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Home My WebLink About971363.tiffRESOLUTION RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO - ADJUST VALUE IN PART PETITION OF: PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R1910286 PARCEL: 095902419040 - GR GT-2B UNIT 2 BLDG B GREELEY TOWNHOUSE COND PT L19-20 BLK18 6TH EDWARDS HOMES %702 37 AVE CT #2% 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 1997, 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 1997, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being present, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing supported, in part, the value placed upon the property by the petitioner. The assessment and valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows: Land Improvements OR Personal Property TOTAL ACTUAL VALUE ACTUAL VALUE AS DETERMINED BY ASSESSOR $ 4,826 49.578 $ 54.404 ADJUSTED ACTUAL VALUE $ 4,826 41.424 $ 46.250 971363 AS0038 RE: BOE - PARKER JAMES W IV & TRACY Page 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting of the following three options; however, said appeal must be filed within thirty (30) days of this resolution: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), CRS) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, CRS) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. 971363 AS0038 RE: BOE - PARKER JAMES W IV & TRACY Page 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 17th day of July, A.D., 1997. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COkORADO ATTEST: Weld Co BY. Deputy C APPROVED AS TO FORM: GeoralE. Baxter, Chair Constance L. Harbert, Pro-Tem EXCUSED Dale K. Hall EXCUSED Barbara J. Kirkmeyer 1O 971363 AS0038 BOE SUMMARY SHEET PIN #: R1910286 PARCEL* 095902419040 PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 HEARING DATE: July 17, 1997 TIME: 3:30 p.m. tyLagRING ATTENDED? t ) NAME AGENT NAME: APPRAISER NAME DECISION: Land Improvements OR Personal Property Total Actual Value COMMENTS: MOTION BY P....42/TO ACTUAL VALUATION ORIGINAL SET BY BOARD $ 4,826 11 844- 49,577 1//))/Y $54,403 SECONDED BY )5 /-t 1 Failed to prove appropriate value No comparables given Increase/Decrease in Valuation Assessment Ratio Other: Hall-- Kirkmeyer Webster -- a N) Harbert -N) Baxter - N) RESOLUTION NO. 971363 July 11, 1997 CLERK TO THE BOARD PHONE (970) 356-4000 EXT.4218 FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 095902419040 PIN No.: R1910286 PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 Dear Petitioner(s): The Weld County Board of Equalization has set a date of Thursday, July 17, 1997, at or about the hour of 3:30 p.m., to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. A number of hearings have been scheduled at this time; peitioners will be asked to sign in with the Clerk upon arrival, and cases will be heard on a first come / first heard basis. You have a right to attend this hearing and present evidence to the Board in support of your petition. The Weld County Assessor or his representative will be present. The Board will make its decision on the basis of the record made at said hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 1997, and mailed to you on or before August 10, 1997. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes, of which you will be allowed 10 minutes for your presentation. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. PARKER JAMES W IV & TRACY - R1910286 Page 2 At least two (2) working days prior to your hearing the Assessor will have available, at your request, the data supporting his valuation of your property. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF E(JALIZ/\TIO Donald D. Warden, Clerk to the Board BY: Carol A. Harding Deputy Clerk to the Board cc: Warren Lasell, Assessor COLORADO NOTICE OF DENIAL GR GT-2B UNIT 2 BLDG B GREELEY'- TOWNHOUSE COND PT L19-20 BLK18 6TH EDWARDS HOMES $702 37 AVE CT #2$ OWNER: PARKER JAMES W IV & TRACY PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 06/30/1997 LOG 5055 PARCEL 095902419040 ACCOUNT R1910286 YEAR 1997 OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GREELEY, CO 80631 PHONE (970) 353-3845, EXT. 3650 The appraisal 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 IS VALUED BY CONSIDERING THE MARKET APPROACH. 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 defemination 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 1995/1996 TIME PERIOD. THIS COMPARISON SHOWS YOUR ACTUAL PROPERTY VALUE TO BE CORRECT FOR THAT PERIOD. PROPERTY CLASSIFICATION PETITIONER'S ESTIMATE OF VALUE ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW LAND IMPS 4826 49578 4826 49578 TOTALS $ $ 54404 $ 54404 f 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. Please see the back of this form for detailed information on filing your appeal. By: 15-DPT-AR Form PR -207-87/94 WARREN L. LASELL WELD COUNTY ASSESSOR 06/30/1997 DATE ADDITIONAL INFORMATION ON REVERSE SIDE t?C:, YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION property County lnd and buildings))aandn will sit topersonal property ooperty (furnishings, f appeals beginningis,chiner , and equipment) 1 and tu9 8h 04gust 5 and 39-8 real P PrtY( P P Y( g> 4', 107(2), C.R.S. APPEAL PROCEDURES: If you choose to appeal the Assessor's decision you must appeal to the County Board of Equalization. To preserve REALright PROPERTY, your ANappeal must 21 Fbe OR PERSONAL POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR RTY. 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. The County Board must conclude their hearings by August 5. 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 11. 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., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. 4 44 ' av --- `/6/41 DATE Fie No. ld-10251 Borrower Parker Property Address 702 37th Ave Ct CM Greeley Lender 1st Choice Bank Courts Weld State CO Zip Code 80631 TABLE OF CONTENTS Services Invoice, Legal Size ............ .... ...... ... ........ .„........ ,,,........... ,.,,.,, 1 2 Summar/ of Salient Features 2 USPAP Report Identll'cation - 3 Small Income -- 10/94 4 Income --10/94 Comparable Photo Page (1-3) g Income -10/94 Sublect Photo Page 19 Building Sketch - 11 Location Map 12 Operating Income Statement Statement of Limiting Conditions -- 6/93 Multi -purpose Supplemental Addendum Addenda Form P54 — 'TOTAL 2000' appraisal software by a la mode, inc. -- 1.600.A1AMOOE 14 16 10 F,le No, id. 025a Pace n SUMMARY OF SALIENT FEATURES Subject Address Legal Description Cry County State Zip Code Census Tract Map Reference 702 37th Ave Ct See Attached: Greeley Weld CO 80631 14.02 MSA 3060 Salefrice Date of Sale $ 175.000 Current Borrower/Client Parker Lender 1st Choice Bank Size (Square Feet) Price per Square Foot $ Location Age Condition Total Rooms Bedrooms Baths MSA 3060 N. Greeley Appraiser Kenton Sick Date of Appraised Value 12/05/96 Final Estimate of Value $ 177,000 Form $50 — T0TAL2000' appraisal software hy,a.la.mad4,lnc. — 1,4121-ALAM0DE IBorrower Parker PropertyAddress 702 37th Ave Ct City Greeley Lender 1st Choice Bank File No. ld-10254 Pape # 3 County Weld rireNo. ld-1025a state CO Zlp Code 80631 APPRAISAL AND REPORT IDENTIFICATION This Appraisal conforms to one of the following definitions: ❑x Complete Appraisal The act or process of estimating value, or an estimate of value, performed without invoking the Departure Provision. ❑ Limited Appraisal The act or process of estimating value, or an estimation of value, performed under and resulting from invoking the Departure Provision. This Report Is one of the following types: ❑ Self Contained Report A written report prepared under Standards Rule 2-2(A) of a complete or limited under Standard 1. x❑ Summary Report A written report prepared under Standards Rule 2.2(B) of a complete or limited under Standard 1. ❑ Restricted Report A written report prepared under Standards Rule 2-2(C) of a complete or limited under Standard 1. appraisal performed appraisal performed appraisal performed Comments on Appraisal and ReportIdentification Note any departures from Standards Rules 1.2, 1-3, 1-4, plus any USPAP-related issues requiring disclosure: CERTIFICATION STATEMENT I certify that to the best of my knowledge and belief, the report analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of thk Appraisal Institute. I certify that the use of this report is subiect to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. This is a summary report. Austin & Austin Appraisal Services, (070) 353.0700 Form 101. -. 'TOTAL 20pq' aplralsal.sonware.by, a la.mode„Inc. -. 1: aqu-AIAM00E Fife No. 1d-1025aj Page ar 4) SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT MNe. 1d -1025a PropertyAddreas 702 37th Ave Ct city ureeIeY Sate CO Zlocode 80631 Legal Description See Attached: County Weld Assessors Parcel No. 0959024I9039/40/41/42 Tax Year 1995 R.E. Taxes$ 1.443 Special Assessment 0 $ Neighborhood or Prolect Name West Greeley Map Reference MSA 3060 Census Tract 14.02 Borrower Parker Current Owner Ma r kle ' Occupant TI Owner ] Tenant 171 El Vacant Property rights appraised x Fee Simple ET Leasehold Project Type ( I PUO i X1 Condominium HOA S O /Mo Sales Price 3 1 7 5 . 0 0 0 Date of Sale Current Oescrlptlon and $ amount of ban charges/concessions to be paid by seller 0 Lenderrtllent 1st Choice Bank Address 2164 35th Ave, Greeley, CO 80634 Appraiser Kenton Sick Address 918 13th Street, Greeley CO 80631 Locaton ❑ Urban ❑x Suburban ■ Rural Built up X Over 75% ❑ ❑ 25-75% . Under 25% Growth rate ❑ Rapid E Stable ❑ Slow Predominant Single Famty Occupancy O Owner Si b P housing PRO AG $ (Oi ) (yrs) 80 Low 15 Predominant 2.4 Fumy po mancy ❑ Owner 2-4 tansy housing PRICE AG S (000) On) 120 Low 15 Property values ❑Increasing ©Stable ❑Dec fining E Tenant 135 High 30 E Tenant 200 High 25 Demand/supply ❑ Shortage E in balance ❑ Over soppy E Vacant (0-5%) `v' { Predominant F5n © Vacant 0.5% ( ) ''I Predominant j>'s>" Marketing lime 17-1( f Under 3 mos. [—i 3.6 mos. Ti Over 6 mos. Ti Vacant lover 5%) 110 23 n Vacant (over 5%1 15 0 20 Typical 2-4 tamiy bldg. Typo Row No. stories 2 No. units 2 - 6 Age 2 0 yrs. [Preset land use % Typical rents t 300 to 750 Li Increasing xL7stable ❑Declining Land use change Onefamiy 70 Not truly ❑Likey Eat neighborhood apt vacancy % ❑ Increasing 131 Stable E Declining 12.4 family 20 [] In process to: Rent control ❑ Yes ® No IN Likely if yes or Rely, describe I Multi-famly Commercial 10 ( 1 Note Race and the racial composldon of tie neiphbortrood are not appraisal factors. Neighborhood boundaries and characteristics: West Greeley, west of 35th Avenue, north of 10th Street. and south of 4th Street. Factors Mat affect the marketability of the properties In Me neighborhood (proximity to employment and amenities, employment stability, appeal to market, et): Edwards is a nice Greeley subdivision_ developed during the 1960's, made up mgstly of ranch styled single family homes. The neighborhood is close to both shopping and parks' Epple Pheasant Run and Bittersweet parks are all with in walking distance. The neighborhood is well cared for, and the homes are in a price range that is much in demand. The south edge of the neighborhood is zoned R-3 and has a number of multi -family buildings. The following available listings represent the most current, similar, and proximate competitive properties to the subject property in the subject neighborhood, This analysis Is Intended to evaluate the inventory currently on late market competing with the subject property in the subject neighborhood and recant price and marketing Imo bends affecting the subject properly. (Listings outside the subject neighborhood are not considered applicable). The listing comparables can be the rental or sale comparabks If they are cunenty far sal ITEM I SUBJECT COMPARABLE LISTING NO. t COMPARABLE LISTING NO. 2 e. COMPARABLE LISTING NO. 3 702 37th Ave Ct Address Greeley 3308 Empire St Evans 700 38th Street Evans 2001 9th Avenue Greeley0 Proximity to subject € i�'rs2 `y ''€ ; `'' '- �� -��° 2 miles south I 2 miles south 30 blocks Listing price $ TOUnf. 7Furn.$ 159,900 mUnl. f�Fun. $ 149,900 east Hunt. 7Fum.$ 750,000 pproximate GSA I 4,000 2940 2,280 atasource Ins MLS/Agent MLS/Agent 8.100 MLS/A,ent MUnits/rotrms/BRiBA 4 ;16:8 6 2 ;12 :6 :2 2 ;10 16 :2 21 :55 pproxlmateyearbuilt 1972 1995 1992 ;110 :21 1926& 1975 pprox.daysonmarket N/A 28/Duplex 20/Duplex 78/SFR/12 omparison ofistingsto subject plex property: Listing are very Iimi1'.eA properties or four-plexes r designe Market conditions that affect 2-4 family properties In the subject neighborhood acceding the above neighborhood indicators of growth rate, property values, demand/suppy, and marketing time) and the prevalence and impact in the subject market area regarding ban dlscnunts, Interest buydowns and concessions, and Identification of trends in listing prices, average days on market and any change over past year, et.: The local market in general h a s improved over the past year, with generally increased prices for rental properties. There is evidence that rents have peaked, and demand and supply are in balance. Although with continued construction of rental properties, listing prices could to be strong, No financin concessions prevalent. Interest rates are at a very attractive 8%-9X presently g Dimensions ADOrox. 76x127 Site area 9 , 6 52 Comer tot E No E Yes Specific toning classification end description Multi - F a m 1 1 y Residence Zoning compliance x[f Legal Ti Legal nonconforming (Grandfatilered use) ❑ Illegal Ti No zoning Highest and best use as Improved• ❑ Present use Ti Other use (explain) Mlles Pubrtc Other Elecelcity ❑x Gas fzJ Water ❑x Sanitary sewer ❑x Storm sewer TO Off -ells improvenrmti Type Street Asphalt curb/gutter Concrete Sidewalk Concrete Streetlights Pole Ailey None FEMAMapNo. 080184 0001 8 Comments (apparent adverse basements, encroachments, special assessments, slide areas level or legal nonconforming zoning use, et.): Topography Generally Level Size Typical for area Shape Rectangular Drainage Appears adequate View Interior Landscaping Average for the area Drheway Asphalt Apparent easements utility & Drainage Prfate ❑ Ti Ti 0 n FEMA Special Flood Hazard Area ❑ Yes 0 No FEMA Zone C Map Date 07/16/79 was provided to the appraiser; inspection of the site and public records providedNo all information regarding easements and possible encroachments, but cannot be relied upon. The site has a paved off-street parking in the front and landscaped with grass and a privacy fenced backyard, Each unit has a patio area and a storage area. iddb Mac Form 72 10.04 PAGE 1 OF 4 Purrs SR3 •- 'TOTAL 2000' appraisal software Sy a la mode„ Inc. -- 1.800•ALAMOOE Fannie Mae Form 1025 10-94 SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORYIeNo.1d-l025a Paga+a� Generaldesalpeon Urns/Skip. 4 / 1 Exlerbrdracrlpaon (Materials/condition) Foundation Concrete Foundation Sao OX bullion (R•ralueltlmown) ❑x Roof Fiber Stories 2 story Exterior walks Brick/Siding Crawl space 100X ©Celang Fiber Type(det/att) Detached Roof surface Comp, Sump Pump None ❑x Wars Fiber Design (styb) 2 story Gutters & dwnspts. Metal Dampness None obs Floor Existing/proposed Existing window type Alumn Settlement None obs E2 None Underconsiructlon No StormsasNscreene Yes/Yes/DP Infestation None obs Adequacy Ave Year Bula 19 72 Manufactured housing• ❑ Yes ❑x No Basement 0 % of 1st floor area Energy efficient items: Effect vo +qeQ rs.) 10 "(Complies with the HUD Manufactured Housing Basement finish Crawl - Space Consbuctton and Safe Standards.t Unto Laval{s1 Fovet ;Nino Dining Kitchen Don famtr rrm Bedroomsl # Bats Laundry Other Sa.ltAfntt Total 4 1 1 x 1 2 1.5 1,000 4 009 —:__ Rooms: d Bedroom{st: Bat (s): 4 , 0 0 0 Scuare lest of GROSS BUILDING AREA GROSS BUILDING AREA (GBA) IS DEFINED AS THE TOTAL FINISHED AREA (INCLUDING COMMON AREAS) OF THE IMPROVEMENTS BASED UPON EXTERIOR MEASUREMENTS. Surfaces (Materials/condition) Mary lgthen equip. (re /unit-cond.) MSc Cu Storage No. Cars 2/ U Floors Crpt/v1/gd Type HWBB Refrigerator 1/unit/avq El None Garage ❑ Walls 0rywall/vqd Fuel Gds Range/oven 1/unit/avg ❑stairs carport ❑ Trim/Flnlsh Wd/painted/gd Condition Avg Disposal 1/unit/avg El Drop stair Attached ❑ Bath floor Vinyl/avg-gd Central Unit Olshwasher 1/unit/avq 0 Scuttle 1 Detached ❑ Bath wainscot Units / vqd Cooing Farvhood 1 / u n i t l a v g Lj Floor Adequate ❑x Doors HC/Stnd/gd Central Room Units Compactor - ❑Heated Inadequate ❑ Otter None Washer/dryer Common/Coin ❑Finished Oftstreet x❑ Condition Avg Microwave None # 0 ❑ FlreoI em❑Unfinlshad None Intercom Condition of the Improvements, repairs needed, quality of construction, additional features, modemlzaton, et.: The sub i e c t i s a four unit building, each unit being a 2 story with the bedrooms and a full bath on the upper floor and the living room, dining area, and kitchen on the main level; the building includes the following features: brick facing: units are identical with two bedrooms- bathroom, living room, combined kitchen and dining area accessing the patio; the carpet and vinyl floors are in good condition with unit 1 being dated and unit 4 having_all new floor coverings, unit 1 has hardwood floor in the kitchen/dining area; bath wainscot has been updated and are single unit fiberglass, walls have newer painted and in good condition; The units are in good condition with low anticipated maintenance cost. Depredation(physical,funcdona(and external inadequacies, etc.): The construction quality is typical for the area Based on maintenance, condition & comparison to competing neighborhoods, the estimated effective age is below the actual age, 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 ttesubject property: There are no known or apparent environmental conditions that would negatively impact on the value of the property. NOTE: The building has been condomiuiumized but has never had a formal association set-up and has always been held as a 4-plex apartment building with a common owner, Therefore it is view as such. ESTIMATED SITE VALUE ESTIMATED REPRODUCTION COST -NEW OF IMPROVEMENTS: VALUATION ANALYSIS 30.00 0 Comments on Cost Approach (such as, source of cost estimate, ails value 4.000 Sq.Ft@s 40,00 -s 160,000 Sq.Ft®5 =S Sq.Ft@$ =5 Sq. Ft@S =5 Sq.Ft@S =5 =_ =5 =5 =5 =s Special Enemy Efficient Items = $ Porches, Patios, etc. = 5 Total Estimated Cost New =S 160,000 Physical Functional External Less 14 Depreclamo, 22,400 Depreciated Value of Improvements 'As Is• Value of Site Improvements INDICATED VALUE BY COST APPROACH Idle Mac Form 72 10-94 =5 22,400 =5 137.600 =s 10,000 =S 177,600 square loot calculation and, for HUD and VA, the estimated remaining economic fife of the property); All sale dates are closed dates, contract dates will be noted. Cost information: Residential Cost Handbook Marshall & Swift Average Quality Remaining Economic Life, 40 years Site value is determined by the extraction method PAGE 2 OF 4 Form.5R3 •• 'TOTAL 2000' appraisal software by a la mode, Inc. •• t-800•ALAMODE Fannie Mae Form 1025 10.94 file No. 1d -102B d Pace # At least tree rental comparables should be reported and anayzed in this eecton.The rental comparables should represent the most current rental information on properties as similar and proximate to the subject property as possible. (This comparison Is based on current rental data, therefore, to rental comparables typically are not the same comparables used in the sales comparison analysis.) The appraisal report should assure the reader that the units and properties selected as comparables are comparable to the subject property (both the units and the overall property) and accurately represent the rental market for the subject properly (unless otherwise stated within the report). REM SUBJECT COMPARABLE RENTAL NO. 1 COMPARABLE RENTAL NO.2 COMPARABLE RENTAL NO.3 Redress 702 37th Ave Ct Greele 706 37th Avenue Greeley 724 37th Ave Greeley 2709 27th Street Greeley Proximity bsublect2�'7A . '''a��;�."i a3' Same area Same area 15 blocks southeast Lease data (it available) Yearly Yearly Yearly Rent survey date Dark source insp Prop. Manager Agent Files Agent Files a MLS/Agent Files Rent concessions None None None None Description of property -unite, design, appeal, ge, vacancies, andcondltons No. Unto4 No. Vac. 0 No. Units 4 No. Vac. 0 Yr. St.:1971 No. Unto 4 No. Vac. 0 Yr. BIL: 1976 _ No. Units 4 No, Vac, 0 Yr, Bt: 1950 Yr,Btt.: 1972 4-plex 4-plex 4-plex 4 plex Brick/Frame Similar Similar Similar 2 story Units 2 story Units 2 story Units 2 story Units Appeal:Good Good Good I Good Individual unit breakdown Utlibes, Iumlisre, and amenities Included In rent Tot 4 4 4 4 Water/Trash Heat Unfurnished None Br 2 2 2 2 Ba 1.5 1.5 1.5 1.5 Sq. Ft 1,000 1,000 1,000 1,000 Tot 4 4 4 4 Water&Trash Heat Unfurnished None Br 2 2 2 2 Ba 1.5 1.5 1.5 1.5 Sq. Ft Monty Rent 998 998 998 998 550 550 550 550 .cou Br 2 2 2 2 Tot 4 4 4 4 Ba 1.5 1.5 1.5 1.5 no Total Rm. Count Size Total Sq. Ft Monthly Rent Tot Br Ba Sq. Ft Monty Rent 1,000 1,000 1,000 1,000 Water&Trash Heat Unfurnished None 550 550 550 550 4 4 4 4 2 2 2 2 1.5 1.5 1.5 1.5 988 988 988 988 Water&Trash Heat Unfurnished None 500 550 550 575 Functional utility, basement heating/cooling, project amanitas, etc. F.Util: Avg Average Average Average HWBB-Combine 2/unit0ffstr Coin-opLaund HWBB-Combine 2/unit0ffstr LaundHookuos HWBB-Combine 2/unit0ffstr Central Laundry Analysis of rental data and a ppoh for estimated market rents for the Individual subject units (Including the adjustments used, the adequacy of comparables Comparables are all very similar designed units and similar in appeal and The rent for this style of unit is very well defined in the local market. FANG/Ind Unit 1/unit0ffstr Laundry Hookups rental concessions, etc.) condition. Subjects remscNedule The rent schedule reconciles the applicable indicated monthly market rents to the appropriate subject unit and provides the estimated rents for the subject properly. The appraiser must review the rent charactensecs of the comparable sales b determine whether estimated rents should reflect actual or market rents. For example, ii actual rents were available On the sales comparables and used m derive the gross rent multlpier (GRM), actual rents for the subject should be used. if market rents were used to construct the comparabies' rehte and derive the GRM, market rents should be used. The total gross estimated rent must represent rent characteristics consistent with the sales comparable data used to derive the GRM. The total pro s estimated rent Is not adjusted for vacancy. 'LEASES ._ _.._.._...,. coillAItU NGVTS Unit Lease Date UnitsNa Vacant Per Unit Total Rents Per Unit Total Rents Bea End Unfurnished FumIshed unfurnished I Furnished 1 Monthly monthly 0 $ 440 $ $ 440 $ 550$ $ 550 2 Monthly Monthly 0 440 440 550 - 550 3 Monthly Monthly 0 440 440 550 550 4 07/13/9. 01/13/97 0 46 46 550 550 :,. tea..,. 1 705 w.•r •tw5 rra'z s 2 2nn Vacancy: Actual last year 0 % Previous year 0 % Estimated: 3 % $ 800 Annually Total gross estrrat+d rent $ 25,600 Ubiltes Included In estimated rents: Q Electric 0 Water Qx -Sewer Q Gas EON E Trash coiecton Comments on the rent schedule, actual rents, estimated rents (especially regarding differences between actual and esemaled rents), utiltes, etc.: Typical rent in area is $250-300/bedroom. The comparables are all located in the general neighborhood of central Greeley with similar amenities. Market rent of this styled unit is very well defined in the local market. The subiect property has been managed by the owner who does not live in Greeley. ddie Mac Form 72 10-04 PAGE 3 OF 4 Form,SR3 — 'TOTAL 2000• appraisal.eoftware by a la mode, Inc. - t.800-ALAMODE annie Mae Form 1025 10-94 H:ie No. 1d-10254 Pape N 7 SMALL RESIDENTIAL ustinIINCOMEaPROPices,ERT) Y APPRAISAL REPORT The undersigned has recited three recent sales of properties most similar and proximate to the subject property and has described and analyzed these In this analysis. li there is a significant variation between the subject and comparable properties, the analysis Includes a dollar adjustment refleceng the market rsacbon to those items or an expianaton supported by the market data. It a significant item In the comparable properly is superior to, or more favorable than, the subject property, a minus (•) adjustment is made, thus reducing the adjusted sales price of the comparable property; II a significant Item In the comparable property is inferior to, or lose favorable than, the subject property, a plus (+) adjustment la made, thus Increasing the adjusted sales price of the comparable property. [(1)Saks Price / Giros Mori* Rent) ITEM SUBJECT 702 37th Ave Ct Address Greeley Proximity to subject RINCIOIANNAlW Sales price Sales price per GBA Gross monthly rent Gross me. rent mull (1) Sales price per unit Sales price per room Data and/or Verification Sources $ 175.000 43,75 2,200 COMPARABLE SALE NO.1 2702 9th Avenue Greeley 2 miles southeast 1lUef.E1Fum. $146, 000 $ 40,56 $ 1,780 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 2440 W 11th Street Greeley 10 blocks east (X]Unf.fjFum. $185, 000 61.67 708 37th Ave Ct Greeley Next door (�Un1.17Fum. $182,500 ADJUSTMENTS Sales or financing concessions Date of sale/lime Location Leasehold/Fee Simple Site View Design and appeal Dually of construction Age Condition Gross Building Area $ 'k 79.55 43,750 10.938 82.02 $ 36,500 $ 9,125 Insp Inspection/files Leases MLS/Agent/Insp DESCRIPTION • , DESCRiPTION j+ (—) $ Adjustment Conv 80% None s 2.100 45.63 S 2,200 88.1 82.95 46.250 $ 11,562 40,000 S 11.400 Inspection/files Inspection/files MLS/Agent/Insp Pending Sale DESCRIPTION ;+ (—IS Adjustment Cony 70% None AW C1sd 6/96 04/30/96 N. Greeley SE Greeley Fee Simple Fee Simple 9.652 7,500 sQ ft ,10000 Interior 2 story Ranch Avg/Brick Avg/Brick 18 Avg/Good Average +10,000 C. Greeley -5,000 Fee Simple Interior Interior DESCRIPTION '+(-)SAdjustment Cony 70% None Clsing 1/97 N. Greeley Fee Simple 9652 Interior 2_ story Avg/ rick 18 Superior Raised Ranch: Avg/Brick Unit breakdown 16 45 4 000 Sq.ft No. al units 1 1 1 R Tot 4 4 4 4 . count Ba 1.5 2 2 1.5 1.5 2 1.5 Br Basement description Functional ueuy Heating/cooling Parking on/off site Project amenities and fee (If applicable) Net Adj. (Dotal) Adjusted sales price of comparable Comments on sales comparison (Including reconciliation of an indicators of value as to consistency and relative strength and evaluation of the typical Investors/purchasers motkaeonlnetatmarket): Sale 3 is the identical units in design with all units recently updated. Sale has recently been completely updated and is in excellent condition. It is more centrally located and in a superior neighborhood. Sale 1 is located in a less appealing area amoung commercial use properties. It is in average condition with floor coverings near the useful ITEM 3 600 sq. .c Br 2 aunt No. Vac. 1 0 1 0 None Included Average Average HWBB/Combin FANG/Individ; Off-street Off -Street +10.400 , xce,llent ; -15.000 +5,000 3 000 So.rt +500 +500 +500 +500 No. Rm. count No. unitts Vac. 1 4 1 4 1 4 1 4 None Average HWBB/combine; Off-street +10,000 a:ta;a>;:;:: t; #stsf"rs +.:v7 —;s 27,000-E.`... ...$ $ 173,000 S +500 +500 +500 +500 4,000 sq.t: Included Average HWBB/Indivd Off-street OffStreet -5.000 8.000 177,000 f 1+ IT1—'s 5.000 $ 177 500 Date, Price and Data Source for prior sales within year of appraisal SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 No Sales History Pub Rec 10/91 $79,000 Pub Rec 9/92 $92,000 Pub Rec COMPARABLE NO. 3 1/89 ($111,000 I Pub Rec Analysis of any current agreement of sale, option, or tstng of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: The subject is not an active listing in the local MLS. 2 Total gross monthly estimated rent S 2.200 X gross rent mutbplier (GRM) 82 .S 180,400 INDICATED VALUE BY INCOME APPROACH Comments on income approach (Including expense ratios, if available, and reconciliation of the GRM) Capital i Z a t i On v a l ue equal s S 172,800 . See addendum f r expanded income and market data approach. INDICATED VALUE BY SALES COINPARISON APPROACH INDICATED VALUE BY INCOME APPROACH INDICATED VALUE BY COST APPROACH $ 177,000 S 180,400 $ 177,600 This appraisal is made x0 'as is' ❑ subject to the repairs, aerations, Inspections, or conditions lead below subject to completion per plans and specifications. Comments and conditions of appralsat This appraisal was made "as is." Final reconciliation: The three approaches provide a good range of value. The cost approach is the weakest, with the recent price volatility in building materials and construction costs making many factors very difficult to estimate. The market and income approaches are expected to be The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limning conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannts Mae Fenn 10048 (Revised 06/93 ). I (WE) ESTIMATE THE a=i VALUE, AS DEFINED, OF THE REAL PRopEP;n MATS THE SUBJECT of THISREPOFrr. AS OF 12/05/96 hWti (WHICH IS THE DATE OF INSPECTION AND THE APPRAISER SItLaNre Name Kenton Sick Name Date Report Sired December 5, 1996 StaleCertficatonar CR01320540 Or Stale License # DATE CF THIS REPORT) TO BE S 177,000 . SUPERVISORY APPRAISER (ONLY IF REOUIRED): Signature idle Mac Form 72 10-94 State CO State Date Report Signed Stale Certification M Or State License # ❑ Old Old Not Inspect Property State State PAGE 4 OF 4 lQflni$�l ^'T,Q7,,g.1..2Q4p; dtipJAls.M.saMv..4°&byva,lhvRA&,inc -- f fL.AI.A.MQ Fannie Mae Form 1025 10-94 0_31e No ld-It2 nuuCnuq Borrower Parker Flle No. 1d ProperyAddress 702 37th Ave Ct -1025a City Greeley county Weld state CO %Israee 80631 Lender 1st Choice Bank IPTION LOT 20 AND THE NORTH ELEVEN FEET OF LOT NINETEEN BLOCK EIGHTEEN SIXTH ADDITION TO EDWARDS HOMES. CITY OF GREELEY, COUNTY OF WELD. STATE OF COLORADO; ALSO KNOWN AS: UNITS 1, 2, 3, AND 4, GREELEY TOWNHOUSE CONDOMINIUMS, CITY OF GREELEY, COUNTY OF WELD, STATE OF COLORADO, IN ACCORDANCE WITH THE MAP RECORDED NOVEMBER 5, 1973 IN BOOK 702 AS RECEPTION NO. 1624245; ALSO IN ACCORDANCE WITH THE DECLARATION RECORDED NOVEMBER 5, 1973 IN BOOK 702 AS RECEPTION NO. 1624244; AND ALSO THE RATIFICATION OF SAID MAP AND DECLARATION RECORDED MAY 21, 1982 IN BOOK 968 AS RECEPTION NO, 1892349. COMMENTS ON SALES COMPARISON life. The data support the subject's contracted Sale price with Sale 3 given additional consideration. Sale 3 is under -contract with closing scheduled after year end. After discussions with the local property management company, Vintage Corp, the subject's expense ratio is projected at 28%. The data ratios provide market ranges to evaluate the subject property, Gross Rent Multi Expense Percentage Net Annual Income Overall Cap Rate Price per unit Price per room Price per sq ft Comp Range 82-88x 25-28% 10-12% 36K -46K 59K -11.5K 540.56-61.67 Subject Value Estimate -- 82x 28% $19,000 11% 545K $11000 $45.00 $180.000 $172,800 $180,000 $176,000 $180,000 The subject is representatively placed in each range with weight given to Sale 3 due to design and the similar gross monthly rents. Gross Rent Multiplier and the Overall Capitalization Rate are given the most weight with the remaining data providing excellent support. FINAL RECONCILIATION relatively close because the typical purchasers in the market require a quantified return. Therefore the Market and Income approaches are given the most consideration, This a summary report. INCOME --10194 COMPARABLE PHOTO PAGE {1-3 Borrower Parker Properly Address 702 37th Ave Ct City Greeley Lender 1st Choice Bank County Weld State CO File No. 1C-lor53�oape —#-13 FlteNo_ ld-1025a ZloCode 80631 Form POI •• 'TOTAL20OQ' appraisal software by a la.mode, int — 1,.8150-ALAMDDE Comparable 1 Address Condition Lowden cuauty of Consv. !Avg/Brick 2702 9t Average SE Greele h Avenue y Comparable 2 2440 W 11th Street Address Condition Location Ouallry of Constr. Excellent C. Greeley Avg/Brick June3,0; 1997 -2wu,N,tf97 A' Weld County Board of Equalization 915 10th Street P.O. Box 758 Greeley, CO 80632 RE: Property Tax Appeal Parcel # 095902419041 Acct # R1910386 HAND DELIVERED To Whom it May Concern: I have received a Notice of Denial from the Office of the County Assessor regarding my appeal of property tax on the above referenced parcel. I have attached a copy. The category of assessment into which my property was placed is "residential property [which] is valued by considering the market approach". I believe this is a correct assumption. The denial reason is then given as " been denied due to comparison of other similar properties which sold during the 1995/1996 time period. This comparison shows your actual property value to be correct for that period". This is where I have a problem, and wish to appeal to your better judgement. I have attached a copy of my original appeal letter. However, I wish to describe the property again. The parcel above was part of transaction involving four uniquely described townhomes. The townhomes are part of a fourplex as described below: Parcel # Acct # 1) 095902419039 R1910186 2)095902419040 R1910286 3)095902419041 RI910386 4)095902419042 R1910486 Total assessed Value Valuation by Assessor 55,891 54,404 54,404 55,891 220,590 I purchased these townhomes for a total of $175,000 as part of a single, arms length transaction on December 17, 1996. The very definition of the market approach is that price agreed to by a willing buyer and a willing seller, which would indicate $175,000. I understand however, that more objective evidence is required. Therefore, I have attached a copy of the appraisal done on the property at the time of the sale. I had also included excerpts for the Assessor, which may not have been adequate for his purposes. The appraisal was done by a certified, licensed appraiser. The final value was determined using market value approach. The final value arrived at by the appraiser was $177,000. The appraiser used six comparable sales within the same time period as the Assessor's data. There were three additional listings of property for sale which were also included in the appraisal. This is objective, comparable data utilized by a qualified individual to arrive at an independent valuation of $177,000 for all four units using the market valuation approach cited by the assessor as required under Colorado law. I believe the appraiser is correct, and in accordance with 39-8-106(1.5), C.R.S. state that I believe the property should be valued at $177,000. Therefore, I submit to you, that the valuation of each unit can be calculated at $177,000 divided by 4, which equals $44,250 each. Please adjust the property tax values accordingly. enclosures June 17, 1997 Warren Lasell Weld County Assessor 1400 N 17th Avenue Greeley, Co 80631 RE: Parcel # 095902419041 Acct# R1910386 Dear Mr. Lasell, This letter is being written to appeal the property valuation assigned to the above referenced parcel. This parcel was purchased as part of a transaction involving 4 uniquely described townhomes. The townhomes are part of a 4-plex, as described below: Parcel # I) 095902419039 2) 095902419040 3) 095902419041 4) 095902419042 Acct # Valuation by Assessor R1910186 55,891 R1910286 54,404 RI910386 54,404 R1910486 55.891 Total Valuation 220,590 I purchased these 4 townhomes as part of a single transaction on December 17, 1996. The purchase price was $175,000. I have attached a copy of the Warranty Deed proving this. I have also attached a copy of the appraisal, showing a valuation of $177,000 on the appraisal date. This is for all 4 units and is supported by comparable sales. Additionally, the 4 units which share a common parking lot were also sold in December, 1996 for $180,000. These units were in better condition, having been managed by a professional property management company for several years. Therefore, due to my appraisal, and the sales prices for all area units, I am convinced the evaluation of the property in total does not exceed $177,000. Taking this valuation and dividing it by 4, the value for each individual unit would be $44,250. Please use this valuation for property tax purposes. I have attached a copy of this letter and the appraisal with each appeal request for the 4 townhomes. Sincer ly, es W Parker RESUME OF APPRAISER Kenton Sick is a full time certified fee appraiser for Austin & Austin Appraisal Services. Kenton holds a M.S. in Finance from the University of Colorado -Denver and a B.S. in Economics from the University of Wyoming. Kenton is a Candidate of the Appraisal Institute, and has been appraising full-time since April, 1993, Kenton formally worked at The First National Bank of Fort Morgan serving as chief financial officer, Commercial loan officer, and appraisal reviewer for FIRREA compliance. He currently appraises for 1st Choice Bank, Kersey State Bank, The First National Bank of Fort Morgan, First National Bank of Greeley, Union Colony ofBank of Greeley, First City Financial, Pioneer Mortgage Greeley, Select Mortgage Commerical Federal, Banc One Mortgage Resources of Denver, Mortgage Company of Denver, Eaton BankeyCorppMortgage Watefield e Financial Corporation, ICM Mortgage, Pacific Mortgage, g Firsate Bank.and Flrstate Kenton is registered with HUD and a qualified FHA appraiser. C:\wp51\form\kent.res matte of > 'w A► umber CR01320540 �IIIII�b R Expires Nat Tranalereble • DEPARTMENT OF REGULATORY AGENCIES December thirty-first l•, CERT RESIDENTIAL APPRAISER w *** nau *** •: C:0 i a s a * * a s a Y • • k **** **** *** rhis is to certify that the person shown below has been duly enrolled as shown above in the S % rbi is _Ina_ a e * * as provided for by the Laws of Colorado. Expires December thirty Co!Colaratlp for tWeacalendaafear(s) Jf Authorized by the Boardof Real Estate Appraisers. WITNESS by my KENTON A SICK hand and ollicial seal at Denver. Coloado th__is 2129 18TH ST RD of Janus Iqday GREELEY, CO 80631 D M1 ,r,�.,��,�� /��arwq�,ty� Program Administrator \� '`WTN e9Hue' `r Apr" .`arr"s' r r ❑ The subject properly is carrell not_ un`ponact 'v"` nz`° •:; j�.,`v""x A'`w yY''`• ' .-Ft k. �Y aoyw'fi,'zah ❑ The contract and/or escrow lnsbuctions were were notavaA�thl�, The unavallablil contract is expWlneO WRr In the addenda section. e0 The contact and/or escrow Instructions were reviewed. The following summarizes the contract 11/04/96 ❑❑ The contract Indicated that personal property was not Included in the s175 oy Markle The contact Indicated that personal properly was Included. It consisted of ❑Q Personal property was not Included In the final value estimate. ❑Personal properly was Included In the Anal value estimate. EThe contract Indicated no Anancino concessions or other incentives. . The contract Indicated the fallow' no c` or Incentives: ❑ If concessions or Incentives exist, the comparables were checked for similar concessions ands appropriate that the final value conclusion Is In compliance with the Market Value defined herein. pp pnate adjustments were made, If applicable, so Estimated contributory value is I (1) The analyses, opinlone and conclusions were developed, and this report was prepared, In conformity with the Uniform Standards of Professional Appraisal Practice ('USPAP'), except that the Departure Provision of the USPAP does not apply. (2) Their compensator Is not contingent upon the reporting of predetermined value or directors In value that favors the cause of the client the amount of the value estimate, the attainment of a stipulated result of the occurrence of a subsequent event. (3) Thls appraisal assignment was not based on a requested minimum valuator, a specific valuator, or the approval of a loan, IL °'v "R' ,' tea, ,,.A DDIONair Na p Ir : 4 1 Tr" k ' P VI The value estimated is based on the assumption that the property is not negatively affected by The existence of hazardous substances or detrimental environmental conditions unless otherwise stated In this report. The appraiser Is not an expert in the Identification of hazardous substances or detrimental environmental conditions. The appraisers routine inspection of and Inquiries about the subject properly did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental condlons which would affect the properly negatey unless otherwise stated in this report It Is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. 01, A ornotiAti,corl1,�MENTS Sze,, iz 'LedP�-':,�+,..al?.u.�, This property does does not I , to the best of my knowledge, show evidence of storage of items, contsiners or materials that are not intended for normal and average consumer usage around the home, 'APPRAISER'$ SI�GNATLIE �aNSE%CIRIAIOATICN r _.ro a. ,> i/ .. '>_. Da. .. Appralsefs Signature /.p 7 Ettetteativeve Date Appraisers Name (pdnt) Kenton Sick seta Y a��i��nset (sine Cq, SIGNING AP R, I ENSU C ❑ The co-signing appraiser has personay Inspected the subject property, both Inside and out and has made an exterior Inspection of all comparable sales listed In the report The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accept responsibility for the contents of the report Including the value conclusions and the limiting conditions, and confirms that the certficaeons apply fully to the co-signing appraiser. ❑ The co-signing appraiser has not personally inspected the Interior of the subject property and. has not inspected the extedorof the subject property and all comparable sales listed in the report ❑ has Inspected the exterior of the subject property and at comparable sales listed In the report ❑ The report was prepared by the appraiser under direct supervision of the co-signing appraiser, The co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and Me Smitng conditons, and confirms that the certilcatons apply fully to the co-signing appraiser with the exception of the certification regarding physical inspectors. The above describes the level of Inspection performed by the co-signing appraiser. ❑, The co-signing appraisers level of Inspection, Involvement in Ire appraisal process and certficaton are covered elsewhere In the addenda sector of this appraisal. ❑ License ❑x Cerfioaton+s CR01320540 12/05/96 Date Prepared 12/05/96 Phone if (970) 353-0790 Tax ID 84-1229034 45GNINGAPP, AISEA'SSICIATUR Co -Signing Appraisers Signature Co -Signing Appraisers Name (punt) Phone A` ( ) State ❑ License ❑ Certification A Tax ID M IGENSE f CERTIFICATION' Effective Date 12/05/96 Date Prepared 12/05/96 Pape 2 of 2 Austin 8. Austin Appraisal Services, (970) 353.0790 Form, MPA — 'TOTAL. 2000' appraisalsottware by a it mode., inc. — 1.-90Q-ALAMO^E rlie No, 1d-102621 Page # l0 MULTI -PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Borrower/Client Parker Property Address 702 37th Ave Ct Oily Greeley Couny Weld State CO Zip Code 80631 Lender 1st Choice Bank his Multi -Purpose Suppiemeutl Addendum for Federally Related Transactions was designed b provide the appraiser with a con'renlent way to comply with the current appraisal standards and requirement of the Federal Depostt insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervisioh (Oft), the Resolution Trust Corporation (RTC), and the Federal Reserve. This Multi -Purpose Supplemental Addendum is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. The Lender AP +Sr,,. A •3 $cp V S % A `"i 9 F�NC1TO"�=kAl&AL � , IY�i�� ti;,✓ �' �r•�� s�`,, �F ,��„�� thaw,' �,,,>ssa�a', N,, r« n� s a. � ,'�• 'r� purpose of the appraisal is to estimate the market value of the subject propery as defined herein. The function of the appraisal Is to assist the above -named In evaluating the subject propertyforlending purposes. This le a Federally related transaction. \ �, a.. �, �4 ", Pi ' :M.. per, 9u: °uu: k �• '. ��` v�'oz,. � m�. �'¢ •k�a� e.,' a^. v� �,,, © The appraisal is based on the Information gathered by the appraiser from public records, other identfed sources, Inspector of the subject properly and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown In the Data Source Becton of the market grid along with the source of confirmation, If available. The original source Is presented first The sources and data are considered reliable. When conflicting information was provided, the source deemed most rellabb has been used. Dab believed to be unreliable was not Included In the report nor used as a basis for the value conclusion. © The Reproducton Cost is based on Marshall & Shift Cost Handbook ❑X ' ❑ X❑ ❑ According O X❑ supplemented by the appraisers knowledge of the local market Physical depreciation is based on the estimated effective age of the subject properly. Functional and/or external depreciation, I present Is specificaiy addressed In the appraisal report or other addenda, in estimating the site value, the appraiser has raced on personal knowledge of the local market Thls knowledge Is based on prior and/or current anaysle of at sales and/or abstractor of site values from sales of Improved properties. The subject property is located in an area of primariy owner -occupied single family residences and the Income Approach Is not considered to be meaningful. For this reason, the income Approach was not used. The Estimated Markel Rent and Gross Rent MuMplier utilized In the income Approach are based on the appraisers knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent MuWaller is based on prior and/or current analysis of prices and market rates for residential properties. For income producing properties, actual rents, vacancies and expenses have been reported and anayzed, They have been used to project future rant, vacancies and expenses. U ' E m RwRE0smu s Rpz INPORP AVON t to Tri-City MLS Information the subject property: ; has not been offered for sale In the past 30 days. is current offered for sale for S 175, 000 ■ was offered for sale within the past 30 days for $ Offering information was considered in the final reconciliation of value. ❑ Offering Information was not considered In the final recancleaton of value, El Offering information was not available. The reasons for unavallablilry and the steps taken by the appraiser are explained later in this addendum. "ell* According IIF S'SRYO; ag``;;!!�� PRO„PP s , '� �• .� 3 ` ff� \ u i'a" �'.*' �..�,' to Weld/Larmier County Assessor and MLS Records the subject properly has not transferred in the past twelve months. El has transferred in the past twelve months. IN All prior sales which have occurred In the past twelve months are listed below and reconclled b the appraised value, either in the body o1 the report or In the addenda. f 4. X❑ Date Sale, Price Document # Seller Buyer itilaWin ii , #3d „ , tIS ° " i,'m , uP. •$ �'� Subjectproperty is not located In a FEMA Special Flood Hazard Area. Subject property is located Ina FEMA Special Flood Hazard Area. Zone FEMA Map/Panel # Map Date Name of Community C 080184 0001 B 07/16/79 West Greeley The community does not participate In the National Flood Insurance Program. Q ❑ The community does participate in the National Flood Insurance Program, ttis covered by as program. it is covered by an emergency program. Pagel oft Form MPA -- 'TOTAL 2011A.' appraisal.sattwaraby, a. la moda,lnc.... 1-a00-AtAMODE Pile No. 1d-10254 Page or 15 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have researched he subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideanon in the sales comparison analysis and have made a crofter adjustment when appropriate to reflect the market reaction to rose Items of significant variation. If a significant Item In a comparable properly is superior to, or more favorable than, re subject property, I have made a negate° 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 knowingy wirhelo any significant information from the appraisal report and I believe, to the best of my knowledge. that all statements and Intormanon In the appraisal report are toe and correct 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject ony to the contingent and limiting conditions specified in this form. 4. I have no present or prospectve Interest in the property that is re 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 ether the prospectve owners or occupant of the subject properly or of the present owners or occupant 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 he 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 conformly 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 lime for exposure In the open market Is a condition In the deMlton 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. B. I have personally inspected the interior and exterior areas of the subject properly and the exterior of all properties tstd as comparabbs In The appraisal report I further certfy that I have noted any apparent or known adverse conditions In the subject improvements, on the subject site, or on any site within the Immediate vicinity al 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 supporthem. I have ako commented about the effect of the adverse conditions on the marketability of he subject property, 9. I personally prepared an 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 IndNlduak in the performance of the appraisal or the preparation of the appraisal report, I have named such IndNidual(s) and disclosed tie specific tasks performed by them in the reconciliation sexton of this appraisal report I tarty that any Individual so named Is quailed to pertorm the tasks. I have not authorized anyone to make a change to any hem in the report therefore, tt an unauthorized change Is made to he 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 statemente and conclusions of the appraiser, agree to be bound by the appraisers certflcatlons numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 702 37th Ave Ct APPRAISER: SUPERVISORY APPRAISER (only If required): Signature: �,�,---CC`_ Signature: Name: Kenton Sick Name: Date Signed: December 5, 1996 Date Signed: State Certificaton x: CR01320540 . State Certifcaton #: or State License w: or State License #: State: CO State: CO Expiration Date of Certification or License: 12/31/98 Expiration Date of Certticatlon or License: ❑ Did ❑ Did Not Inspect Property Austin & Austin Appraisal Services, (910) 353-0790 Freddie Mac Form 4398-93 Page 2 oft Fannie Mae Form 10040 6-93 Form.ACR __ 'EOTAL 2QA6' aggrale.alsotbeara by a la malt, inc. — t'BIlO, ALAMCOE rile No. td-102bb Pape* 14 DEFINITION OF MARKET VALUE: The mast probable price which a property should bring in a compettve and open market under all conditions requisite to a fair sale, the buyer and seiner, each acting prudent', 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 flue from seller to buyer under conditions whereby: (I) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each actng in what he considers his own best Interest (3) a reasonable ems is allowed far exposure in the open market (4) payment is made In terms of cash in U.S. dollars or in terms of financial arrangement 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 wit the sale. • Adlusbnents to the comparables must be made for special or creative financing or sales concessions. Na adjustment are necessary for those costs which are normally paid by sellers as a resut of tradition or taw In a market area; these costs are readily identifiable since the seller pays these costs In virtually all sales transactions. Special or creative financing adjustment can be made to the comparable propery by comparisons to financing terms offered by a third party institutional lender that is not already Involved In the property or transacton. Any adjustment should not be tabulated on a mechanical doper for dollar cast of the financing or concession but the dollar amount of any adjustment should approximate the markers reaction to the financing or concessions based on the appraiser's judgement STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraisers certlncaton 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 the is good and marketable and, therefore, will not render any opinions about the ttle. 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 properly and understanding the appraisers determination of its size. 3. The appraiser has examined the avaltble 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 boated 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 wit not give testimony or appear in court because he or she made an appraisal of the properly 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 Improvement at their contHbunry value. These separate valuations of the land and Improvement 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, et.) That would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warrantee, 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 Nmished by other parties. B. 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 valuator conclusion for an appraisal that is subject to satsfactory completon, repairs, or alterations on the assumption that completion of the improvements vela be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the tinder/client specified In the appraisal report can distribute the appraisal report (Including conclusions about the property value, the appraiser's Identity and professional designators, and references to any professional appraisal organizations or the firm with which tee appraiser is associated) to anyone other than the borrower the mortgagee or its successors and assigns: the mortgage Insures consultant; professional appraisal organizations; any state or federally approved financial Institutor; or any department agency, or Instrumentally of the Untied States or any state or the District of Columbia; except that the lender/client may distribute the property descriptor section of the report only tu 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 4396-93 Page 1 of 2 Fannie Mae Form 10045 6-93 Form ACA -- 'TOTAL 2000' appraisal Software by, alampde.,Ina. -- 1.8.00-ALAMODE Property Address 702 37th Ave City Greeley State CO SKETCH/AREA TABLE ADDENDUM File No. id -1025a County Weld Zlp Code 80634 Borrower Parker Lender/Client let Choice Bank Main LMI 26.3' Upper LHel 73' Bath BedIQeT Bath Bedroom Buement Bedroom C C = 27.3' 2 SCALE: 1 Inch - 15 feet AREA CALCULATIONS SUMMARY Area Name of Area Size Totals OLA1 First Ploar 2016.09 2010.09 OLA2 Second Ploor 1995.09 1995.09 PDX Patio 584.00 504.00 TOTAL LIVABLE (rounded) 4013 LIVING AREA CALCULATIONS Breakdown Subtotals 01.00 X 26.33 2132.73 -0.00 X 14.33 -114.64 73,00 X 27.33 1995.09 4013 AUS11N a AUS71N APPRNSAL SERVICES APEX SOFTWARE 710-$00daaa APS-a 1 pp Ayes II FLe No. 1d•1025a Pace # 13 Replacement Reserve Schedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owners operating statements or are customary In the local market This represents the total average yearly reserves. Generally, all equipment and components that have a remaining life of more than one year -such as refrigerators, stn'es, clothes washers/ dryers, trash compactors, furnaces, roots, and carpeting, etc. - should be expensed on a replacement cost basis. Equipment Replacement Remaining Cost Ufe By Applicant/ Lender Appraiser Adjustments Stoves/Ranges @ 5 300 ea. / 15 yrs. x 4 Units = S 80 S Refrigerators ' $ 400 ea. / __] 0 Yru. x 4 Units = S 160 $ Dishwashers @ S 300 ea. / 8 Yrs. s 4 Units = S 152 $ Aic Units @ S . 150 ea. / 8 Yrs. o 4 Units = S 76 $ C.Washer/Dryers @ S 350 ea. / 5 Yrs. x 1 Units = $ 70 S HAI Heaters .... @ S 1, 500 ea. / 15 Yrs. x 1 Units = s 100 S Furnace(s) @ S 1.500 ea. / 25 Yrs. x 1 units = S 60 S (Other) @ S ea. / Yrs. x Units = S S Roof @ $ 1, 500 / 15 Yrs. x One Bldg. = S 100 S Carpeting (Wail to Wall) Remaining Life (Units) 400 Toaisq.Yds. @ 512.00 Per Sq. Yd. / 10 Yrs. S 480 $ (Public Areas) Total Sq. Yds. @ S Per Sq. Yd. / Yrs. S S Total Replacement Reserves, (Enter on Pg. 1) s 1,278 $ Operating Income Reconciliation 25,600 - S 7,788 - S + 17,812 /12 =s + 1.484 Effective Gross Income Total Operating Expenses Operating Income Monthly Operating income $ + 1,484 — S = $ + 1,484 Monthly Operating Income Monthy Housing Expense Net Cash Flow (Note: Monthly Housing Expense includes principal and Interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage Insurance premiums, HDA dues, leasehold payments, and subordinate financing payments,) Underwriters instructions for 2.4 Family Owner -Occupied Properties • If Monty Operating Income Is a positive number, enter as 'Net Rental Income' In the 'Gross Monthly Income' section of Freddie Mac Form 65/Fannle Mae Form 1003. tf Monthly Operating Income Is a negative number, It must be Included as a lability for qua ftf cation purposes. • The borrower's month?), housing expense -to -Income ratio must be calculated by comparing the tat Monthly Housing Expense for the subject propary to the borrower's sable monthly Income. Underwriter's instructions for 1.4 Family Investment Properties If Net Cash Flow is a positive number, enter as 'Net Renal Income' in the 'Gross Monty Income' section of Freddie Mac Form B5/Fannie Mae Form 1003. 11 Net Cash now is a negative number, it must be included as a liability for qualification purposes. The borrower's monthly housing expense -to -income ratio must be calculated by comparing the total monthly housing expense for the borrower's primaty.reside ce to the borrower's stable monthly Income. Appraisers Comments (Including sources for data and rationale for the projections) The subject and all appliances are in working and assumed in good condition. Data is from Marshall 8 Swift and local advertisements. Kenton Sick Appraiser Name Appraiser Signature COLORADO CERTIFICED APPRAISER #CR01320540 Underwriters Comments and Rationale for Adjustments Underwriter Name Freddie Mac Form 098 Aug 88 12/05/96 Date Underwriter Signature Date Austin & Austin Appraisal Services, (970) 333-0790 Page 2 of 2 Form INC 'TOTAL 2000' appraisal eoftware by a 4 mode, Inc. -- 1-800-ALAMODE Fannie Mae Form 218 Aug 88 File No. 1c-IO25a, Page a 12 Operating Income Statement One- to Four -Family Investment Property and Two- to Four -Family Owner -Occupied Property Property Address Street 702 37th Ave Ct City Greeley State CO Zip Code 80631 General Instructions: This form Is to be prepared jointy by the loan applicant tee appraiser, and the lenders under* der, The applicant must complete the following schedule Indlcat. Ing each units rental states, lease expiration date, current rent, market rent, and the responsibility for Oily expenses. Rental figures must be based on the rent for an'unfumisheo' unit Currency Expiration Current Rent Market Rent Paid Paid Rented Date Per Month Per Month Utety Expense By Owner By Tenant Untt No, I Yes X No Mont1 y S 440 S 550 Elecelclry ❑ E Untt No.2 Yes X No _ Monti y S 440 S 550 Gas 0 ❑ Unit No.3 Yes x No Month 1Y S 440 S 550 Fuel Oil ❑ ❑ Unit No.4 Yes x No 01/13/97 S 465 S 550 Fuel(Otter) ❑ ❑ Total S. 1,785 S 2.200 Water/Sewer O ❑ Trash Removal ❑x E The applicant should complete all of the Income and expense projections and for existing propertes provide actual year-end operating statements for the past two years (for new propertes tee applicants projected income and expenses must be provided). This Operating Income Statement and any previous operating statement tee applicant provides must then be sent to the appraiser for review, comment and/ar adjustment next to the applicants figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form Instead of the applicant the lender must provide to the appraiser the aforementoned operating statement, mortgage insurance premium, HOA dues, leasehold payment, subordinate financing, and/or any other relevant Inlonnatcn as to the income and expenses of the subject property received from the applicant to substantiate the projectors. The underwriter should carefully review the applicants/appraisers projections and the appraiser's comment concerning those projections. The underwriter should make any final adjustment that are necessary to more accurately reflect any Income or expense items that appear unreasonable for the market (Real estate taxes and Insurance on these ypes of propertes are Included in PRI and not calculated as an annual expense Item.) Income should be based an the current rent. but should not exceed market rent. When there are no current rent because the properly Is proposed, new, or currently vacant market rent should be used, Annual Income and Expense Projection for Next 12 months Income (Do not Include Income ter oenroccupled unit) Gross Annual Rental (from unit(s) a be rented) Other Income (Include sources) Total Less Vacancy/Rent Loss ENecle Gross Income Expenses (Do rrm fttbde wanes for owner -occupied unhs) Electicity Gas Fuel Oil Fuel (Type- - ) Water/Sewer Trash Removal Pest Control __.... Other Taxes or Licenses Casual Labor This Includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to contract for such services. Interior PalnVOecoratng This includes the cost of contract labor and materials that are required to maintain the Interiors of One living unit General RepaIrs/Malntenance This Includes the cost of contract labor and matedae that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. Management Expenses These are the customery expenses that a professional management company would charge to manage the property. Supplies This Includes the costs of Isms Ilke light bulbs, janitorial supplies, etc. Total Replacement Reserves- See Schedule on Pg. 2 Miscellaneous Adjustment by By ApplIcant/Appralser Lenders Underwriter S 26.400 S 26,400 800 ( 3 %) — ( %) a 25,600 S 2,000 1.250 360 200 700 500 1,500 0 1.278 Total Operating Expercea $ 7,788 S Freddie Mac Form 998 Aug 88 Page I of 2 Form INC -- 'TOTAL 2000' appraisal eoftware by a la mode„Inc. -- 1,'800-AIAMODE Fannie Mae Form 218 Aug 88 Hello