Borrower/Cfent EMERSON
Pro,' Address 35238 MORNING STAR CT. _
Ci WINDSOR Coo WELD State CD D. Code 8O55O'2654
Pu •
THE ISE FF THISA AISAL E I T IS TI ESTIMATE MA NET VALUE I F THE SII: ECT I E IVAS SPEGIFIE a IN THE SU: ECT SECTI\N IF THIS E I
TI IF AGEI IFTHEU A
Sc..
11•I\YI IFY1lAY 1.1111911) •I I!'1fJ 191X1 I•Yb I N1121f IY 114M! 119110! I1lPIlfl•1'11 nN11lL•' RYI1111.1 Y'IlYfebJ.111l19lfIialIU1}_
STAN I • ISIF•• INALA RAISAI ACIIGEEl ASUMMA VRE I T. THEA NSE HYSICALLYINS CTEI THE SU: ECT I E TV,I 11 ANI INTE U
COMPARABLE SALES WAS DONE. AND THE SALES DATA WAS VERIFIED THROUGH AT LEAST TWO SOURCES.
THIS APPRAISER RESEARCHED THE SUBJECT 'NEIGHBORHOOD' THROUGH THE LOCAL MLS AND COUNTY RECORD DATA, AS WELL AS VISUAL OBSERVATION
Intended Use / Intended User
Ml RTGAGE FINANCET ANSACTI I N, SU• ECT T I THE STATE I SC I E IF WI N, ISE IF THEA AISAL, E I TING EIUI EMENTS IF THIS A•• RAISAL E I TFIRM,
ANI IN IF MA KET VALUE. N I A IIITIINAL INTEN I E I USE SA EI : 045A RAISE
Hlsto of
Current listing information
SITE SALE ON 04/18/20
Poor sale.
E:• •sure Time I Marketin l Time
oth r peM r ST T Nyp
1 r
. , mea. . .sal,a' o.� '..rig �yu�ur eeLr jj.'ueram +mrnn m�lfyyl uI it
.ECT IS I-6 MINTH$.
ASEI IN LOCAL STATISTICAL INFI MANN MI LOCAL SALES GATHE EI IY THIS IFFICE A EASONA:LEE elSU ETIME FI THES•
Personal non re.
N/A - THIS APPRAISAL DOES NOT INCLUDE ANY CHATTEL ITEMS.
I
Certification Su.
t This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan_
2. My compensation is nut contingent upon the reporting of a predetermined value or direction in valve that favors the cause of the client, the amount of the value
estimate, me attainment of a stipulated resut or the occurrence of a subsequent event.
a
)4rfihro- rser1 ✓ft.
AppraisOf(s): SYNAMON WILLIAMS/LICENSED APPRAISER Supervisory Appraiser(s):
Effective date / Report date: 12/21/2007 Effective date / Report date:
Form FUA — INinTOTAL' appraisal software by a la mode, inc.— t-800-ALAMODE
'File No 712BGEML3521 Page #1
QUALIFICATIONS AND LICENSE
Borfowg/Ctent EMERSON
Property Address 35238 MORNING STAR cis
City wiNDSOR
County wELD
Stale CO
Lp Code 80550.2664
Lender BANK OF COLORADO
11 RTL1Ell APIRAISAI.SERVICES
REAL ES.IA I'F .APPRAISERS
SIIMM ARY OF QUALIFICATIONS
SYNAMON WILLIAMS
Colorado Licensed Appraiser tUA1A0031960
EDUCATION
- Bachelor of fine Arts. West Tccac ARVI ('niversity
Canyon. Texas
- Real (:stare Appraisal Program, University of Colorado at Boulder
Boulder. Colorado
Successfully completed the following:
• Basic Appraisal Principals and Procedures
- Basic Appraisal Applications: Residential Cost Study
• Standards and Ethics
• Appraising Manufactured Housing
• 7 -Hour National ItSPAT' Update ('004; 2006)
• Small Residential Income Properties
I6 -hour National USPAP and State Statues / Rules (2_005)
EXPERIENCE
- February 2003 to present
• Independent Fee Appraiser (1!ARTLIEB .APPRAISAL SERVICES 1
STATE OF COLORADO
r00AaA.ruJliegAs, - ROmmos
Acrd Eire
14.9 !W'• fc3 Cod SLC.o.:welt
Lts•- dApprnft.
.0031%0 ! 1 170,17 Orc 317009
w Cora.
Foem MAP.fleneric—WIsT0TAL' appraisal software by a la mode. Inc — 1-800-ALAMOI)E
Flu No 712BCEME3521 Pace #14]
Subject Photo Page
Borrower/C6ent
EMERSON
Property Address
35238 MORNING STAR CT.
City
WINDSOR
County WELD
State
CO
Zip Code
80550-2664
Lender
BANK OF COLORADO
Subject Front
35238 MORNING STAR CT.
Sales Price WA
Gross Living Area 2.435
Total Rooms e
Total Bedrooms 2
Total Bathrooms 2.5
Location GOOD
View AVG/IESIDENTIAL
Site 43.5605E
Duality GOOD
Age NEW
Subject Rear
Subject Street
Form PICPIX.SB—'WinTOTAC appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 712EICEME352l Page #15J
ADDITIONAL SUBJECT PHOTOS
Borrower/Chore EMERSON
Property Address 35238 MORNING STAR CT.
WINDSOR
County WELD
State CO
Zip Code 80550-2664
Lender BANK OF COLORADO
KITCHEN
LIVING ROOM
Comments:
SUNROOM
MASTER BATHROOM
Comments:
Comments:
Comments:
Form PICFOOR—'WinTOTAL' appraisal software by a la mode, inc.— 1-600-ALAMODE
File No 712BCEME3521 Pape #161
Comparable Photo Page
Borrows/Ghent EMERSON
Properly Address 35238 MORNING STAR CT.
City WINDSOR
County WELD
Stale CO
Tip Code 80550-2664
Lender BANK OF COLORADO
Comparable 1
6592 ABERDOUR CIR.
Prot to Subject 5.32 miles SW
Sale Puce 495,000
Gross Living Area 2,283
Total Rooms 6
Total Bedrooms 2
Thal Bathrooms 2.5
Location GOOD
Mew SIMILAR
Site 9.360 SF
Quality GOOD
Age 2 YEARS (2005)
'FILE PHOTO*
Comparable 2
8327 SAND DOLLAR DR.
Pro. to Subject 4.97 miles SW
Sale Pdce 506,850
Gross Living Area 2,481
Total Rooms e
Total Bedrooms 3
Total Bathrooms 25
Location GOOD
View SIMILAR
Site 15,000 SE
Quality GOOD
Age NEW
*FILE PHOTO'
Comparable 3
2214 DOMINIC CT.
Pro. to Subject 9.06 miles NE
Sale Price 499,000
Gross Living Area 2,600
Teal Rooms
Total Bedrooms 3
Total Bathrooms 2.5
Location GOOD
View SIMILAR
Site 98,071 SF
Quality GOOD
Age 3 YEARS (2004)
Form PICPIX.CR — WinTOCAL* appraisal software by a la mode, inc. — t-800-ALAMODE
O
I0
®s.
0 e
3
CLERK TO THE BOARD
PHONE (970) 356-4000 EXT 4226
FAX: (970) 352-0242
WEBSITE: www.co.weld.co.us
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
COLORADO
July 23, 2009
EMERSON MARCIA KIM &
35238 MORNING STAR CT
WINDSOR, CO 80550
Parcel No.: 080704003018 Account No.: R8467400
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 3, 2009, at or about the hour of
11:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The Weld
County Assessor or his designee will be present. The Board will make its decision on the basis of
the record made at the aforementioned hearing, as well as your petition, so it would be in your
interest to have a representative present. If you plan to be represented by an agent or an attorney
at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an
authorization for the agent or attorney to represent you. If you do not choose to attend this hearing,
a decision will still be made by the Board by the close of business on August 5, 2009, and mailed to
you on or before August 12, 2009.
Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15
minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide
evidence to support your position. This may include evidence that similar homes in your area are
valued less than yours or you are being assessed on improvements you do not have. Please note:
The fact that your valuation has increased cannot be your sole basis of appeal. Without
documented evidence as indicated above, the Board will have no choice but to deny your appeal.
If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a
written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call
(970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated
cost of providing such information. Payment must be made prior to the Assessor providing such
information, at which time the Assessor will make the data available within three (3) working days,
subject to any confidentiality requirements.
EMERSON MARCIA KIM & - R8467400
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
August 3, 2009
Weld County Board of Equalization
915 10`x' Street
Greeley, CO 80632
Re: Protest for assessment for Schedule R8467400. M Emerson
To Whom It May Concern:
Please accept this letter to protest our proposed assessment on our personal residence
located at 35238 Morning Star Ct., Windsor, O 80550. We believe our correct
assessment to be $435,000 as of June 30, 2008. We shown how we arrived at that
included in a letter dated July 15, 2009, which a copy is attached. We have reviewed the
assessor's comparables but have found errors in their calculations. All three comps are
on land over the 1 acre we have but no deductions have been made for the extra property.
Comp #3 also has a 912 SF shed (barn) on the property but no deductions is used in the
calculations. We have included a work sheet that show the same comps but allowing a
$2 per SF for the additional land. That would value our home at $373,209. Another
worksheet is attached that uses a $1 value for the additional land. This report shows our
home to be valued at $428,298. If you deduct the estimated value of the barn at $30 per
SF the amount would be lowered to $364,089 and $419,178 respectively. We still
believe that the correct value of our home to be $435,000 as of June 30, 2008. Thank you
for your consideration.
Sincerely,
X
Michael L. Emerson
Identify Results Page 2 of 2
Built As:
Exterior:
Interior Finish:
# of Baths:
# of Bdrms:
# of Stories:
Rooms:
Garage:
Attached SQ Ft:
Basement:
Total SQ Ft:
Ranch 1 Story
Frame Siding
Drywall
3
5
1
7
Individual Built As Detail
Year Built:
HVAC:
Built As SQ Ft:
Roof Type:
Roof Cover:
1997
Central Air to Air
1861
Hip
Composition Shingle
Units: 0
780 Detached SQ Ft: 0
1839 Finished SQ Ft: 1702
Account#: R1245897 Parcel#: 080709401029
Owners Name & Address:
CLAUSEN JAMES K
905 PALOMINO WAY
WINDSOR, CO 80550
Building#
2
Built As:
Exterior:
Interior Finish:
# of Baths:
# of Bdrms:
# of Stories:
Rooms:
Garage:
Attached SQ Ft:
Basement:
Total SQ Ft:
Property Address:
Street: 905 PALOMINO WAY WINDSOR
City: WINDSOR
Property Type
Out Building
Individual Built As Detail
Shed - Utility Year Built:
HVAC:
0
0
1
0
Built As SQ Ft:
Roof Type:
Roof Cover:
2002
None
912
Units: 0
Detached SQ Ft:
Finished SQ Ft:
http://maps2.merrick.com/W ebsite/ Weld/setSgl.asp?cmd=QUERY&DET=PP&pin=080709... 8/2/2009
0
Acr,
z
4
e
laaaRptaaaaaa§aasasaaa
O Ny
M M -
S$
ppry I
g o O m 0 A l O O O Q
0'
C
V
CC �I
2
W
1
6
gaaagkaasQaasaaaaa
N N 44
L
pp�
!?3li� l^, ao JK 000U'
se
iq
sq "i!
Xs y O
fA
zaaataaaa§aaasaaaa
a 3a v
O
I
O o 0
g.. g g (8V
O N N
I -
i - G l
ill!
letp
hied
V
v
m 53,
20 S.
X11§§Opi °t�8_g .yQQ m �� .8Q 8�
'ALM N O CS K N VJ N O[ t'1 O O O O O O O tJ N
b_
N C �iiiigm5 II
L
J
4
3 CM
EMERSON RESIDENCE
6-30-08 ASSESSMENT
PER ASSESSOR'S OFFICE
AVERAGE
COMP 1 COMP 2 COMP3 PER SF
PER ASSESSOR 436,590 550,997 462,577
BUILDING SF 2537
LAND SIZE 77,975 108,987 108,987
EMERSON LOT 43,560 43,560 43,560
DIFFERENCE 34,415 65,427 65,427
EST VALUE @ $2 PSF 68,830 130,854 130,854
ADJUSTED ASSESSOR'S VALUE 367,760 420,143 331,723 373,209
ADJUSTED SALES PRICE PER SF 144.9586 165.6062 130.754 147.11
EMERSON SF 2,537
ADJUSTED EMERSON VALUE PER ASSESSOR 373,209
EMERSON RESIDENCE
6-30-08 ASSESSMENT
PER ASSESSOR'S OFFICE
AVERAGE
COMP 1 COMP 2 COMP3 PER SF
PER ASSESSOR 436,590 550,997 462,577
BUILDING SF 2537
LAND SIZE 77,975 108,987 108,987
EMERSON LOT 43,560 43,560 43,560
DIFFERENCE 34,415 65,427 65,427
EST VALUE @ $1 PSF 34,415 65,427 65,427
ADJUSTED ASSESSOR'S VALUE 402,175 485,570 397,150 428,298
ADJUSTED SALES PRICE PER SF 158.5238 191.3953 156.5432 168.82
EMERSON SF 2,537
ADJUSTED EMERSON VALUE PER ASSESSOR 428,298
EMERSON RESIDENCE
6-30-08 ASSESSMENT
PER ASSESSOR'S OFFICE
AVERAGE
COMP 1 COMP 2 COMP3 PER SF
PER ASSESSOR 436,590 550,997 462,577
BUILDING SF 2537
LAND SIZE 77,975 108,987 108,987
EMERSON LOT 43,560 43,560 43,560
DIFFERENCE 34,415 65,427 65,427
EST VALUE @ $2 PSF 68,830 130,854 130,854
BARN EST COST $30 SF 27360
ADJUSTED ASSESSOR'S VALUE 367,760 420,143 304,363 364,089
ADJUSTED SALES PRICE PER SF 144.9586 165.6062 119.9696 143.51
EMERSON SF 2,537
ADJUSTED EMERSON VALUE PER ASSESSOR 364,089
EMERSON RESIDENCE
6-30-08 ASSESSMENT
PER ASSESSOR'S OFFICE
AVERAGE
COMP1 COMP2 COMP3 PER SF
PER ASSESSOR 436,590 550,997 462,577
BUILDING SF 2537
LAND SIZE 77,975 108,987 108,987
EMERSON LOT 43,560 43,560 43,560
DIFFERENCE 34,415 65,427 65,427
EST VALUE @ $1 PSF 34,415 65,427 65,427
BARN CSOT $30 PER SF 27360
ADJUSTED ASSESSOR'S VALUE 402,175 485,570 369,790 419,178
ADJUSTED SALES PRICE PER SF 158.5238 191.3953 145.7588 165.23
EMERSON SF 2,537
ADJUSTED EMERSON VALUE PER ASSESSOR 419,178
Hello