HomeMy WebLinkAbout20211852.tiffCOUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number: R0070388
STIPULATION (As To Tax Year 2021 Actual Value)
RE PETITION OF :
NAME: Daniel Hoffman
ADDRESS: 1540 9Th Ave
Greeley Co, 80631
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2021 valuation of the subject property, and jointly move the
Board of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
GR 3285 S39.3' OF N65' OF L28 & 29 & S47.3' OF N73'
OF L30-31-32 WEST & THAYERS BLK164
2. The subject property is classified as residential.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2021 :
Total: $324,193
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year2021 actual value for the subject property:
Total: $295,000
5. The valuation, as established above, shall be binding only with respect to tax
year 2021 .
6. Brief narrative as to why the reduction was made:
Looked at additional sales and appraisal sent in from January of 2020.
Value stipulated to appraisal's opinion of value.
7. Both parties agree that:
[,1The hearing scheduled before the Board of Equalization on 07/26/2021
at 1:00 PM be vacated.
HA hearing has not yet been scheduled before the Board of Equalization.
R0070388
aoaI-l85;
A5oll09
DATED this 12 day of JULY
Daniel 1-o{¢man
Daniel Hoffman (Jul 14,2021 08:20 MDT)
Petitioner(s) or Agent or Attorney
Address:
Daniel Hoffman
1540 9th Ave.
Greeley, CO 80631
Telephone: 303-818-2748
R0070388
2021 .
(Assistant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Telephone:(970) 336-7235
County Deputy Assessor
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 400-3650
2
R0070388/Hoffman Stipulation
Final Audit Report
2021-07-14
Created: 2021-07-13
By: LUIS MUNOZ (Imunoz@co.weld.co.us)
Status: Signed
Transaction ID: CBJCHBCAABAAUwrxRrCUBRmEDLJGCUfaHbhNbt3M_vv7
"R0070388/Hoffman Stipulation" History
,5 Document created by LUIS MUNOZ (Imunoz@co.weld.co.us)
2021-07-13 - 4:36:10 PM GMT- IP address: 204.133.39.9
t:14 Document emailed to LUIS MUNOZ (Imunoz@co.weld.co.us) for approval
2021-07-13 - 4:36:12 PM GMT
OP Document approved by LUIS MUNOZ (Imunoz@co.weld.co.us)
Approval Date: 2021-07-13 - 4:39:32 PM GMT - Time Source: server- IP address: 204.133.39.9
E? Document emailed to Debra Jakino (djakino@co.weld.co.us) for approval
2021-07-13 - 4:39:34 PM GMT
.5 Email viewed by Debra Jakino (djakino@co.weld.co.us)
2021-07-13 - 5:06:50 PM GMT- IP address: 204.133.39.9
6m Document approved by Debra Jakino (djakino@co.weld.co.us)
Approval Date: 2021-07-13 - 5:07:27 PM GMT - Time Source: server- IP address: 204.133.39.9
2+ Document emailed to Jason Marini (appeals@weldgov.com) for signature
2021-07-13 - 5:07:28 PM GMT
'5 Email viewed by Jason Marini (appeals@weldgov.com)
2021-07-13 - 5:36:08 PM GMT- IP address: 204.133.39.9
de Document e -signed by Jason Marini (appeals@weldgov.com)
Signature Date: 2021-07-13 - 5:37:42 PM GMT - Time Source: server- IP address: 204.133.39.9
P+ Document emailed to Daniel Hoffman (hoffd7@yahoo.com) for signature
2021-07-13 - 5:37:44 PM GMT
Email viewed by Daniel Hoffman (hoffd7@yahoo.com)
2021-07-14 - 2:17:40 PM GMT- IP address: 98.138.219.28
w VEREDBY
Adobe Sign
bo Document e -signed by Daniel Hoffman (hoffd7@yahoo.com)
Signature Date: 2021-07-14 - 2:20:08 PM GMT - Time Source: server- IP address: 174.51.55.224
E, Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature
2021-07-14 - 2:20:09 PM GMT
.5 Email viewed by Karin McDougal (weld-cboe@weldgov.com)
2021-07-14 - 3:34:10 PM GMT- IP address: 204.133.39.9
bo Document e -signed by Karin McDougal (weld-cboe@weldgov.com)
Signature Date: 2021-07-14 - 3:34:25 PM GMT - Time Source: server- IP address: 204.133.39.9
® Agreement completed.
2021-07-14 - 3:34:25 PM GMT
OWER CD 9Y
Adobe Sign
Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the
information submitted and you will receive a date to appear before the board.
Contact Information:
Contact Name: Daniel Hoffman
Contact Email: hoffd7@yahoo.com
Contact Phone: 303-818-2748
Appeal Submitted: 02:42 PM July 08, 2021
Appeal submitted for:
R0070388 - HOFFMAN DANIEL
1540 9TH AVE, GREELEY
Legal: GR 3285 S39.3 OF N65 OF L28 & 29 & S47.3 OF N73 OF L30-31-32 WEST & THAYERS
BLK164
Reason: Value Too High - There are many factors as to why the valuation of $324,193 for 1540 9th
Ave. Greeley, CO 80631 (R0070388) is too high. The main question asked on this appeal website is:
"Estimate of the property's value as of June 30, 2018." I have a screen shot of this if needed. Based
on an appraisal that was done 4 months prior to this date (that includes 6 comps from this time), the
assessed value was $280,000 based on sales and $272,000 when using the income approach. Another
appraisal was done on 1/30/2020 for a refi. It came up with an appraised value of $295,000, which I
think is high. It came with 5 comps. That's 11 comps so far that dispute the county assessment of
$324,193. For good measure, here are 6 more comps (bringing the total to 17 comps): 1201 11th
Ave. Greeley (Built 1902) Sold: $289,000 on 7/2/2020 5bed/3bath 1,921 sqft 1205 9th St. Greeley
Sold: $273,500 on 6/24/21 6bed/4bath 3,808 sqft 414 9th Ave. Greeley Sold: $295,000 on 9/1/2020
2,634 sqft 1313 14th Ave. Greeley Sold: $280,000 on 5/21/21 5bed/3bath 1,424 sqft 1026 18th Ave.
Greeley Sold: $283,000 on 11/16/2020 5bed/2bath 1,992 sqft 1911 15th St. Greeley Sold: $250,000
on 3/22/21 4bed/3bath 1,832 sqft If you take the average of these 6 comps (of houses that closely
resemble 1540 9th Ave.) that sold this past year, the average value is $278,416.66. Which is what
the county assessment should be for property taxes.
Estimate of Value: $278,416.00
Document(s) Submitted:
Account: All Accounts - 2020 Second Appeal of Notice of Valuation.docx
Account: All Accounts - Bruce Willard Appraisal 21 FEB 18.pdf
Account: All Accounts - 2020 Refi Appraisal 30JAN201.pdf
You have selected the following Date Preferences:
Monday, July 26, 2021, from 1:00 p.m. - 4:30 p.m.
Tuesday, July 27, 2021, from 8:30 a.m. - 10:30 a.m.
Tuesday, July 27, 2021, from 1:00 p.m. - 4:30 p.m.
Wednesday, July 28, 2021, from 1:00 p.m. - 4:30 p.m.
Thursday, July 29, 2021, from 8:30 a.m. - 11:30 a.m.
Thursday, July 29, 2021, from 1:00 p.m. - 4:30 p.m.
2021-1852
ASoro9
Friday, July 30, 2021, from 8:30 a.m. - 11:30 a.m.
Friday, July 30, 2021, from 1:00 p.m. - 4:30 p.m.
The Appeal process can take several weeks for us to complete. You will receive a written decision
on your appeal within five (5) working days of your hearing.
We thank you for your submittal.
Weld County Board of Equalization
MyAMC, LLC Appraisal Certification Form
MyAMC, LLC (hereafter MyAMC) certifies, to the best of its knowledge, the following is accurate
regarding the completion of the attached appraisal for the property address of
1540 9th Ave Greeley, CO 80631, Order Number: 00928038003, Client Order Number: 882180112943
Undue Influence Controls:
The appraiser was selected by MyAMC using criteria based on the appraiser's qualifications, proximity to
the subject property, and other factors determined by MyAMC to ensure compliance with current appraiser
independence regulations. The lender has had no influence in the selection of the appraiser.
MyAMC prohibits direct communication between the appraiser and the lender and requires the appraiser to
report any such communication to appropriate regulatory authorities. All communication between the lender
and the appraiser are believed to have been conducted through MyAMC, and MyAMC is not aware of any
attempt by the lender to influence the value, opinion of market condition, or any other aspect of the appraisal.
Outside of a valid and complete executed purchase contract, no other information has been provided to the
appraiser that might influence the value, opinion of market condition, or construction of the appraisal. Such
prohibited data includes:
The owners estimate of value
• A target value
• The purchase price (outside of a valid and complete executed purchase contract)
• The loan amount (outside of a valid and complete executed purchase contract)
• Comparable sales*
• The loan to value ratio (LTV) (outside of a valid and complete executed purchase contract)
*Comparable sales cannot be sent as part of the initial order. As part of value reconsideration process, or QA
process, MyAMC may provide reasonable comparables to the appraiser for further appraisal review to
ensure that the best available comparables have been used.
With the exception of the bona fide quality assurance review, and requirement of minimum standards for
factual information, MyAMC has made no attempt to influence the development of construction of the
appraisal. Neither MyAMC, and to the best of its knowledge, nor the lender have conditioned payment for
services, or promise of future engagements on the appraised value, opinion of market condition, or other
opinions expressed in the appraisal.
Appraiser Qualifications and Watch/Exclusionary List Process:
MyAMC certifies the following:
• The appraiser's license/certification status was verified via ASC.gov
• The appraiser does not appear on the FNMA/FHLMA Exclusionary list
44.0****CL3/4%.,
myAMC.
9VfyA�1C, EEC
Certified
flickCompCutnt
FHA/VA Case No
Borrower Daniel Hoffman
File
No. 00928038003
Property
Address 154O
9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
TABLE OF CONTENTS
Summary of Salient Features 1
U R A i L .. i Y 1 Y i l i t l i i l i i 13 i 1 Y i 13 i• f i t
2
Additional Comparables 4-6 i • 8
General Text Addendum 9
Single Family Comparable Rent Schedule 11
Operating Income Statement 12
Subject Photos ....14
Photograph Addendum 15
Photograph Addendum 16
Photograph Addendum 17
PhotoAddendum.......................................................................................................................18
Comparable Photos 1-3 19
Comparable Photos 4-8 20
Rentals Photos 1-3 21
wilding Sketch ............................22
Location Map 23
Flood Map 24
Market Conditions Addendum to the Appraisal Report 25
UAD Definitions Addendum 26
& 0 Insurance Page 1 Rib FibFibiibiibiibFibiibiibiibFibiibiibiibFibiibifbiibiiFIYFYYFY.FO1661FYYFY.FO1661FYYFY.FO1661FYYFY.Ff.FY.FY.FY.FY.FYYFfiffi....................................................f..f29
F& 0 Insurance — Page 2 F.C F.1061110611106111061110611106111061110611106111061110611106111061110611b Fib Fib Fi Ff . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . NMFfb be R be AP OE be R be OE be R be R OE be R OE be R OE be R OE be R OE bf .fl.... f.....f fl 30
License.............................................................................................................................................................................................................................. 31
Resume 82
Form TOCP - 'TOTAL' appraisal software by a la mode, Inc. - 1-800-ALAMODE
FHA,/VA Case No, V Page # 1 of 32
SUMMARY OF SALIENT FEATURES
=
so
in -
c
C
U-
Subject
Legal
City
County
State
Zip
Census
Map
Code
Reference
Description
Address
Tract
1540
S39.3'
Greeley
Weld
CO
80631
0001.00
24540
9th
Ave
of N65' of Lots 28 & 29, & S 47.3' of N73' of Lots 30-32,1 West & Thayers Block 1
m.
1-
0
W
-D
co
F
w
Sale
Date
Price
of Sale
S 295,000
01/31/2018
CL
W
—'
Borrower
Lender/Client
Daniel Hoffman
Supreme Lending
►—
z
L1.,
J
C
U)
1-
w
w
c
i
40
1-
0_
Size
Price
Location
Age
Condition
Total
Bedrooms
Baths
(Square
per
Rooms
Square
Feet)
Foot
1,865
S 158.18
116
8
5
3.0
N;Central;
C4
cc
cn
0
w
cC
x
Appraiser
Date
of Appraised
Value
Bruce
02/21/2018
W.
Willard, COI M, CRB
is,
n
Opinion
of Value S 280,000
Form S SD3 - 'TOTAL" appraisal software by a la mode, inc. -1-800-ALAMO DE
wwwAustinAustinAppraisal.com
Uniform Residential Appraisal Report
FHA,/VA Case No, V Page # 2 of 32
02centralgreeley2
File # 00928038003
The
purpose
of this
summary appraisal
report
is to
provide the
lender/client
with
an accurate,
and adequately
supported,
opinion
of the
market
value
of the
subject
property.
Property
Address
1540
9th Ave
City
Greeley
State
Co Zip
Code
80631
Borrower
Daniel
Hoffman
Owner of Public
Record 1540
NXN,
LLC
County
Weld
Legal
Description
539.3'
of N65' of Lots
28
& 29,
& S
47.3' of N73' of
Lots 30-32,
West &
Thayers
Block
164
Assessor's
Parcel
#
096108226031
Tax
Year 2017
R.E.
Taxes S 1,058
,-
Neighborhood
Name
Central
Greele
Map
Reference
24540
Census
Tract
0441.00
w
Occupant
Owner
X
Tenant
Vacant
Special
Assessments
S 0
PUD
HOA
S 0
per
year
per month
2
Property
Rights
Appraised
}X
Fee Simple
Leasehold
Other
(describe)
Assignment
Type
X
Purchase
Transaction
❑
Refinance
Transaction
❑
Other
(describe)
Lender/Client
Supreme
Lending
Address
14801
Quorum
Drive,
Suite 300,
Dallas,
TX
75254
Is
the
subject
property
currently
offered
for
sale
or
has
it
been
offered
for sale
in
the twelve
months
prior
to
the effective
date
of this
appraisal?
(X
Yes
No
Report
data
source(s)
used,
offering
price(s),
and
date(s).
D
OM 7;
Listed
01/25/2018
for
$299,900;
reported
under
contract
02/01/2018
I
X
did
did
not
analyze
the
contract
for
sale
for
the
subject
purchase
transaction.
Explain
the
results
of
the
analysis
of the
contract
for
sale
or why
the
analysis
was
not
performed.
Arms
length
sale;
Contract
dated
O1 /31/2018,
19
pages
plus
Addenda;
contract
price
$295,000;
no
Seller
concessions
noted.
I-
C)
g
Contract
Price
S
295,000
Date
of Contract
01/31/2018
Is
the
property
seller
the
owner
of
public
record?
V
Yes
No
Data
Source(s)
Weld
Assessor
z Is
there
any
financial
assistance
(loan
charges,
sale
concessions,
gift
or downpayment
assistance,
etc.)
to
be
paid
by
any
party
on
behalf
of
the
borrower?
Yes D<
Na
0
If Yes,
report
the
total
dollar
amount
and
describe
the
items
to
be
paid.
$0;;
Note:
Race
and
the
racial
composition
of the
neighborhood
are
not
appraisal
factors.
Neighborhood
Characteristics
One
-Unit
Housing
Trends
One
-Unit
Housing
Present
Land Use %
Location
Urban
X
Suburban
❑
Rural
Property
Values
M
Increasing
Stable
Declining
PRICE
AGE
One
-Unit
30 %
Built
-Up
X
Over
75%
❑
25-75%
❑
Under
25%
Demand/Supply
X
Shortage
In
Balance
❑
Over
Supply
S (000)
(yrs)
2-4
Unit
10
%
a
0
Growth
Rapid
X
Stable
❑
Slow
Marketing
Time
X
Under
3 mths
3-6
mths
Over
6 mths
115
Low
40
Multi
-Family
20 %
=
Neighborhood
Boundaries
5th
St.
on
the
north;
14th
Ave.
on
the
west;
24th
St. on
the
south;
6th
Ave.
on
750 High
120
Commercial
30 %
g
the
east.
225 Pred.
80
Other
1O
o
Neighborhood
Description
See
attached
addenda.
z
Market
Conditions
(including
support
for
the
above
conclusions)
The
residential
market
has
been
notably
strong
in
the neighborhood
for those
properties
in
mid
to
lower
price
ranges.
Low
inventories
and
stronger
sales
have
driven
prices
back
to well above
pre -recession
levels.
Bank
and
distressed
_
sales
have
disappeared
and
new
construction
is
actively
underway
in
far
west
projects.
Dimensions
Aprx.
48'
x
75'
x
8'
x
50'
x
40'
x
125'
Area
5,513
sf
Shape
Generally
rectangular
View
N;Res;
Specific
Zoning
Classification
C
-H
Zoning
Description
Commercial
High
Density
Zoning
Compliance _
X
Legal
Legal
Nonconforming
(Grandfathered
Use)
❑
No
Zoning.
❑
Illegal
(describe)
Is
the
highest
and
best
use
of
subject
property
as
improved
(or
as
proposed
per
plans
and
specifications)
the
present
use?
X
Yes
No
If No, describe
See attached
addenda
Utilities
Public
Other
(describe)
Public
Other
(describe)
Off
-site Improvements
- Type
Public
Private
la
Electricity
X
Excel
Water
XI
❑
Greeley
Street
City
1
Gas
X
Atmos
Sanitary
Sewer
xi
❑
Greeley
Alley
20'
asphalt
1
FEMA
Special
Flood
Hazard
Area
Yes
X
No
FEMA
Flood
Zone
X
FEMA
Map
#
08123C1537E
FEMA Map
Date
01/20/2016
Are
the
utilities
and
off -site
improvements
typical
for
the
market
area?
}{
Yes
No
If
No,
describe
Are
there
any
adverse
site
conditions
or
external
factors
(easements,
encroachments,
environmental
conditions,
land
uses,
etc.)?
Yes
LX
No
If Yes, describe
See
attached
addenda.
General
Description
Foundation
Exterior
Description
materials%condition
Interior
materials/condition
Units
xi
One
One
with
Accessory
Unit
Concrete
Slab
}{
Crawl
Space
Foundation
Walls
Concrete/Avg.
Floors
Wd-tile-crpt/Avg.
#
of
Stories
2
❑
Full
Basement
Partial
Basement
Exterior
Walls
Stucco-wood/Avg.
Walls
Plaster-DW/Avg.
Type
X
Det.
Att.
S-Det./End
Unit
Basement
Area
0
sq.fl.
Roof
Surface
Heavy comp./Avg.
Trim/Finish
Pntd wd/Avg.
[X
Existing
Proposed
Under
Const.
Basement
Finish
O
%
Gutters
&
Downspouts
Metal/Avg.
Bath
Floor
Tile/Avg.
Design
(Style)
2 -story
O
Outside
Entry/Exit
Sump
Pump
Window
Type
Wood/Avg.
Bath
Wainscot
Tile/Avg.
Year
Built
1902
Evidence
of
Infestation
None
obs.
Storm
Sash/Insulated
Storms/Good
Car
Storage
None
Effective
Age (Yrs)
20
Dampness
Settlement
Screens
Mesh/Avg.
LX
Driveway
# of Cars 1
Attic
None
Heating
X
FWA
I
H
HWBB
I
❑
Radiant
Amenities
W
Woodstove(s)
# O
Driveway
Surface
Concrete
Fuel
Natural
gas
Fireplaces)
# 0 IX
Fence
Wood
LX
Garage
# of Cars 1
Drop
Stair
Stairs
O
Other
Floor
EX
Scuttle
Cooling XI Central
Air Conditioning
X
Patio/Deck
Patio IX
Porch
Front
Carport
# of Cars 0
to
Finished
Heated
Individual
Other
Pool
None
LX
Other
Spklr
Att.
LX
Da
Built-in
w Appliances
(X
Refrigerator
X
Range/Oven
IX
Dishwasher
}
Disposal
X
Microwave
X
Washer/Dryer
Other
(describe)
w Finished
area
above grade
contains:
8 Rooms
5
Bedrooms
3.0
Bath(s)
1,865
Square
Feet
of Gross
Living Area Above
Grade
0 Additional
features
(special
energy efficient
items,
etc.).
See
attached
addenda.
Ix
C-
Describe
the
condition
of the
property
(including
needed
repairs,
deterioration,
renovations,
remodeling,
etc.).
C4;Kitchen-updated-six
to
ten years
ago;Bathrooms-updated-six
to
ten
years ago;The
kitchen
and
baths have had
updates
to decorating
since
2012. The
owner states that the roof,
furnace
and
storm windows have
been done more
recently.
The additions to
the house to create the space
for the
main floor bedrooms and
baths
were
done much earlier..
Are
there
any
physical
deficiencies
or adverse
conditions
that
affect
the
livability,
soundness,
or structural
integrity
of the
property?
Y
Yes
}X
No If
Yes, describe
Does
the
property
generally
conform to
the
neighborhood
(functional
utility,
style,
condition,
use, construction,
etc.)
? V
Yes
No
If No, describe
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 1 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. -1-800-ALAM ODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA,/VA Case No, V Page # 3 of 32
02centralgreeley2
File # 00928038003
There
are 3 comparable
properties
currently
offered for sale in the
subject
neighborhood
ranging in
price from S 218,000
to $ 2,250,000 .
There
are 79 comparable
sales in
the subject
neighborhood
within
the
past
twelve
months
ranging in sale
puce from S 115,000
to
$ 750,000 .
FEATURE
SUBJECT
COMPARABLE
SALE #
1
COMPARABLE
SALE
# 2
COMPARABLE
SALE
# 3
Address
1540
9th
Greeley,
Ave
CO 80631
1521
Greeley,
9th
Ave
CO 80631
121812th
Greeley,
CO
St
80631
1221
Greeley,
12th
CO
Ave
80631
Proximity
to
Subject
0.06
miles
NW
0.50
miles
NW
0.47
miles
NW
Sale
Price
S
295,000
S
242,500
S 254,900
S 269,000
Sale
Price/Gross
Vv. Area
5 158.18
sq.ft.
S
197.15
sq.ft.
S
171.88
sq.ft.
S
132.64
sq.ft.
Data
Source(s)
IRESIS
MLS #829121;DOM
4
IRESIS
MLS
#824916;DOM
45
IRESIS
MLS
#814130;DOM
102
Verification
Source(s)
Agent/Weld
Assessor
Agent/Weld
Assessor
InspectJweld
Assessor
VALUE
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-)
S Adjustment
DESCRIPTION
+(-) S Adjustment
DESCRIPTION
+(-) S Adjustment
Sales
Concessions
or
Financing
ArmLth
Conv;0
ArmLth
Conv;0
ArrnLth
Conv;0
Date
of
Sale/Time
s07/17;c07/17
+17,000
s08/17;c07/17
+18,000
s06/17;c04/17
+27,000
Location
N;Central;
N;Central;
N;Central;
N;Central;
Leasehold/Fee
Simple
Fee Simple
Fee
Simple
Fee
Simple
Fee
Simple
Site
5, 513
sf
8,000
si
-2,
500
9,500
sf
-4,000
9,500
sf
-4,000
View
N;Res;
N;Res,
N;Res;
N;Res;
Design
(Style)
DT2;2-story
DT2;2-story
DT2;2-story
DT2;
2 -story
Quality
of
Construction
04
04
04
04
Actual
Age
116
122
0
122
0
117
0
Condition
04
03
-10,000
C2
-20,000
C3
-10,000
Above
Grade
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Room
Count
8
5
3.0
6
3
2.0
+6,000
6
3
1.1
+8,
000
8
4
11
+8,000
Gross
Living
Area
1,865
sq.ft.
1,230
sq.ft.
+28,500
1,483
sq.ft.
+17,000
2,028
sq.ft.
-7,500
Basement
Rooms
Below
&
Finished
Grade
0sf
300sf0sfin
0
197sfOsfin
0
840sf0sfin
-4,000
Functional
Utility
Typical
older
Typical
older
Typical
older
Typical
older
Heating/Cooling
FANG/AC
FANG/AC
FANG
+4,000
FANG
+4,000
•
Energy
Efficient
Items
Typical
Typical
Typical
Typical
a
Garage/Carport
1
gd
1 dw
1
dw
+1
000
1
gd
1
dw
2gd
1
dw
-1,000
"
Parch/Patio/Deck
Porch/Patio
Porch
0
Patio
0
Porch/Patio
z
a
Fireplace
None
None
None
Yes
-2,500
T
Sprinkler/Fence
Yes/Yes
Yes/Yes
No/Yes
+2,500
Yes/Yes
i
6
Landscaping
Avera
•
e
Avera
•
a
Avera
•
a
Avera
•
e
•
Net
Adjustment
(Total)
N1 +
-
S
40,000
V
+
-
S 25,500
A
+
-
S 10,000
Adjusted
of
Comparables
Sale
Price
Net
Gross
Adj.
Adj.
10.5
26.8%
%
S
282,500
Net
Gross
Adj.
Adj.
10.0
28.8%
%
S 280,400
Net
Gross
Adj.
Adj.
3.7
25.3
%
%
S 279,000
I
(
did
❑
did
not
research
the
sale
or transfer
history
of
the
subject
property
and
comparable
sales.
If
not,
explain
My
research
d
did
}(
did
not
reveal
any
prior
sales
or
transfers of
the
subject
property
for the
three
years
prior
to
the
effective
date
of this
appraisal.
Data
Source(s)
Assessor,
GARA
MLS
My
research
V
did
did
not
reveal
any
prior
sales
or
transfers of
the
comparable
sales
for
the
year
prior
to
the
date
of
sale
of the
comparable
sale.
Data
Source(s)
Weld County
Assessor/IRESIS
Report
the
results
of
the research
and
analysis
of
the
prior sale
or
transfer
history
of the
subject
property
and
comparable
sales
(report
additional
prior sales
on
page 3).
ITEM
SUBJECT
COMPARABLE
SALE
#1
COMPARABLE
SALE
#2
COMPARABLE
SALE
#3
Date
of
Prior
Sale/Transfer
06/15/2012
03/22/2016
03/29/2017
10/14/2009
Price
of
Prior
Sale/Transfer
$112,
500
$165,000
$156,000
$89,206
Data
Source(s)
Weld
Assessor/I
RESIS
Weld
Assessor/
I R
ESI
S
Weld
Assesso
r/I R ESIS S
Weld
Assessor/IRESIS
Effective
Date
of
Data
Source(s)
02/21/2018
02/21/2018
02/21/2018
02/21/2018
Analysis
of
prior
sale
or transfer
history
of
the subject
property
and
comparable
sales
Subiect
last
transferred
at arm's
length
to
the
current
owner in 2012
and
prior
to
the
remodel.
The average
price
of a single-family
or investment
property
in
the
neighborhood
increased
98
percent
since
February of
2012.
Sale
#1
transferred
in
2016
for a
price that
yields
a
2.44
percent
per month
increase,
compounded,
to the second
sale,
but
some work was
done
to
the
house.
Sale #2 was
bought
by a remodel
firm
and substantially
updated
prior to the
second
sale. Sales
#3
and
#4
sold
earlier as
REO's.
Sale
#5
transferred at
arm's
length
in 2015
for a
price
that
yields
a 1.39
percent
per month
increase
to the
second
sale
with
little work
done.
Sale
#6
sold
earlier at
arm's
length
it appears.
Summary
of
Sales
Comparison
Approach
See
attached addenda.
Indicated
Value
by
Sales
Comparison
Approach
S
280,000
Indicated
Value
by:
Sales
Comparison
Approach
$ 280,000
Cost Approach
(if developed)
$
Income
Approach
(if developed)
$ 272,000
The
Cost Approach
was not
credible
because
of the age
of the improvements.
The
Sales
Comparison
Approach
offered
reasonable
alternative
•
properties,
and
the Income Approach,
which
was expanded
to investigate
indicated
value
by capitalizing
net income,
generally
supports.
al
This
appraisal
is made
}(
"as is",
subject
to
completion
per
plans
and
specifications
on the
basis
of a
hypothetical
condition
that
the
improvements
have
been
completed,
subject
to
the
following
repairs
or alterations
on the
basis
of a
hypothetical
condition
that
the repairs
or alterations
have
been
completed,
or
subject
to the
• following
required
inspection
based on
the extraordinary
assumption
that
the
condition
or deficiency
does
not
require alteration
or repair
The value
opinion
presumes an
, I exposure
time of
two to six months.
Based
conditions,
$
on a complete
and
280,000
appraiser's
visual
, as of
inspection
certification,
02/21/2018
of the
my
interior and
(our) opinion
, which
exterior
of
the
market
is the
areas
date
of
value,
the
of
subject
as defined,
inspection
property,
of the
and the
defined
real
effective
property
scope
date
of
that
of
work,
this
is
the
statement
appraisal.
subject
of
of this
assumptions
report
and
is
limiting
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 2 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA,/VA Case No, V Page # 4 of 32
02centralgreeley2
File# e # 00928038003
In the three years
prior to the acceptance
of this assignment,
the appraiser
has not
performed a service in regards
to this
property.
U)
F -
z
w
2
•
J
.4
z
T
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide
adequate
information
for
the
lender/client
to
replicate
the
below
cost
figures
and
calculations.
Support
for the
opinion
of
site
value
(summary of comparable
land sales or other
methods
for
estimating
site
value)
The site value estimate came from two multi -unit
sales
in Greeley
in
2016,
MLS#779819 and
#782632,
and one in
2017,
#801813,
which sold for $30,000 to $60,000
per unit or $5.74 to $10.49
per
square
foot.
OPINION
OF SITE
VALUE
=S 40000
ESTIMATED
REPRODUCTION
OR
REPLACEMENT
COST NEW
Source
of
cost
data
DWELLING
Sq.Ft.
@ S =5
:
Quality
rating
from cost
service
Effective
date
of
cost
data
Sq.Ft,
@ S =5
Comments
on
Cost
Approach
(gross living area
calculations,
depreciation,
etc.)
=5
c~r
Garage/Carport
Sq.Ft.
@ S =S
•
c
Total
Estimate of Cost
-New
=S
Less
Physical
Functional
External
Depreciation
=s(
Depreciated
Cost
of Improvements
=S
"As
-is" Value
of
Site
Improvements
=S
Estimated
Remaining
Economic
Life
(HUD
and
VA only)
40 Years
INDICATED
VALUE
BY
COST APPROACH
=
INCOME
APPROACH
TO VALUE
(not
required
by Fannie
Mae)
di
Estimated
Monthly
Market
Rent
S
1,975
X Gross
Rent
Multiplier
133 = $
272,000
Indicated
Value
by Income
Approach
Summary
of Income
Approach
(including
support
for
market
rent
and
GRM)
See
attached
addenda.
PROJECT
INFORMATION
FOR
PUDs
(if applicable)
Is
the
developer/builder
in
control
of the
Homeowners'
Association
(HOA)?
Y
Yes
No
Unit
type(s)
Detached
Attached
Provide
the
following
information
for PUDs
ONLY
if
the
developer/builder
is in control
of
the
HOA
and
the subject
property
is
an attached
dwelling
unit.
Legal
Name
of Project
Total
number
of
phases
Total
number
of units
Total
number
of units
sold
•
Total
number
of units
rented
Total
number
of units
for sale
Data
sources)
ti
Was the
project
created
by the
conversion
of existing
buildings)
into
a PUD?
❑
Yes
No If Yes, date
of conversion.
•
Does the
project
contain
any multi
-dwelling
units?
Yes
No
Data
Source
Are the
units,
common elements,
and
recreation
facilities
complete?
Yes
No
If
No,
describe
the status
of
completion.
•
Are the
common elements
leased
to
or
by the
Homeowners'
Association?
❑
Yes
❑
No If Yes, describe
the
rental
terms
and options.
Describe
common elements
and recreational
facilities.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 3 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA/VA Case No.
Page #5 of 32
02centralgreeley2
File 00928038003
This report fon-n is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, andconclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1.. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 4 of 6
Form 1004 JAD -'TOTAL" appraisal software by a la mode, inc. -1-800-ALAM0DE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA,/VA Case No, V Page # 6 of 32
02centralgreeley2
File# e # 00928038003
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraisingthis type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value.
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application) .
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 5 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 7 of 32
02centralgreeley2
File# 00928038003
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
Signature
Name Bruce W. Willard, CCIM, CRB
Company Name
Company Address
Austin & Austin Appraisal
1823 65th Avenue #2
Greeley, CO 80634
Telephone Number (970) 353-0790
Email Address bruce@austin-austin.com
Date of Signature and Report 0212312018
Effective Date of Appraisal 02121 12018
State Certification #
or State License #
or Other (describe)
State CQ
CG 01315403
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
State # Expiration Date of Certification or License
Expiration Date of Certification or License 12/31/2018
ADDRESS OF PROPERTY APPRAISED
1540 9th Ave
Greeley, Co 80631
APPRAISED VALUE OF SUBJECT PROPERTY $ 28Q000
LENDER/CLIENT
Name MyAMC, LLC
Company Name Supreme Lending
Company Address 14801 Quorum Drive, Suite 300, Dallas, TX
Email Address
75254
SUBJECT PROPERTY
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 6 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA,/VA Case No, V Page # 8 of 32
02centralgreeley2
File # 00928038003
FEATURE
SUBJECT
COMPARABLE
SALE
# 4
COMPARABLE
SALE
# 5
COMPARABLE
SALE
# 6
Address
1540
Greeley,
9th Ave
CO 80631
1229
7th St
Greeley, CO 80631
1206
9th St
Greeley, CO 80631
1227
12th
Greeley,
Ave
CO 80631
Proximity
to Subject
0.91
miles NW
0.72 miles NW
0.45
miles NW
Sale
Price
S 295,000
S 279,000
S 290,000
S 404,900
Sale
Price/Gross
Liv.
Area
S 158.18
sq.ft.
S
161.46
sq.ft.
S 97.51 sq.ft.
S
154.42
sq.ft.
Data
Source(s)
IRESIS
MLS #824234;DOM
44
IRESIS MLS #835817;DOM
22
IRESIS
MLS #840344;DOM
05
Verification
Source(s)
Agent/Weld
Assessor
Agent/Weld
Assessor
Agent/Weld
Assessor
VALUE
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) S Adjustment
DESCRIPTION
+(-) S Adjustment
DESCRIPTION
+(-) S Adjustment
Sales
Concessions
or
Financing
ArmLth
Conv;0
ArmLth
Cash;3000
-3,000
Listing
PENDING;0
Date
of
Sale/Time
s08/17;
c06/17
4-22,500
s12/17;c11/17
+8,500
c01/18
= Location
N;Central;
N;Central.
N;Central;
N;Central;
t)
Leasehold/Fee
Simple
Fee Sim
.le
Fee
Sim.Ie
Fee
Sim.Ie
Fee
Sim•Ie
0
Site
5,513 sf
5,750
sf
0
9,500
sf
-4,000
3,915
sf
+1,500
ft
View
N;Res;
N;Res;
N;Res;
N;Res;
ccz
Design
(Style)
DT2;2-story
DT2;2-story
DT2;2-story
DT2;2-story
2
Quality
of
Construction
04
04
04
04
w
Actual
Age
116
108
0
122
0
92
0
g-
Condition
C4
C3
-10,000
C4
+7,500
04
3
w
Above
Room
Gross
Count
Living
Grade
Area
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
8
5
3.0
7
3
2.0
+6,000
13
5
4.0
-6,000
12
8
2.0
+6,000
1,865
sq.ft.
1,728
sq.fl.
+6,000
2,974 sq.ft.
-50,000
2,622 sq.ft.
-34,000
0
Basement
Rooms
Below
&
Finished
Grade
Osf
864sf864sfwu
Orr2br1.0ba
l
o
-17,
-4,500
500
936sfOsfi
n
0
1446sf1374sfwu
Orr3br1.Oba
l
o
-7,000
-27,500
Functional
Utility
Typical
older
Typical
older
Typical
older
Typical
older
Heating/Cooling
FANG/AC
FANG/AC
FANG
+4,000
FANG
+4,000
Energy
Efficient
Items
Typica
I
Typical
Typical
Typical
Garage/Carport
lgdldw
1
dw
2gd 1
dw
-5,000
4dw
+1,
000
43dw
+1,000
Porch/Patio/Deck
Porch/Patio
Porch
0
Porch
0
Patio
0
Fireplace
None
Yes
-2, 500
None
None
Sprinkler/Fence
Yes/Yes
Yes/Yes
No/Yes
+2,500
No/Yes
+2,500
Landscaping
Average
Average
Worn
+1,000
Worn
+1,000
Net
Adjustment
(Total)
S -5,000
S -38,500 _
S -52,500
❑
+ X
-
+ IX
-
❑ _
+
X
-
Adjusted
of
Comparables
Sale
Price
Net
Gross
Adj.
Adj.
1.8%
26.5%
S 274,000
Net
Gross
Adj.
Adj.
13.3%
30.2%
S 251,500
Net
Gross
Adj.
Adj.
13.0%
20.9%
S 352,400
Report
the
results
of the
research
and
analysis
of the
prior sale
or transfer
history
of the
subject
property
and
comparable
sales
(report
additional
prior sales
on
page 3).
ITEM
SUBJECT
COMPARABLE
SALE
# 4
COMPARABLE
SALE
# 5
COMPARABLE
SALE
# 6
Date
of Prior
Sale/Transfer
06/15/2012
02/14/2011
09/10/2015
08/22/2013
Price
of Prior
Sale/Transfer
$112,500
$60,000
$199,900
$150,000
Data
Source(s)
Weld Assessor/I
RESIS
Weld Assessor/IRESIS
Weld Assessor/IRESIS
Weld Assessor/IRESIS
Effective
Date
of
Data
Source(s)
02/21/2018
02/21/2018
02/21/2018
02/21/2018
ra Analysis
of
prior sale
or transfer
history
of the
subject
property
and
comparable
sales
J
can
Analysis/Comments
t1)
r —
z
w
2
2
O
0
J
IC
z
EC
a
Freddie Mac Form 70 March 2005
UAD Version 9/2011
Fannie Mae Form 1004 March 2005
Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Supplemental Addendum
FHA,/VA Case Na.
Page #9af32
File No. 00928038003
Borrower Daniel Hoffman
Property
Address 1
540 9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
• URAR: Neighborhood - Description
Subject is on the border of two rather distinct neighborhoods: First, a section of the central part of Greeley that is predominantly
older residential and multi -family and that surrounds and is dominated by the University of Northern Colorado (UNC) campus.
Secondly, the town's original platted sections straddling the Central Business District (CBD), between 5th Street and 16th
Street. 16th is the borderline. Subject is physically located in the second, but is only one lot from the first and dividing 16th
Street, so is still very close to the UNC campus. For that reason, the neighborhood boundaries for this report included both, to
more accurately represent trends and comparables sales, and specifically excluded the single-family zoned portions of
Cranford. Much of the northern part of this neighborhood is zoned for commercial, industrial or multiple residential uses, but a
good number of the structures remain residential, built from the late 1880's to before WWII. Greeley zoning code allows these
original structures in non-residential zoning to be re -built as houses if destroyed, for the most part. Many of the houses have
been converted to two-family or multi -family uses with basement apartments but retain some of their historic detail. Homes in
this section of town have seen the same kind of appreciation as other areas as the neighborhood offers many houses in the
starter -home price range (see the graph), and with an 11,000 student population UNC is the main driver of the rental market.
As rents themselves have changed notably in the past five or six years, upward, so has the value of rental properties. Prices of
income properties have also exceeded, peak levels of around 2006, and inventories are low. Information in the Neighborhood
section above is from both income properties and single-family in the neighborhood. Of these, there were 79 closed and
pending sales in the past year and there are now just three active listings not under contract, a less -than two-week supply.
Three month's supply is characterized as balanced. The average price of these properties increased 14 percent from February
of 2017 to February of 2018, based on the previous 12 months' sales.
• URAR : Site Comments
No survey was provided to the appraiser; inspection of the site and public records provided all information regarding easements
and possible encroachments, but cannot be relied upon. A typical site in this part of Greeley, narrow and deep. There is a
public alley one lot to the north. Along with the house there is a small (only 10 -feet wide) detached one -car garage, plus a
concrete driveway in front with room another car. Landscaping was snow covered but looks like it has and shrubs. The back
yard has some wood privacy fencing that is newer and the front has a picket fence. The driveway and a rear patio are newer
concrete, according to the owner. The landscaping is not upgraded but is fine for the area and seems to be in average
condition, from what could be seen.
• GP Residential: Site Description - Highest & Best Use - Other Use
Subject is located just one lot from 16th Street and half a block from 8th Avenue, the main CBD arterial. Properties on this
section of 9th Avenue are almost all the original residential structures from the turn of the last century and yet all are zoned C -H.
Over the past 20 years at least three have been used for retail or office. The combination of these physical traits makes the
Highest and Best Use determination more problematic than what would typically be the case for a house.
There are a number of reasons to think that subject's Highest and Best Use is more residential in nature than commercial. The
three properties noted on this street that were retail or office have all been converted back to single-family or multi -family
residential. Central Business District (CBD) office rental rates are in the neighborhood of $8.00 to $10.00 per square foot,
whereas residential college rental rates are about $300 to $450 per bedroom, but with a much lower vacancy rate. Residential
rental rates and sales have been stronger than commercial since at least 2012, and residential property tax assessments are a
fraction of commercial, thanks to the Gallagher Amendment.
Subject's zoning would permit commercial, single or multi -family uses, and would permit subject to be re -built as residential.
Subjects interior has been re -partitioned on the main floor to increase the number of bedrooms, a drawback for commercial but
a plus for multi -tenant use. Considering the maximization of value, subject's Highest and Best Use is opined to be residential,
either as an owner occupant or a rental above grade. Commercial uses for the above grade space could be possible but based
on the current market this seems less profitable.
• URAR : Additional Features
Subject's improvements consist of an original, frame, single-family home built in 1902. At some point it appears additions were
made on the south and east to add space for main floor bedrooms, laundry and baths and expand the kitchen area. The dates
of these additions are not known, but they were a considerable period ago. The basement is advertised as unfinished and an
area of possible expansion of living area, but ceiling heights, utilities and existing ductwork make this space unlivable, it is
opined, and would be expensive to finish. This area is thought to be little more than a cellar or tall crawl space with an outside
access. The home's exterior has a stucco and wood lap siding veneer. The stucco may be over older brick or other masonry.
The wood lap is older. On the interior the main floor has three bedrooms, two baths, two living areas, a kitchen with eating area
and laundry. One bedroom is pretty small. The second floor has not been repartitioned since construction and has two
bedrooms and a bath. Little of the home's original detail remains. Finishes include a mix older and newer wood floors, doors
and trim, some older carpet, wood windows, newer aluminum storm windows, ceramic tile in the wet areas, painted wood
cabinets, plaster or drywall walls and Formica countertops. Upgrades include nine -foot ceilings, stainless appliances and
central air conditioning. The kitchens and baths have been updated in the past seven years; the roof, furnace and storm
windows are newer than that. Condition, other than those areas, is a bit worn but usable. All systems were on and appeared to
be operating, including smoke detectors.
• URAR: Sales Comparison - Summary
Sales were all traditional single-family houses in the neighborhood, some converted to rental units and some with additional
rental units in the basement. Three of the comparables were also in commercial zoned locations, the others were in multi -family
zoning. Sales #1 and #2 had cellar -type basement areas like subject; Sale #3 had more usable, unfinished basement space
and Sales #4 and #5 had finished basements that were also separate apartments. As a point of fact, Sales #5 and #6 had been
divided into separate units above grade, so had additional partitioning and kitchens. Contract information for Sale #6 was not
available; all comparisons were made from the asking price. This property was only on the market for a number of days, and
the last quarter's sale to list price ratio was 100 percent. Time of Sale adjustments were based on a one percent per month
change from the contract dates, using the change in average price in the neighborhood (see the graph) and the two recent
Form TADD -"TOTAL" appraisal software by a
a mode, inc. - 1-800-ALAMODE
Supplemental Addendum
FHA,/VA Case Na.
Page #10of32
File No. 00928038003
Borrower Daniel Hoffman
Property
Address 1
540 9th Ave
City
Greeley County
Weld
State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
transactions of Sale #1 as support. Condition adjustments were based on both inspection and broker input. All of these were
older houses, so the UAO condition representations have to be understood as being relative to the ages of the homes. Sale #2
was just recently nicely remodeled for a flip. Bath difference were adjusted at $2,000 per plumbing fixture using Marshall &
Swift Cost Services for support. Above grade square footage differences were adjusted at $45, for greater than 100 square
feet, based on a linear regression analysis (below) of 2 -story homes, filtered for time, basement differences, garages and
closing costs. Basement areas that differed by 100 square feet were adjusted at $5 for unfinished and $20 for finished space.
Garage adjustments were different based on usability of the garages as well; some of the garage spaces were larger or smaller
but had the same number of bays. Fireplaces are not that important to rental properties but are to owner -occupied, especially
since old fireplaces usually have lots of nice detail. Other adjustments were relatively modest. Sales #1, #2 and #3 had the
most in common with subject and did not have multiple units or finished basements. These sales were given weight, and
indicate that the current contract is modestly above what the market will support. In addition, below is a breakdown of the
general means of comparisons for a rental property. For the comparables with finished basements those areas were included in
the total:
Price per GSF
Price per Room
Price per BR
S ubiect
$150.13*
$35,000*
$56,000*
Sale #1
$197.15
$40,417
$80,833
Sale #2
$171.88
$42,483
$84,967
Sale #3
$132.64
$33,625
$67,250
Sale #4
$107.64
$39,857
$55,800
'Subject's represented numbers are at $280,000, as derived from the Sales Comparison grid.
Sale #5
$97.51
$22,308
$58,000
5320.000
31.DCo
3.1D, P00
53OSIDG0
$'300w000
$295:000
90,000
285,000
$280,000
$175,060
$270,000
$65,000
1350
Neighborhood 2 -story Plan Sales vs Size
}
p'1199
Y= $Y_�1V`tx+13b145
Ile_ .6751
Y .
•
L
i
1450 155G 1650 1750
Square FeetAbthe :Grade
1850
195C
2050
• Income: Comments on Income Approach
Sale #6
$99.53
$23,817
$36,809
When the payment of utilities and condition of the properties is the same the GRM method is generally accurate; however, the
inability to account for condition or expenses is the weakness of a value estimate utilizing only the GRM. The second approach
to the income is via a capitalization of net income. Using sales of neighborhood investment properties where actual expense
data seemed reasonably accurate, the income and expense indications are listed below. As none of the agent -provided data
included reserves, which was deducted for subject, a five percent reserve was accounted for in addition to the expenses noted,
and no property management costs were included in any of the expense data:
2114 10th Ave: GI - $19,800; NOI - $12,853; Exp. Ratio - 32%; GRM - 123; Cap. Rate - 6.3%.
1736 8th Ave: GI - $48,600; NOI - $33,754; Exp. Ratio - 27%; GRM ,107; Cap. Rate - 7.8%
2008 8th Ave: GI - $64,380; NOI - $45,904; Exp. Ratio - 25%; GRM - 140; Cap. Rate - 6.1%
1713 18th Ave: GI - $27,600; NOI - $19,103; Exp. Ratio - 27%; GRM - 138; Cap. Rate - 6.0%
A vacancy rate of at lease five percent was included for each of these sales, to account for frictional vacancies if nothing else,
and five percent of EGI for reserves. No profit and loss statements or operating income statements were provided. For thal
reason, the operating income statement above was constructed based upon comparable market data and information from
Marshall & Swift Cost Services. Based upon those, the following was estimated:
EGI - $23,700; NOI - $16,620; Exp. Ratio - 26%; GRM - 138; Cap. Rate - 6.1%
A capitalization rate of 6.1 percent fits with the indications from the most similar transactions above and leads to GRM that also
makes sense. Weight is given to the value yielded from the capitalization of the estimated gross income, which also equates to
a reasonable GRM of 137.7'2.
Form TADD -'TOTAL' appraisal software by a
a mode, inc. - 1-800-ALAMODE
www.AustinAustinAppraisal.com
FHA/VA Case No.
Page#11 of32
SINGLE FAMILY COMPARABLE RENT SCHEDULE 02centralgreeley2
File # 00928038003
This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for
items of significant difference between the comparables and the subject property.
ITEM 1
SUBJECT
COMPARABLE
NO. 1
COMPARABLE
NO. 2
COMPARABLE
NO.
3
Address
1540
9th Ave
Greeley, CO 80631
1825
7th
Greeley,
Ave
CO 80631
1736 8th Ave
Greeley, CO
80631
1830 7th
Greeley,
Ave
CO 80631
Proximity
to Subject
0.40
miles
SE
0.28 miles SE
0.43 miles
SE
Date
Date
Lease
Lease
Begins
Expires
05/31/2018
05/31/2018
05/31/2018
OFFERED
Monthy
Rental
If
Currently
Rented:
S 1,850
S
2,745
S 4,050
S
4,275
Less:
Utilities
Furniture
S
S
S
400
S
500
Adjusted
Monthly
Rent
S 1,850
5
2,745
S 3,650
S
3,775
Data
Source
Inspection
Weld Assessor
Inspection
Weld Assessor
Broker/I RESI
Weld Assessor
S
Broker/I RESI
Weld Assessor
S
RENT
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+( —)S Adjust.
DESCRIPTION
+( —)S Adjust.
DESCRIPTION
+ (—)S Adjust.
Rent
Concessions
None
None
None
Location/View�
N;Central;
N;Res;
N;
N;Res;
Centra I;
N;Central;
N;Res;
N;Central;
N;Res;
Design
and
Appeal
DT2;2-story
DT2;2-story
DT2;2-story
DT2;2-story
Age/Condition
116
04
108
C4
112
04
118
04
Above
Room
Gross
Grade
Count
Living
Area
Total
;
Bdrms ; Baths
Total
;
Bdrms
;
Baths
:
Total
;
Bdrms
;
Baths
:
Total
;
Bdrms
;
Baths
t I
8 l 5 l 3.0
I I ;
8 l 5 l 2 ;
I I
11 l 7
2
;
;
I I
9 l 7 l 2
1,805
Sq.
Fl.
2,061
Sq. Ft.
;
2,836
Sq.
Fl.
;
1,692
Sq.
Fl.
Other
etc.)
(e.g.,
basement,
4sf
826sf826finwu
LR-2BR-Ba
1081
LR-3BR-Ba
sf1081
finwu
1176sf1176finwo
LR-3BR-Ba
Other
AC
1 -car
AC
2
-car
None
None
None
3
-car
Net
Adj.
(total)
I
H
❑-
I S 0
I
H
n-
IS 0
I
H
n-
I S 0
Indicated
Market
Rent
Monthly
S 2,745
S 3,650
S 3,775
Comments
vacancy,
has
remains
basements.
comparables
important;
above
house
been
on
and
good,
grade,
next
strong
market
support
only
door
These
vacant
had
which
data,
for
for
Rental
to
rents
the
subject
including
above
a number
units
all
is
rent
of:
#1
not
the
adjustments,
are
on
$395,
has
far
is
of
a
the
off
offered
range
years,
beginning
per
$418
tenants
from
of
bedroom
rents
(Rent
the
for
and
but
$395
for single
concessions
the response
to appear.
basis
$450
paying
other
per
family
respectively
gas
rental
bedroom,
should
(as
The
and
comparables
properties,
does
has
be
rental
electric
adjusted
but
an estimate
been
comparables
subject),
(they
it looks
to
as
the
notable
also
when
well,
of
market,
so
had
in
vacancy
it
and
gas
construction
is
pretty
not
above
the
finished
that
and
to
for
poor
bedrooms
single
the subject
are
basements
property
electric
condition.
family
of
all
apartment
utilities
rental
property.)
2 -story
above
is
rented
rented).
are
properties,
converted
grade
buildings.
for
accounted
the
that
$395
general
The rental
While
houses
count,
Utility payments
per
for.
trend
bedroom
market
with
and
As
of rents
near
finished
in that
are
a point
and
in the region
UNC the market
respect
also
per month
of fact, the
the
Final
closer
I (WE)
Reconciliation
to
ESTIMATE
the
market
THE
of
Market
MONTHLY
rate.
Rent:
MARKET
RENT
Subject
OF
THE
is
SUBJECT
rented
AS
for
OF
$370 per bedroom per month
02/21/2018
but it
appears that
$395
TO
per
BE
bedroom per month is
$ 1,975
j.S't'<
Appraisers)
SIGNATUREReview
Appraiser
SIGNATURE
NAME Bruce W. Willard, CCIM, CRB (If
applicable)
NAME
Date
Property
Inspected
02/21/2018 Report
Signed
02/23/2018
Date
Property
Inspected
Report
Signed
License or
Certification
# CG 01315403
Slate
CO
License or
Certification
# Slate
Expiration
Date
of License or Certification
12/31/2018
Expiration
Date
of License or Certification
Review Appraiser
Did
❑
Did
Not
Inspect
Subject
Property
Freddie Mac Form 1000 (8/88)
Form 1007 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1007 (8/88)
FHAjVA Case No.
Operating Income Statement
One- to Four -Family Investment Property and Two- to Four -Family Owner -Occupied Property
Page #12of32
00928038003
Property Address
1540 9th Ave
Street
Greeley
City
CO 80631
State Zip Code
General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must
complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for
utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.
Currently Expiration
Rented Date
Current Rent Market Rent
Per Month Per Month Utility Expense
Unit No. 1 Yes No n $ 1,850 $ 1,975 Electricity
Unit No. 2 Yes Non $ $ Gas
Unit No. 8 Yes n No $ $ Fuel Oil
Unit No. 4 Yes n No $ $ Fuel (Other)
Total $ 1,850 $ 1,975 Water/Sewer
Trash Removal
Paid Paid
By Owner By Tenant
C
The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for
the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any
previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments 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 aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate
financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicantto substantiate the
projections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those
projections. The underwriter should make any final adjustments 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 types of properties are included in P1TI and not calculated as an
annual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents because
the property is proposed, new, or currently vacant, market rents should be used.
Annual /income and Expense Projection for Next 12 months
Adjustments by
income (Do not include income for owner -occupied units) By Applicant/Appraiser Lender's Underwriter
Gross Annual Rental (from unit(s) to be rented) (Market) $ 23,700 $
Other Income (include sources) + +
Total $ 23,700 $
Less Vacancy/Rent Loss — 1,185 ( 5%) — (
Effective Gross Income $ 22,515 $
Expenses (Do not include expenses for owner -occupied units)
Electricity
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 Paint/Decorating
This includes the costs of contract labor and materials that are required to
maintain the interiors of the living unit
General Repairs/Maintenance
This includes the costs of contract labor and materials that are required to
maintain the public corridors, stairways, roofs, mechanical systems,
grounds, etc.
Management Expenses
These are the customer expenses that a professional management
company would charge to manage the property.
Supplies
This includes the costs of items like light bulbs, janitorial supplies, etc.
50
5O
720
600
1,058
250
250
500
250
Total Replacement Reserves - See Schedule on Pg. 2 1,268
Miscellaneous insurance 900
Total Operating Expenses $
Freddie Mac
Form 998 Aug 88
This Form Must Be Reproduced By Seller
Pagel oft
Fannie Mae
Form 216 Aug 88
www.AustinAustinAppraisal.com
Form INC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No.
Page #13of32
Replacement Reserve Schedule
Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's 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, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,
etc. - should be expensed on a replacement cost basis.
Equipment
Replacement Remaining
Cost Life
Stoves/Ranges g $ 350 ea.
Refrigerators g $ 650 ea.
Dishwashers e $ 550 ea.
A/C Units @ $ 4,000 ea.
C. Washer/Dryers @ $ 700 ea.
HW Heaters @ $ 1,100 ea.
Furnace(s) O $ 4,800 ea.
(Other) g $ ea.
By Applicant! Lender
Appraiser Adjustments
15 Yrs. x I Units = $ 23 $
15 Yrs. x I Units = $ 43 $
15 Yrs. x I Units = $ 37 $
15 Yrs. x 1 Units = $ 267 $
15 Yrs. x 1 Units= $ 47 $
15 Yrs. x 1 Units = $ 73 $
25 Yrs. x 1 Units = $ 192 $
Yrs. x Units _ $ $
Roof @ $ 9,000 - 2O Yrs. x One Bldg. _ $ 450 $
Carpeting (Wall to Wall) Remaining
Life
(Units) 120 Total Sq. Yds. g $ 17 Per Sq. Yd. -41- 15 Yrs. _ $ 136 $ _
(Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. Yrs. _ $ $ _
Total Replacement Reserves. (Enter on Pg. 1)
1,258 $ _
Operating Income Reconciliation
$ 22,515
5,896
16,619
Effective Gross Income Total Operating Expenses operating income
1,385 — $ 0 $ 1$85
Monthly Operating Income
Monthly Housing Expense Net Gash Flow
12 = $ 1,385
Monthly Operating Income
(Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage
insurance premiums, H0A. dues, leasehold payments, and subordinate financing payments.)
Underwriter's instructions for 2-4 Family Owner -Occupied Properties
• If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of
Freddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income 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 subject property to the borrower's stable monthly income.
Underwriter's instructions for 1-4 Family Investment Properties
• If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac
Form 65/Fannie Mae Form 1003. If Net Cash Flow 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 primary residence to the borrower's stable monthly income.
Appraiser's Comments (Including sources for data and rationale for the projections)
Vacancy rates represent at least a frictional rate anticipated by buyers, although in the recent past rates have been very low. The 26 percent
expense ratio generated by this estimate seems to fit with most residential rental properties in the area.
Bruce W. Willard, CCIM, CRB
Appraiser Name
Appraiser Signature
Date
Underwriter's Comments and Rationale for Adjustments
Underwriter Name
Underwriter Signature Date
Freddie Mac
Form 998 Aug 88
Page 2 of 2
Fannie Mae
Form 216 Aug 88
Form INC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Borrower
Property Address
Daniel Hoffman
1 540 9th Ave
City
Greele
County Weld
State CO
Zip Code
80►631
Lender/Client
Su • reme Lend in •
1540 9th Ave
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Form PIC3x5.SR - "TOTAL" appraisa' software by a la mode, inc. - 1-800-ALAMODE
Photo rap
Addendum
FHAIJA Case No.
Page 15 of 32
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
CO Zip
Code
80►631
Lender/Client
Supreme
Lending
Alternate Street
North Side
South Side
Detached Garage
Foyer
Living
Form PICSIX2 - "TOTAL' appraisal software by ale mode, inc. -1-800-ALAMOOE
FHAIJA Case No.
Page #16of32
Photograph Addendum
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
CO Zip
Code
80►631
Lender/Client
Supreme
Lending
Main Bedroom
Family
Kitchen
Main Bedroom
Main Bath
Main Bath
Form PICSiX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAIJA Case No.
Page 17 of 32
Photograph Addendum
Cellar
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
CO Zip
Code
80►631
Lender/Client
Supreme
Lending
Laundry
Upper Bedroom
Upper Bath
Upper Bedroom
Smoke Detector
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAIJA Case No.
Page #18of32
Photograph Addendum
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
Subject on an Aerial Photo
'h' Fil Si
lt.l St
Si
ti
F.
7
W I I Ih 51 .14,0
sdo
W 24el SI
I+! 25th St An
N
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7
2,72 M
17111 S1
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t
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n
loth St
15l'I S
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all St
111. it
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0
Greeley
7
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t
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S
a
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g
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Subject's Neighborhood as defined
.$320,:000
SSW/DUG
$800,000
$290;O0O
80..000
.52 7.0,00'
260;0W
50,10
40,000
. 23Q
20,000
21O, Ury�l�O
200,O•G0
r
S ISO ,'1`rt V
1.70 -JO CAD
150.,0
$140,000
agropie
1_20,000
1201000
$.4100
SKID COO •
, COO
5@> '0701+x.
GQ
54 We
4Q 0OO
Neighborhood Average Prices vs. Time
2019. ;sPenwrSari _
I
j
Jew
A
A 0245.1
I
r
2OO9 20 0 2'O71 2431 2013 2O14 2415 2O1LE 2O17 2015 ≥
Year Years noted are Feb. to Feb.
SF and income properties in the neighborhood; Source IRESIS MLS
Form PIC3W - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAIJA Case No.
Page #19of32
Comparable Photo Page
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
ii Iti!MiluI1J1iJill 11111 III IHitlIliJil.'
Comparable 1
1521 9th Ave
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Coln
1218 12th St
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
0.06 miles NW
242,500
1,230
6
3
2.0
N;Central;
N;Res;
8,000 sf
04
122
parable 2
0.50 miles NW
254,900
1,483
6
3
1.1
N;Centrai;
N;Res;
9,500 sf
04
122
Comparable 3
1221 12th Ave
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
0.47 miles NW
269,000
2,028
8
4
1.1
N;Central;
N;Res;
9,500 sf
04
117
Form PIC3x5.C R -'TOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE
Borrower
Property Address
Daniel Hoffman
1540 9th Ave
City
Greele
County Weld
State Co
Zip Code
80►631
Lender/Client
Su • reme Lend in •
Form PIC3X5.CC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAjVA Case No.
Rental Photo Page
Page #21 of32
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
r
I
t
Itt 1.4•44
i
f 1 •
6����/��Jo Lid
hp t3
�'n'. at is d� .
44.611/41109! . I
W.1t IYR .
l•�-�A+art. '.' ,• ' "3/4;
ot!' 444 10.1‘44,7•- 4: y
•
C. E
i
Rental 1
1825 7th Ave
Proximity to Subj.
GBA
Age/Year Built
0.40 miles SE
1,336
108
Rental
1736 8th Ave
Proximity to Subj. 0.28 miles SE
GBA 3,917
Age/Year Built 112
Rental 3
1830 7th Ave
Proximity to Subj. 0.43 miles SE
GBA 2,868
Age/Year Built 118
Form DLSTRNT.DM$C -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAIJA Case No.
Page # 22 of 32
Building Sketch
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
Co Zip
Code
80631
Lender/Client
Supreme
Lending
U-
C�}
en
8.67'
Bedroom
Bath
f
Foyer
Kitchen
Living
Bedroom
Bath
18.83'
T
Laundry
Family
Bedroom
28.5'
Porch
20.5'
First Floor
[1242.6 Sq ft]
TOTAL Sketch by a la mode, inc.
FJ
Li
a-
lfn
■
C
en
Area Calculations Summary
p_
00
10'
1 Car Detached
0
a
CO
ri
20'
Bedroom
Bed room
20'
Bath 1 a
3'
Second Floor
[622 Sq ft]
Living Area Calculation Details
First Floor 1242.6 Sq ft
Second Floor 622 Sq ft
Total Living Area (Rounded): 1865 Sq ft
28.5 x 30.5 = 869.25
12 x 18.83 = 225.96
17 x 8.67 = 147.39
4x3 = 12
30.5 x 20 = 610
Non -living Area
Covered Porch
136.74 Sq ft 20.5 x 6.67 = 136.74
1 Car Detached 180 Sq ft
18x 10 = 180
Form SKT. BLD SKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAjVA Case No.
Page # 23 of 32
Location Map
Borrower Daniel Hoffman
Property
Address 1
540 9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
a la model Inc:
z
U,
ge
Ft
'lftr' tirVif lit .fit
W.13't!h -S t.
-r
CD
To
ttf
V
C
t
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2
V
N:.l3rd. Vii+#
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. Sit
COMPARABLE Nos 2
1.213 12th St
0.30 mites NW
COMPIRAR!I I No. 3
1221 12th Ave
0647 miles NW
�sr
-',
5
i
C;
Anchor Dc.
W tot T
timidly( Dr
Brag q.� '?�.pa..
13'91S'k
-.Pi
COMPARABLE Not 6
1227 12th Ave
CL45 fl I ES e �a
COMPARABLE No. 1
1521 9th Ave
(bOt miles Nive
Grisfirll'Mc/!
3`ar1St
3*tli St
4
2brfS Pd
. relay
Junction
Mwlitiper corner
!all
a' II
.II M
0 S r
QuIrosn
/
Cache to
Poudre a
st
' 11
RENTAL No.. 1
1825 701 Ave
MO miles SE
3(FIlsSt Rd
l2iid St
S
^Y•
3
Ire
_d.
1229 7th St
•041 miles Pil
Jae
ar
36tn t
4t
S
.f jai :Sr
UI
kit
z
°'a :r 64E 051:
i
}
4
E
UI
rst
COMPARABLE No. 5
1-206 all St
072 mites NW
SUBJECT
1540 .9th Ave
l-Dth
t
1136 ath Ave
0..28 mites SE
Zi dr'u •
.1,20titt SA
C
RENTAL No. 3
1830 7th Ave
0.43 miles SE
rah St
E'� Utty Si
211_gusit witim
31:.413 .HE_ES 2 1'i IVCcr05ft 1r ion Terns
Form MAP.LOC -'TOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE
FHAIJA Case No.
Page # 24 of 32
Flood Map
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
Co Zip
Code
80631
Lender/Client
Supreme
Lending
I ntE..rFi
"a4P.x' e d tip ' otrid,tir iro
MAP DATA.
ood
FERIA Special Flood -Hazard Area Nip
Map Number 0812301 537E
Zone:
Map. Date: January .20c2016
RF S 081'.23
Prepared for: www.AustinAtistinAppraisakorn
1.540 9th Ave
Greeley, CO 80631
MAP LEGEND
Areas inundated by S. D' -y or flooding
Arias inundated by 100syear flooding
Velocity lad
protected Areas-
FNoodway
Subject Area
i
Form MAP. FLOOD -"TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Market Conditions Addendum to the Appraisal Report
FHAIJA Case No.
Page # 25 of 32
02centralgreeley2
File No. 00928038003
The
neighborhood.
purpose
of this
This
addendum
is a
required
is to
addendum
provide
the
for
lender/client
all
appraisal
with
reports
a clear
with
and accurate
an effective
understanding
date
on
or after
of
April
the
1,
market
2009.
trends
and conditions
prevalent
in the
subject
Property
Address
1540
9th Ave
City
Greeley
Stale
Co ZIP
Code 80631
Borrower
Daniel
Hoffman
it
in
Instructions:
housing
is
explanation.
average..
subject
the
available
analysis.
trends
Sales
property.
The
and
It is
and
If
and
reliable
recognized
data
The
appraiser
listings
overall
sources
appraiser
and
market
that
must
must
must
provide
not
must
use
be
conditions
provide
properties
all
explain
the
the
data
information
analysis
sources
required
any
as
that
reported
anomalies
as
information
compete
required
indicated
will
in
be
the
in
able
with
the
on
Neighborhood
as
this
below.
to
the
data,
provide
an
form
average
subject
If
such
as
any
data
property,
the
instead
as
section
required
for
seasonal
basis
the
of
of
determined
for
data
shaded
the
the
markets,
his/her
appraisal
is
median,
unavailable
areas
conclusions,
by
new
below;
the
applying
report
construction,
appraiser
or
if
form.
is
it
the
and
considered
is
The
available,
should
criteria
must
foreclosures,
appraiser
that
provide
report
unreliable,
however,
would
the
support
must
etc.
available
be
fill
the
the
used
for
in
appraiser
appraiser
all
by
those
figure
the
a
conclusions,
information
must
must
and
prospective
identify
provide
include
to
it
buyer
the
an
regarding
extent
the data
as an
of
the
Inventory
Analysis
Prior
7-12
Months
Prior
4-6
Months
Current—
3
Months
Overall
Trend
Total
#
of
Comparable
Sales
(Settled)
35
23
17
X{
Stable
Increasing
Declining
Absorption
Rate
(Total
Sales/Months)
_
5.83
7.67
5.67
X
Stable
❑
Increasing
❑
Declining
Total
#
of
Comparable
Active
Listings
13
8
3
IX
Declining
S
Stable
I
Increasing
Months
of
Housing
Supply
(Total
Listings/Ab.Rate)
2.2
1.0
as
X
Declining
S
Stable
I
Increasing
Median
Sale
&
List
Price,
DOM,
Sale/List
%
Prior
7-12
Months
Prior
4-6
Months
Current—
3
Months
Overall
Trend
Median
Comparable
Sale
Price
216,000
205,000
225,000
(X
Increasing
Stable
Declining
Median
Comparable
Sales
Days
on
Market
35
37
36
IC
Declining
Stable
Increasing
a)
Median
Comparable
List
Price
199,
500
227,000
266,950
X
Stable
❑
Increasing
❑
Declining
Median
Comparable
Listings
Days
on
Market
nfa
nfa
nfa
D
Declining
S
Stable
Increasing
<
Median
Sale
Price
as
% of
List
Price
100
98.86
100
I
Increasing
X
Stable
Declining
<
Seller
-(developer,
builder,
etc.)paid
financial
assistance
prevalent?
Yes
IX
No
X
Stable
D
Declining
Increasing
i
re
Explain
fees,
options,
in
detail
etc.).
the
seller
concessions
Sellers
have
trends
for the
been
paying
past
12
months
one
or
(e.g., seller
two
percent
contributions
closing
increased
costs
from 3% to
for about
5%,
six
increasing use
years, but
of
as
buydowns,
the
market
closing
has
costs,
rebounded
condo
this
has
w
been
decreasing.
w
re
is
w
re
2
Are
foreclosure
sales
(READ
sales)
a factor
in the
market?
Y
Yes
>j
No If
yes,
explain
(including
the
trends
in listings
and
sales
of
foreclosed
properties).
REO's
and
short
sales
are
no
longer
factors
in
the
market
area
or neighborhood.
Cite
data
sources
for
above
information,
GARA
IRESIS
MLS data.
"n!a"
means
Not
Available in
statistics gathered
by
the
MLS
system.
Current
sales
data
includes
homes
under
contract,
to
more
correctly
indicate
inventories.
Summarize
an
analysis
the
of
pending
above
information
sales
and/or
as support
expired
for
and
your
withdrawn
conclusions
listings,
in
to
the
Neighborhood
formulate
your
section
conclusions,
of
the
provide
appraisal
both
report
an
explanation
form.
If
you
and
used
support
any
for
additional
your
conclusions.
information,
such
as
The
data
above
is for
single-family
and
investment
properties,
which are
primarily
converted
houses,
in the
neighborhood.
There
were
79
closed
and
pending
sales
in the
past year
and there
are now
just
three
active
listings
not
under
contract, a
less
-than
two-week
supply.
Three
month's
supply
is
characterized
as balanced.
The
average
price
of these
properties
increased
14
percent
from
February
of
2017
to
February
of
2018,
based
on
the
previous
12
months'
sales.
If
the
subject
is
a
unit
in a
condominium
or cooperative
project,
complete
the
following:
Project
Name:
Subject
Project
Data
Prior
7-12
Months
Prior 4-6
Months
Current-
3 Months
Overall
Trend
Total
# of
Comparable
Sales
(Settled)
I
Absorption
Rate
(Total
Sales/Months)
I
Increasing
Stable
D
Declining
Total
# of
Active
Comparable
Listings
Declining
Stable
Increasing
Months
of
Unit
Supply
(Total
Listings/Ab.Rate)
Declining
Stable
Increasing
Are
foreclosure
sales
(REO
sales)
a factor
in
the
project?
Yes
No
If
yes, indicate
the
number
of
REO listings
and
explain
the
trends
in listings
and
sales
oor
o
foreclosed
properties,
w
13
o=
a
or
}
0
a
0
in
z
0
Summarize
the
above
trends
and
address
the
impact
on the
subject
unit
and
project.
o
Signature
9�
Hit'
Si nature
g
w
Appraiser
Name Bruce
W. Willard, CCI M, CRB
Supervisory
Appraiser
Name
th
Company
Name
Austin
& Austin A•
. raisal
Company
Name
ix
Company
Address
1823
65th Avenue #2, Greeley, CO
80634
Company
Address
a-
State
License/Certification
# CC 01315403
State
CO
State
License/Certification
# Slate
Email
Address
bruce@austin-austin.com
Email
Address
Freddie Mac Form 71 March 2009
Page 1 of 1
Fannie Mae Form 1004MC March 2009
Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAjVA Case No.
o2centralgreeley2
File No, 00928038003
Page #26 of 32
UNIFORM APPRAISAL DATA ET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix 0: UAD Field -Specific Standardization Requirements)
Condition Ratings and Definitions
Cl
The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.
Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings
provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been
rehabilitateremanufactured into like -new condition. Improvements that have not been previously occupied are not considered "new" if they
have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without
adequate maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components
are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced
with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and
are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical
depreciation, or an older property that has been recently completely renovated.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every
major building component, may be updated or recently rehabilitated. The structure has been well maintained.
Note: The improvement is in its first -cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is
being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of
short-lived building components have been replaced but not to the level of a complete renovation.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been
adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building
components have been adequately maintained and are functionally adequate.
Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building
components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,
they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,
rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains
useable and functional as a residence.
Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many
of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,
soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many
or most major components.
Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property
with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.
Quality Ratings and Definitions
Q1
Dwellings with this quality raving are usually unique structures that are individually designed by an architect for a specified user. Such
residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship
and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high -quality
exterior refinements and ornamentation, and exceptionally high -quality interior refinements. The workmanship, materials, and finishes
throughout the dwelling are of exceptionally high quality.
02
Dwellings with this quality rating are often custom designed for construction on an individual property owners site. However, dwellings in
this quality grade are also found in high -quality tract developments featuring residence constructed from individual plans or from highly
modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high -quality interior refinements, and detail. The
workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINE1A -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAjVA Case No.
UNIFORM APPRAISAL DATA ET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements)
Page # 27 of 32
Quality Ratings and Definitions (continued)
03
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above -standard
residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors
that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been
upgraded from "stock" standards.
04
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans
are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,
finish, and equipment are of stock or builder grade and may feature some upgrades..
05
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a
plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation
and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials
with limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings
are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or
expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical
systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non -conforming additions
to the original structure
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major
components have been replaced or updated. Those over fifteen years of age are also considered not updated if the
appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained
and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
The area of the home has been modified to meet current market expectations. These modifications
are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute
updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not
include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal through
complete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include
some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation
of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)
square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not
included in the bathroom count. The number of full and half baths is reported by separating the two values using a
period, where the full bath count is represented to the left of the period and the half bath count is represented to the
right of the period.
Example:
3.2 indicates three full baths and two half baths.
UAD Version 9/2011 (Updated 1/2014)
Form UADDERNE1A -'TOTAL' appraisal software by a la mode, inc. -1-800-ALAMDDE
FHAIJA Case No.
Page # 2B of 32
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix 0: UAD Field -Specific Standardization Requirements)
Abbreviations Used in Data Standardization Text
Abbreviation
Full Name
FieldsWhere This Abbreviation May Appear
A
Adverse
Location
& View
ac
Acres
Area, Site
AdjPrk
Adjacent
to Park
Location
AdjPwr
Adjacent
to Power
Lines
Location
ArmLth
Arms
Length
Sale
Sale
or Financing Concessions
AT
Attached
Structure
Design (Style)
B
Beneficial
Location
& View
ba
Bathroom(s)
Basement
& Finished
Rooms
Below
Grade
br
Bedroom
Basement
& Finished
Rooms
Below
Grade
BsyRd
Busy Road
Location
c
Contracted
Date
Date
of Sale1'Time
Cash
Cash
Sale or Financing Concessions
Comm
Commercial
Influence
Location
Cony
Conventional
Sale or Financing Concessions
cp
Carport
Garage/Carport
CrtOrd
Court
Ordered
Sale
Sale
or Financing Concessions
CtySky
City
View Skyline
View
View
CtyStr
City
Street
View
View
cv
Covered
Garage/Carport
DOM
Days On Market
Data
Sources
DT
Detached
Structure
Design (Style)
dw
Driveway
Garage/Carport
e
Expiration
Date
Date
of Sale/Time
Estate
Estate
Sale
Sale
or Financing Concessions
FHA
Federal
Housing Authority
Sale
or Financing Concessions
g
Garage
Garage/Carport
ga
Attached
Garage
Garage/Carport
gbi
Built-in
Garage
Garage/Carport
gd
Detached
Garage
Garage/Carport
GlfCse
Golf Course
Location
Glfvw
Golf Course View
View
GR
Garden
Design (Style)
HR
High
Rise
Design (Style)
in
Interior
Only
Stairs
Basement
& Finished
Rooms
Below
Grade
Ind
Industrial
Location
& View
Listing
Listing
Sale or Financing Concessions
Lndfl
Landfill
Location
LtdSght
Limited
Sight
View
MR
Mid
-rise
Design (Style)
Mtn
Mountain
View
View
N
Neutral
Location
& View
NonArm
Non
-Arms
Length
Sale
Sale
or Financing Concessions
o
Other
Basement
& Finished
Rooms Below
Grade
O
Other
Design (Style)
op
Open
Garage/Carport
Prk
Park
View
View
Pstrl
Pastoral
View
View
PwrLn
Power
Lines
View
PubTrn
Public
Transportation
Location
Relo
Relocation
Sale
Sale or Financing Concessions
REO
REO Sale
Sale or Financing Concessions
Res
Residential
Location
& View
RH
USDA
-
Rural
Housing
Sale
or Financing Concessions
rr
Recreational
(Rec)
Room
Basement
& Finished
Rooms
Below
Grade
RT
Row or Townhouse
Design (Style)
s
Settlement
Date
Date
of Sale/Time
SD
Semi-detached
Structure
Design (Style)
Short
Short
Sale
Sale
or Financing Concessions
sf
Square
Feet
Area, Site,
Basement
sqm
Square
Meters
Area, Site
Unk
Unknown
Date
of Sale/Time
VA
Veterans
Administration
Sale or Financing Concessions
w
Withdrawn
Date
Date
of Sale/Time
wo
Walk
Out
Basement
Basement
& Finished
Rooms
Below
Grade
Woods
Woods
View
View
Wtr
Water
View
View
WtrFr
Water
Frontage
Location
wu
Walk
Up
Basement
Basement
& Finished
Rooms Below Grade
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAIJA Case No.
Page # 29 of 32
E & 0 Insurance - Page 1
CERTIFICATE OF REAL ESTATE ERRORS AND OMISSIONS INSURANCE
Insurance Company: : ontinental Casualty Company, a CNA insurance company (Continental)
Producer Rice Insurance Services Company, LLC (RISC)
4211 Norbourne Boulevard, Louisville, Kentucky 40207-4048
Phone: (800) 637-7319 Fax: (502) 897-7174
Mailing address:
BRUCE WARREN WILLARD
AUSTIN & AUSTIN RE PARTNERSHIP
1823 65TH AVENUE STE 2
GREELEY, CO 80634
THIS CERTIFICATE OF INSUF ANCE IS ISSUED AS A MArrER OF INFORMATION ONLY AND ONFERS NO
RIGHTS UPON THE CERTIFICATE HOLDER OTHER THAN THOSE SET FORTH IN THE POLICY AND ANY
ENDORSEMENTS ISSUED TO THE LICENSEE. THIS CERTIFICATE DOES NOT AMEND,EXTEND,OR ALTER
THE COVERAGE AFFORDED BY THE INSURANCE POLICY REFERENCED HEREIN.
This is to certfy that the following Licensee is insured, as stated below, through the group errors and
omissions insurance policy issued to the Colorado Real Estate Commission:
Insured: BRUCE WARREN WILLARD
Real Estate License Number ER279301
(if applicable)
Policy Number: 18 EU 0015CO- 100454671
Individual Policy Podod: 01/0412018 to 0110112019 S
Limits of Liablity: $100,000 per claim / 300.000 aggregate**
Deductibles: Damage Deductible: 1.000
Claim Expense Deductible: $0,
This policy Is a clalmsemadapandelreported policy. It only applies to Claims that are made and reported
during the Individual Policy Period or any applicable Extended Reporting Period. To protect the Insureds
interest and preserve any available coverage, it is essential to report claims timely in accordance with the
policy provisions.
You may obtain a copy of the group policy online at: wtirww.risceo.corn. You may also obtain copies of the
group policy and any optional endorsements purchased by calling (800) 637-7319, ext.l .
Authorized Representative: Date Generated:
12/27/2017
* it this policy is cancelled prior to the expiration date indicated, notice will be delivered in accordance with policy provisions.
`*Limits of liability may have been reduced by payments on claims.
Date of Enrollment: 11/14/2017 12:00:00 am
Form SCNLGL NLDL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAIJA Case No.
Page # 30 of 32
E & 0 Insurance - Page 2
BRUCE WARREN WILLARD
1823 65TH AVENUE STE 2
GREELEY, CO 80634
ANA
INCREASED LIMITS OF I ARI LJ T Y ENDORSEMENT
NOOK FOR EACH CLAIM I S1 M FOR ALL CLAIMS
In consideration of the additional premium paid, it is understood and agreed that the following amendment is made to the Declarations
only as respects the Licensee named below and only as respects a Claim first made against such Licensee and reported to the
Company in writing after the effective date of this endorsement:
The following Item of the Declarations is deleted in its entirety and replaced by the following,
ITEM 3. LIMITS. OF LJAEIun (a) $500,000 per Licensee per Claim
(b) $1,000000 Aggregate all Claims per Licensee
This endorsement does not apply to any Claim made prior to the effective date of the endorsement or after the expiration cif the
Individual Policy Period or any applicable Extended Reporting Period, If prior to the effective date of this endorsement any Insured
had a reasonable basis tc believe a Claim, may arise, then the increased Limits of Liability provided by this endorsement shall not apply
to such Claim or meted Claim.
Nothing herein shall serve lc increase any amounts provided under Section Pt SUPPLEMENTARY PAYMENTS or [any Sublimits of
LiaLAIity
All other terms and conditions of the Policy amain unchanged.
This endorsement, which forms a part of and is for attachment to the Policy issued by the designated Insurers, takes effect on the
effective date of said Policy at the hour stated in said Poticyr, unless another effective date is shown below, and expires concurrently vvEth
said Policy.
ONA80125CO (1-15)
Page 1
Continental Casualty Company
Insured Name: BRUCE WARREN WILLARD
CCM AI Ricit F~ wed.
Policy No: 18 EO 0O15CO.
Endorsement No:
Effective Date: 111/2018 to 111/2019
Form SCNLGL NLOL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/JA Case No.
Page # 31 of 32
License
Bruce Warren Willard
4008 Cheyenne Or
Greeley, CO 80634
LailtsA EGtlieu)
Director:: Marcia Waters
State of Colorado
Department of Regulatory Agencies
Division of Real Estate
Board of Real Estate Appraisers
truce Win Maud
Certified Genet) App Jnr
License N: CG.OO1315403
Status: Active
Expires: 1281 018
For the most up to date information regarding this credential, visit http://dora.coiorado_govfdre
Form SCNLGL NLDL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHAjVA Case No.
Resume
Page # 32 of 32
RESUME OF APPRAISER
Bruce Willard is the chief appraiser for Austin & Austin Appraisal Services and
works full time in real estate marketing, appraisal, and analysis. He is a licensed Real Estate
Broker and a licensed Certified General Appraiser, the highest level of licensure, in the State
of Colorado. Bruce is a Colorado native, an ex -Air Force pilot, with over 2,000 hours of
high performance aircraft time, and he holds a B.S. in Electrical Engineering from the US.
Air Force Academy.
Bruce is a member of the National Association of REALTORS, Colorado
Association of REALTORS, and the 'Greeley Board of REALTORS. Ile holds the
designation of Gill from the Graduate REALTORS Institute, Certified Real Estate
Brokerage Manager (CRB), Certified Residential Specialist (CRS) and the prestigious
Certified Commercial Investment Member (COQ from the National Association of
REALTORS. He is one of less than 4,500 individuals nationwide to have earned the C
designation, and one of less than 100 to hold each of the C IM, CRB and CRS
designations.
Bruce is a recognized authority on Northern Colorado real estate. He has been the
guest speaker at numerous local and statewide clubs and organizations, including Rotary
clubs, the Northern Colorado Builder's Association, the Northern Colorado Commercial
AssociatiOn of REALTORS, Weld County Planning and Zoning and the Colorado Chapter
ofthe Society of Industrial and Office REALTORS in Denver. Bruce has assisted the
Colorado and the Weld County District Attorneys and the Colorado Board of Real Estate
Appraisers in analysis, certification and appraisal review, in. 2011 Bruce was himself
appointed to the Colorado Board of deal Estate Appraisers by governor 1icken.looper. In
2013 he was elected Chairman and in 2014 he was re -appointed by the governor.
Bruce has been appraising since 1987, and has done appraisals or appraisal reviews
for: The Colorado Attorney General, The State Land Board, The City of Greeley, EMS
Bank, Bank of the West, Community First Rank, Weld Schools Credit Union, Colorado
East Bank and Trust, 1M Farm Bank, Advantage Bank, Morgan County Savings Bank, PVC
Mintor, Verus Bank ofCommerce, First Colorado Savings Bank, Farmer's Bank and
numerous other parties and institutions in the Northern Colorado region, including: Greeley,
Loveland, Fort Collins, LaSalle, Evans, Windsor, Eaton, Ault, Pierce, Commerce City,
Platteville, Kersey, Firestone, Frederick, Longmont, Berthoud, Johnstown, , Milliken, Fort
Morgan, Sterling and Gilcrest. Bruce has appraised properties from single-family
residences and vacant sites to subdivisions, apartment complexes, industrial buildings and
shopping centers
Form SCNLGL -'TOTAL appraisal software by a la mode, inc. - 1-800-ALAMODE
There are many factors as to why the valuation of $324,193 for 1540 9th Ave. Greeley, CO 80631
(80070388) is too high* The main question asked on this appeal website is: "Estimate of the property's
value as of June 30, 2018." The below screen shot shows this.
Add property
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..; •a�nl nuntr is Lunt h. re4e.nhgllr tray llydellre* and I%al leacdp+.on Ina to r. ,ltis.u:iatrdAtt. pn
a-Lvunt nuntet 1',w hare n»re than one araaerre ca apteaf add era acaurt ac a Vile.
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€chod4lorAoccunt Numeric,. I wi.:v's,iy
(h,. R127,1%.71
% td ii Un rasswn fvl tin owner!I Vr1471Vv 11I
Estimator the pr ope ty's value al. aim le 30, 201 S? t;v.27C}b}Y inoan.0
What. :s the bask far yourastlmaul or'ealuc co yau- reason ter requesdrga review? IT crc
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rrupr:rty may Ix. :aura r.oirg our ri,l r'S cr.+ncl i rtwj, Youun +playa o r drex'rrrcedthert n
rbc )ce: v -ca c+ cult ;al_.Infolwlanan in t1c ber betyr theL7.3catniarmerirn Cat cow bear.
add-er: or'hcacco.n:n ptlacrofticeornpaablcwl*. Foraedtionaiqucrtlon: ccc our
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Ph Rs cal Popery rhdlirers: 1545 4TH AVE
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MYERS 3LE15h
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;.o
Based on an appraisal that was done 4 months prior to this date (that includes 6 comps from this time),
the assessed value was $280,000 based on sales and $272,000 when using the income approach.
Another ap
praisal was done on 1/30/2020 for a refi. It came up with an appraised value of $295,000,
which I think is high. It came with 5 comps. That's 11 comps so far that dispute the county assessment
of $324,193. For good measure, here are 6 more comps (bringing the total to 17 comps):
1201 11th Ave. Greeley (Built 1902)
Sold: $289,000 on 7/2/2020
5bed/Bbath
1,921 sqft
1205 9th St. Greeley
Sold: $273,500 on 6/24/21
6 bed/4ba th
3,808 sqft
414 9th Ave. Greeley
Sold: $295,000 on 9/1/2020
2,634 sqft
1313 14th Ave. Greeley
Sold: $280,000 on 5/21/21
5bed/3bath
1,424 sqft
1026 18th Ave. Greeley
Sold: $283,000 on 11/16/2020
5bed/2bath
1,992 sqft
191115th St. Greeley
Sold: $250,000 on 3/22/21
4bed/3bath_
1/832 sqft
if you take the average of these 6 comps (of houses that closely resemble 1540 9th Ave.) that sold this
past year, the average value is $278,416.66. Which is what the county assessment should be for
property taxes.
MyAMC, LLC Appraisal Certification Form
MyAMC certifies, to the best of its knowledge, the following is accurate regarding the completion of the
attached appraisal for the property address of 1540 9th Ave Greeley, CO 80631, Order Number: 013 87185000,
Client Order Number: 882200188486
Undue Influence Controls:
The appraiser was selected by MyAMC using criteria based on the appraiser's qualifications, proximity to
the subject property, and other factors determined by MyAMC to ensure compliance with current appraiser
independence regulations. The lender has had no influence in the selection of the appraiser.
Many states do not allow AMCs to prohibit the appraiser from discussing the appraisal problem with
anyone the appraiser deems they need to communicate with. MyAMC requires the appraiser to report
any inappropriate communication to MyAMC. Unless we have separately reported an incident to you; we are
not aware of any inappropriate communication between the lender and the appraiser. MyAMC is not aware
of any attempt by the lender to influence the value, opinion of market condition, or any other aspect of the
appraisal. Following delivery of this report, if we become aware of any attempt by the lender to have the
appraiser revise the report, our compliance team will report this to your compliance contact immediately.
Outside of a valid and complete executed purchase contract, no other information has been provided to the
appraiser that might influence the value, opinion of market condition, or construction of the appraisal. Such
prohibited data includes:
• The owners estimate of value
• A target value
• The purchase price (outside of a valid and complete executed purchase contract)
• The loan amount (outside of a valid and complete executed purchase contract)
• Comparable sales*
• The loan to value ratio (LTV) (outside of a valid and complete executed purchase contract)
*Comparable sales cannot be sent as part of the initial order. As part of value reconsideration process, or QA
process, MyAMC may provide reasonable comparables to the appraiser for further appraisal review to ensure
that the best available comparables have been used.
With the exception of the bona fide quality assurance review, and requirement of minimum standards for
factual information, MyAMC has made no attempt to influence the development of construction of the
appraisal. Neither MyAMC, and to the best of its knowledge, nor the lender have conditioned payment for
services, or promise of future engagements on the appraised value, opinion of market condition, or other
opinions expressed in the appraisal.
Appraiser Qualifications and Watch/Exclusionary List Process:
MyAMC certifies the following:
• The appraiser has indicated they are competent to complete this assignment.
• The appraiser's license/certification status was verified via ASC.gov
• The appraiser has been vetted against any exclusionary list the lender has furnished MyAMC.
21112019
myAMC.
APPRAISAL OF REAL PROPERTY
Oro!1IIIIIIII
1
i
i
i
e
LOCATED AT
1540 9th Ave
Greeley, CO 80631
GR 3285 S39.3' OF N65' OF L28 & 29 & S47.3' OF N73' OF L30-31-32 WEST & THAYERS RS BLK154
FOR
MyAMC LLC
Supreme Lending
14801 Quorum Drive Suite 300, Dallas, TX 75254
OPINION OF VALUE
295,000
AS OF
01/30/2020
BY
Matthew Williams
Eubanks Appraisals
P.O. Box 284
Loveland, CO 80539
817-225-6744
info@eubanksappraisals.com
Form GA1 V LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Eu banks Appraisals
Uniform Residential Appraisal Report
File # 882200188486 -
The
purpose
of this
summary appraisal
report
is to
provide the
lender/client
with
an accurate,
and adequately
supported,
opinion
of the
market
value
of the
subject
property.
Property
Address
1540
9th Ave
City
Greeley
State
CO Zip
Code
80631
Borrower
Daniel
Hoffman
Owner of
Public
Record Daniel
Hoffman
County
Weld
Legal
Description
GR
3285 539.3'
OF
N65'
OF
L28 &
29 & 547.3'
OF
N73' OF
L30-31-32
WEST &
THAYERS
BLK164
Assessor's
Parcel
#
R0070388
Tax
Year 2018
R.E.
Taxes S 1,053
Neighborhood
Name
Greele
Cit
Map
Reference
1
Census
Tract
0001.00
Occupant
Owner
► 0
Tenant
Vacant
Special
Assessments
S 0
❑
PUD
HOA
S 0
per
year
per month
Property
Rights
Appraised
►;i
Fee
Simple
Leasehold
Other
(describe)
Assignment
Type
❑
Purchase
Transaction
I►;rl
Refinance
Transaction
❑
Other
(describe)
Lender/Client
Supreme
Lending
Address
14801
Quorum
Drive
Suite
300,
Dallas,
TX
75254
Is
the
subject
property
currently
offered
for
sale
or
has
it
been
offered
for sale
in
the
twelve
months
prior
to
the
effective
date
of this
appraisal?
Yes
► 4
No
Report
data
source(s)
used,
offering
price(s),
and
date(s).
The
subject
property
is
not
currently
listed
for
sale
per
MLS.
I
did
did
not
analyze
the
contract
for
sale
for
the
subject
purchase
transaction.
Explain
the
results
of
the
analysis
of the
contract
for
sale
or why
the
analysis
was
not
performed.
NA
I
c)
Contract
Price
S
Date
of
Contract
Is
the
property
seller
the owner
of
public
record?
Y
Yes
No
Data
Source(s)
Is
there
any
financial
assistance
(loan
charges,
sale
concessions,
gift
or downpayment
assistance,
etc.)
to
be
paid
by
any
party
on
behalf
of
the
borrower?
Yes•
Na
If Yes,
report
the
total
dollar
amount
and
describe
the
items
to
be
paid.
Note:
Race
and
the
racial
composition
of
the
neighborhood
are
not
appraisal
factors.
Neighborhood
Characteristics
One
-Unit
Housing
Trends
One
-Unit
Housing
Present
Land Use %
Location
Urban
0
Suburban
❑
Rural
Property
Values _
Increasing
►13
Stable
Declining
PRICE
AGE
One
-Unit
61
%
Built
-Up
CI
Over
75%
25-75%
❑
Under
25%
Demand/Supply
CI
Shortage
In
Balance
❑
Over
Supply
S (000)
(yrs)
2-4
Unit
5
%
•
Growth
Rapid
eStable
❑
Slow
Marketing
Time
/21
Under
3
mths
3-6
mths
Over
6 mths
116
Low
7
Multi
-Family
4
%
=
i
Neighborhood
Boundaries
W 10th
St
to
the
north,
8th
Ave
to
the
east,
23rd
Ave
to
the
west,
and
450
High
138
Commercial
17
%
;;
Reservoir
Rd
to
the
south.
257
Pred.
95
Other
13
%
Neighborhood
Description
The
subject
has
access
to
all
necessary
and
expected
support
facilities
such
as
schools,
shopping,
recreational
facilities,
employment,
and
the
freeway
system.
There
are
no
apparent
adverse
factors
which
would
affect
the
subjects
marketability.
The subject
is located
in
the
Greeley
6
School
District.
Other
land
usage
consists
of
undeveloped,
public,
educational,
and
recreational
land
uses.
Market
Conditions
(including
support
for
the
above
conclusions)
Market
activity
and
values
are
currently
stable
with
a shortage
of supply.
Marketing
time is
average
below
six
months
and
typically
in
range
of
zero
to
three
months
Typical
financing
is conventional
with
seller
contributions
ranging
from
0
to
3.9%
and
sli
•.
htl
hi
#
heron
t
+ ical
FHA
transactions
ran
a in
from
0
to
4.5%.
Dimensions
48
x
125
x
40
x 50
x
75
Area
5513
sf
Shape
Rectangular
View
N;Res;
Specific
Zoning
Classification
C -H
Zoning
Description
Commercial
High
Intensity
Zoning
Compliance
❑
Legal
CAI
Legal
Nonconforming
(Grandfathered
Use)
❑
No
Zoning
❑
Illegal
(describe)
Is
the
highest
and
best
use
of
subject
property
as
improved
(or as
proposed
per
plans
and
specifications)
the
present
use?
►�1
Yes
No
If No, describe
Highest
and
best
use
is
as
a single
family
residential
property
as
historical
homes
in
this
area
as
it is
not
legally
permitted
to
be
torn
down.
Utilities
Public
Other
(describe)
Public
Other
(describe)
Off
-site
Improvements
-
Type
Public
Private
Electricity
►►►��I
Water
e
❑
Street
Asphalt
►j1
Gas
►►►;�I
Sanitary
Sewer
► 1
❑
Alley
None
FEMA
Special
Flood
Hazard
Area
Yes
►j
No
FEMA
Flood
Zone
X
FEMA
Map
#
08123C1537E
FEMA
Map
Date
01/20/2016
Are
the
utilities
and off -site
improvements
typical
for
the
market
area?
►
4
Yes
No
If No,
describe
Are
there
any
adverse
site
conditions
or
external
factors
(easements,
encroachments,
environmental
conditions,
land
uses,
etc.)?
Y
Yes
►►`1
No
If Yes,
describe
Subject
site
is zoned
for
commercial
use
and
surrounded
b
both
single
fa
mil i
dwell
in n
•
s
and
commercial
. ro
a rties
.
The
subeect
is
le +
al
nonconforming
and
highest
and
best
use
of
the
site
and
improvement
is single
family
residential.
Survey
was not
provided;
easements/encroachments
are
unknown.
_
General
Description
Foundation
Exterior
Description
materials/condition
Interior
materials/condition
Units
►
1
One
One
with
Accessory
Unit
Concrete
Slab
Crawl
Space
Foundation
Walls
Concrete
Slab/Avg
Floors
Cpt/TI/WdNnyl/Avg
#
of
Stories
2
►►►�1
Full
Basement
Partial
Basement
Exterior
Walls
Siding/Stucco/Avg
Walls
Drywall/Paint/Avg
Type
e
Det.
Att. _
S-Det./End
Unit
Basement
Area
044
sq.fl.
Roof
Surface
Composition/Avg
Trim/Finish
Wood/Avg
►
1
Existing
Proposed
Under
Const.
Basement
Finish
0 %
Gutters
&
Downspouts
Adequate/Avg
Bath
Floor
Vinyl/Tile/Avg
Design
(Style)
Early
-American
O
Outside
Entry/Exit
Sump
Pump
Window
Type
Alum/Double/Avg
Bath
Wainscot
Ceramic/Avg
Year
Built
1902
Evidence
of
Infestation
None
Storm
Sash/Insulated
No
Car
Storage
N
None
Effective
Age (Yrs)
30
Dampness
Settlement
Screens
Yes/Avg
►►►r1
Driveway
#
of Cars 1
Attic
None
Heating
►►;1
FWA
I
HWBB
I
❑
Radiant
Amenities
W
Woodstove(s)
# 0
Driveway
Surface
Concrete
Drop
Stair
Stairs
O
Other
Fuel
Electric
F
Fireplaces)
# 0
►►►-I1
Fence
Wood
►►:1
Garage
#
of Cars 1
Floor
►►;1
Scuttle
Cooling
►►;1
Central
Air
Conditioning
►`1
Patio/Deck
Conc
►►i1
Porch
Conc
C
Carport
#
of Cars 0
Finished
Heated
Individual
None
Other
Pool
None
Other
None
Att.
►►►J
Det.
Built-in
Appliances
❑
Refrigerator
►,1
Range/Oven
►►►:1
Dishwasher
►►► 1
Disposal
►►j
Microwave
Washer/Dryer
Other
(describe)
Finished
area
above grade
contains:
7 Rooms
5
Bedrooms
3.0
Bath(s)
1,762
Square
Feet
of Gross
Living Area
Above
Grade
• Additional
features
(special
energy efficient
items,
etc.).
Subject
offers
stucco
and
siding
construction, covered
porch
and
patio,
tile backsplash,
recessed
• Ii
•
htin+,
and
wood,
caret
and
tile fluorin
-
Describe
the condition
of
the
property
(including
needed
repairs,
deterioration,
renovations,
remodeling,
etc.).
C3;Kitchen-updated-one
to five years
ago;Bathrooms-not
updated;The
subject
is in average
condition
and
has been
well maintained. The subject
has recent
updates
including
appliances,
backsplash,
flooring,
countertops,
paint,
and
plumbing.
No functional
or external obsolescence
was noted.
The subject
does not
appear
to
be in need of any
repairs,
however the appraiser
is not
a home inspector.
The utilities were on
and in working
order at the
time of
inspection
of the subject
property.
Are
there
any
physical
deficiencies
or adverse
conditions
that
affect
the
livability,
soundness,
or structural
integrity
of the
property?
Yes
►► i
No
If Yes, describe
No
physical
deficiencies or adverse conditions that
would affect
the
livability, soundness,
or structural integrity
of the subject
were noted.
Does the
property
generally
conform to
the
neighborhood
(functional
utility,
style,
condition,
use, construction,
etc.)
?
►►i1
Yes
No
If
No, describe
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 1 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. -1-800-ALAM ODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
File # 882200188486 -
There
are 1
comparable
properties
currently
offered for sale in the
subject
neighborhood
ranging in
price from S 279,000 to
$ 279,000 .
There
are 21
comparable
sales
in
the
subject
neighborhood
within
the
past
twelve
months
ranging in sale
puce from S 270,000 to
$ 315,000
.
FEATURE
SUBJECT
COMPARABLE
SALE #
1
COMPARABLE
SALE
# 2
COMPARABLE
SALE
# 3
Address
1540
9th
Greeley,
Ave
CO 80631
1015
Greeley,
18th
Ave
CO 80631
1909
13th
Greeley,
CO
Ave
80631
1219
Greeley,
13th
CO
Ave
80631
Proximity
to
Subject
0.99
miles
NW
0.63
miles
SW
0.53
miles
NW
Sale
Price
S
S
307,000
S 305, 900
S 280,000
Sale
Price/Gross
Vv. Area
S
sq.ft.
S
161.24
sq.ft.
S
203.66
sq.ft.
S
171.57
sq.ft.
Data
Source(s)
IRES#879024;DOM
49
IRES#894742;DOM
61
IRES#881718;DOM
70
Verification
Source(s)
Listin•
A•ent
Listin+
A+ent
Listin•
Arent
VALUE
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) S Adjustment
DESCRIPTION
+(-) S Adjustment
DESCRIPTION
+(-) S Adjustment
Sales
Concessions
or
Financing
ArmLth
Conv;5000
FHA;6700
ArmLth
ArmLth
Cash;0
0
Date
of
Sale/Time
s06/19;
c04/19
s12/19;c11
/19
s07/19;c05/1
0
Location
A; Res;
Cam
m
N;
Res;
-5,000
N;
Res;
-5, 000
A;Apartments;
0
Leasehold/Fee
Simple
Fee
Simple
Fee
Simple
Fee
Simple
Fee
Simple
Site
5513
sf
7000
sf
0
14155
al
-8,642
5320
al
0
View
N;Res,
N;Res,
N;Res;
N;Res;
Design
(Style)
DT2;
EarlyAmer
DT2;EarlyAmer
DT2;EarlyAmer
DT2;EarlyAmer
Quality
of
Construction
04
04
04
04
Actual
Age
118
109
0
97
0
125
0
Condition
C3
03
C3
C3
Above
Grade
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
+10,000
Room
Count
7
5
3.0
7
3
1.1
+6,000
7
3
1.0
+8, 000
6
2
2.0
+4,000
Gross
Living
Area
1,762
sq.ft.
1,904
sq.ft.
-4,970
1,502
sq.ft.
+9,100
1,632 sq.ft.
+4,550
Basement
Rooms
Below
&
Finished
Grade
644sf0sfin
672sf605sfin
1n-1
brl
.4ba0o
-6,050
-4,000
957sf123sfin
4rrl
brl
.0ba0o
-1,230
-4,000
672sf0sfin
0
Functional
Utility
Average
Average
Average
Average
Heating/Cooling
FWA/CAC
FV''
A/CAC
FWA/None
+2,000
FWA/None
+2,000
•
Energy
Efficient
Items
Fans
Fans
Fans
Fans
a
•
Garage/Carport
1
gd
1
dw
2gd2dw
-5,000
1
gd2dw
0
2gd2dw
-5,000
"
Parch/Patio/Deck
Porch/Patio
Porch/Patio
Porch/Patio
Porch/Patio
z
a
Fireplace
None
None
Fireplace
-1,000
None
*
Net
Adjustment
(Total)
+
►ll
-
S
-19,020
❑
+
►�I
-
S
-772
►:I
+
-
S 15,550
9
Adjusted
of
Comparables
Sale
Price
Net
Gross
Adj,
Adj.
10.1
6.2%
S
287,980
Net
Gross
Adj.
Adj.
12.7
0.3%
%
S 305,128
Net
Gross
Adj.
Adj.
5.6%
9.1
%
S 295,550
I
► 4
did
❑
did
not
research
the
sale
or
transfer
history
of
the
subject
property
and
comparable
sales.
If
not,
explain
My
research
►J
did
did
not
reveal
any
prior
sales
or
transfers
of
the
subject
property
for the
three
years
prior
to the
effective
date
of this
appraisal.
Data
Source(s)
MLS/Tax
Records
My
research
❑
did
►J
did
not
reveal
any
prior
sales
or
transfers
of
the
comparable
sales
for
the
year
prior
to
the
date
of
sale
of the
comparable
sale.
Data
Source(s)
M.LSrrax
Records
Report
the
results
of
the research
and
analysis
of
the
prior sale
or
transfer
history
of the
subject
property
and
comparable
sales
(report
additional
prior sales
on
page 3).
ITEM
SUBJECT
COMPARABLE
SALE
#1
COMPARABLE
SALE
#2
COMPARABLE
SALE
#3
Date
of
Prior
Sale/Transfer
03/06/2018
Price
of
Prior
Sale/Transfer
$284,000
Data
Source(s)
CoreLogic
CoreLogic
CoreLogic
CoreLogic
Effective
Date
of
Data
Source(s)
01/30/2020
01/30/2020
01/30/2020
01/30/2020
Analysis
of
prior
sale
or transfer
history
of the
subject
property
and
comparable
sales
Subject
property
sold
on 03/06/2018
for
$284,000
and
since the sale,
the
market
has
changed.
No other
sales
or transfers
of the
subject
property
in the last
3 years and
no
other
sales or
transfers
of
the comparables
in
the
last
year.
Summary
of
Sales
Comparison
Approach
All comparable
sales
are located
in the subject's market
area and are considered
the best
available
at the time of the appraisal.
All seller concessions
are within
typical
market
ranges,
therefore
no adjustments were
warranted.
Adjustments
were necessary
to reflect differences
in location, site
size ($1fsf),
gross living
area ($35 sf), bathroom
count
($2k/C.5
bath), bedroom count,
finished
basement
square
footage
($10/sf), fireplace,
central
A/C, and
garage
count.
Comparables
#3 and #4
were adjusted for having
only 2 and
3 bedrooms,
respectively. An
attempt
was made
to find a comparable
sale
to
bracket
the subject's
bedroom
count, however
none
could be
found.
Due
to limited
sales in the subjects
market area, it was
necessary to
use comparable
sales older
than
six
months. No
adverse affect on value
or
marketability
was
noted.
Site
values are based
on a thorough
review
of MLS,
tax records;.
and the appraiser's
knowledge in the
area. These adjustments
are based on contributory
value rather
than actual cost.
Comparable
Sales
#2
and
#3
are given the most
weight
in estimating
the
subject's
market
value. Comparable
#2 due to its limited
net adjustments
and recent
date of sale, and
Comparable
#3 due
to its proximity to the
subject.
Indicated
Value
by
Sales
Comparison
Approach
5
295,000
Indicated
Value
by:
Sales
Comparison Approach
$
295,000
Cost Approach
(if developed)
$
Income
Approach
(if
developed)
$
The
sales
comparison
approach
is the
strongest
indicator
of market value
and is given
the most
consideration.
The
cost
approach
was not
applied
because
of
the subject's
age
and
subjectivity
in
estimating
effective
age. The income
approach
was not
applied.
•
This
appraisal
is made
►��
"as is",
subject
to
completion
per
plans
and
specifications
on the
basis
of a
hypothetical
condition
that
the improvements
have
been
completed,
subject
to
the
following
repairs
or alterations
on the
basis of a
hypothetical
condition
that
the repairs
or alterations
have
been
completed,
or
subject
to the
• following
required inspection
based on the
extraordinary
assumption
that
the condition
or deficiency
does
not
require alteration
or repair
This report
is intended for use in a
w mortgage
finance transaction only and not
intended for any
other
use.
Based
conditions,
$
on a complete
and
295,000
appraiser's
visual
, as of
inspection
certification,
01/30/2020
of the
my
interior and
(our) opinion
, which
exterior
of
the
market
is the
areas
date
of
value,
the
of
subject
as defined,
inspection
property,
of the
and the
defined
real
effective
property
scope
date
of
that
of
this
work,
is
the
statement
appraisal.
subject
of
of this
assumptions
report
and
is
limiting
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 2 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
File # 882200188486 -
FEATURE
SUBJECT
COMPARABLE
SALE
# 4
COMPARABLE
SALE
# 5
COMPARABLE
SALE
# 6
Address
1540
Greeley,
9th Ave
CO 80631
132811th
Greeley,
St
CO 80631
142311th
Greeley,
St
CO
80631
Proximity
to Subject
0.66
miles NW
0.76
miles NW
Sale
Price
S
S 295,000
S 279,000
5
Sale
Price/Gross
Liv.
Area
S sq.ft.
S
149.29
sq.ft.
S
175.47
sq.ft.
S sq.ft.
Data
Source(s)
IRES#892490;DOM
78
IRES#889316;DOM
136
Verification
Source(s)
Listing
Agent
Listing
Agent
VALUE
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) S Adjustment
DESCRIPTION
+(-) S Adjustment
DESCRIPTION
+(-) S Adjustment
Sales
Concessions
or
Financing
ArmLth
Conv;5000
Listing
Date
of
Sale/Time
s12/19;c11/19
Active
= Location
A; Res•;Comm
N;
Res;
-5,000
N;
Res;
-5, 000
t)
Leasehold/
Fee
Simple
Fee Sim
+Ile
Fee
Sim
. le
Fee Sim
+ le
0
Site
5513 sf
5750
sf
0
12540
sf
-7,027
ft
View
N;Res;
N;Res;
N;Res;
ccz
Design
(Style)
DT2;EarlyAmer
DT2;EarlyAmer
DT2;EarlyAmer
2
Quality
of
Construction
04
04
04
w
Actual
Age
118
110
0
135
4
c"
Condition
03
C3
C3
3
w
,a
Above
Room
Gross
Count
Living
Grade
Area
Total
Bdrms.
Baths
Total
Bdrms.
Baths
+5,000
Total
Bdrms.
Baths
+5,000
Total
Bdrms.
Baths
7
5
3.0
6
3
3.0
0
5
3
2.0
+4,000
1,762
sq.ft.
1,976
sq.ft.
-7,490
1,590
sq.ft.
+6,020
sq.ft.
0
Basement
Rooms
Below
&
Finished
Grade
644sfOsfi n
928sf0sfi
n
0
574sfOsfi
n
0
Functional
Utility
Average
Average
Average
Heating/Cooling
FWA/CAC
FWA/CAC
HW;
Rad
+2,000
Energy
Efficient
Items
Fans
Fans
Fans
Garage/Carport
lgdldw
1
dw
1
gd 1
dw
1
ga 1
dw
0
Porch/Patio/Deck
Porch/Patio
Porch/Patio
Porch/Patio
Fireplace
None
Fireplace
-1,000
None
Net
Adjustment
(Total)
S -8,490
S 4,993 _
S
+
-
+
+
-
►J
+
-
Adjusted
of
Comparables
Sale
Price
Net
Gross
Adj.
Adj.
2.9
6.3%
%
5 286,510
Net
Gross
Adj.
Adj.
10.4%
1.8%
S 283,993
Net
Gross
Adj.
Adj.
%
S
Report
the
results
of the
research
and
analysis
of the
prior sale
or transfer
history
of the
subject
property
and
comparable
sales
(report
additional
prior sales
on
page 3).
ITEM
SUBJECT
COMPARABLE
SALE
# 4
COMPARABLE
SALE
# 5
COMPARABLE
SALE
# 6
Date
of Prior
Sale/Transfer
03/06/2018
Price
of Prior
Sale/Transfer
$284,000
Data
Source(s)
CoreLogic
CoreLogic
CoreLogic
Effective
Date
of
Data
Source(s)
01/30/2020
01/30/2020
01/30/2020
ra Analysis
of
prior sale
or transfer
history
of the
subject
property
and
comparable
sales
J
can
Analysis/Comments
t1)
r —
z
w
2
2
O
0
J
IC
z
EC
a
Freddie Mac Form 70 March 2005
UAD Version 9/2011
Fannie Mae Form 1004 March 2005
Form 1004UAD.(AC) - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Uniform Residential Appraisal Report
File # 882200188486 -
SCOPE OF APPRAISAL:
PER THE GUIDELINES SET DOWN BY THE STATE OF COLORADO, SCOPE OF THE APPRAISAL PROCESS MUST BE PROVIDED. THE
APPRAISAL METHODOLOGY AS IT PERTAINS TO THE VALUATION OF A SINGLE FAMILY RESIDENTIAL PROPERTY, MULTI FAMILY
RESIDENTIAL PROPERTY, CONDOMINIUM, PUD, OR SMALL RESIDENTIAL INCOME PROPERTY IS DICTATED BY THE THREE COMMON
APPROACHES TO VALUE. TYPICALLY THE MARKET APPROACH IS THE MOST UTILIZED AS IT PROVIDES THE MOST RELIABLE
INDICATORS. THESE INDICATORS BEING THE COMPARABLE SALES AND LISTINGS WHICH ARE APPLICABLE. THE COST APPROACH
IS RELIED UPON LESS OFTEN AS IT DOES NOT TYPICALLY REPRESENT MARKET VALUE AS WELL. THE INCOME APPROACH IS GIVEN
STRONG CONSIDERATION IN INCOME PRODUCING PROPERTIES BUT IS NOT APPLIED TO NON INCOME PROPERTIES.
HOMEOWNERS DUES ARE PROVIDED FROM THE HOMEOWNER, LENDER, MLS, REALTOR OR HOME OWNERS ASSOCIATION. OUT
BUILDINGS ARE CONSIDERED IN THE SITE IMPROVEMENTS SECTION
OF THE COST APPROACH. CONTRIBUTORY VALUE OF THESE
IMPROVEMENTS IS AT THE DISCRETION OF THE APPRAISER. TYPICALLY THESE ARE PERSONAL PROPERTY OR INSIGNIFICANT AND
ARE GIVEN NO CONSIDERATION OTHER THAN IN THE COST APPROACH. WATER SERVICE TO ANY RESIDENTIAL PROPERTY IS
ASSUMED TO BE OF A POTABLE SOURCE UNLESS A WELL IS INDICATED, THEN IT IS CONSIDERED THE RESPONSIBILITY OF THE
UNDERWRITER TO DETERMINE IF A WELL INSPECTION IS REQUIRED - NO WELL INSPECTIONS ARE MADE. IT IS ASSUMED THAT
SQUARE FOOTAGE PROVIDED BY THE TAXING AUTHORITY IS CONSIDERED RELIABLE FOR THE PURPOSE OF THE APPRAISAL
09 WHEN NO BETTER SOURCES ARE AVAILALBLE. COMPARABLE SQUARE FOOTAGE PROVIDED BY HOME OWNERS, REALTORS, AND
w
MLS WILL BE CONSIDERED WHEN IT IS FOUND TO BE THE MOST UPDATED OR MOST ACCURATE. COST ESTIMATES ARE DERIVED
2
FROM VARIOUS COST SERVICES, FROM LOCAL BUILDERS AND FROM THE MARKET. LAND VALUES FOR EXISTING PROPERTIES ARE
O
DERIVED FROM THE MARKET OR ESTIMATED FROM TAX INFORMATION.
o
z
INTENDED USERS: THIS APPRAISAL'S LENDER/CLIENT AND ITS SUCCESSORS OR ASSIGNS.
0
1—
THE EXPOSURE TIME IS THE ESTIMATED LENGTH OF TIME THE PROPERTY INTEREST BEING APPRAISED WOULD HAVE BEEN
a
OFFERED ON THE MARKET PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE AT MARKET VALUE ON THE EFFECTIVE DATE
<
OF THE APPRAISAL; A RETROSPECTIVE OPINION ON AN ANALYSIS OF PAST EVENTS ASSUMING A COMPETITIVE AND OPEN
MARKET. THE ESTIMATED EXPOSURE TIME OF THE SUBJECT PROPERTY IS APPROXIMATELY 90 DAYS
I HAVE PERFORMED NO SERVICES, AS AN APPRAISER OR IN ANY OTHER CAPACITY, REGARDING THE SUBJECT PROPERTY OF THIS
REPORT WITHIN THE THREE-YEAR PERIOD IMMEDIATELY PRECEDING ACCEPTANCE OF THIS ASSIGNMENT.
0
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide
adequate
information
for
the lender/client
to
replicate
the
below
cost
figures
and
calculations.
Support
for the
opinion
of
site
value
(summary of comparable
land sales or other
methods
for
estimating
site
value)
The subjects
site value is taken
from county
assessors
office. Without
a complete
land appraisal,
the assessor's
site
value is
considered the
most accurate
for this report.
The assessor's site
value
is $23,155.
OPINION
OF SITE
VALUE
=S
i
ESTIMATED
REPRODUCTION
OR
REPLACEMENT
COST NEW
Source
of
cost
data
DWELLING
Sq.Ft.
@ S =5
E
Quality
rating
from cost
service
Effective
date
of
cost
data
Sq.Ft.
@ S =5
<
Comments
on
Cost
Approach
(gross living area
calculations,
depreciation,
etc.)
=S
(01—Garage/Carport
Sq.Ft.
@ S =S
3
Total
Estimate of Cost
-New
=S
Less
Physical
Functional
External
Depreciation
=$(
Depreciated
Cost
of Improvements
=S
"As
-is" Value
of
Site
Improvements
=S
Estimated
Remaining
Economic
Life
(HUD
and
VA only)
30 Years
INDICATED
VALUE
BY
COST APPROACH
=
w
INCOME
APPROACH
TO VALUE
(not
required
by Fannie
Mae)
2
Estimated
Monthly
Market
Rent
S
X Gross
Rent
Multiplier
= $
Indicated
Value
by Income
Approach
Summary
of Income
Approach
(including
support
for
market
rent
and
GRM)
PROJECT
INFORMATION
FOR
PUDs
(if applicable)
Is
the
developer/builder
in
control
of the
Homeowners'
Association
(HOA)?
Y
Yes
No
Unit
type(s)
Detached
A
Attached
Provide
the following
information
for PUDs
ONLY
if
the
developer/builder
is in control
of
the
HOA
and
the subject
property
is
an attached
dwelling
unit.
Legal
Name
of Project
z
Total
number
of
phases
Total
number
of units
Total
number
of units
sold
0
1.
Total
number
of units
rented
Total
number
of units
for sale
Data
sources)
2
Was the
project
created
by the
conversion
of existing
buildings)
into
a PUD?
❑
Yes
No If Yes, date
of conversion.
ir
o
Does
the
project
contain
any multi
-dwelling
units?
Yes
No
Data
Source
z
Are the
units,
common elements,
and
recreation
facilities
complete?
Yes
No
If
No,
describe
the status
of
completion,
CI
D
a
Are the
common elements
leased
to
or
by the
Homeowners'
Association?
❑
Yes
❑
No If Yes, describe
the
rental
terms
and options.
Describe
common elements
and recreational
facilities.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 3 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
File # 882200188486 -
This report fon-n is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, andconclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1.. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 4 of 6
Form 1004UAD -'TOTAL" appraisal software by a la mode, inc. -1-800-ALAMQDE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
File # 882200188486 -
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraisingthis type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value.
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application) .
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 5 of 6
Form 1004UAD - 'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
File # 882200188486-
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
Signature
Name Matthew Williams
Company Name Eubanks Appraisals
Company Address P.G. Box 284
Loveland, CO 80539
Telephone Number 817-225-6744
Email Address infoaeubanksappraisals.m
Date of Signature and Report 02/04/2020
Effective Date of Appraisal 01/30/2020
State Certification # CR200001678
or State License #
or Other (describe)
State CO
State #
Expiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
1540 9th Ave
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
12/31/2021 SUBJECT PROPERTY
Greeley, CO 80631
APPRAISED VALUE OF SUBJECT PROPERTY $ 295,000
LENDER/CLIENT
Name MyAMMMC LLC
Company Name Supreme Lending
Company Address 14801 Quorum Drive Suite 300, Dallas, TX
Email Address
75254
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 6 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-8O0-ALAIIQDE
Fannie Mae Form 1004 March 2005
Market Conditions Addendum to the Appraisal Report
File No. 882200188486 -
The
neighborhood.
purpose
of this
This
addendum
is a
required
is to
addendum
provide
the
for
lender/client
all
appraisal
with
reports
a clear
with
and accurate
an effective
understanding
date
on
or after
of
April
the
1,
market
2009.
trends
and conditions
prevalent
in the
subject
Property
Address
1540
9th Ave
City
Greeley
Stale
Co ZIP
Code 80631
Borrower
Daniel
Hoffman
it
in
Instructions:
housing
is
explanation.
average..
subject
the
available
analysis.
trends
Sales
property.
The
and
It is
and
reliable
recognized
If data
and
The
appraiser
listings
overall
sources
appraiser
and
market
that
must
must
must
provide
not
must
use
be
conditions
provide
properties
all
explain
the
the
data
information
analysis
sources
required
any
as
that
reported
anomalies
as
information
compete
required
indicated
will
in
be
the
in
able
with
the
on
Neighborhood
as
this
below.
to
the
data,
provide
an
form
average
subject
If
such
as
any
data
property,
the
instead
as
section
required
for
seasonal
basis
the
of
of
determined
for
data
shaded
the
the
markets,
his/her
appraisal
is
median,
unavailable
areas
conclusions,
by
new
below;
the
applying
report
construction,
appraiser
or
if
form.
is
it
the
and
considered
is
The
available,
should
criteria
must
foreclosures,
appraiser
that
provide
report
unreliable,
however,
would
the
support
must
etc.
available
be
fill
the
the
used
for
in
appraiser
appraiser
all
those
figure
by
the
a
conclusions,
information
must
must
and
prospective
identify
provide
include
buyer
to
it
the
an
regarding
extent
the data
as an
of
the
Inventory
Analysis
Prior
7-12
Months
Prior
4-6
Months
Current—
3
Months
Overall
+
Trend
r
Total
#
of
Comparable
Sales
(Settled)
10
8
3
Increasing
►FBI
Stable
Declining
Absorption
Rate
(Total
Sales/Months)
1.67
2.67
1
❑
Increasing
►;�I
Stable
❑
Declining
Total
#
of
Comparable
Active
Listings
7
3
1
D
Decli
ning
evil
Stable
I
Increasi
ng
Months
of
Housing
Supply
(Total
Listings/Ab.Rate)
4.2
1.12
1
D
Decli
ning
1 4
Stable
I
Increasing
Median
Sale
&
List
Price,
DOM,
Sale/List
%
Prior
7-12
Months
Prior
4-6
Months
Current—
3
Months
Overall
Trend
Median
Comparable
Sale
Price
$296,000
$277,900
$308,000
Increasing
ii.
Stable
Declining
Median
Comparable
Sales
Days
on
Market
45
36
99
Decli
ning
ki1
Stable
Increasing
Median
Comparable
List
Price
$279,000
$305,000
$279,000
❑
Increasing
/ ii
Stable
❑
Declining
Median
Comparable
Listings
Days
on
Market
17
93
185
D
Declining
1sil
Stable
Increasing
'
Median
Sale
Price
as
% of
List
Price
100
100
100.69
I
Increasing
►3
Stable
Declining
Seller
-(developer,
builder,
etc.)paid
financial
assistance
prevalent?
Yes
11
No
D
Declining
O
Stable
Increasing
14
Explain
fees,
options,
in
detail
etc.).
the
seller
concessions
The
IRES
trends
MLS
for
the
indicates
past
12
there
months
(e.g., seller
were 21
closed
contributions
sales
increased
durin•
from 3%
the
to
•ast
5%,
12
increasing use of
months and 8
buydowns,
of
those
closing
sales
costs,
contained
condo
seller
concessions
which
is 38%
of
the
total
transactions
in
this
market
area.
Prior
Months
7-12:
10
Sales; 3 with
concessions;
30%
of sales
for this
W
.eriod.
4-6:
8
Sales;
2
with
concessions;
25%
of
sales
for
this
•eriod.
0-3:
3
Sales;
3 with concessions;
100%
of
sales
for
this
•eriod.
The
concessions
ran•ed
between
$2,000
and
$6,700.
The
median
concession
amount
is $5,000.
i
Are
foreclosure
sales
(REO
sales)
a factor
in
the
market?
Y
Yes
►
4
No
If
yes,
explain
(including
the trends
in listings
and
sales
of
foreclosed
properties).
The
data
used
in
the
grid
above
does
not
indicate
there
were
any
REO/Short
sales
or
other
distressed
properties
associated
with the
reported
transactions.
However,
this
is
not
a
mandatory
reporting
field
for
agents
and
there
may
be some
distressed
sales
that
were
not
reported.
It
is
beyond
the
scope
of
this
assignment
to
confirm
each
sale
used
in the
Market
Conditions
Report.
Cite
data
sources
for
above
information.
The
IRES
MLS
was the
data
source
used
to complete
the
Market Conditions
Addendum.
Summarize
an
analysis
the
of
above
pending
information
sales
and/or
as support
expired
for
and
your
withdrawn
conclusions
listings,
in
to
the
Neighborhood
formulate
your
section
conclusions,
of
the
provide
appraisal
both
report
an
explanation
form.
If
you
and
used
support
any
for
additional
your
conclusions.
information,
such
as
There
are
no
apparent
adverse
factors
which would
affect
the
subject
or immediate
neighborhood's
marketability.
If
the
subject
is
a
unit
in
a
condominium
or cooperative
project,
complete
the
following:
Project
Name:
Subject
Project
Data
Prior
7-12
Months
Prior 4-6
Months
Current—
3 Months
Overall
Trend
Total
# of
Comparable
Sales
(Settled)
I
Absorption
Rate
(Total
Sales/Months)
I
Increasing
Stable
D
Declining
Total
# of
Active
Comparable
Listings
Decli
ning
Stable
Increasing
Months
of
Unit
Supply
(Total
Listings/Ab.Rate)
Decli
ning
Stable
Increasing
Are
foreclosure
sales
(REO
sales)
a factor
in the
project?
Yes
No
If
yes, indicate
the
number
of
REO listings
and
explain
the
trends
in listings
and
sales
of
foreclosed
properties,
w
•
a
a
a
0
0
i
z
•
Summarize
the
above
trends
and
address
the
impact
on the
subject
unit
and
project.
Signature
f
Signature
Appraiser
Name
atthew
Williams
Supervisory
Appraiser
Name
Company
Name
Eubanks
A.•raisals
Company
Name
Company
Address
P.0 Box 284, Loveland, Co 80539
Company
Address
State
License/Certification
# CR200001678
State
Co
State
License/Certification
# Slate
Email
Address
infoeubanksappraisals.com
Email
Address
Freddie Mac Form 71 March 2009
Page 1 of 1
Fannie Mae Form 1 004MC March 2009
Form 1O04MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Location Map
Borrower Daniel Hoffman
Property
Address 1
540 9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
41
f.
4E
z
I -
rot
BR
34
Sant;.ir n
Park
W Attu sr
SIurti
Menc rka 1
Gartfen-si‘
f Cemetery
aria
cc
COMPARABLE Nci.
142.3 11th St
Oat rites N
Cells tem;
Palk
IP Bing -
.
ster
T9 k; A
et
Park
it)
COMPARABLE N o . 3.
1219 13th :Ave
0.33 r n 1es tJ W_
Grey Maki
fd■
C
H
i
es"'
Cache ---
la, PoIldre t
a
l
COMPARABLE No.
13.28.1166 St
. ; miles NW
ty S d Nonhtwri
oiaraido
RENTAL Not .2
0.Pr. 23rd. St
0.89 miles
Evans
3'
sit
I
a
a
11/2
t
d
,t
c son Field
2
RIM
ric pI
BYP
BS
R.E N TAIL No, 3
2000 ?V" Ave
058 miles
Ccurrt Ali dit . . L'C
.20t0feat
4
141
joi
;rr
S 2U1 g f-tErE. - 2020 .ia Coporiton Wit:'EPE test ac i er
Form MAP.LOC -'TOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE
Building Sketch (Page - 1)
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
Co Zip
Code
80631
Lender/Client
Supreme
Lending
First Floor
[1222.59 Sq ft]
8.4'
Bedroom
Iwo
gri
Bath
1.2'
Living
cr;
can
Foyer
C'
TOTAL Sketch by a la made, inc.
Living Area
First Floor
Total Living Area (Rounded):
Non -living Area
Porch
1 Car Detached
•
nml
Bath
18.9'
Utility
Kitchen
Kitchenette
Nook
Bedroom Bedroom
Covd Porch
20'
28.5'
a
It
Area Calculations Summary
1222.59 Sq ft
12.23 Sq ft
138 Sq ft
180Sgft
MIN
CO
Calculation Details
10'
n
0)
1
0
CD
r -r
n
CD
a.
10'
C
28.5 x 29.9 = 852.15
12 x 18.9 = 226.8
17.1 x 8.4 = 143.64
20x6.9 = 138
10x18 = 180
Form SKT. BLD SKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Building Sketch (Page - 2)
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
Co Zip
Code
80►631
Lender/Client
Supreme
Lending
Second Floor
[539.84 Sq ft]
17.7'
Imp
TOTAL Sketch by a la mode, inc,
Living Area
Second Floor
4.8'
1.5'
IEN
17.3'
Area Calculations Summary
539.84 Sq ft
Total Living Area (Rounded): 540 Sq ft
2.9 '
Calculation Details
cc,
(JJ
17.3 x 14.5 = 250.85
17.7 x 11.5 = 203.55
2 x 4.8 = 9.6
4.8 x 15.8 = 75.84
Form SKT. BLD SKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Building Sketch (Page - 3)
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
Co Zip
Code
80631
Lender/Client
Supreme
Lending
9.4'
Basement N
[643.71 Sq ft] r?
TOTAL Sketch by a la mode, inc.
Non -living Area
Basement
10.5'
17.7'
Area Calculations Summary
643.71 Sq ft
2.2' s
N
8
1
rn
11.6x8
9.4 x 10.1
17.7 x 24.5
7.2 x 3.1
= 92.8
= 94.94
= 433.65
= 22.32
vs -
Form SKT. BLD SKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
SINGLE FAMILY COMPARABLE RENT SCHEDULE
This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property, Adjustments should be made only for items of significant
difference between the comparables and the subject property,
ITEM
SUBJECT
COMPARABLE
NO.
1
COMPARABLE
NO. 2
COMPARABLE NO. 3
Address
1540
9th Ave
Greeley, CO 80631
814
Greeley,
20th St
CO 80631
817
Greeley,
23rd St
CO 80631
2000 9th Ave
Greeley, CO 80631
Proximity to Subject
0.58 miles S
0.89 miles S
0.58 miles S
Date
Date
Lease Begins
Lease Expires
06/01/2019
06/01/2020
Offered
Offered
Offered
Monthy
Rental
If
Currently
Rented: S
2,625
S 2,496
S 2,750
S 2,496
Less:
Utilities
Furniture
S
S
S
S
Adjusted
Monthly
Rent
S 2,625
S 2,496
S 2,750
S 2,496
Data Source
Inspection
Tax Records
Zillow
Tax Records
Zillow
Tax Records
Zillow
Tax Records
RENT
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+ (—)S Adjust.
DESCRIPTION
+ ( —)S Adjust.
DESCRIPTION
+( —)S Adjust,
Rent
Concessions
$0
$0
$0
Location/View
A;Res, Gomm
N;Res;
N;Res;
N;Res;
N;Res;
N;Res;
N;Res;
N;Res;
Design and
Appeal
DT2;EarlyAmer
DTI;
Ea rlyAmer
DTI; Ea rlyAmer
I
DT2;EarlyAmer
I
..
Age/Condition
118
03
80
C3
92
G3 I
105
I
03
Above
Room
Gross
Grade
Count
Living
Area
Total
i i
Bdrms Baths
Total
Bdrms
Baths
+40
+220
Total
Bdrms
Baths
: +40
I
; +250
Total
i
Bdrms
Baths
+20
-75
7 5 3.0
4 2 : 1.0
4 2 1.0
6 4 2.0 :
I
1,762 Sq. Ft.
888 Sq. Ft.
;
760 Sq.
Ft.
2,064 Sq. Ft.
;
Other
etc.)
(e.g.,
basement,
644sf0sfin
888sf678sfin
Orr4brl
baOo
-65
-20
560sf560sfin
Orr3brl
-50
ba0o -20
864sf864sfin
1
-86
rr2br0ba0o 0
Other:
I I i i
I
I
I
I
I
I
I
I
I
I
Net
Adj.
(total)
XI
+
— H S
175
M
+
— 220
+
— S -141
n
n
I
Indicated
Market
Rent
Monthly
S 2,671
5 2,970
S 2,355
Comments
vacancy,
the subjects
on
and
market
support
market
data,
for
the
including
above
area
adjustments,
and
the
range
are
of rents
(Rent
the most
for single
concessions
similar
family
should
to
the
properties,
subject.
be
adjusted
an
estimate
to
of vacancy
the market,
not
to
for
the
single
subject
family
rental
property.)
properties,
the
general
All comparable
trend
of rents
rentals
and
are from
I
Final
generate
(WE)
Appraiser(s)
Reconciliation
ESTIMATE
a
SIGNATURE
monthly
THE
of
Market
MONTHLY
rental
Rent:
income
MARK
Based
of
REN
$2,650.
OF
on
E
an
analysis
UBJE
of the
S OF
subjects market area, it is estimated
01/30/2020
that the
subject
20
12
property
TO BE S
could expect to
2,650
Review
(If
applicable)
Appraiser
SIGNATURE
NAME
Matthew
Williams
NAME
Freddie Mac Form 1000 (8/88) [Y2K]
Fannie Mae Form 1007 (8/88)
Eu banks Appraisals
Form ANT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Operating Income Statement
One- to Four -Family Investment Property and Two- to Four -Family Owner -Occupied Property
882200188486 -
Property Address
1540 9th Ave
Street
Greeley
City
Co
State
80631
Zip Code
General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must
complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for
utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.
Currently Expiration Current Rent
Rented Date Per Month
Market Rent
Per Month Utility Expense
Unit No. 1 Yes X No n O6/O1/2O20 $ 2,625 $ 2,650 Electricity
Unit No. 2 Yes No L_ $ $ Gas
Unit No. 3 Yes n No $ $ Fuel Oil
Unit No. 4 Yes n No $ $ Fuel (Other)
Total $ 2,625 $ 2,650 Water/Sewer
Trash Removal
Paid Paid
By Owner By Tenant
1�1
lid
The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for
the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any
previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to the
applicant's 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 aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate
financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicantto substantiate the
projections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those
projections. The underwriter should make any final adjustments 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 types of properties are included in P1TI and not calculated as an
annual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents because
the property is proposed, new, or currently vacant, market rents should be used.
Annual /income and Expense Projection for Next 12 months
Adjustments by
income (Do not include income for owner -occupied units) By Applicant/Appraiser Lender's Underwriter
Gross Annual Rental (from unit(s) to be rented) (Market) $ 31,800 $
Other Income (include sources) + +
Total $ 31,800 $
Less Vacancy/Rent Loss — 1,590 ( 5 %) —
Effective Gross Income $ 30,210 $
Expenses (Do not include expenses for owner -occupied units)
Electricity
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 contractfor such services.
interior Paint/Decorating
This includes the costs of contract labor and materials that are required to
maintain the interiors of the living unit
General Repairs/Maintenance
This includes the costs of contract labor and materials that are required to
maintain the public corridors, stairways, roofs, mechanical systems,
grounds, etc.
Management Expenses
These are the customer expenses that a professional management
company would charge to manage the property.
Supplies
This includes the costs of items like light bulbs, janitorial supplies, etc.
25
50
100
Total Replacement Reserves - See Schedule on Pg. 2 593
Miscellaneous
Total Op erati n g Expenses
$ 768
(
Freddie Mac
Form 998 Aug 88
This Form Must Be Reproduced By Seller
Pagel oft
Fannie Mae
Form 216 Aug 88
Eubanks Appraisals
Form INC2 - "TOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Replacement Reserve Schedule
Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's 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, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting,
etc. - should be expensed on a replacement cost basis.
Equipment
Replacement Remaining
Cost Life
Stoves/Ranges g $ 5O0 ea.
Refrigerators g $ ea. -*-
Dishwashers e $ 3O0 ea. -0-
A/C Units @ $ 2,500 ea.
C. Washer/Dryers @ $ ea. —
HW Heaters @ $ 350 ea.
Furnace(s) g $ 1,500 ea.
(Other) @ $ ea. ÷
Roof
Carpeting (Wall to Wall)
(Units)
(Public Areas)
15 Yrs. x
Yrs. x
15 Yrs. x
15 Yrs. x
Yrs. x
15 Yrs. x
15 Yrs. x
Yrs. x
By Applicant/
Appraiser
1 Units=$ $ _
Units — $
Units —
1 Units =
Units = $
33
1 Units =
1 Units =
Units =
$ 5,000 2O Yrs. x One Bldg.
Total Sq. Yds. g $
Total Sq. Yds. @ $
Total Replacement Reserves. (Enter on Pg. 1)
Per Sq. Yd.
Per Sq. Yd. an
Remaining
Life
Yrs.
Yrs.
$ 2O
$ 167
$
23
1OO
25O
593
Lender
Adjustments
$ _
$ _
$
$
$
$
$
$
$
$
Operating Income Reconciliation
$ 30,210
768
Effective Gross Income Total Operating Expenses
29,442
2,454 — $ $ _
Monthly Operating Income
12 — $ 2,454
Operating Income Monthly Operating Income
Monthly 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, HOA. dues, leasehold payments, and subordinate financing payments.)
Underwriter's instructions for 2-4 Family Owner -Occupied Properties
• If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of
Freddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income 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 subject property to the borrower's stable monthly income.
Underwriter's instructions for 1-4 Family Investment Properties
• If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac
Form 65/Fannie Mae Form 1000. If Net Cash Flow 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 primary residence to the borrower's stable monthly income.
Appraiser's Comments (Including sources for data and rationale for the projections)
Matthew Williams 02/04/2020
Appraiser Name
Appraiser Signature Date
Underwriter's Comments and Rationale for Adjustments
Underwriter Name
Underwriter Signature Date
Freddie Mac
Form 998 Aug 88
Page 2 of 2
Fannie Mae
Form 216 Aug 88
Form INC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Subject Photo Page
Borrower Daniel Hoffman
Property
Address 1
540 9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
CII;!kitlllllili
1540 9th Ave
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
[dual ay
Age
iHIlUhllili 1111
Subject Front
1,762
7
5
3.0
A; Res;Comm
1 ;Res;
5513x3
Q4
118
Subject Rear
Subject Street
Form PICPIX.SR -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE
Subject Photo Page
Borrower Daniel Hoffman
Property
Address 1
540 9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender'/Client
Supreme
Lending
1540 9th Ave
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Sae
Imlay
Age
Subject Side
1,762
7
5
3.0 u mm
A; Res;om� 1yny N, -;Res;
551 3 Si
Q4
118
Subject Side
Subject Kitchen
Form PICPI .SI - "TOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Photograph Addendum
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
Subject Bedroom
Subject Bedroom
Subject Bedroom
Subject Bedroom
Subject Bath
Subject Utility
Subject Living Room
Subject Nook
Subject Garage
Subject Garage
Subject Unfinished Basement Subject Unfinished Basement
Form PIC12_LT -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE
Photograph Addendum
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley County
Weld State
CO Zip
Code
80►631
Lender/Client
Supreme
Lending
Subject Unfinished Basement
Subject Water Heater
Subject Furnace
Subject Kitchenette
Subject Bath
Subject Bedroom
Subject Bath
Subject Smoke/CO2 Detector
Subject Location
Form PIC12_LT -'TOTAL' appraisal software by a la mode, inc. -1-800-ALAM0DE
Comparable Photo Page
Borrower Daniel Hoffman
Property Address.
1
540 9th Ave
City
Greeley
County
Weld State CO Zip
Code
80631
Lender/Client
Supreme
Lending
Comparable 1
1015 18th Ave
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
0.99 miles NW
307,000
1,904
7
3
1.1
N;Res;
N;Res;
7000 si
Q4
109
Comparable 2
1909 13th Ave
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
0.63 miles SW
305,900
1,502
7
3
1.0
N;Res;
N;Res;
14155 sf
Q4
97
Comparable
1219 13th Ave
Prox. to Subject
Sales Rice
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Ago
0.53 miles NW
280,000
1,632
6
2
2.0
A; Apartments;
N;Res;
5320 si
O4
125
Form PICPI .CR - "TOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE
Comparable Photo Page
Borrower Daniel Hoffman
Property
Address
1
5440 9th Ave
City
Greeley County
Weld State
CO Zip Code
80631
Lender/Client
Supreme
Lending
Comparable 4
1328 11th St
Prox. to Subject 0.66 miles NW
Sales Price 295,000
Gross Living Area 1$76
Total Rooms 6
Total Bedrooms 3
Total Bathrooms 3.0
Location N;Res;
View N;Res;
Site 5750 of
Quality Q4
Age 110
Comparable 5
1423 11th St
Prox. to Subject 0.76 miles NW
Sales Price 279,000
Gross Living Area 1,590
Total Rooms 5
Total Bedrooms 3
Total Bathrooms 2.0
Location N;Res;
View N;Res;
Site 12540 sf
Quality O4
Age 135
Comparable 6
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Form PICPIX.CR -'TOTAL' appraisal software by a la mode, inc.. -1'-800-ALAMODE
Rental Photo Page
Borrower Daniel Hoffman
Property
Address 1540
9th Ave
City
Greeley
County
Weld State
CO Zip
Code
80631
Lender/Client
Supreme
Lending
Rental I
814 20th St
Proximity to Subject 0.58 miles
Adj. Monthly Rent 2,496
Gross Living Area 888
Total Rooms 4
Total Bedrooms 2
Total Bathrooms 1.6
Location N;Res;
View N;Res;
Condition C3
Age 80
Rental 2
817 23rd St
Proximity to Subject 0.89 miles S
Adj. Monthly Beni 2,750
Gross Living Area 760
Total Rooms 4
Total Bedrooms 2
Total Bathrooms 1.0
Location N;Res;
View N;Res;
Condition O3
Age 92
Rental 3
2000 9th Ave
Proximity to Subject 0.58 miles S
Adj. Monthly Rent 2,496
Gross Living Area 2,064
Total Rooms 6
Total Bedrooms 4
Total Bathrooms 2.0
Location N;Res;
View N;Res;
Condition C3
Age 105
Form DLSTRNT.DS$R - "TOTAL" appraisal software by a la mode, inc. -1-Soo-ALAMODE
File No, 882200188486 -
UNIFORM APPRAISAL DATA ET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix 0: UAD Field -Specific Standardization Requirements)
Condition Ratings and Definitions
Cl
The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.
Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings
provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been
re habilitateremanufactured into like -new condition. Improvements that have not been previously occupied are not considered "new" if they
have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without
adequate maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components
are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced
with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and
are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical
depreciation, or an older property that has been recently completely renovated.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every
major building component, may be updated or recently rehabilitated. The structure has been well maintained.
Note: The improvement is in its first -cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is
being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of
short-lived building components have been replaced but not to the level of a complete renovation.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been
adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building
components have been adequately maintained and are functionally adequate.
Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building
components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,
they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,
rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains
useable and functional as a residence.
Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many
of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,
soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many
or most major components.
Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property
with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.
Quality Ratings and Definitions
Q1
Dwellings with this quality raving are usually unique structures that are individually designed by an architect for a specified user. Such
residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship
and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high -quality
exterior refinements and ornamentation, and exceptionally high -quality interior refinements. The workmanship, materials, and finishes
throughout the dwelling are of exceptionally high quality.
02
Dwellings with this quality rating are often custom designed for construction on an individual property owners site. However, dwellings in
this quality grade are also found in high -quality tract developments featuring residence constructed from individual plans or from highly
modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high -quality interior refinements, and detail. The
workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
UNIFORM APPRAISAL DATA ET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements)
Quality Ratings and Definitions (continued)
03
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above -standard
residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors
that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been
upgraded from "stock" standards.
04
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans
are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,
finish, and equipment are of stock or builder grade and may feature some upgrades..
05
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a
plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation
and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials
with limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings
are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or
expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical
systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non -conforming additions
to the original structure
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major
components have been replaced or updated. Those over fifteen years of age are also considered not updated if the
appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained
and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
Updated
The area of the home has been modified to meet current market expectations. These modifications
are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute
updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not
include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal through
complete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include
some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation
of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)
square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not
included in the bathroom count. The number of full and half baths is reported by separating the two values using a
period, where the full bath count is represented to the left of the period and the half bath count is represented to the
right of the period.
Example:
3.2 indicates three full baths and two half baths.
UAD Version 9/2011 (Updated 1/2014)
Form UADDERNE1A -'TOTAL' appraisal software by a la mode, inc. -1-800-ALAMDDE
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix 0: UAD Field -Specific Standardization Requirements)
Abbreviations Used in Data Standardization Text
Abbreviation
Full Name
FieldsWhere This Abbreviation May Appear
A
Adverse
Location
& View
ac
Acres
Area, Site
AdjPrk
Adjacent
to Park
Location
AdjPwr
Adjacent
to Power
Lines
Location
ArmLth
Arms
Length
Sale
Sale
or Financing Concessions
AT
Attached
Structure
Design (Style)
B
Beneficial
Location
& View
ba
Bathroom(s)
Basement
& Finished
Rooms
Below
Grade
br
Bedroom
Basement
& Finished
Rooms
Below
Grade
BsyRd
Busy Road
Location
c
Contracted
Date
Date
of Sale1'Time
Cash
Cash
Sale or Financing Concessions
Comm
Commercial
Influence
Location
Cony
Conventional
Sale or Financing Concessions
cp
Carport
Garage/Carport
CrtOrd
Court
Ordered
Sale
Sale
or Financing Concessions
CtySky
City
View Skyline
View
View
CtyStr
City
Street
View
View
cv
Covered
Garage/Carport
DOM
Days On Market
Data
Sources
DT
Detached
Structure
Design (Style)
dw
Driveway
Garage/Carport
e
Expiration
Date
Date
of Sale/Time
Estate
Estate
Sale
Sale
or Financing Concessions
FHA
Federal
Housing Authority
Sale
or Financing Concessions
g
Garage
Garage/Carport
ga
Attached
Garage
Garage/Carport
gbi
Built-in
Garage
Garage/Carport
gd
Detached
Garage
Garage/Carport
GlfCse
Golf Course
Location
Glfvw
Golf Course View
View
GR
Garden
Design (Style)
HR
High
Rise
Design (Style)
in
Interior
Only
Stairs
Basement
& Finished
Rooms
Below
Grade
Ind
Industrial
Location
& View
Listing
Listing
Sale or Financing Concessions
Lndfl
Landfill
Location
LtdSght
Limited
Sight
View
MR
Mid
-rise
Design (Style)
Mtn
Mountain
View
View
N
Neutral
Location
& View
NonArm
Non
-Arms
Length
Sale
Sale
or Financing Concessions
o
Other
Basement
& Finished
Rooms Below
Grade
O
Other
Design (Style)
op
Open
Garage/Carport
Prk
Park
View
View
Pstrl
Pastoral
View
View
PwrLn
Power
Lines
View
PubTrn
Public
Transportation
Location
Relo
Relocation
Sale
Sale or Financing Concessions
REO
REO Sale
Sale or Financing Concessions
Res
Residential
Location
& View
RH
USDA
-
Rural
Housing
Sale
or Financing Concessions
rr
Recreational
(Rec)
Room
Basement
& Finished
Rooms
Below
Grade
RT
Row or Townhouse
Design (Style)
s
Settlement
Date
Date
of Sale/Time
SD
Semi-detached
Structure
Design (Style)
Short
Short
Sale
Sale
or Financing Concessions
sf
Square
Feet
Area, Site,
Basement
sqm
Square
Meters
Area, Site
Unk
Unknown
Date
of Sale/Time
VA
Veterans
Administration
Sale or Financing Concessions
w
Withdrawn
Date
Date
of Sale/Time
wo
Walk
Out
Basement
Basement
& Finished
Rooms
Below
Grade
Woods
Woods
View
View
Wtr
Water
View
View
WtrFr
Water
Frontage
Location
wu
Walk
Up
Basement
Basement
& Finished
Rooms Below Grade
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Supplemental Addendum
File No. 882200188486 -
Borrower Daniel Hoffman
Property
Address 1
540 9th Ave
City
Greeley County
Weld
State
CO Zip
Code
80631
Lender/Clint
Supreme
Lending
ADDITIONAL COMMENTS:
Final Reconciliation: In regards to the applicable adjustments, these are based on paired data set analysis,
information disclosed to by brokers active within the immediate area, and past experience. Furthermore,
according to the 10th edition of the Appraisal of Real Estate, the adjustments utilized in the comparable
sales analysis must be market derived, but the appraiser should also exercise judgment. Sales that are
similar in all but one respect can be analyzed to isolate how that one difference affects price; however an
appraiser cannot expect the sales data to reveal the effect of a single characteristic in all situations..
Although the paired data set analysis is a theoretically sound method, it is sometimes impractical because
only a narrow sampling of sufficiently similar properties may be available. Thus the appraiser's estimated
contributory values of the amenities are considered reasonable and accurate.
Per amendment to the Colorado House Bill 1110 (effective 07/01/2013), appraisers are required to disclose
the appraisal fee paid to the appraisal firm when an appraisal is ordered by an appraisal management
company. The contracted fee for this assignment is $500.00.
Smoke/CO2 detectors were present at the time of inspection.
Subject appraised value is above predominant neighborhood value and represents the higher end of the
market. This is typical for the area and has no adverse effect on value or marketability due to the presence
of similiar properties in the area.
It is noted the subject's zoning is Commercial High Intensity, however the subject's use is legal,
nonconforming as a single family residential property. Per thecity of Greeley Historic Preservation
Department, the subject property can be rebuilt if destroyed.
Form TADD -"TOTAL" appraisal software by a
a mode, inc. -1-800-ALAM0DE
Certification
Co(orado Department of Regulatory Agencies
Division of ReaL Estate
Matthew Williams
Certified Residential Appraiser
CR200001678
License Number
12/0912019
Issue Date
Active _ 12/3112021
License Stags. Expiration
Verify this license at http: 1 cotorado.'.v/dre
Ana
Director: Marcia Waters
Licensee Sign ! ure
Form SCNLGL -'TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE
GWEArlic4MFRICAN,
INSURANCE GROUP
301 E. Fourth Street, Cincinnati, OH 45202
DECLARATIONS
for
REAL ESTATE APPRAISERS
ERRORS ORS OMISSIONS SU N CE POLICY
THIS IS BOTH A CLAMS MADE AND REPORTED INSURANCE POLICY.
THIS POLICY APPLIES TO THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INSURED
AND REPORTED IN WRITING TO THE COMPANY DURING THE. POLICY PERIOD.
Insurances afforded by the company indicated below: (A capital stock corporation)
FE Great American Assurance Company
Hole: The Insurance Company selected above shall herein be referred to as the Company.
Policy Number: X666283 -I9
Renewal of:
RAP36 2 -1S
Program Administrator Hetbeit Landy insurance Agency Inc.
100 River Ridge trove* Suite 301 Norwood, MA 02062
Item E. Named Insured: Mattihew Kirk Williams
Item ?. Address:
City, State, Zip Code:
fi00SMain St.
Mansfield, TX 76063
Item Polley Period: From 07/M2019 To 07/22/2020
(Mt) nth. Dat', Years) (Month, Day, Year)
(Both dates at 12:) I a.m. Standard Time at the address of IhL Named Insured as stated in Item 2.)
Item 4. Limits of Liability:
A. S 1,000,000 Damages Limit oCLiability — Each Claim
. s 1,000,000 Claim Expenses Limit o r Liability — Each Claim
C. S 1,000,000 Damages Limit of — Policy Aggregate
t S 1,0 I ,000 Claim Expenses Limit of Liability — Policy Aggregate
Item 5. Deductible (Inclusive ofClaim Expenses);
A. $ 0!. Each Claim
F . $ 0100 Aggregate
Item. 61 Premium: $ 892.00
Item 7. Retroactive Date Of appiicabl' yi: 07/12/2014
Item 8. Forms, Notices and Endorsements attached:
O421{ (03/15) D42 TX (05/13) II/324 wiz
z
D42402 (05/13) D42412 (03/17) D42413 (06/17)
D42101 (K>I;,"I511
Authorized Representative
Page 1 of t
Form SCNLGL-'TM-AL appraisal software by a la mode, inc. - 1-800-ALAMODE
July 9, 2021
Petitioner:
HOFFMAN DANIEL
1540 9TH AVE
GREELEY, CO 80631-4611
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBS ITE: www.weldgov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket 2021-1852, AS0109 Appeal 2008230103 Hearing 7/26/2021 1:00 PM
Account(s) Appealed:
R0070388
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 26, 2021, at or about the hour of 1:00
PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The Weld
County Assessor or his designee will be present. The Board will make its decision on the basis of
the record made at the aforementioned hearing, as well as your petition, so it would be in your
interest to have a representative present. If you plan to be represented by an agent or an attorney
at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an
authorization for the agent or attorney to represent you. If you do not choose to attend this hearing,
a decision will still be made by the Board by the close of business on August 5, 2021, and mailed to
you within five (5) business days.
Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10
minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide
evidence to support your position. This may include evidence that similar homes in your area are
valued less than yours or you are being assessed on improvements you do not have. Please note:
The fact that your valuation has increased cannot be your sole basis of appeal. Without
documented evidence as indicated above, the Board will have no choice but to deny your appeal.
If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If
you wish to obtain the data supporting the Assessor's valuation of your property, please submit a
written request directly to the Assessor's Office by emailing assessor@weldgov.com or sending a
fax to (970) 304-6433. Upon receipt of your written request, the Assessor will notify you of the
estimated cost of providing such information. Payment must be made prior to the Assessor
providing such information, at which time the Assessor will make the data available within three (3)
working days, subject to any confidentiality requirements.
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
LPLIs./o:yf G'i.
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Assessor
August 5, 2021
Petitioner:
HOFFMAN DANIEL
1540 9TH AVE
GREELEY, CO 80631-4611
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.weldgov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2021-1852 Appeal 2008230103 Hearing 8/5/2021
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and
acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of
the Weld County Assessor's valuation of your property described above, for the year 2021.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R0070388 Stipulated - Approved
Stipulated Value
$324,193 $295,000
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board
will be the last time you may present testimony or exhibits or other evidence, or call witnesses in
support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to
the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your
hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate
court.
All appeals to the Board of Assessment Appeals filed after August 10, 2021, MUST comply with the
following provisions of C.R.S. §39-8-107(5):
(5)(a)(I) On and after August 10, 2021, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals
pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall
provide to the County Board of Equalization or to the Board of County Commissioners of the County in the
case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subsection (5)(a)(I) of this paragraph (a) within
ninety days after the appeal has been filed with the Board of Assessment Appeals.
(b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the
County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an
appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's
request, the following information:
(A) The primary method used by the county to determine the value of the subject property; and
(B) The rates used by the county to determine the value of the subject property under the method identified
in accordance with subsection (5)(b)(l)(A) of this section.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move
the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the County Attorney and shall be
accompanied by a certification that the County Assessor or the County Board of Equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action
by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c)
and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders
in regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: (303) 864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the
District Court of the county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits
or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is
further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado
appellate review and C.R.S. §24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current
valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will
pursue arbitration. You and the Board of Equalization will 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 (i.e. Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fees may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
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