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Home My WebLink About20072391.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - STIPULATE PETITION OF: MITCHELL LAUREN R & JEANNE V PO BOX 194 GILL, CO 80624-0194 DESCRIPTION OF PROPERTY: ACCOUNT#: R1224486 PARCEL#: 080127317003-9907 L5 BLK16 ALSO VAC E10' 4TH ST ADJ TO GILL SITUS: 31160 4 ST WELD 80624 WHEREAS,the Board of County Commissioners of Weld County,Colorado,convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County,fixed and made by the County Assessor for the year 2007, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year2007,claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS,in lieu of the hearing scheduled before the Board of Equalization a Stipulation was agreed upon by the Assessor and said petitioner(s), and WHEREAS,the petitioner(s)and the Weld County Assessor agree that the assessment and valuation of the Weld County Assessor shall be, and hereby is, stipulated as follows: ACTUAL VALUE AS DETERMINED ACTUAL VALUE BY ASSESSOR AS STIPULATED Land $ 8,775 $ 8,775 Improvements OR Personal Property 114,387 101,305 TOTAL $ 123,162 $ 110,080 WHEREAS,said Stipulation shall resolve all issues to have been determined by the Weld County Board of Equalization. 2007-2391 AS0067 RE: BOE - MITCHELL LAUREN R & JEANNE V, R1224486 Page 2 NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the Stipulation agreed to by the Weld County Assessor and the above-named petitioner(s) be, and hereby is, accepted by the Board. The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 31st day of July, 2007. BOARD OF COUNTY COMMISSIONERS L _�,� �� WELD` NTY, COLORADO ATTEST: gui ��,a4 cj EJc� David E. Long, Chair County Clerk to the Board (� EL EXCUSED William H. 4ejke;Fro-Tem 361r rk to the Board ( k Willi m F. Garcia '^3 y TO FORM: \NO Robert D. Masden As taut unty Attorn y t ,,�"` ouglas ademach Date of signature: /0/T/%7 2007-2391 AS0067 2007 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R1224486 STIPULATION (As To Tax Year 2007 Actual Value) RE PETITION OF : NAME: Lauren R & Jeanne V Mitchell ADDRESS: P O BOX 194 Gill, CO. 80624-0194 * * * * * Petitioner(s), Lauren R&Jeanne V Mitchell and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2007 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: (L5 BLK16 ALSO VAC E10' 4TH ST ADJ TO GILL) 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 2007. Land $ 8,775 Improvements$ 114.387 Total $ 123.162 4. After further review and negotiation,the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 8.775 Improvements $ 101,305 Total $ 110.080 2007-2391 5. The valuations, as established above, shall be binding only with respect to tax year 2007. 6. Brief narrative as to why the reduction was made: Value was adjusted based upon the general market prices per sq. ft. that were in place in the base period. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on at am be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED this 12 day of July, 2007. Petitioner Attorney Petitioner(s) or Attorney Address: Address: 199 9 Th-i ( ) g() Latl Telephone: R 70-35� c1© 1 j Telephone: 77(County Asses or '$ Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. O 9907 OS BLK16 ALSO VAC 014 ' 4TH ST 6REEL4Y,CO 80631 ADJ TO GILL SITUS : 31160 4 ST WELD PHONE(970)353-3845,EXT.3650 80624 www.co.weld.co.us lig OWNER: MITCHELL LAUREN R & JEANNE V COLORADO MITCHELL LAUREN R & JEANNE V LOG 1194 P O BOX 194 PARCEL 080127317003 ACCOUNT R1224486 GILL, CO 80624-0194 YEAR 2007 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): Residential property - The property is valued by the market approach to value . If}our concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the valuation(s)assigned to your property. The reasons for this determination of value are: Your property has been uniformly valued following Colorado law and instructions published by the State Division of Property Taxation. Your protest of value has been denied due to comparison of other similar properties which sold during the 2005/2006 time period. This comparison shows your actual property value to be correct for that period. During the base period of January 1, 2005 to June 30, 2006 all market sales, including foreclosure resales were considered in determining your property value. Any sale or foreclosure resale after July 1, 2006 will be considered for the 2009 appraisal period. This is in compliance with Colorado law. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION • ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW RESIDENTIAL 123162 123162 rn O >-.W 6 0 N ev w J.� v tar qui 3C, .— CC TOTALS $ $ 123162 $123162 APPEAL DEADLINES: REAL PROPERTY-JULY 16,PERSONAL PROPERTY-JULY 20. 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. TO PRESERVE YOUR APPEAL RIGHTS,YOU MAY BE REQUIRED TO PROVE THAT YOU FILED A TIMELY APPEAL; THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING°6/27/2007 By: Christopher M. Woodruff WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE NOD 207 62 t7/07 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July 2 and continuing through August 3 for real property (land and buildings) and personal property (furnishings, machinery, and equipment). § 39-8-104 and § 39- 8-107(2), C.R.S. If you c oose to appe. the Assessor' s decision, mail or deliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 16 FOR REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000 Ext. 4225 You wi .e note ie. o t e time and place set for the hearing of your appeal. s,� , ; it .ion-maim-nowS 1 ; The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The CountyBoard must conclude its hearings and render decisions by August 3.i':V;' ,�1 s"M.°i ° } e .!a``t� *rr ' RT APPALS'. I you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone (303) 866-5880 www.dola.colorado.gov/baa District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, contact the county board. If the county board is not going to mail a decision, you must file an appeal with the Board of Assessment Appeals by September 10th. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor' s valuation. IN ACCORDANCE WITH § 39-8-106(1.5), C.R.S., IF YOUR APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. —11), [ � ) ('�c° ii d IJ.> iba f 4 f[ Ielf (Pei ii(/ ' n 4 {'1 (V/ ( WC) -J pi,, LC41 > >14_ 1-rclC'» ) C 4H 1, C3c i S (15 err ‘ `av-- \---4 tr- :k,v)4 4 ll�ti 1 Cfi \. auuS e1 DATE NOD 207 62 87/07 '.g72:G[l3:V:Hail]!! • L4 z :�'u� � • a- r F Syr 6 �.4Mee'4 APPRAISAL OF REAL PROPERTY LOCATED AT: 31160 4th Street 9907 L5 BIk16 Also Vac E10'4th St Adj To Gil Silos:31160 4 St Weld 80624 Gill,CO 80624 FOR: Washington Mutual/eAppraiseR 75 N.Fairway Dnve Vernon Hills,IL 60061 AS OF: June 2,2007 BY: Laurel J.Boss Certified Residential Appraiser Appraisal Headquarters,Inc Form GA1—'TOTAL for Windows appraisal software by a la made,Inc.—I-f00-ALAMODE Pile No C1ANHS7MII j Edo No.C1ANH57MIL Appraisal Headquarters, Inc. June 2,2007 Attention: Order 43546042 Washington Mutual/eAppraiselT 75 N.Fairway Drive,Vernon Hills,IL 60061 Borrower: Mitchell In accordance with your request,I have personally inspected and appraised the real property at: 31160 4th Street Gill CO 80624 The purpose of this appraisal is to estimate the market value of the subject property,as improved. The property rights appraised are the fee simple interest in the site and improvements. My opinion of market value of the properly as of June 2,2007 is: 95,000 This report is based on a physical analysis of the site and improvements,a locational analysis of the neighborhood and city,and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. Laurel J.Boss Certified Residential Appraiser Thank You For Choosing Appraisal Headquarters,Inc. We Appreciate Your Business. Form 0CVR—'TOTAL for Windows'appraisal software by a la mode,Inc.—1b0OALAM00E Appraisals Headquarters,Inc. Ifile No C1ANH57MILI 3546042 Uniform Residential Appraisal Report Fwd C1ANH57MIL The purpose of this summary appraisal report is to provide the lender/dent with an accurate,and adequately supported,opinion of the market value of the subject property. Property Address 31160 4th Street City Gill State Co Dp Code 80624 Borrower Mitchell Owner of Public Record Mitchell County Weld Legal Description 9907 L5 BIk16 Also Vac El0'4th St Adj To Gill Shun:31160 4 St Weld 80624 Assessor's Parcel d 80127317003 Tax Year 2006 R.E.Taxes$ 399.00 Neighborhood Name Gill Residential Map Reference P.8 8-4(Pierson) Census Tract 0016.00 Occupant Z Owner ❑Tenant in Vacant Special Assessments$ 0.00 ❑PUD HOA$ N/A ❑per year ❑per month Property Rights Appraised 7 Fee Sample n Leasehold n Other(describe) Assignment Type E Purchase Transaction n Refinance Transaction E Other(describe) Home Equity Loan Lender/Client Washington MutuatfeAppraiserV Address 75 N.Fairway Drive,Vernon Hills,IL 60061 Is the subject properly currently offered for sale or has h been offered for sale in the twelve months prior to the effective date of this appraisal? n Yes Z No Report data source(s)used,offering price(s),and date(s). MLS I ❑did ❑end 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 periormed. Contract Price$Home Equity Dated Contract is the property seler the owner of public record? n Yes n No Data Source(s) Is there any financial assistance(loan charges,sale concessions,gilt or downpayment assistance,etc.)to be paid by any party on behalf of the borrower? ❑Yes ❑No If Yes,report the total dollar amount and describe the hems to be paid. Note:Race end the racial composition of the neighborhood we not appnbalfactors. IlelgIDlxIIOSCtinobrtotlaa OnrudbHeuehrgTtntla Aihs-tdliWONArrg taesattlarid:Uw.Y'. Location ❑Urban E Suburban n Rural Property Values n Increasing >Stable n Desiring PRICE AGE One-Unit 45% But-Up n Over 75% E 25-75% 0 Under 25% Demand/Supply n Shortage E In Balance n Over Supply $(000) (yrs) 2-4 Unit 0% Growth n Raper INi Sade n Slow Markeing Time n Under 3 mBhs 713-6 rums n Over 6 mths 25 Low 10 Muir-Family 0% Neighborhood Boundaries The subject is located north of Highway 34,south of CR 82,east of CR 33 , 320 Vigil 110 Commercial 5% and west of CR 55. 100 Prod. 65 Other 50% Neighborhood Description See attached addenda. Market Conditions(Including Ripping for the above concloslons) Marketing conditions of the subject's neighborhood appear stable at this time with marketing times of approNmately 3-8 months. Values are stable to increasing. Conventional,FHA,and VA financing are popular in the subject's market area. Dimensions See Plat Map Area H- 7,492 SgFt Shape Rectangular View Neighborhood/Avg Specific Zoning OassificagonA Airing Description Agricultural Zoning Compliance E Legal n Legit Nonconforming(Grandathered Use)0 No Zoning n IIngal(describe) Is the highest and best use of subject property as Improved(or as proposed per plans and specifications)the present use? E Yes n No If No,describe Unities Pubic Other(drab) Pubic Other(describe) 0ff-aite improvements-Type Pubic Private Bectidty Ni n Water VI E Street Gravel A J Gas n E Propane Sanitary Sewer n Septic Alley None '" FEMA Special Flood Hazard Area 0 Yes E No FEMA Flood Zone C FEMA Map M 0802660635C FEMA Map Date 9/28/1982 Are the tallies and off-she improvements typical for the market area? E Yes n No If No,describe Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,and uses,etc.)? ❑Yes E No If Yes,describe 6enwdBiaalptlorzl: fthdnhpeii >:BYb'{orleeedptleii mANdliexalNuthlO iftterla: tdetelNnl/Cldlb'vh i Units E One n One with Accessory Unit n Concrete Sab E Grad Space Foundation Walls Concrete/Avg Floors W d/CoNnl/CncAvg I of Stories 2 n Oil Basement n Partial Basement Exterior Walls Wood/Mtl/Brk/Avg Wals Painted/OW/Avg Type E Del Fl Alt n 5-Oet/End Ud Basement kea sq.ff.Roof Surface Asph.Sh./ Avg Trim/Finish Woad/Stained/Avg E Eldsting n Proposed n Under Corst.Basement Finish % Gutters&Downspout Metal/Avg Bath Floor Conc/Avg Design(Style) Two Story n Outside Eniry/Edt n Sump Pump Window Type DblPne/us/Avg Bath Wainscot Vial/Ave Year But 1900 Evidence of n Infestation None Motor Storm Sash/agitated Yes/Avg Car Storage 7 None Effective Age(Yrs) 13 7 Dam nest 1]Settlement Screens Thermo/Yes/Avg Z Driveway ;F of Cars Attic E j None Hinting n RYA III J HWBB II I Radiant Amenities N Woodstove(s)I 1 Driveway Surface Gravel n Drop Stair n Stairs n Other iFud Gas n Rreplace(s)N n Fence H Garage I of Cars n Floor E Scuttle Coding n Central Air Conditioning n Patlo/eck E Porch n Carport I of Cars El Finished n Healed IT IndlMual IE Other C-Fans n Pod ❑Other n At n Det. n But-in Appances Pit Refrigerator E Range/Oven E Dishwasher E Disposal E Mcrowave p]Washer/Dryer n Other(describe) finished area than grade contains: 5 Rooms 3 Bedrooms 1 Bath(s) 1,694 Square Feet of Gross Living Area Above Grade Additional features(spe da energy efficient hems ea.). The subject Matures:wood floors,skylights,new wiring,plumbing,and roof,some new windows,2 sheds. Describe the condition of the property(Including needed repairs,deterioration,renovations,remodeling,etc.). The subject sin overall average condition with an effective age of approlamatety 13 years,and a remaining economic life of approximately 47 years. See Addendum Noted Deterioration:There is an average amount of deterioration for a home this age. Needed renovations and remodeling:This home could use some updating. Are there any physical deficiencies or adverse conditions that affect the Ilvatlty,soundness,or structural Integrity of the property? ❑Yes E No If Yes,describe see addendum Does the properly generally conform to the neighborhood(functional unify,style,condition,use,construction,etc.)? E Yes E No If No,describe Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004—'TOTAL for Windows'appraisal software by a a mode,Inc—1.800-ALAMODE IRle No.CLAN i57MILI 3546042 Uniform Residential Appraisal Report FlbI C1ANH57MIL There are 45 comparable properties currenty offered for sale in the subject neighborhood ranging in price from$ 49,900 to$ 765,000 . There are 16 comparahle sales in the subject neighborhood wlthin the past twelve mot ranging In sale price from$ 25,000 to$ 320,000 FEATURE 1 SUBJECT COMPARABLE SALE N 1 COMPARABLE SALE#2 COMPARABLE SALE#3 Address 31180 4th Street 31254 2nd Street 125 4th Street 231 E 5th Street Gill,CO 80824 Gill Kersey Eaton .......................... Proximity to Subject I'0.16 miles 4.34 miles 10.33 miles Sale Price $me Equity Loan:' iiIi$ 80,550 ': $ 114,800 $ 100000 Sale Price/Gross Liv.Area $ sq.ft$ 59.93 sq.ft Ii $ 74.11 sq.ft $ 64.89 sq.ft. Data Source(s) l;MLS#512580 DOM=61 MLS#505607 DOM=63 MLSw516759 DOM=34 Verification Source(s) County Records County Records County Records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment, DESCRIPTION +(-)$Adjustment Sales or Rnardng Cony Fix Cony Fix Cony Fix Concessions Concessions -2,500 Concessions -3,400 No Concessions Date of Sale/Time %01/102007 12/07/2006 03/02/2007 Location Suburban/Avg Suburban/Avg Suburban/Avg -5,000 Suburban/Avg -5,000 Leasehdd/fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site +/- 7,492 SoFt +/-20,473 SoFt +/- 6,250 SciFt +/- 3,049 SgFt, +2,000 View Neiphbrhd/Avg Neiahbrhd/Avg Neklhbrhd/Avg Neighbrhd/Avg Design(Style) Two Story Mod Ranch +5,000 Bi-Level Ranch Quality of Construction Wd/Mt./Brk/Avg Wood/Avg Wd/Brk/Avg Stucco/Avg -2,000 Actial Age 107 Yrs. 37 Yrs. 34 Yrs. 65 Yrs. Condition Avereraa Average Average AverageAJJdate -3,000 Above Grade Topl Banns. Baths Tod IBdms. Baths Total(Bemis. Bade Total 8drms. Bads Room Court 5 3 1 6 3 2 -1,500 6 4 2 -1,500 4 2 2 -1,500 Gross Living Area 1,694 sq.ft. 1,344 sq.% +7,150 1,549 sq.ft 0 1,541 sq.ft. Basement 8 finished None None None Rooms Below Grade N/A N/A N/A N/A Wrdbnal Utiify Average Average Average Average Heating/Coding CFA/None HtWtr/Plone GFAMone GFA/None Energy Efficient Items Dbl Pn Wndows Dbl Pn Wndows DOI Pn Wndows Dbl Pn Wndows, Garage/Carport None None None None Porch/Patio/Deck Porch Porch Porch Porch Rredace One Wd Stove No Fireplace +1,500 No Fireplace +1,500 One Fireplace Landscaping Lndscaping/Avg Lndscaoinq/Avg Lndscaping/Avg Lndscaping/Avg Net Adjustment(Total) MiIigiIiMiIU ®+ n- $ 9,650 n+ ®- $ 8,400 n+ Z - $ 9,500 Adjusted Sale Price NNONEM Net Adj. 12.0% Net Adj. 73% Net Adj. 9.5% of Comparable iNiNnInOIIIII Gross Adj. 21.9% $ 90,200 Gross Adj. 9.9% $ 106,400 Gross Adj. 13.5% $ 90,500 I ®did ❑did not research the sale or transfer history of the subject property and comparable sales.If not,explain My research IT did ®did not reveal any prior sales or transfers of the subject property for the three years prior tome effective date of tits appraisal. Data Sources) County Records/MLS My research in did (XI did not reveal any prior sales or transfers of the comparable sales far the year prior to the date of sale of the comparable sale. Data Source(s) County Records/MIS Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Date of Prior Sale'Transfer No Sales prior No sales prior No sales prior No sales poor Price of Prbr Sale/Transfer 36 months 12 months 12 months 12 months Data Source(s) per County Records per MLS Per MIS per MLS Effective Date of Data Source(s) June 2,2007 June 2,2007 June 2,2007 June 2,2007 Analysis of prior sale or transfer history of the subject properly and comparable sales The subject property is not currently listed,and has not been listed within 36 months. The most current prior sale of the subject is July 31,2001. The sale price at Mat time was$75,000. The sales and listing history are typical for the area. Appreciation rates appear to be average for the market. The number of sales are not unusual. Readily available sources were used to determine this information. Summary of Sales Comparison Approach See Attached Addendum Indicated Value by Sales Comparison Approach$ 95,000 Indicated Vabe by:Sales Comparison Approach$ 95,000 Cost Approach(if develped)$ 100,249 Incomeapproadr(if devebped)$ See Attached Addendum Ills appraisal is made®"as is", ❑ subject to completion per plans and spedfications on the basis of a hypothetical condition that the improvements have been completed, ❑subject to the folowing repairs or alterations an the basis of a hypothetical condition that the repairs or alterations have been completed,or ❑subject to the idowing regdred inspection based on the epraordinary assumption that the condition or deficiency does not require alteration or repair: No conditions,the appraisal is made"as is'. Certification and limning conditions are attached. This report contains 17 pages. Based on a complete visual inspection at the Interior and exterior seas of the subject property,defined scope of work,statement of assumptions and limiting cordltns m ,and appraiser's certificatkm,my(our)opinion of the market value,as defbrl,A d the real property that Is the subject of this report s $ 95,000 ,as of June 2,2007 ,With is the dated 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—'TOTAL far Windows'appraisal software by ate erode,Inc.—1-800-ALAMODE [File No C1ANH57MII I 6042 Uniform Residential Appraisal Report Ftie,CC11 57MIL C4bT�rrtro gross*ty£EnoEFawkM.iI iseide..e} Provide adequate information for the lender/client to replicate the beim cast figures and calculations. Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) The see value was estimated from market data from the area. ESTIMATED 7 REPRODUCTION OR 19 REPLACEMENT COST NEW OPINION OF SITE VALUE _$ 10,000 Source of cost data Market Data/Buikler Costs DWELLING 1,694 Son.@$ 65.00 4 110,110 Quality rating from cost service N/A Effective date of cost data N/A Sq.Ft.@$ _$ Comments on Cost Approach(gross Mng area calculations,depredation,etc.) 4 The Marshall and Swift handbook was not considered,due to the lack of Garage/Carport Sq.Ft.@$ _$ accurate information for this area. This cost approach analysis was Total Estimate of Cost-New 4 110,110 based on market data,and builder costs The economic factors,and the Less Physical Functional External deprecation rate of the area were determined by the appraiser using Depreciation 23,861 4( 23,861) market data in this specific area. Land to value ratio is 10%,which is Deprecated Cost of Improvements 4 86,249 typical for the area. This is a Replacement cost,and not a Reproduction 'As-Is'Value of Site Improvements =$ 4,000 cost anti siv. Estimated Remaining Economic Life(HUD and VA only) Years INDICATED VALUE BY COST APPROACH as 100,249 MCO RY@BOAC{[TOYAWEt tit 01ta16yFamtkNMba Estimated Monthly Market Rent$ N/A X Gross Rent Mdtipicr N/A =$ Indicated Value by Income Approach Summary of Income Approach(including support for market rent and GAM) PRWEC£MF MAT1ON:FONWIds(A.pPjN:tb) .. Is the devdoper/buider in control of the Homeowners'Association(HOA)? 7 Yes n No Unit type(s) 7 Detached Fl Attached Provide the following information for PUDs ONLY if the developer/Nattier Is in control of the HOA and the subject property is an attached dweling 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 edsting bufiding(s)into a PUD? n Yes 7 No If Yes,date of conversion. Does the project contain any mud-dealing units? n Yes n No Data Source Are the units,common dements,and recreation facilities compete? 7 Yes n No If No,describe the status of completion. Are the common elements leased to or by the Homeowners'Assocation? 7 Yes n No N Yes,describe the rental terms and options. Describe common elements and recreational fadities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004—TOTAL for Windows'appraisal software by a la nude,Inc.—1-800-ALAMODE IFioNo C1ANH57MII_I • Uniform Residential Appraisal Report Fleur C ANH57MIL 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 MID 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 01 6 Fannie Mae Form 1004 March 2005 Farm 1004—'TOTAL for Windows'appraisal software by a la male,Inc.—1.800-ALAM0DE IF Ne 1N44 761_I Uniform Residential Appraisal Report a546042 FaaX CiANH57MIL 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—'TOTAL for Windows'appraisal software by a la mode,Inc.—1.800-ALAM0DE IFb No C1ANR57MILl 3546042 Uniform Residential Appraisal Report Fl.//CC11ANH57MIL 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 m)srepresentation(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 Laurel J.Boss SUPERVISORY APPRAISER(ONLY IF REQUIRED) Signature . Signature Name Lagrei.y�oss Name Company Name Appraisal FFeadquarters,Inc Company Name Company Address PO Box 337 Company Address Windsor,CO 80550 Telephone Number (970)686-6580 Telephone Number Email Address hein(iappraisalheadquarters.com Email Address Date of Signature and Report June 2,2007 Date of Signature Effective Date of Appraisal June 2,2007 State Certification# State Certification# or State License# or State License# CR40021690 State or Other(describe) State# Expiration Date of Certification or License State CO Expiration Date of Certification or License 12/31/2009 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED O Did not inspect subject property 31160 4th Street ❑ Did inspect exterior of subject property from street Gil,CO 80624 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY$ 95,000 ❑ Did Inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name COMPARABLE SALES Company Name Washington MutuaueAppraiselT Company Address 75 N.Fairway Drive,Vernon Hills,IL 60061 ❑ Did not inspect exterior of comparable sales from street DId inspect exterior of comparable sales from street Email Address Date of Inspection Freddie Mac Form 70 March 2005 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004—'TOTAL for Windows'appraisal software by a la mode,Inc.—1-800-ALAM0DE hie No ClANI1S7MILI Supplemental Addendum at No. CIANH57MIL Borrows/C@nl Mitchell Property Address 31180 4th Street City Gill Count, Weld State CO lb Code 80624 Lender Washington Mutual/eAppraiselT •URAR:Site Comments PURPOSE,INTENDED USE AND SCOPE: The purpose of the appraisal is to form an opinion of market value of the subject property by the terms set herein. This opinion is the most probable price in terms of cash,or financial terms equivalent to cash, which a property should bring in a competitive and open market under all conditions requisite of an open market transaction. The opinion of market value is$95,000 as of June 2,2006. The intended use of the appraisal is to assist Washington Mutual/eAppraiselT in evaluating the subject property for loan purposes. This appraisal is to be used solely by the client and is for a federally related transaction. Neither all nor any part of the contents of this report shall be conveyed to any person or without the consent and approval of the firm with which the appraiser is connected. Further,neither the appraiser nor the firm assumes obligation,liability,or accountability to any third party. If this report is placed in the hands of anyone but the client,the client shall make such party aware of all the assumptions and limiting conditions in the appraisal. The scope of the appraisal is to prepare a complete appraisal,summary report based on personal observations of the subject property and marketplace. A complete interior and exterior inspection was performed of the subject and comparables were inspected from the street. The interior inspection does NOT include inspection of the insulation,attic,or crawl space. Data from tax records,the MLS system, and analysis of neighborhood trends and rentals were considered. The estimates,opinions,and conclusions are based on professional judgment,which is supported by the research and analysis of the facts and observations which support and are contained in the report. All approaches to value were considered;however they may not have all been used to determine the fmal opinion of value. HIGHEST AND BEST USE: As of the date of this appraisal,the subject is a single family residence. The highest and best use of the subject site is residential,as improved. The highest and best use is that use,among reasonably probably and legal alternative uses,found to be physically possible,financially feasible,and maximally productive, which results in the highest land value. The subject property meets all of the above essential criteria for the highest and best use. The improvements conform to zoning;they have been designed to conform to the topography and size of the lot and are supported in the Sales Comparison Approach. These improvements are financially feasible as demonstrated in the Cost Approach and they result in the highest land value,given the current legal use. ADVERSE ENVIRONMENTAL CONDITIONS: None were observed. Additional Note: Any building may contain various materials that are hazardous to personal health. We are not qualified in fmding or identifying such materials,evaluating the hazards,abating the hazards,removal,or any other consideration regarding such materials. Hazardous materials are beyond the scope of this appraisal. You should consult appropriately qualified experts about such matters. Mention of hazardous materials in this report is made to alert you to the possibility that such materials may be present and to encourage you to seek additional information about them. PROPERTY CHARACTERISTICS AND ADDITIONAL SCOPE OF WORK: Form TARO—'TOTAL for Windows'appraisal software by a la made,Inc.—1-800-ALAMODE Iliklis C1ANH57MILI Supplemental Addendum FIe No. CIANH57MIL Borrowa/Cknt Mitchell Properly Address 31160 4th Street City Gill Cp RW Weld State CO Zip Code 60624 Lender Washington Mutual/eAppraiselT Well/Septic/Propane: This property does have a Septic,and Propane system. The scope of work for this assignment does not include testing any of these systems. The scope of work for this assignment does not include testing the functionality of the Septic or Propane system.' Grade: Appears to be sufficient. Placement on lot: The appraiser assumes that the setback requirements for this home have been met. LIMITATIONS OF THE APPRAISAL: Certain limitations apply to any inspection,including inspections diligently performed by a qualified expert.Even the most qualified and diligent appraiser cannot always evaluate,speculate,or predict everything concerning a building or its site.In addition,the reported data which the appraiser has used throughout the report is believed to be reliable but is not guaranteed.The flood,zoning,census,and tax information are obtained through public records,county offices,maps and internet services believed to be reliable. The photos in this appraisal are digital,and this appraisal contains protected electronic signatures. Jenny Wych contributed research and minimal data entry for this report. If a Supervisory Appraisers signed this appraisal,they inspected either the interior or exterior of the property. Under any circumstances,the appraiser's fmancial obligation for this report shall not exceed the original cost of this appraisal report. The limitations of this appraisal include those noted throughout this report and those listed under"Statement of Limiting Conditions"at the end of this report;we consider these limitations unavoidable.If you make any use of the information contained in this report,it is necessary that you understand and accept these limitations.IF THESE LIMITATIONS ARE UNACCEPTABLE TO YOU,YOU SHOULD NOT RELY ON THE INFORMATION IN THIS REPORT FOR ANY PURPOSE WHATSOEVER. Extraordinary Assumptions:An assumption,directly related to a specific assignment,which,if found to be false could alter the appraiser's opinions or conclusions. No extraordinary assumptions were made on this specific report Hypothetical Condition:That which is contrary to what exists but is supposed for the purpose of analysis. No hypothetical conditions were considered in this specific report. USPAP CERTIFICATION: w The statements of fact contained in this report are true and correct. e The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions are my personal impartial and unbiased professional analyses,opinions,and conclusions. • I have no(or the specified)present or prospective interest in the property that is the subject of this report and no(or the specified)personal interest with respect to the parties involved. e Anyone providing significant realpropertya raisal assistance to theperson signing this Y !Pu PP certification is listed below,and their specific contributions are noted within the report. COST APPROACH ANALYSIS: Form TA00—'TOTAL for Windows'appraisal software by a l node,Inc.—1-a0.ALAM00E [ Np.C1ANH57MILI Supplemental Addendum File No. C1ANH57MIl Borrower/Client Michell Property Address 31160 4th Street City Gill County Weld State CO it Code 80624 Lender Washington Mutual/eAppraiselT The subject is in overall average condition with a total economic life of 60 years,and an effective age of approximately 13 years,and a remaining economic life of approximately 47 years. The effective age was calculated by determining the approximate physical,functional,and external deterioration. An estimated total economic life of 60 years was used due to the subject and neighborhoods condition. Functional Depreciation: No functional depreciation was needed,as the subject's floor plan is similar and marketable compared to others in the neighborhood. External Depreciation: No external depreciation noted,as the subject is in an interior,residential street. Physical deterioration No major physical deterioration noted. Economic aee life method to derive depreciation 13 years effective life 60 years total economic life 13/60= 21.6%Depreciation INCOME APPROACH ANALYSIS: The Income approach to value was considered,but due to the insufficient rental sales in the area,this approach was not considered to be reliable. SALES COMPARISON APPROACH: After careful analysis of the subject's market,3 sales were selected and utilized in the sales comparison approach. Each of these comparables is located within the subject's market area and all are considered good indicators of value. All sales comparables are verified as recorded and closed sales,and these homes were chosen as comparables due to their overall similarity to the subject. Site adjustments have been based upon the estimated usable area of the individual properties. Comparable adjustments were then made based upon paired sales analysis. No adjustments have been made for government financing programs,such as VA and FHA,which are typical in the market area. Full baths were adjusted at$1500 each,half baths at$1000. Because this market appears to place a greater weight on living area rather than room totals;Gross Living Area(GLA)adjustments were made in lieu of bedroom or other room adjustments. Variances in GLA have been adjusted at$20 a square foot. These rates are estimates of the market value contribution of these improvements derived through paired sales analysis and are not an actual building or reconstruction cost. Whenever possible,comparables that have sold within 6 months are used. However,there are situations when the best comparables that are available have sold within 12 months,and this is within FNMA guidelines. When a comparable is older than 6 months,a time adjustment may be needed. Typical underwriting guidelines encourage the use of comparable sales whose adjustments are under 15% of the net and/or 25%of the gross sales price. Also,the adjusted sales prices would ideally be within 90% of each other. The value of the subject is within the sales price and also the adjusted sales price. This helps prove the reliability of the comparables as good indicators of value for the subject. This report Form TA00-•T0TAL for Windows'appraisal software by a la mode,ins.—1-BOO ALAM00E Supplemental Addendum rallataffithillfflj • Borrower/Cent Mitchell File No. C1ANN57MIL Property Address 31160 4th Street City Gin Canty Weld Slate CO Do Code 80624 Lender Washington MutuaveAppraiserr conforms to all of the above mentioned. All comparables are considered the best,most supportive sales in the subject's market place and no sales were overlooked. Construction quality of the subject is typical for the area. External elements are compatible. All comparables are considered to be similar to the subject in marketability. Any additional information that is needed for this report may have a charge. The subject conforms well to the neighborhood. Due to lack of recent sales in the town of Gill, it was necessary to go to surrounding similar towns for 2 of the comparables. All are considered good indicators of value. Comps 2 and 3 were adjusted for location,as they are located closer to business,employment, and major highways. I did not adjust for site,as it did not appear to be a value factor. Comp 3 was adjusted for quality of construction,as it is stucco,which is considered superior. Comp 3 was also adjusted for updating. None of the comparables are as old as the subject,as their were no recent similar sales available. However they appear in similar condition from the exterior,and adjustments were made when necessary. Adjustments: Comp 1 was adjusted for concessions,design,bath,less GLA,and wood stove. Comp 2 was adjusted for concessions,location,bath,and fireplace. Comp 3 was adjusted for location,site,stucco veneer,updating,and bath. RECONCILIATION: All three approaches to value were utilized and evaluated. The data in the sales comparison approach proves a value of$95,000,while the cost approach data proves a value of$96,991. The income approach was considered,but not reliable. The major features of the sales and listings were compared and contrasted versus the subject and were eventually analyzed and weighted using appraisal techniques such as paired sales analysis of bracketing. Certain comparable items with minimal variances may not have been adjusted. Although all comparables were considered in the fmal estimate of value,greatest weight was place on comparable 1 and 2 due to its similarity to the subject in age,size,location,condition,and amenities. After the final analysis has been made in the sales comparison approach,the fmal adjusted sale prices for the closed sales are within 85% of each other. The sales and listing data that is available in the subject's area abundantly proves the fmal estimate of value which is$95,000 per the sales comparison approach. Information from builders in the area,as well as market data,were evaluated and considered to finalize the cost approach.The Cost Approach adds support to the final estimate of value. Analysis was done to estimate the site value,and price per square foot in the GLA and that analysis also carried over into the sales comparison approach. Strong analysis has been shown to prove the estimate of depreciation also. The"as is"value of the existing site improvements is assessed at$4,000. This number was concluded from the inspection of the property. Although the subject is not new,the available data is confirmed,and the cost approach appears to be a good indicator of value,and was utilized to determine the subject's final estimate of value,which is$96,991 per the cost approach. The Income approach was considered due to this specific market area having a few rentals. However,due to the insufficient rental sales in the area,this approach was not considered to be reliable. In the area of the subject,single family residences are generally purchased for the owners to live in,and rentals are not readily available. As a result of considering all approaches to value,the most weight is given to the Sales Comparison Approach,because the strongest data was available to analyze. The Sales Comparison Approach is considered the best indicator of value because it reflects the actions of willing and informed buyers and sellers in an open market place,and provides the most compelling and reliable information. Therefore, Form TADD—'TOTAL for Windows'appraisal software by a la mode,Inc.—1-806ALAMDDE File No.C1ANH57MII_I Supplemental Addendum FIN No. C1ANH57MIL Borrowei/Clent Mitchell ProgeM Address 31180 4th Street City Gill COON Weld State CO Do Code 80824 Lender Washington MutuaVeAppraisen the final value conclusion as of June 2,2007 is$95,000. •URAR: Neighborhood-Description Market conditions of the neighborhood appear to be stable. The subject is located in the central part of Gill.The area consists of a complimentary mixture of single family residences,commercial property,and vacant land and is located approximately 3-10 miles from schools, major employment,public amenities,and roughly 18 miles from I-25. Employment for the area and region is good with many employment centers nearby. Form TADD—'TOTAL for Windows'appraisal software by a la mode,Inc.—1-800-ALAMDDE IFk No C1ANh57MILl Subject Photo Page • Borrower/Clent Mdchell Property Address 31160 4th Street City Gip county Weld State CO Zip Code 80624 Lender Washington Mutual/eAppraisef Subject Front c r x rt 311604th Street �i z •‘ CSC �;' Sales Ptlre Hame Equity Loan Gross LMnp Area 1,894 '• ; a � '� ' ' Total Bopris 6 ;p� e ,�xa' ar Total Bedrooms 3 Total Bathrooms 1 ry` Lceapon SuburbanMWEI a S-...,...,..4.:i............ Ylew Nechbrhd/Avg '. ��.� Site *I- 7.492 SgFt wb "` Quality Wd/Mt./BrklAvg Age 107Yrs. w 1 i'n'YA(q 6 S.:Y 4q W .. Subject Hear �• ' '< r ,S- -'', 'et' . �y teat .s 9f rd '''s -4..;i, . L y_ Y' i e"dY Sty'$ , ,T;c::-,.. >' ?rriE,',.. . , Subject Street .' /s`,71.470‘;.4.,..0.1041.:141,,P11111.1,.:. "b'5°�SS 9W g £ 8 yt ,1.: y � d � fI � S1 d3 k ZzS s $ d `x t . f .K zif'c'b' ro Tt e 4o Z> :kito° ',i.,...4,-....., 4�&Ca ff xa.l,+»S•,Fsu " . n 9? x%, 'Q r qsI a p:. . .... .d.s�6:9 o,".^ f"Zt Y 0 ,,elik �'f`H^..et Ou'i'u . 3°3?'b¢`.d>"•ti5�'>f:.,:;4,..fL::. ' s:axn: ''+. %�9.t.g�wy:?�rR:'.:2�,.No m °:.°'ei`24:`,<,A�f@2' nN.%1::';:jr I:f�'.5 gt�£'i�.. 94 <;,..... Form PICPD SB—'TOTAL for Windows appraisal software by a la mode,Inc.—1-800-ALAM0DE U1k No.C1ANR57MIL Comparable Photo Page - Borrower/Clem Michell Properly Address 31160 4th Street City Gill County Web State CO DO Code 80624 Lender Washington MutuateAppraiselT ,,„...,„,41. ..... Comparable 1 d Ys .... n liyy„s a 31254 Subject Street ... .±,:4)141:::-/..'";:„I.:;“ ti yxi gC� ; 14 a"a. a Prot to Subje 0.16 miles * s °' T..< Sale Pdce 80,550 Gross LMip Area 1,344 W,� . Total Rooms 6 -r �& $'' ,—.;.\z , �„,- Total Bedrooms 3 Total Bathrooms 2 ,�• ,� ., >3 Location Suburban/Avg 8 Yew Neighbrhd/Avg i`- } Site +/-20,473 SqFt vp,1 ow :i "-_ T^" Quality Wood/Avg ,4L'�?bq" 0 - Age 37 Vrs ? Y 3Y,b _ z• r�wr'ormy t Comparable 2 5i J ton .1‘,..4 E "ref''''' 125 4th Street X237 Y`0. r g x d �y� $a n Yv .7,n Prot to Subject 4.34 miles .R Y, Sale Price 114,800 Gros. •W�/ ' >� . , /�/ Total5R000 Area 1,549 ms 8 £ , : ��F %% . ' Total Bedrooms 4 / Nf Nr >a Total Bathrooms 2 , y {;(/„� ✓ /SX� Location Suburban/Avg kUr2oL s/ New Neighbrhd/Avg Site +/- 6,250 Sq Ft ;, c Quality Wd/Brl/Avg p Age 34 Yrs. / r '4 E A,ly an fx «r Comparable 3 231E 5th Street e`x ; , 1 Prox.to Soblect ro £ ray.5..2.'4::L >'' Sale Pdce 100103,000les Gross LMng Area 1,541 k _ ,..t „, k y�, n, Total Rooms 4 S ' -'" Total Bedrooms 2 Total Bathrooms 2 ,(Y l f£ -•' d Location Suburban/Avg �Wµ}s+L ,jE a ; New Naighbrhd/Avg Ss s 1 / Site +/- 3,049 SqFt �� Query IY Stucco/Avgq s ? y e ss Yrs. 'H ggir"Strif % r..;" Z4,YYX 4 Y d Form PICPLC.CR—'TOTAL for Windows•appraisal software by a 9 mode,Inc.—1-800-ALAMOOE 'File NO C1ANH57MII Building Sketch (Page - 1) Borrower/Silent Mitchell Properly Address 31160 4th Street Ply Gill County Weld State CO Zip Code 80624 Lender Washington MutualeAppraiselT Main Floor Second Floor 13.8' 28.0' 14 O' Path Bathroom Dining Area Bedroom Bedroom b Kitchen m 11.0' e b Bedroom Living Room n to 17.0' Entrance lb 12.0' 15.0' ry AN.WM+N- Commen6: AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Cad. DeScrlfen SD Net TetW Brnkdown SaMotS Gal First Floor 1002.27 1002.27 First Floor 0182 Second floor 692.00 692.00 12.0 it 31.0 372.00 0TH Porch 112.79 112.79 15.8 r 31.0 488.66 8.0 z 13.8 110.11 0.5 z 0.0 z 15.8 0.09 0.5 z 0.0 z 2.0 0.01 2.0 z 15.8 31.32 0.5 z 0.0 z 0.0 0.08 ascend Floor 17.0 a 31.0 527.00 11.0 z 15.0 165.00 TOTAL LIVABLE (rounded) 1894 9 Calculations Total(rounded) 1694 Form SKT.BldSkl-'TOTAL for Windows'appraisal software by a la mode,Inc.-1-800-ALAM0DE lRM wo.C1ANt67MIL I • Location Map Borrower/Cient Mitchell Property Address 31160 4th Street City Gill County Weld state co ap Code 80624 Lender Washington MutuaVeAppraiselT ...X�a.�...... k„ klaur • xe.,, d3 4 tt.-A • • v a c& k , ,),c. s,„ '. :n k.: wy a+,a. _ez h 1t.Qwi $ }' b Jig .... N b Form MAP.LOC—'TOTAL for Windows'appraisal software by a l mode,Inc.—1-800-ALAMODE Hello