HomeMy WebLinkAbout981315.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1998, WELD COUNTY, COLORADO - STIPULATE
VALUE
PETITION OF:
DAVID AND KIMBERLY THOMPSON
649 52ND AVENUE
GREELEY, CO 80634
DESCRIPTION OF PROPERTY: PIN: R7034698 PARCEL: 095903314017 - GR 4WP L17
BLK3 WEST POINT 4TH SUB:WEST POINT 4TH FG BLK:3 LOT:17 SITUS: 649 52ND AVE
GREELEY 80634
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 1998, 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 1998, 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 $ 28,500 $ 28,500
Improvements OR
Personal Property 160.958 154.500
TOTAL ACTUAL VALUE $ 189.458 $ 183.000
981315
AS0040
RE: BOE - THOMPSON, DAVID AND KIMBERLY
Page 2
WHEREAS, said Stipulation shall resolve all issues to have been determined by the Weld
County Board of Equalization.
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 4th day of August, A.D., 1998.
BOARD OF COUNTY COMMISSIONERS
WE 9i COUNTY, COLORADO
ATTEST: � ,f,/f, ,� (I2�1r�c�444/
, l Constance L. Har rt, hai
Weld County Clerk t, „: y , ��
4 '
W. Hi2)_
. ebster, Prm
D-puty Clerk to. fed'��� , `' /
13
�- >1 or E. Baxter
APPROVED AS TO FORM: •,V
Dale K. Hall
C, 1d r2 1 ,(
As istant glounty Attorney EXCUSED
Barbara J. Kirkmeyer
981315
AS0040
1998
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
ASSESSOR' S PIN NUMBER R7034698
STIPULATION (As To Tax Year 1998 Actual Value)
RE PETITION OF
NAME : Thompson, David & Kimberly
ADDRESS : 649 52nd Ave
Greeley, CO 80634
Petitioner (s) , David & Kimberly Thompson and the Weld County
Assessor, hereby enter into this Stipulation regarding the tax year
1997 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 :
649 52nd Ave
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 1998
Land $ 28 , 500
Improvements $ 160 , 958
Total $ 189, 458
4 . After further review and negotiation, the petitioner (s)
and Weld County Assessor agree to the following tax year 1998
actual value for the subject property.
Land $ 28 , 500
Improvements $ 154 , 500
Total $ 183 , 000
981315
5 . The valuations, as established above, shall be binding
only with respect to tax year 1998
6 . Brief narrative as to why the reduction was made :
Adjusted to petitioners appraisal .
7 . Both parties agree that the hearing scheduled before the
Board of Equalization on (date) at
(time) be vacated; or, a hearing has not yet been scheduled before
the Board of Equalization (check if appropriate) .
DATED this //77day of JULYid9
, 1997 .
Petitioner (s) or A torney Petitioner (s) or Attorney
Address : Address :
d VI ≤old
s-dAP CO
Telephone : / 70 3 57- F73 7 Tele hone :
(1)14,4, r3/CF,I-LY6(
County Assessor
Address :
1400 North 17th Avenue
Greeley, CO 80631
Telephone : (303) 353-3845 ext . 3656
9S1315
n pc-
July 13 , 1998
Weld County Board of Equalization
915 10th Street
P 0 Box 758
Greeley, CO 80632
To Whom It May Concern:
I am appealing the Assessor ' s decision on the 1998 property
tax valuation, and I am requesting a review of the valuation
on our personal residence located at 649 52nd Ave, Greeley,
CO . We placed a contract on the property July 1997 for
$179,900 and purchased the property for $179 ,900 in September
1997 . This price is comparable to other similar properties
in the area. I feel our property should be valued for tax
purpose at $179 ,900 , as this is the price we paid for our
residence .
Your value of this property should not be at the $179 , 900
purchase price, and definitely no more than the value of our
property using the appraisal we used for our loan closing
dated August 23 , 1997 . This appraisal was completed by a
Certified Appraiser, and our residence did appraise at
$ 183 ,000, which is lower than your value. A appraisal is
included for your review.
Please reconsider your valuation, as I feel your value is a
unjust valuation at $189, 458 .
I can be contacted at 351-8739 if you have any questions
regarding this information.
Sincerely,
�6L)
David A & Kimberly A Thompson
991315
OFFICE OF COUNTY ASSESSOR
NOTICE OF DENIAL 1400 NORTH 17th AVE.
6 GREELEY, XT.3631
GR 4WP L17 BLK3 WEST POINT 4TH PHONE(970)353-3845,EXT.3650
SUB:WEST POINT 4TH FG BLK:3 LOT:17
SITUS: 649 52ND AVE GREELEY 80634
PARCEL: 095903314017
e
COLORADO OWNER: THOMPSON DAVID A & KIMBERLY A
THOMPSON DAVID A & KIMBERLY A LOG 392
649 52ND AVENUE PARCEL 095903314017
ACCOUNT R7034698
GREELEY, CO 80634 YEAR 1998
06/22/1998
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.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
. OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND 28500 28500
IMPS 160958 160958
TOTALS $ $ 189458 $ 189458
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39-8-
106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
06/22/1998
By: WARREN L. LASELL
WELD COUNTY ASSESSOR DATE
15-DPT-AR
Form PR-207-87/94 ADDITIONAL INFORMATION ON REVERSE SIDE
981315
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 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 you must appeal to the County Board of Equalization. To preserve
your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR
REAL PROPERTY, AND JULY 21 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. 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.
IUNA1 URb OF PEI I11UNbR DAIL
9.1 '?t .
REAL VALU, Inc.
2007 9th Street
Greeley,CO 80631-3029
8/29/97
Cache Bank
924 11th/Street
Greeley, CO 80631
Dear Sirs
In accordance with your request, I have completed an appraisal of the real
estate located at:
649 52nd Avenue
Greeley, CO 80634
The attached SUMMARY REPORT (option II, report format) was prepared
to estimate the market value of the fee simple interest in the subject property.
Appraisal was prepared in accordance with guidlines for a federally related
mortgage loan.
In my opinion, the estimated market value of the property as of August 23rd, 1997
(which was also the date of inspection) is:
One Hundred and Eighty-Three Thousand Dollars
$183,000
The attached w�ort contains the description, analysis and supportive data
for the conclusionland final estimate of(value. Please feel free to call at
(970) 356-4092 if questions.
Respectfully submitted,
Aiws-rA4
Vernon G. Spencer
981315
•
REAL VALU, Incorporated
Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. n/a
[mperwAd&ess
649 52nd Avenue Cty Greeley Stare OJ ZpCode 80634
egal Description Lot 17, Block 3, West Point County Weld
Tax Year 1996 RE.Taxes$ Land only 9�edZssessors Parcel No. Not Assigned p Cod mane$ None
orrower Thompson, David & Kimberly Current Owner Sunflower Realty Occupant [Owner nTenant [Vacant
roperty rghts appraised I XI Fee Simple [ Leasehold Project Type I PUD I I Condominium(HUDNA only) HOP$ n/a /N
eghborhood or Project Name Greeley Map Reference 826 Census Tract 14.02
alaPrice $ 179,900 DateofSele 7-1 -97 DescripEonend$artauntoflandteresnsbbepayseler $75
erder/Client Cache Bank Address 924 11th Street, Greeley, CO 80631
ppraiser Vernon G. Spencer Address REAL VALU, Inc., 2007 9th Street, Greeley, CO 80631
Location I I Urban {XI Suburban U Rural Predominant Single family housing Present land use% Land use change
Built up El Over 75% I X 25-75% El Under 25%
PRICE
occupancy PRICE ACE
(rr•) family One 4 0 X Not likely Ukel
Growth rate s Rapid s Stable ❑Sow ❑X Owner 1 25 Low New 2-4 family s In process
Property values❑Increasing s Stable E]Declining s Tenant 195 High 2 Multi-family To:
Demandrsupply❑Shortage s In balance❑Over supply X)Vacant(0-5%) Predominant Commercial 1 0
Marketing time s Urder3 mos. fX13-6 mos. n over 6 mos LVaant(over5%) 145 1 vacant 50
N Note:race and the racial composition of the neighborhood are not appraisal factors. •
E Neighborhood boundaries and characteristics: See attached map. The overall market area Includes all of Greeley West of 23rd Avenue
et
H Factors that affect the marketability of the properties in the neighborhood(proximity to employment and amenities,employment stability,appeal to market,el
B Located In NW Greeley, this newly developing area contains a mix of semi-custon housing. Several builders are active in the
o area & the designs are generally variations of "stock" plans. It is in the path of Greeley's growth & a grammar school is
R located in the NE corner of the area. Overall, the area is popular & attractive. Site sales have been brisk & the sites in the I
H filing are sold out. The area Is accessed via 50th Avenue, through the Westmoor West subdivision which borders It on the E.
p from 4th Street on the N. The Westmoor West subdivision contains primarily tract style homes & is a popular, well thought c
O Market conditions in the subject neighborhood(including support for the above conclusions related to the trend of property values,demandrsupply,and marke
D time -- such as data on competitive properties for sale In the neighborhood, description of the prevalence of sales and financing concessions, e
The local market has significantly Improved over the past 2 years but is now mostly stable. Most types of financing are
available locally with the payment of 1-3 loan discount points typical for FHA, VA & CHAFA financing. Rates are about 8%.
Conventional loans of up to 95% are available at similar rates.
• Project Information for PUDs (If applicable--Is the developer/builder in control of the Home Owners Association(HOA)? Li Yes U No
U Approximate total number of units in the subject project n/a Approximate total number of units for sale in the subject project n/a
D Describe common elements and recreational fadlitlesn/a
Dimensions 62.43' X 105.58' X (C 57) X 98.01' Topography Sloping
Site area Appx:7691 SqFt Corner Lot n Yes ❑No Size Typical for area
Specific zoning classification and description (R-1)1 Family residential Shape Rectangular
Zoning compliances Legal El Legal nonconforming(Grandfathered use) U Illegal I I No Zoning Drainage Appears adequate
l-fctest&best use as improved:IXI Present use fllOther use(explain) None View Typical for area
Utilities Public Other Ott-site Improvements Type Public Private Landscaping Finish grade
Electricity X Street Asphalt paved X 7 Driveway Surface Concrete
Gas ❑X Curb/gutter Concrete i.X El Apparent easements 10' Utility @ rear
Water IL Sidewalk Concrete X El FEMA Special Flood Hazard Area ❑Yes ❑X N
Sanitary sewer El Street lights Pole mount X s FEMA Zone C Map Date 9/2 8/E
Stone sewer IT. Alley None s s FEMA Map No. 080266 0617C
Comments(apparent adverse easements,encroachments,special assessments,slide areas,illegal or legal nonconforming zoning use,etc.): No adverse
conditions noted.
GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION
No.of Units Qie Foundation Concrete Slab Nb Area Sq. Ft. 929 Roof
D No.of Stories One Exterior Walls Brick/Wood Crawl Space No %Finished 0 Ceiling R30
E
S Type(Det./An.) Detached Roof Surfaces Composition Basement Yes Ceiling N/A Walls R11
O Design(Style) 2 Story Gutters&Dwnspts.Aluminum Sump Pump No Walls N/A Floor
1• Existing/Proposed Under cons Window Type Vinyl Dampness No Floor N/A None
TAge(Yrs.) 00 Storm/Screens Thermopane Settlement No Outside Entry No Unknown
f Effective Age(Yrs.)00 Manufactured House No Infestation No
O ROOMS Foyer Uving Dining Kitchen _ Den Family Rm. Rec. Rm. Bedrooms #Baths Laundry Other Area Sq.F
N Basement 929
o Levels X 1 1 1 0.50 X Din Area 993
r Level 2 4 2.00 1 ,16f.
laGarden
P Finished area above grade contains: 7 Rooms; 4 Bedroom(s ; 2.50 Bath(s); 2,1 58 Square Feet of Gross Uvin<
R INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE
O Floors Carpet/Vinyl/Wood-G Type FA Refrigerator ❑ None s Fireplace(s)# 1 (X] None ❑
E Walls DW-G Fuel Gas Range/oven ❑X Stairs El Patio 0Garage 2 #of ca
E
ETrim/Rnlsh Good/Good Condition Good Disposal ❑X Drop Stair Deck ❑ Attached
N Bath Floor Vinyl-G COOLING Dishwasher X Scuttle s Porch Covered El Detached
T Bath Wainscot Ceramic-G Central Yes Fan/Hood IX] Floor s Fence Built-In
S Doors Wood hollow Other None Microwave ❑ Heated J Pool ❑ Ca/Port
stained Good Condition Good Washer/Dryer Fl Finished El n Driveway 2
Addbonal features(special energy effident items,etc.): Vaulted ceiling in living Room. Tile foyer, tile backsplash in kitchen & bath,
C hardwood floor In kitchen & dining area.
O Condition of the improvements,depreciation(physical,functional,and external),repairs needed,quality of construction,remodeling/additions,etc.: The
M property is a new construction. No inadequacies noted.
M
E
N Adverse environmental conditions (such as,but not limited to, hazardous wastes, toxic substances, etc.)present In the improvements, on the site.or
$ immediate vicinity of the subject property.: None noted.
Freddie Mac Form 70 6-93 MacAppraiserT"Real Estate Appraisal Software by Bradford and Robbins(Bea)622-8727.981-31 Fannie Mae Form 100,
REAL VALU, Incorporated
Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT File No. n/a
ESTIMATED SITE VALUE -$ 26,000 Comments on Cost Approach (such as, source of cost estimate
C ESTIMATED REPRODUCTION COST•NEW-OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, th
O Dwelling 2,1 58 Sq. Ft.eP$ 56.00 -$ 120,848 estimated remaining economic life of the property):Cost figures
S Bsmt. 929 Sq. FL®S 14.00 - 13,006 based on Marshall & Swift handbook , No Inadequacies
T
Drlve,walks,porch,patio. - 8,000 noted.
F Garage/Carport 520 Sq. FL@$ 15.00 - 7,800
p Total Estimated Cost New -$ 149,654
R lass Physical Functional External
AA Depredation 0 0 0 .$ 0
H Depreciated Value of Improvements -$ 149,654
'As le Value of Site Improvements .$ 7,500
INDICATED VALUE BY COST APPROACH _ -$ 183,154 Est Remain.Econ.Life: 8 5 yrs
ITEM I SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO.3
649 52nd Avenue 1229 52nd Avenue 4947 W C Street 1302 52nd Avenue Cou
Address Greele Greeley Greeley Greeley
Proximity to Subject ::arf:S^ aT 6 blocks S 12 blocks NE 7 blocks S
Sales Price $ 179,900 t:.'?! .7-'..I'''' , 189 488 Irrt 179 000 " ry n 175 501
Price/Gross UV.Area $ 83.36 - $ 88.96 ----cu ,iota a £ $ 97.60 -t+> " a $ 101 .56 -j *&
Data and/or Inspection MLS/Realtor MLS/Realtor MLS/Realtor
Verification Source
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION -E Ad'ustment DESCRIPTION «-s Ad ussnent DESCRIPTION «-$Ad'uss
Sales or Financing - ?c Conv. Cash Cony.
Concessions w r no seller •oints no seller •oints
Date ofSaleRme 43122Enn 2/97 4/97 6/97
Location West Point Country Club West Weber West :ountry Club We:
Leasehold/FeeSimple Fee Simple Fee simple Fee simple Fee simple
S Site Finish Grade/Avg Finish grade/A Avg/Avg -2,000 Finish grade/A
A View Avq/Avq Avq/Avg Avq/Avg Avg/Avg
L Design and Appeal 2 Story 2 Story/Avg 2 Story/Avg 2 Story/Avg
E Quality of Construction Fr&Br/Avg Fr&Br/Avg Frame/Avg Fr&Br/Good
S Age 1997 1996 1995 1996
Condition Good(new) Good(new) Good Good(new)
C Above Grade Ts) Brims Baths Tar 8dma Baths Tow Edon Baths Tad Urns Baths
O Room Count 7 4 2.50 7 3 12.50 7 3 2.50 7 4 2.50
M GrossLMngArea 2,158 Sq.Ft. 2,130 Sq.Ft. +600 1 ,834 Sq.Ft. +6,500 1,728 Sq.Ft +8,
ABasement&Finished 929 SF 1070 SF -700 909 SF-90% -8,600 1231 SF -1 ,
R Rooms Below Grade Unfinished Unfinished Finish/Bath - Unfinished
I Functional Utility Average Average Average Average
S Heating/Cooling FANG/None FANG/Central -2,000 FANG/Central -2,000 FANG/None
O Energy Efficient Items None None None None
N Garage/Carport 3 Car Garage 2 Car Garage +2,500 2 Car Garage +2,500 2 Car Garage +2,
Porch.Patio,Deck, Patio,Porch Patio,Porch Patio,Porch Patio,Deck
A Fireplace(s),etc.
N Fence,Pool,etc. None None None None
A Fireplace Fireplace Fireplace Fire lace
L Net Adh(ata) ,0,. '-' n+ n- $ 400 +J1- $ -3,600 n+ n- $ 9,601
Y Adjusted Sales Price ,� V, r: Net-0% Net--2% Net.5%
S of Comparable ry` kw. ct l., Gross-3% $ 189,888 Gross- 12% $ 175,400 Gross.7% t$ 185,1
S Comments on Sales Comparison(including the subject property's compatibility to the neighborhood,etc.): All of the Comps chosen are in competil
subdivisions & are representative of the market facing the subiect. Comp #1 is near the same size as the subject, has a
larger, unfinished basement & had central air conditioning None of the Comps had 3 car garages & none were available. Co
#2 is a resale. It had a finished yard, is smaller than the subject but has a full basement which is mostly finished. It also h
central air. Comp #3 is smaller than the subiect but is similar in every way, All of the sales were typical & no adiustmen
made. Equal wei ht placed on all Comps due to overall similarity.
ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 I COMPARABLE NO.3
Date,Price and Data None None None None
Source,for prior sales 6/28/95
Within year of appraisal $1 62,300
Arelysi of any cunent agreement of sale,coed),or listing of the subject property and analysis of any prior sales of subject and comparables within one year of tie dam of ap
The subiect prooertv is listed for sale for $179.900.
INDICATED VALUE BY SALES COMPARISON APPROACH $ 1 84
INDICATED VALUE BY INCOME APPROACH (If Applicable)Estimated Market Rent$ n/a /Mo.x Gross Rent Multiplier n/a $
This appraisal is made U'as IC U subject to the repairs,alterations,Inspections or conditions listed below I X j subject to completion per plans and spedfic
Conduons of Appraisal:APPliances & Equipment assumed operable on date of inspection. Income approach not prepared due to lir
R local rental data & few sales for rental purposes.
• Final Reconciliation: The market data approach Is generally the best indicator of value as it compares similiar properties
C
O competing in the marketplace. Most weight is placed on it, The cost approach isprimarily a test of reasonableness & less
weight is placed on it.
N
C The purpose of this appraisal is to estimate the market value of the real property that is subject to this report,based on the above conditions and the certification,cor
I and limiting conditions,and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 10048(Revised 6-93 )
L I(WE)FSTIMATETHE MARKET VALUE,AS DEFINED,OF THE REAL PROPERTY THAT S THE SUBJECT OF THIS REPORT,ASOF August 23rd, 1f
I (WHICH IS THE DATE OF INSPECTION ND THE EFFECTIVE DATE OF THIS REPORT)TO BE$ 1 8 3,0 0 0
A APPRAISER:at) 1 � `,C{� _ N- SUPERVISORY APPRAISER(ONLY IF REQUIRED):
T Signature 041.-- c iV)j.' P� [3Signature Did Di
I Name Vernon Spencer Name Inspect Prope
O Date Report Signed August 29th, 1997 Data Report Signed
N State Certification s Licensed Appraiser State CO State Certification* State
Or State License s AL01320689 State C O Or State Licenses State
Freddie Mac Form 70 6.93 MacAppralser"Real Estate Appraisal Software by Bradford and Robbins(800)622-8727. Fannie Mae Form 100
981315
EXTRA C0MPARABLES 4-5-6 File No. n/a
Borrower Thompson, David & Kimberly
Property Address 649 52nd Avenue
City Greeley County Weld State CO Zip Code 80634
Lender/Client Cache Bank Address 924 11th Street, Greeley, CO 80631
These recent sales of properties are most similar and proximate to subject and have been considered in the market analysis.The description includes a dollar adjustment,refiec
market reaction to those Items of significant variation between the subject and comparable properties.If a significant Item In the comparable property Is superior to.or more favort
than,the subject property,a minus(-)adjustment Is made,thus reducing the indicated value of subject;if a significant Item in the comparable is inferior to,or less favorable then,
subject property,a plus(+1 adjustment Is made,thus InoreasIng the Indicated value of the subject.
ITEM SUBJECT COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6
649 52nd Avenue 657 51st Avenue
Address Greele Greeley
Proximi to Sub act 1 block E ;,. »
Sales Price $ 179 900 .a `£ xn 182 500W Via'
Price/Gross Uv.Area $ 83.36 ►a $ 83.30 -241.4,0i $ 101.70 =- $ '44.1s `
Data and/or Inspection MLS/Realtor
Verification Source
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +M$Adjustmont DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjust
Sales or Financing 1 Conv.
Concessions ?.:3A..n. : .':.h no seller points
>.� r 8/97
Date of Sale/Time >:.•. .,.� �.s�a•.
Location West Point West Point
C Leasehold/Fee Simple Fee Simple Fee simple
• Site Finish Grade/Avg Avg/Avg -2,000
M View Avg/Avg Avg/Avg
• Design and Appeal 2 Story 2 Story/Avg
• Quality of Construction Fr&Br/Avq Fr&Br/Avg
• Age 1997 1994 +2,500
Condition Good(new) Good
Above Grade Total Bdrms Baths Taal Um* Baths Total I Odors I Batts Told Bdms Botha
• Room Count 7 1 4 1 2.50 6 I Bri 3 12.50 FL
N Gross Living Area 2,158 Sq.Ft 2,191 Sq.Ft. Sq.Ft. Sq.
Basement a Finished 929 SF 712 SF +1 ,000
NRooms Below Grade Unfinished Unfinished
Functional Utility Average Average
Heating/Cooling FANG/None FANG/None
y Energy Efficient Items None None
g Garage/Carport 3 Car Garage 3 car garage
( Porch,Patio, Deck, Patio,Porch Patio,Porch
S Fireplace(s),etc.
Fence,Pool,etc. None None
Fireplace Fireplace Net Ad. total au s,,^ ,s ! X + •- 1 500 + •- 0 •+ R- $ 0
Adjusted Sales Price ; • Net=1% Net.0% Net-0%
otCom•arable -.. Gross=3%a
184 000 Gross=0% $ 0 Gross.O% 0
ITEM SUBJECT COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6
Date.Price and Data None None
Source,for prior sales
within year of appraisal.
Comments on Comparables: (cont) Comp #4 is in the same subdivision as the subject, Is near the same size & has a 3 car garf
similar to the subject.
•
M
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MacAppralsert"Real Estate Appraisal Software by Bradford and Robbins(800)822-8727.
981.315
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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: (I) 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; 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 tide 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 or implied,regarding
this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand.
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 hazard 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 479(5-93) Maclppraiser,"Reel Estate Appraisal Software by Bradford and Robbins(600)6228727. Fannie Mae Form 10048 (6-93)
981315
•
APPRAISER'S 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 any 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 appraiser 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: 649 52nd Avenue; Greeley, CO 80634
APPRAISER: SUPERVISORY APPRAISER (only if required)
Signature: �.... C771 �1 Signature:
Name: Vernon G. Spe r Name:
Date Signed August 29th, 1997 Date Signed:
State Certification#: Licensed Appraiser State Certification#:
or State License#: ALO1320689 or State License#:
State: C O State:
Expiration Date of Certification or License: 12/31/98 Expiration Date of Certification or License:
El Did n Did Not Inspect Property
Freddie Mac Form 439 6-93 MacAppraiser"'Real Estate Appraisal Software by Bradford and Robbins(800)822-8727. Fannie Mae Form 1004B 6-93
981315
•
SKETCH ADDENDUM File No. n/a
Borrower Thompson, David & Kimberly
Property Address 649 52nd Avenue
City Greeley County Weld State CO apCode 80634
LandedClient Cache Bank Address 924 11th Street, Greeley, CO 80631
16'
r
12'
Patio
26'
10'
3 4'
12'
2' Dining Area Kitchen 11'
19' 21'
Great
20' Room
1/2Ba
Laundry
11'
Dining Room 6'
Foyer —
25'
10'
4, 8' 2' 3 Car Garage
1 Porch 13' 6'
L
10'
1st Floor
11' 11.5'
6'
21'
26'
Bedroom 13
Bedroom
8'
35' Bathroom
Bathroom 25'
Bedroom
Bedroom
2nd Floor 13'
3'
6' I 12' T
8'
MarApprdeu"'Red Estate Appraisal Software by Bradford and Robbins(800)6224727.
991..315
•
•
SUBJECT PHOTO ADDENDUM File No _ n/a
Borrower Thompson, David & Kimberly — --.__-_.._..-
Property Address 649 52nd Avenue
cry Greeley County Weld State CO Zip Code 80634
Lender/Client Cache Bank Address 924 11th Street, Greeley CO 80631
- -. . FRONT OF
SUBJECT PROPERTY
Address
649 52nd Avenue
Greeley
Appraisal Date August 23rd• 1997
Appraisal Value 1 83,000
Site Finish Grade/Avg
..-'}• (lam I1111111
4 View Avg/Avg
r.-.,* Design/Appeal 2 Story
_ ,; Const.0uanty F r&B r/Avg
•
_ -.-�_ 2 .• Age 17997
—--� .N t•. " Square Feet 2,1 5 8
^j 1 1: '° -.....tip-:.",
: { Total Rooms
: i
� -• r.11-.7.
Bedrooms
• w'l
'P'" Bathrooms 2.5 0
• r
r•: e'''�"•*, . r,...v'-` i �'. . Basemomt 929 SF
-""' ' s•'R - ' ^ •�'• • Garage 3 Car Garage
.r.ar:: y. •h.7 .�e' c`4'..{'•••., • -•• •
. :, - .. ` Fireplace
REAR OF
SUBJECT PROPERTY
1. ..
1 ;..;? ;,is�.
\'.. I., :\i‘..
. ,.:
....„
, ............„..... . ..
1.. .i
, ii i.
1...,. ______
tz_:::_...... ....,_ : • 11; .
,.,.,.._.. ,. • -7•0 L
• \ '.\• t�.•.••
STREET SCENE
-
•..,' .b;•'t!'.ife?,` • f$'`fr' .t^.Y,. •
.M1°- .
-- -. •
' �.,.r
_ —
MecApprafserTM Real Estate Appraisal Sornvare by Bradford and Robbins(000)622-8727. 981315
COMPARABLES 1-2-3 PHOTO ADDENDUM File No. n/a
Borrower Thompson, David & Kimberly
Property Address 649 52nd Avenue
city Greeley County - Weld State CO LpCode 80634
Lender/Client Cache Bank Address 924 11th Street, Greeley, CO 80631
COMPARABLE SALE#1
Address
1229 52nd Avenue
Greeley
Sale Date 2/97
Sale Price 189,488
site Finish grade/A
View Avg/Avg
_ Design/Appeal 2 Story/Avg
. Const.Quality Fr&Br/Avg
'" .A.4-� i � �, r- Age 1996
"..,... ` 1 Square Feet ,130
f' 1 Total Rooms 7
- • 'Y ; � Bedrooms 3
�i TM ,x''14 Bathrooms 2.50
'� `'-:�` .---�f M�� {:1'� • • _ _ Basememt 1070 SF
r / A •
'! Garage 2 Car Garage
Fireplace
.as�r y..._.-... ..�.�..... ..__��,� - - .
I COMPARABLE SALE#2
Address
4947 W C Street
Greeley
Sale Date 4/97
Sale Price 179,000
Site Avg/Avg
View Avg/Avg
Design/Appeal 2 Story/Avg
const.oualiry Frame/Avg
.ti ` --.. 1995
_ — .- Age
���� { Square Feet 1 ,834
1 .. • �_ -. .. t •) —_ Total Rooms 7
r ' Bedrooms 3
��, ��• Bathrooms 2.50
- _ - ., I Basement 909 S F-90%
y„ .. _ t«�.w,�.- Car Garage y '�� y 1...: "`- .• .:� •.n;?.. Garage 2
„ _.. I Fireplace
. - ." COMPARABLE SALE#3
Address
1302 52nd Avenue Court
Greeley
Sale Date 6/97
Sale Price 175,500
Site Finish grade/A
View Avg/Avg
`'-t-- AN- - , Design/Appeal 2 Story/Avg
i Cortst.Quality Fr&Br/Good. poillima ILIViiiit . '- -.... .,'. . .. . -lkii � Age 1996
- '-*t'. il, _-.- Square Feet 1 ,728
. i i t •., t At \." V 1 t Total Rooms 7
_ :L 6' Bedrooms 4
ti i. ►' 4 �` Bathrooms 2.50
: ti.4 ' I�1 `, Basement 1231 SF
, Garage 2 Car Garage
• ' �4, ar•rc'�"'r N+M�' !Yy``.T Fireplace
MacAppraiserr"'Real Estate Appraisal Software by Bradford and Robbins(BOO)622-8727.
9S121S
• COMPARABLES 4-5-6 PHOTO ADDENDUM File No. _ n/a
Borrower Thompson, David & Kimberly —
Property Address 649 52nd Avenue —_ --- --
City Greeley County Weld_ _ State CO Zip Code 80634
Lender/Client Cache Bank Address 924_11th Street, Greeley, CO 80631
r COMPARABLE SALE#4
Address
•a 657 51st Avenue
Greeley
Sale Date 8/97
Ih��+ Sale Price 182,500
(.r Site Avg/Avg
_
r. i .. . Ir.:).
~" •'le zl. View Avg/Avg
'' . 1 ' 1� Design/Appeal 2 Story/Avg
`` Const.'Duality Fr&Br/Avg
----` -� `. Age 1994
Square Feet 2,191
Total Rooms 6
t 'i
�'�1 i 4 AWS
Bedrooms 3
4-1 M.• Bathrooms 2.50
S 1� i Q. Basememt 712 SF
......:7,,,, ,
. l Garage 3 car garage
Fireplace
- COMPARABLE SALE#5
Address
Sale Date
Sale Price
Site
View
Design/Appeal
Const.Quality
No
Square Feet
Total Rooms
Bedrooms
Bathrooms
Basement
Garage
Fireplace
COMPARABLE SALE#6
Address
Sale Date
Sale Price
Site
View
Design/Appeal
Const.Quality
Age
Square Feet
Total Rooms
Bedrooms
Bathrooms
Basement
Garage
Fireplace
991.315
MacAppraiserTM Real Estate Appraisal Software by Bradford and Robbins(800)622.8727.
SATISFACTORY COMPLETION CERTIFICATE
On August 23rd 19 97 the property situated at •
649 52nd Avenue
Gree ley. CO 80634
was appraised by me or
The appraised report was subject to: X satisfactory completion, repairs,or
I certify that I have reinspected subject property,the requirements or conditions set forth In the appraisal report
have been met,and any required repairs or completion items have been done in a workmanlike manner.
Itemized below are substantial changes from the data in the appraisal report, and these changes do not adversely
affect any property ratings or final estimate of value in the report:
None
September 5th 19 97 '&jLs m�• �/
Date Inspector Ve, on G. Spencer
FHLMC 442 Rev.6/78 MacAppraIserTM Real Estate Software by Bradford end Robbins(BOO)622-6727
9S1..31S
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