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Home My WebLink About20012170.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2001, WELD COUNTY, COLORADO -STIPULATE PETITION OF: DAVISSON MARK & KING CHRISTOPHER L 3225 BELMONT AVE EVANS, CO 80620 DESCRIPTION OF PROPERTY: ACCOUNT #: R2934186 PARCEL #:096106217003 - GR L2-1-2 L2 BLK1 LATTA SUB 2ND FG RPLT SITUS: 212 19 AVCT GREELEY 80631 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 2001, 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 year 2001, 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 $ 22,000 $ 22,000 Improvements OR Personal Property 109,245 102,200 TOTAL $ 131,245 $ 124,200 WHEREAS,said Stipulation shall resolve all issues to have been determined by the Weld County Board of Equalization. 2001-2170 AS0049 PC Oo- i-(-a,oar) , 145 RE: BOE- DAVISSON MARK & 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 3rd day of August, A.D., 2001. BOARD OF C.UNTY COMMISSIONERS WELD CO , COLORADO ATTEST: A .,l , J /J �!//�►�Vii. jaw/ rL_ eile, Chfffr Weld County Clerk to the hoard �l BY: ��• ��Deputy Clerk to the Board APPROVED AS TO FORM: „1/4 A RvicA E. Long As ' tant C my A tomey e Robert D. Masden 2001-2170 AS0049 2001 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR' S ACCOUNT NUMBER R2934186 STIPULATION (As To Tax Year 2001 Actual Value) RE PETITION OF NAME : DAVISSON MARK & KTNG CNRTSTOpWF,R T, ADDRESS : 3225 BELMONT AVE EVANS CO 80620 Petitioner (s) ,TIAVISSON MARK & KTNG CHRISTOPHER L and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2001 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 : GP TD-1-2 TO BILK 1 LATTA SUB 2ND FITJNG 212 19 AVCT 2 . The subject property is classified as RESIDENTIAL property (what type) . 3 . The County Assessor originally assigned the following actual value to the subject property for tax year 2001 Land $ 22 , 000 Improvements $ 109. 245 Total $ 131. 245 4 . After further review and negotiation, the petitioner (s) DAVISSON MARK & KING CHRISTOPHER L and Weld County Assessor agree to the following actual $124 , 200 value for the subject property. Land $ 22 . 000 Improvements $ 102 , 200 2001-2170 Total $ 124 . 200 5 . The valuations, as established above, shall be binding only with respect to tax year 2001 6 . Brief narrative as to why the reduction was made: TAXPAYER PROVIDED APPRAISAL, ADJUSTED TOTAL VALUE TO APPRAISAL. 7 . Both parties agree that the hearing scheduled before the Weld County Board of Equalization on (date) at (time) be vacated; or, a hearing has not yet been scheduled before the Board of Equalization X (check if appropriate) .DATED this / rof ll day of e , 2001 . Petitioner s) or Attorney Petitioner (s) or Attorney Address : Address : --tic a la G . 631 Telephone: .970 - 330-9V/0 Telephone: Qr County A s sso Address : 1400 N. 17th Avenue Greeley, CO 80631 (970) 353-3845 ext . 3656 • NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR yg e � GR L2-1-2 L2 BLK1 LATTAPSU- 2ND` MFG f 1400 NORTH 17th AVE. F�i 1 8RPLT 0631SITUS : 212 19 AVCT GREELEY OREELEY,CO80631 PHONE 1970)353-3845,EXT.3650 Winos. i 1{' 12 i-' COLORADO OWNER: DAVISSON MARK & hit:( ]; � i- DAVISSON MARK & LOG 2441 3225 BELMONT AVE PARCEL 09610621700 ACCOUNT R2934186 EVANS, CO 80620 YEAR 2001 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 aproach to value. If your 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 as follows: 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 1999/2000 time period. This comparison shows your actual property value to be correct for that period. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW RESIDENTIAL 131245 131245 TOTALS $ $ 131245 $ 131245 • '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•furthet cdnsideration,39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed-information on filing'your appeal. - • • 06/19/2001 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE 15-DPT-AR - , Form PR-207-87/99 ADDITIONAL INFORMATION ON REVERSE SIDE • 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 6 for real property (land and buildings) and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8- 107(2), C.R.S. APPEAL PROCEDURES: If you choose to appeal the Assessor's decision, mail or deliver one copy of this compleated 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 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EOUALIZATION'S DETERMINATION: 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 County Board must conclude its hearings and render decisions by August 6. TAXPAYER RIGHTS FOR FURTHER APPEALS: If 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): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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, you must file an appeal with the Board of Assessment Appeals by September 12. 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, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNDT Attach additional documents as necessary. 1ala An _et•tOya v sues,. G 4. ,r cat 09,24 ie*:t'1 en.+t of �..i�:...leheQh�+�-ar er MA& attaaali" trpf S '. • DA IM Fie no.21219ACT APPRAISAL OF as're iwie • : j�� ., 1, S 'sr .j i. a ' AIM : a , LOCATED AT: 212 19th Avenue Court Greeley, CO 80634 FOR: Specialty Mortgage 1739 Terry Street Longmont, CO 80501 BORROWER: Chaparro AS OF: March 29, 2001 BY: Richard G. Lutz Mountains and Plains Appraisal kapr 'k4 1;2-5°U 1 Fes No.21219ACT 04/02/2001 Specialty Mortgage 1739 Terry Street Longmont,CO 80501 File Number. 21219ACT In accordance with your request, I have personally inspected and appraised the real property at: 212 19th Avenue Court Greeley, CO 80634 The purpose of this appraisal is to estimate the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the estimated market value of the property as of March 29,2001 is: $124,200 One Hundred Twenty-Four Thousand Two Hundred Dollars The attached report contains the description, analysis and supportive data for the conclusions, final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. If any questions, please call 970-508-9717. dgalatlie* Richard G. Lutz Mountains and Plains Appraisal Mountains and Plains Appraisals ^ Property Description UNIFO A RESIDENTIAL APPRAISAL RECtT File No. 21219ACT Property Address 212 19th Avenue Court City Greeley State CO Zp Code 80634 Legal Descripibn Lot 2, Block 1 Latta Subdivision 2nd Filing Replat County Weld i Assessors Parcel No. 096106217003 Tax Year 1999 RE.Taxes$ 910.32 Special Assessments$ None Borrower Chaparro Current Owner King Occupant: I I Owner I I Tenant [X] Vacant ; Property rights appraised [XI Fee Simple [ 1 Leasehold I Project Type [1 PUD [ 1 Condominium(HUD/VA only) HOAS 0 Into. Neighborhood or Project Name Latta Map Reference Assessor Census Tract 4.02 Sale Price$ 119,900 Date of Sale Description and$amount of loan chargeslconcessions to be paid by seler 00 Lender/Client Specialty Mortgage Address 1739 Terry Street, Longmont, CO 80501 Appraiser Richard G. Lutz Address 5586 West 19th Street Suite 110, Greeley, CO 80634 Location L j Urban k]BuR up ❑X Over 75% ❑ 25-75%n Lj Rural❑ Under 25% Predominant Single family housing bn Pre0�ent�lantlu9% Land use eyyange❑ Ley ❑ occupancy PRICE AGE Growth rate Rapid ❑X Stable ❑ Slow ❑X Owner 80 Low 12 2-Sternly ❑ In process Properly values ❑ Increasing ❑X Stable ❑ Declining ❑ Tenant 140 High 20 Mutifaniy To: Demand/supply ❑ Shortage r❑� Nbalace ❑ Ovesippy 0Vamrt(04%) Predominant Commercial Marketing time ❑ Under 3 mos. [ 1-1 36 mos. ❑ Over 6 mos. f vast on sw> 110 [ 15 vacant I 5% Note:Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The neighborhood includes all in the Latta Subdivision. The overall market area includes all of Greeley North of 16th Street and East of 47th Avenue. = Factors that affect the marketability of the properties in the neighborhood(proximity to employment and amenities,employment stability,appeal to market,etc.): ; Located North and West of downtown,this area contains a mix of modest homes of varying design. Shopping and services are in • driving distance. Public transportation runs near to area. The area is popular with first time buyers. Most homes are owner occupied although there are a few rentals scattered throughout. Overall, properties are well kept and attractive. Market conditions in the subject neighborhood(including support for the above conclusions related to the trend of property values,demnd/supply,and marketing time --such as data on competitive properties for sale in the neighborhood,description of the prevalence of sales and financing concessions,etc.): The Northeast Colorado Real Estate market has remained active through the winter selling season with building permits at record levels. Most types of financing are available locally with the payment of 1-3 discount points typical for FHA, VA and CHAFA financing. Conventional loans up to 95%are available at similar rates. Current rates are at about 7%. Project Information for PUDs(If applicable)--Is the developer/builder in control of the Home Owners'Association(HOA)7 U YES LI NO Approximate total number of units in the subject project n/a . Approximate total number of units for sale in the subject project n/a Describe common elements and recreational facilities: n/a Dimensions Plat not available Topography Basically Level Site area 9834 Sq.Ft. Corner Lot LI Yes ❑X No Size Typical for area Specific zoning classification and description R-L Residential Low Density Shape Rectangular Zoning compliance ❑X Legal ❑ Legal rxemrtomig(Grandlethered use) LI Illegal U No zoning Drainage Appears adequate Highest&best use as improved: n Present use n Other use(explain) View Average Utilities Public Other Off-site Improvements Type Public Private Landscaping Typical Electricity ❑X Street Asphalt ❑X ❑ Driveway Surface Concrete/Gravel rn Gas ❑X Curblgutter Concrete ❑X ❑ Apparent easements None apparent Water ❑X Sidewalk Concrete ❑X ❑ FEMA Special Flood Hazard Area U Yes [A] No Sanitary sewer ❑X Street lights Pole Mount ❑X ❑ FEMA Zone C Map Date 7/16/79 Stone sewer [X1 Alley None ❑ ❑ FEMA Map No. 080184 0002 B Comments(apparent adverse easements,encroachments,special assessments,slide areas,illegal or legal nonconforming zoning,use,etc.): None observed. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No.of Units 1 Foundation Concrete Slab No Area Sq.Ft. 1050 Roof ❑ No.of Stories 1 Exterior Walls stucco CmeSpace No %Finished 95% Ceding ❑ Type(DetJAkt.) Detached Roof Surface composition Basement Yes Ceiling DW Walls ❑ Design(Style) Ranch Gutters&&tempts. metal Sunp Pump No Walls DW Floor ❑ F ExistinglProposed Existing Window Type wood sliders Dampness None noted Floor Carpet/Vinyl None ❑ Age(Yrs.) 1976 StomyScreens ThermolYes Settlement None noted outskleEtry No usswn ❑X Effective Aqo(Yrs.) 12 Manufactured House No Infestation None noted a ROOMS Foyer Living Dining Kitchen Den Family Rm Rec.Rot Bedrooms #Baths Laundry Other Area Sq.Ft. : Basement 1 3 1 X 1,050 LL Level t 1 1 1 2 1 1,050 • Level2 0 z Fished area above grade contains: 5 Rooms; 2 Bedroom(s); 1 Bath(s); 1,050 Sonare Feet of Gross Living Area • INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENRIES CAR STORAGE: Floors CarpeWinyl-Avg Type FA Refrigerator © None ❑ Fkeplace(s)• ❑ None ❑ • Walls D.W. Painted-Avg Fuel Gas Range/Oven © Stairs ❑ Patio ❑ Garage2 #of cars Triwvnish Avg-Avg CandtionAvg. Disposal ❑X Drop Stair ❑ Deck 14X10 ❑X Attached 2 car Bath Floor Vinyl-Avg COOLING Dishwasher ❑X Scuttle Detached Bath Wainscot Tile-Avg Central No Fail/Flood ❑X Floor ❑ Fence Wood ❑X BuR Doors Wood H.C. Other None Microwave ❑ Heated ❑ Pool ❑ Carport CondtionAvg. Washer/Dryer n Fniehed n n Driveway 2 car Additional features(special energy efficient items,etc.):iFinished garage with opener, all new floor coverings, new appliances and new paint, sprinkler system Condition of the improvements,depreciation(physical,functional,and external),repairs needed,quality of construction remodelingladditions,etc.: No physical or functional inadequacies noted. Since being purchased in December 2000,the property has been completely remodeled including all new floor coverings, new light fixtures, new paint, new appliances etc. It is in move in condition. Adverse environmental conditions(such as,but not limited to, hazardous wastes,toxic substances,etc.)present in the improvements,on the site,or in the immediate vicinity of the subject property: None noted. Freddie Wm Fam 70 643 PAGE 1 OF 2 Fungi the Form leer 603 rr•toe on;Stood on Sr Ace ee•bpnwtrneam mare poopJeanr Mountains and Plains Appraisals /..\ Valuation Seaton UNIFt .N RESIDENTIAL APPRAISAL RE. AT File No. 21219ACT ESTIMATED SITE VALUE _ $ 30,000 Comments on Cost Approach(such as,source of cost estimate, gSTIMATEDREPRODUCTION COST-NEW OF IMPROVEMENTS: site value,square foot calculation and for HUD, VA and FmHA, the Dwelling 1,050 Sq.Ft. @$ 54.00 = $ 56,700 estimated remaining economic life of the property): Bsmt. 1050 Sq.Ft. @$ 22.00 = 23,100 Cost approach determined using Marshall and Swift & Deck, drive, misc. = 5,000 Handbook. 0.a GaagaCapat 500 Sq.Ft. @$ 20.00 = 10,000 a Total Estimated Cost New = $ 94,800 Estimated remaining economic life is 73 years. Fir, Less 85 Physical Functional External Est.Remaining Econ.Life: o Ds eaalon $13,272 = $ 13,272 Depreciated Value of Improvements = $ 81,528 'As-is'Value of Site Improvements = $ 10,000 INDICATED VALUE BY COST APPROACH = $ 121,500 ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 212 19th Avenue Court 225 19th Avenue Court 400 31st Avenue 2114 10th Street Road Address Greeley Greeley Greeley Greeley Proximity to Subject Same Block +/-12 Blocks West +/-9 Blocks South Sales Price $ 119,900 $ 127,500 $ 124,900 $ 132,500 Price/Gross Lit Area $ 114.19 to $ 69.86 0 $ 144.56 0 $ 114.32 0 Data and/or Inspection MLS/Realtor MLS/Realtor MLS/Realtor Verification Sources MLS#227116 MLS#244256 MLS#232224 VILLLEADUSThENTS DESCRIPTION DESCRIPTION +OSMenial DESCRIPTION ' ar.jsmowers DESCRIPTION +pis meow( Sales or Financing Cony. FHA Cony. Concessions No Seller Points No Seller Points No Seller Points Date of SalelTire 6/29/00 1/31/01 7/27/00 Location Average Average Average+ -5,000 Average+ -5,000 teasehdriFeeSirpe Fee Simple Fee Simple Fee Simple Fee Simple Site Typical for area Typical for area Typical for area Typical for area View Typical for area Typical for area Typical for area Good-park -1,000 Design and Appeal Ranch/Avg Ranch/Avg Ranch/Avg Ranch/Avg OraoydCassudicn Stucco/Avg Frame/Brk/Avg Frame/Brk/Avg Brick/Avg Age 1976 1973 1969 1950 Condition Average+ Average 2,500 Average+ Average 2,500 Above Grade Tae; aims ; Bane Taw Beim ; Balls is Beim ; Baths Mr=Taw ; Baths Room Count 1: 5: 2: 1.00 7 2: 100 -1,000 4 2: 1.00 5 2: 1.00 Gross Living Area 1,050 Sq.Ft. 1,825 Sq.Ft. -14,000 864 SF Sq.R. 3,300 1,159 Sq.Ft. -2,000 a Basement&FkShed 1050 Sq.Ft. None 11,200 864 SF -1,000 1159 SF -800 Rooms Below Grade 95%Fin/bath 9O%Fin/bath 9O%Finished a Functional Utiay Average Average Average Average HeatingtCooling GFA/None GFA/None GFA/AC -1,000 GFA/None v Energy Efficient ftene None None None None Garage/Carport 2 car Att. Garage 2 att/1 det gar -2,000 1 car alt garage 3,000 1 att/2 det gar -2,000 a Porch,Patio,Deck, Deck,spk. Covd Patio Covd Patio Spk, Covd Porch Freplace(s),etc. Wood Stove Spk SPK Fireplace Fence,Pool,etc. Fence Fence Fence Fence Net Adj.(total) I I t f xl - is 3,300 f 1 + [xi - ;$ 700 [ 1 t [XI - ?$ 8,300 Adjusted Sales Ate Gross:24.1% Gross: 10.6% Gross: 10.0% of Comparable Net: -2.6% $ 124,200 Net: -0.6% $ 124,200 Net: -6.3% $ 124,200 Comments on Sales Comparison(including the subject property's compatibility to the neighborhood,etc.): See Attached Addendum. ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Date,Price and Data 12/21/2000 Scarce fap'vsales $88,001 None None None whin yeardappra®al realtor/MLS Analysis of any current agreement of sale,option,or fisting of the subject property and analysis of any prior sales ofsubjed and conparables within one yea ofthe date d appraisal: The subject property was purchased a a"fixer upper"on 12/21/2000. It is currently listed for sale at$124921. INDICATED VALUE BY SALES COMPARISON APPROACH $ 124,200 INDICATED VALUE BY INCOME APPROACH(IfAppfrable) Estimated Market Rent$ N/A IIM.xGross Rend Multiplier N/A =$ 0 The appraisal is made X 'as is' U subject to the repels,akeatem,ispectres a conditions lsted below U subject to carplAion per plea and spedrdtens Conditions dAppraisat Appliances and equipment assumed operational as of date of inspection. Income approach not prepared due to few sales for rental purposes, Final Recondition:Most weight on the sales approach as it compares recent sales of similar properties in the marketplace. Cost approach prepared primarily as a test for reasonable and less weight placed on it. The purpose ofthis appraisal is to estimate the market value ofthe real property that is the subject ofthis report,based on the above conditions and the serttioq contingent and liming condtions,and market value definition that as stated ii the attached Freddie Mac Fam439/Fanne Mae Form 10048(Revised 6-93 )- I(WE)ESTIMATE THE MARKET VALUE,AS DEFINED,OF THE REAL PROPERTY THAT IS THE SUBJECT OFTHISRFPORT,AS OF 03/29/2001 (WHICH ISTH OF INSPECTION THE EFFECTIVE DATE OF THIS REPORT)TO BE$ 124,200 APPRAI / � SUPERVISORYAPPRAISER(ONLY IF REQUIRED): Signature / at Signature ❑Did ❑Did Not Name Richard G. Lutz Name Inspect Property Date Report Signed 04/02/2001 Date Report Signed State Certication a Certified Residential Appraiser State CO State Certification a State Or State License a CR40011260 State Or State License I State Freda Mac Farm 70 693 PAGE 2 OF 2 Fame Mae Fam l4 693 mmt=uss shad ace Saha newbprt Pharos Mas(1042Kenr Mountains and Plains Appraisal Services Mountains and Plains Appraisals .� Siipplementai Valuation Section UNIFC A RESIDENTIAL APPRAISAL RE: RT File No. 21219ACT ITEM SUBJECT COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6 212 19th Avenue Court 301 North 25th Avenue Address Greeley Greeley Proximity to Subject +1-7 Blocks West Sales Price $ 119,900 $ 135,000 $ $ PdcaGross Lit Area $ 114.19 0 $ 81.72 0 $ 0 $ 0 Data andlor Inspection MLS/Realtor Verfration Sources MLS#241198 VAL.UEAD1US VENTS DESCRIPTION DESCRIPTION 't-)f Adjustment DESCRIPTION '4Is°°°mcm DESCRIPTION .{-?see„m,e+ Sales or Financing FHA Concessions Seller Points -3,000 Date of Salelfare 12/30/00 Location Average Average LeaselddFeeSnpe Fee Simple Fee Simple Sae Typical for area Typical for area View Typical for area Typical for area Design and Appeal Ranch/Avg Bi-Level/Avg tbaayoCatshrlction Stucco/Avg Frame/Avg Age 1976 1977 Condition Average+ Avera•e+ Above Grade Tow; amre ; Ors Total; Sams ; tuare Tod; arms ; eau. Tam; cam, ; Bans z Room Count 5: 2: 1.00 8: 4: 1.00 = Gross Living Area 1,050 Sq.Ft. 1,652 Sq.Ft. -10,800 Sq.Ft. Sq.Ft. y Basement&Finished 1050 Sq.Ft. None 11,200 Room Below Grade 95%Fin/bath Z Functional Ulily Average Average • Heating/Cooling GFA/None GFA/None Energy Mist hens None None Garage/Carport 2 car Aft. Garage 1 car att garage 2,000 a Porch,Patio,Deck, Deck,spk. Patio Freplace(s),eta Wood Stove Fireplace Fence,Pool,etc. Fence Fence Net Adj.(total) [ I + [xl - $ 600 [x[ + 11 - s o [xl + I I - i$ o Adjusted Sales Price Gross: 20.0% Gross: 0.0% Gross: 0.0% ofComparable Net: -0.4% $ 134,400 Net: 0.0% $ 0 Net: 0.0% $ 0 Comments on Sales Comparison(including the subject propertyh congatlbiiy to the neighborhood,etc): ITEM SUBJECT COMPARABLE NO.4 COMPARABLE N0.5 COMPARABLE NO.6 Date,Price and Data 12/21/2000 Source kr prior sales $88,001 wihir yeadappnaesl realtor/MLS Analysis of any anent agreement of sale,option,or listing of the subject property and analysis of any prix saleS of abjed and carparaUes withal one year ofthe date dappaisat t- t- 2 O U J Q 4 h- C C Q ADDENDUM Borrower: Chaparro File No.: 21219ACT Property Address: 212 19th Avenue Court Case No.: City Greeley State: CO Zip: 80634 Lender: Specialty Mortgage Comments on Sales Comparison Comp selection was limited due to few sales of similar properties in the subjects neighborhood. Comps selected are the best and most recent available and are reflective of the competition facing the subject in the marketplace. Comp 1 is the most recent sale in the subjects neighborhood. The home is a larger, ranch style with no basement. Their is a 2 car garage as well as a 1 car garage. Overall amenities are similar to the subjects. At the time of sale, the home was in slightly inferior overall condition as compared to the subject. It was in need of interior paint and some updating. Comp 2 is a smaller ranch style home with a partially finished basement. The home was in similar overall condition as compared to the subject. Comp 2 did have central AC and only a 1 car garage. The remainder of the amenities were similar to those of the subject. Comp 2 ws located in an area where site values are greater than the subject neighborhood and an adjustment was made for this difference. Comp 3 is a slightly larger home with a partially finished basement. At the time of sale, the home was in inferior overall condition and in need of some new carpeting and paint. The home had a total of a 3 car garage. Overall amenities were similar to those of the subject. The home was located in an area where site values are greater than in the subject area. Comp 4 is a bl-level home which was in similar condition to the subject at the time of sale. The home had no basement although it had a garden level which was finished. The home had a 1 car garage and the remainder of the amenities were similar to those of the subject. This comp was also located in an area where site values are slightly greater than the subject area. Financing was typical for all transactions. Room counts vary but in the local market, size rather than room count is the better indicator of value. Although some comp sales dates are slightly older than desired, they were included as they were the best comps available. Since the time of the older sales, prices have remained strong due to the growth in the area and the attractive interest rates available. The sales prices should be reasonably reflective of the current market. Most weight on comp 1 due to its location. Addendum Page 1 of 1 File No. 21219ACT • 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 considers his 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 LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following 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. The appraiser assumes that the title is good and marketable and,therefore,will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the Improvements and the sketch is included only to assist the reader of the report 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 the appraisal report whether 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 a 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. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions(such as,needed repairs,depreciation,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 normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report,the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions(including the presence of hazardous wastes, toxic substances,etc. )that would make the property more or less valuable,and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied,regarding the condition of the property. 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,the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information,estimates,and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. 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 completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(Including conclusions about the property value,the appraiser's Identity and professional designations,and references to any professional appraisal organizations or the firm with which the appraiser is associated )to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer;consultants; professional appraisal organizations;any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising,public relations,news,sales,or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 File No. 21219ACT APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to,or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and,if a significant item in a comparable property is inferior to, or less favorable than the subject property,I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. i have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge,that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal,unbiased,and professional analysis,opinions,and conclusions,which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to 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 the estimate of market value in the appraisal report on the race, color,religion,sex,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. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation,a specific valuation,or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity 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 as of the effective date of this appraisal, with the exception of the departure provision of those Standards,which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report,unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements,on the subject site, or on arty site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s)and disclosed the specific tasks performed by them in the reconciliation section of 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 the report;therefore,if an unauthorized change is made to the appraisal report,I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report,he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report,have reviewed the appraisal report,agree with the statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 4 through 7 above,and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 212 19th Avenue Court, Greeley, CO 80634 APPRAISER: SUPERVISORY APPRAISER(only If required) Signature: . Signature: Name: Richard G. Lutz Name: Date Signed: 04/02/2001 Date Signed: State Certification ft. Certified Residential Appraiser State Certification#: or State license#: CR40011280 or State License#: State: CO State: Expiation Date of Certification or License: 12/31/2003 Expiration Date of Certification or License: 0 Did 0 Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 FLOORPLAN Borrower: Chaparro File No.: 21219ACT Ptoperty Atidress:212 19th Avenue Court Case No.: City:Greeley State: CO Zip: 80634 Lender:Specialty Mortgage 14.0' _ First Floor Deck o 42.0' 20.0' Bedroom Bath Dining Kitchen 0 0 O rr; ,-j Garage N N N Bedroom Living Room 42.0' 20.0' 42.0' Bedroom Bedroom Bath c 6 CV Basement N N Bedroom Family Room 42.0' Sketch by Apex IV windowsT't AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Area Name of Area Size Totals Breakdown Subtotals oral Brat Floor 1050.00 1050.00 First Floor Ban Basement 1050.00 1050.00 25.0 z 42.0 1050.00 GAR Garage 500.00 500.00 GTE Deck 140.00 140.00 TOTAL LIVABLE (rounded) 1050 1 Area Total(rounded) 1050 '.' 0 4TH! — i�.N F F x x F I oe,a- m 4TH I ��. 6TH 6TH . S '°!$.._. __....HLON SERVICt 710 J 77 U •• RIO $ 971 .- x r% 101 H101 11TH N {.`.1 N f o Z 4 `p � m HIV. L' Z csq t eg 4 .. 13TH d ( u. 0 7.' - 14TH 4° ', %Fut'.l yy i 16 E u G ry (�j :H.A81:N lo H181. I 191sm i.`i i• is Ev»z%cd:p"flNU X 016 H 16TH AVENUE 8 :5.i[ii:i',;:ic:` -4 19TH Cl) N «IL >n: ". E ; N 1.1:'y r- g99m 1 N x 10TH Arr", .1g 13AYH10L V 21S 4L tic�j h�:a::;::;:x• e AVENUE Go I tF�• Z� XCO 23RD t S' �] •� � �° 241, Y cl? * 5 2' H AVENUE 26 s "C"Cr. Hl 6- 26741 AVEt W # m 28T w 2 N 28TH z .27TH F rc ai. H ( LikiC1 HI8Z rx- w 25TH PPM t - HLL ` a~D 30TH m ' -AYflMUE x 1ST s E u. O1Rfd. tires. _- S2 331:(0 34TH / 0°'�OL' 35TH 8HOUTAER 36TH :7:- 1: H10EN 35TH AVENUE s w M19E # r '..g i O 1y S° HALE II � w . • ., 3M13nY HLLLE 1. L s m 41 02.° ,- 38TH AV UE �'� U oFtii>N 3 fHlO> m.3 _ 2. 30T � A x v LS p i-91ST 41 :.. •...:... `N 42N0 w S"JECT PROPERTY PHOTO ADDENDUM'', Borrower: Chaparro . ..e No.: 21219ACT Property Address:212 19th Avenue Court Case No.: City: Greeley State: CO Zip: 80634 Lender:Specialty Mortgage - ' -- ,i }may / FRONT VIEW OF .3 i <- y n ;1 t SUBJECT PROPERTY :Nk tlI 2er> _t1 /_. I Appraised Date:March 29,2001 ^A�r e� d1 Appraised Value:$ r '`. REAR VIEW OF \ ; . SUBJECT PROPERTY r la 1Ix per ) "r; 'rt. _ A ikti y •ux P' I, t Cr*,k 1,,./...! STREET SCENE 0.7‘."' 1 4 / t ,F 'St:t ! r - A /4. Pills' ti `-�1 rpi'� yy�� ..yy � M Pe 4 3yN ‘;‘,"z17).. i- A 4 .I ti 9'' - - . ymA 4. COMPARABLE PROPERTY PHOTO ADDEND✓' Borrower: Chaparro . ..a No.: 21219ACT Property Address:212 19th Avenue Court Case No.: Citi:Greeley State: CO Zip: 80634 Lender:Specialty Mortgage r z " " t' f .'Ck COMPARABLE SALE#1 '7" .L S M�A ::- it 't,. ' c j 3 'a�"`` p',"- 225 19th Avenue Court.,,, s'.'� q I 1 Yt 1/ x A r i,;,, Y Greeley >;! s d1 4 4l3 r- , ,e�',�tK ._ ^da✓ k"', �? .' ��.,� ��1`> � Sale Date:6/29/00 �•:_ -• Sale Price:$ 127,500 • a�1 Z Lam{ ?.A e11 '1"4 "'s i ��li c,, 41i , , ` 7,,-ti,'� 11,,�, COMPARABLE SALE#2 t,.. � •''i/'6 � • 1 IPI ti 400 31st Avenue Greeley '. . - da3','`i. • , Sale Date: 1/31/01 ,� �' t 4 Sale Price:$ 124,900 I - 4 ,� .. .. a r k COMPARABLE SALE#3 2114 10th Street Road Greeley Sale Date: 7/27/00 Sale Price:$ 132,500 #I T][1 n4 yiyy " AI,, •47 '�' rr e +ST'S' bid ,?. ' " 'i.• xi'ln Y_ . »', tl 'V € .'s COW"kRABLE PROPERTY PHOTO ADDENDU>IN Borrower: Chaparro No.: 21219ACT Property Address:212 19th Avenue Court Case No.: City:Greeley State: CO Zip: 80634 Lender:Specialty Mortgage COMPARABLE SALE 114 301 North 25th Avenue Greeley Sale Date: 12/30/00 *,,;R:, MISSale Price:$ 135,000 Mal :rr =ift HIP, } AIL H fi yy�x44, " 'td rot,vsg�mki f 2 k�y!'��,}}.''yyy''.�✓ yG, N J �. ' .� ' u ^et ,�� { �y,y "'�#''„VYiE '.. J • COMPARABLE SALE SS Sale Date: Sale Price:$ COMPARABLE SALE#6 Sale Date: Sale Price:$ I ' Richard G.Lutz Mountains and Plains Appraisals 5290 West 9th Street Drive,Suite#200 Greeley,Colorado 80634 Office-(970)-356-3216 Cell-(970)-690-6157 Fax-(970)-3563117 Resume of 9ualifications: Appraiser of single family homes, small income properties and rural properties. /J. License:. Certified Residential Appraiser-Colo CR40011260 Work Experience: (1997 to Present)-Real Estate Appraiser Appraisals for various purposes including lending, sale, loan servicing, REO,estate and divorces. (1992 to 1997)-Supervisor for State Farm Insurance Companies My responsibilities included supervising a team of employees in Colorado, Wyoming and Utah in the homeowners and commercial division. I evaluated properties and supervised the employees who appraised homes for insurance to value purposes. These properties ranged from single family starter homes to multi-million dollar homes in areas such as Aspen and Vail. I also appraised commercial properties ranging from 2 unit rentals to multi-million dollar condominium and apartment complexes. Education: BA in Economics,Colorado State University-1986 Real Estate Training Center,Lakewood Colorado-1996 Various finance classes from Metropolitan State College in Denver Colo.since graduating from Colorado State University. Currently working on obtaining the Chartered Property and Casualty Underwriter Designation. (6 of 10 parts completed) Other: Member of the Greeley Jaycee's- 1995 to present Director from 1996-1997 Member of the Greeley Air Quality and Natural Resource Commission 1996 to 1999. Chairman from 1998 to 1999 Member of the Weld County Apartment Owners Association—1998 to present Member of the Greeley Area Chamber of Commerce- 1999 to present Appraisal Office: Appraisals are completed using ACI Software on a PC. Photos are taken with a digital camera and printed in color. Location maps are generated using DeLorme mapping software. The office library contains a complete set of FEMA flood maps, census tract maps and multiple listing books and sales for all areas I service. Your Partner in Real Estate! • Atett .. • • • • ,,.. rt La c•At ,max. . r w,r - Iber CR40011260 *tate of (ky I I tabu Expires Not Itansferable DEPARTMENT OF REGULATO AGENCIES December thirty-firstDID oF c' CERT -RESIDENTIAL APPRAISER y< :' '•';= * * * ## * ## * ## # # # # # # ##�f1 ` is is to certify that the person shown below has be • . • as shown above in the StatudiVolordtator the#ctitndar %$r s) ough 2003 as provided for by the L. of C. rado. xpires December thirty first, 2003 . Authorized by the Board of Real Estate Appraisers, WITNESS by my ,'-• hand and official seal at Denver, Colorado this 1st day RICHARD 0 LUTZ of January 2001 2218 42ND AVE �� 61- U!•�/'/Q GREELEY, CO 80634 Program Administrator Hello