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Home My WebLink About20192646.tiffAugust 6, 2019 Petitioner: MENDOZA YOLANDA 2024 23RD AVE GREELEY, CO 80634-6629 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldaov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-2646 Appeal 2008224353 Hearing 8/5/2019 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 2019. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R3572986 Stipulated - Approved Stipulated Value $401,549 $393,000 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, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, 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 subparagraph (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) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (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 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 fess 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 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R3572986 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF : NAME: ADDRESS: Yolanda Mendoza 2024 23RD AVENUE GREELEY CO 80634-6629 Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2019 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 12578-A PT NW4 18 5 65 COMMENCING AT SW COR OF FOLLYWOOD S125FT E185FT N125FT W185FT TO BEG 2024 23 AV GREELEY 80631 2. The subject property is classified as RESIDENTIAL property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2019 : Total $401,549 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year2019 actual value for the subject property: Total $393,000 5. The valuation, as established above, shall be binding only with respect to tax year2019 6. Brief narrative as to why the reduction was made: REVIEW OF ADDITIONAL SALES. 7. Both parties agree that: FA The hearing scheduled before the Board of Equalization on 7/25/2019 at 10:30 be vacated. A hearing has not yet been scheduled before the Board of Equalization. 1 Q0 t 9- o'co'1Co Aso O3 DATED this 22ND olan4 Mendoza ,Jul 23, 2019) day of JULY Petitioner(s) or Agent or Attorney Address: 2024 23rd Ave Greeley, CO 80634 Telephone: 970 590 9369 Docket Number R3572986 Stip-1.Frm 2019 Idcrn 44,44- 1714 - (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 Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R3572986 / Mendoza Final Audit Report 2019-07-24 Created: 2019-07-22 By: Duane Robson (drobson@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAa9IL1 u26A2ma6U0Jsg5S4a56JEM0raTD "R3572986 / Mendoza" History Li Document created by Duane Robson (drobson@co.weld.co.us) 2019-07-22 - 5:43:15 PM GMT- IP address: 204.133.39.9 L11t Document emailed to Duane Robson (drobson@co.weld.co.us) for approval 2019-07-22 - 5:43:16 PM GMT C Document approved by Duane Robson (drobson@co.weld.co.us) Approval Date: 2019-07-22 - 5:43:23 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to TESSA GASTON (tgaston@weldgov.com) for approval 2019-07-22 - 5:43:24 PM GMT 't Email viewed by TESSA GASTON (tgaston@weldgov.com) 2019-07-22 - 5:49:58 PM GMT- IP address: 204.133.39.9 Document approved by TESSA GASTON (tgaston@weldgov.com) Approval Date: 2019-07-22 - 5:53:53 PM GMT - Time Source: server- IP address: 204.133.39.9 1 Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature 2019-07-22 - 5:53:54 PM GMT f_ti Email viewed by Brenda Dones (bdones@co.weld.co.us) 2019-07-22 - 7:36:59 PM GMT- IP address: 204.133.39.9 o Document e -signed by Brenda Dones (bdones@co.weld.co.us) Signature Date: 2019-07-22 - 7:37:29 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Yolanda Mendoza (cervarroyo@gmail.com) for signature 2019-07-22 - 7:37:31 PM GMT Email viewed by Yolanda Mendoza (cervarroyo@gmail.com) 2019-07-22 - 7:37:37 PM GMT- IP address: 66.249.88.61 41480, ape N. r T • ?AIRED BY Adobe Sign C -%a Document e -signed by Yolanda Mendoza (cervarroyo@gmail.com) Signature Date: 2019-07-23 - 3:26:00 PM GMT - Time Source: server- IP address: 66.162.97.66 Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-23 - 3:26:02 PM GMT Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-23 - 5:35:41 PM GMT- IP address: 204.133.39.9 Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-24 - 12:51:32 PM GMT - Time Source: server- IP address: 204.133.39.9 Q Signed document emailed to Karin McDougal (weld-cboe@weldgov.com), TESSA GASTON (tgaston@weldgov.com), Duane Robson (drobson@co.weld.co.us), Yolanda Mendoza (cervarroyo@gmail.com), and 2 more 2019-07-24 - 12:51:32 PM GMT ne.............. cOWERED?Y 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: Yolanda Mendoza Contact Email: cervarroyo@gmail.com Contact Phone: 970-590-9369 Appeal Submitted: 12:05 PM July 08, 2019 Appeal submitted for: R3572986 - MENDOZA YOLANDA 2024 23RD AVE, GREELEY Legal: GR 12578-A PT NW4 18 5 65 COMMENCING AT SW COR OF FOLLYWOOD S 125FT E 185FT N 125FT W 185FT TO BEG 2024 23 AV GREELEY 80631 Reason: Value Too High - I am appealing the valuation of my property for 2019. We had recently refinanced the property, and I am attaching the appraisal that our lender used as basis for the new loan. Although understand that property values have gone up within recent years, I believe that the current proposed valuation is way off I believe my property is worth somewhere around $350,000 currently. Estimate of Value: $350,000.00 Document(s) Submitted: Account: All Accounts - Comparable Reportl.pdf Account: All Accounts - 2024 23RD AVENUE. Appraisal.pdf You have selected the following Date Preferences: *Thursday, July 25, 2019, from 9:00 a.m. to 12:00 p.m. Thursday, July 25, 2019, from 1:30 p.m. to 4:30 p.m. Friday, July 26, 2019, from 9:00 a.m. to 12:00 p.m. Friday, July 26, 2019, from 1:30 p.m. to 4:30 p.m. Monday, July 29, 2019, from 3:00 p.m. to 4:30 p.m. Tuesday, July 30, 2019, from 1:30 p.m. to 4:30 p.m. Thursday, August 1, 2019, from 9:00 a.m. to 12:00 p.m. Thursday, August 1, 2019, from 1:30 p.m. to 3:30 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 2019-2646 DSO 1O 3 Page #1 Supplemental Addendum File NO 23518171417 Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State Co Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION 12/10/2018 Although the appraiser's adjustments vary from the assessor's records, the subject property was physically measured by the appraiser and the GLA is correct and accurate as reported The appraiser has measured and appraised the subject property previously (for the previous owners in 2006) and the measurements were the same The appraiser is not aware of any unpermitted addition and/or square footage As stated in the report, the GLA adjustment was derived from both the appraiser's knowledge and familiarity with the subject's market as well as through paired sales analysis using comparable sales in the subject's same market over the past 12 months The subject is NOT considered an overimprovement, however it is a "larger than typical" ranch style home for its specific market The price per square foot can be attributed to the Law Of Diminishing Returns as the excess square footage from a "larger than typical" property yields a lower price per square foot The subject's market is specifically the area of homes south of 16th Street, east of 23rd Avenue, north of US Highway 34 and west of 11th Avenue These homes were built in the 1950s and the area consists of a harmonious mixture of single family dwellings, 2-4 family dwellings, multifamily and commercial land use ALL three comparables utilized in this report were situated in the subject's same specific market/neighborhood The subject is surrounded by both single family and multifamily dwellings (to the rear) and is situated right on the busy thoroughfare of 23rd Avenue Sale #1 is used due to its similar external influences as it is surrounded by single family dwellings and commercial land use and is also situated nght on the busy thoroughfare of 23rd Avenue It is also used to bracket the subject's GLA as it too is one of the larger than typical ranch style properties in the subject's same market Although Sale #2 has an different bedroom count and an inferior GLA to that of the subject, it represents the "typical" size and room count for ranch style properties in the subject's same market A room adjustment for the difference between two and three bedrooms is not deemed neccessary in this market and price range Especially when some properties have additional bedrooms in their lower levels or the potential for such which Sale #2 does have The adjustment regarding square footage and GLA takes care of the size difference between the subject and the comparables This sale was also used due to its similar basement size/finish work to that of the subject Sale #3 is used due to Its similar external influence as it is situated on a busy intersection in the subject's same market It represents the upper end of the subject's market as it has been remodeled, upgraded and updated throughout The additional comparables given to the appraiser by the underwriter may be situated closer to the subject, however they are situated in a completely different market to the west of 23rd Avenue and consists of properties built in the late 1960s through the mid 1970s 2164 Buena Vista Drive is a two story/contemporary style property and 2161 Buena Vista Drive is a splitlevel style property and are not comparable to the mid century ranch style properties situated in the subject's specific market 2121 26th Avenue Court is a ranch style property, however it was built in the 1970s and not more similar or comaprable to the ranch style comparables sales already in the report Finding similar sales to compare to the subject was difficult and as evidenced by the 1004MC, there have only been 12 comparable sales to close within the past 12 months in the subject's specific market The three sales utilized are all 1950s ranch style dwellings and the most similar and recent sales available in which to compare to the subject, especially in terms of GLA and external influences Their adjusted sales prices indicate a similar value range and each one was used for a specific reason The view quality of construction, condition basement size/finish work and outdoor features/landscaping adjustments were derived from the combination of local cost figures and the Marshall and Swift Cost Handbook, the appraiser's knowledge and familiarity with the subject's market , through confirmation of sales with the listing agents to help determine market reaction for specific features by the typical buyer in the subject's market as well as through both group sales analysis and paired sales analysis using comparable sales in the subject's same market over the past 12 months If you have any other questions or concerns, please feel free to contact me at 970-352-4232(office) or absolutekoch@yahoo corn Signature Name MICHELLE R KOCH Date Signed 12/10/2018 State Certdication # CR40011925 State Co State Certification # State Or State License # State Or State License # State .14tiktillJALI/Pu Signature Name Date Signed Form TADD2—'WinTOTAL" appraisal software by a la mode, inc —1 800 ALAMODE Page #2 FROM INVOICE ABSOLUTE APPRAISALS INC - 3INVOICE NUMBER 1<-,a#'.: t.' 1626 37TH AVENUE PLACE SW52818 GREELEY CO 80634 „n'-,:wi==_ca-" t7 DATE ii A ' a'^ .k s" absolutekoch©yahoo corn Telephone Number 970-352-4232 Fax Number 12/06/2018 -r ,':-..J ' A- 'REFERENCE 0 -rd's s,1�u,Y ,r ' TO VANDYK MORTGAGE CORPORATION 2449 CAMELOT COURT SE GRAND RAPIDS MI 49546 Telephone Number Fax Number Alternate Number E-MaIl Internal Order # SW52818 Lender Case # 23518171417 Client File # 27076302-27076303 Main File # on form 23518171417 Other File # on form 27076302-27076303 Federal Tax ID 84-1464105 Employer ID 7 r, 4 1� 1 J t� A = r y `'ft= 3 wr r 3 " . a .tr � yJ� -' C r '74 DESCRIPTION ' Fy�� r¢¢ e , ;�� = �� 5..`,,-,_L v.. , , ssFP b �.r. #S}I�Jk e. �,,. S.1-�N n C_� � 'Jrnk 7s� li.iA'u�' yli i .-.}.� Y 3a'w "fir J{ `,� Lender VANDYK MORTGAGE CORPORATION Client VANDYK MORTGAGE CORPORATION Purchaser/Borrower YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip 80634 Legal Description PT NW4 18 5 65 COMMENCING AT SW COR OF FOLLYWOOD S125 E185 N125 W185 TO BEG "' s,1.,,' - 1''<<�=�� '> = - - rs F� >� ;rvk a z ).„°,'-'rt+a1 .,. ,. rf' � � � ¢ �= �� ,a � , '� ' ` �t'` `� �� 4.1 � , AMOUNT -vc,; SINGLE FAMILY RESIDENTIAL (FNMA 1004) RUSH 725 00 SUBTOTAL , 72500 K 3J,,V e`4; $-$f' ,� / 'PnYn t 1- i V '''''''.-1, � k� 4 .I �� ss. .. .4�yy.,G f_ ,'�'�. ; „� r��)��,�� AMOUNT'4�. PAYMENTS -� t � �4 ** _' !.i� 1 " �'hi stF fp3'FtS S.-:-SYr .i'R »'Gi"b{. � v '�T k3�.j'S��•-`b_ �ay _, .-�.E{(Inaflt��d"ti r��j,f if YG:'h�-i ��t+'✓`�itYt Check# Date Description Check# Date Description Check # Date Description SUBTOTAL ' THANK YOU FOR YOUR BUSINESSii TOTAL DUE $ 725 00 Farm NIV5—'WinTOTAL" appraisal software by a la made, inc —1 800 ALAMODE Absolute Appraisals (970)352 4232 Page #3 APPRAISAL OF REAL PROPERTY LOCATED AT 2024 23rd Ave Greeley. CO 80634 PT NW4 18 5 65 COMMENCING AT SW COR OF FOLLYWOOD S125' E185' N125' W185' TO BEG FOR VANDYK MORTGAGE CORPORATION 2449 CAMELOT COURT SE GRAND RAPIDS, MI 49546 OPINION OF VALUE 339,000 AS OF 12/04/2018 BY MICHELLE R. KOCH ABSOLUTE APPRAISALS, INC. 1626 37TH AVENUE PLACE GREELEY, CO 80634 970-352-4232 absolutekoch@yahoo.com • Form GA1V — "WinTOTAL" appraisal software by a la mode. inc. — 1-800-ALAMODE Page #4 Borrower/Client YOLANDA MENDOZA File No. 23518171417 Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION TABLE OF CONTENTS Supplemental Addendum w/sig block 1 Invoice 2 Cover Page 3 Table of Contents 4 Summary of Salient Features 5 USPAP Identification Addendum 6 URAR 7 UAD Definitions Addendum 13 General Text Addendum 16 Market Conditions Addendum to the Appraisal Report 17 Aerial Map 18 Flood Map 19 Plat Map 20 Location Map 21 Building Sketch (Page - 1) 22 Subject Photos 23 Subject Photos 24 Subject Photos Interior 25 Subject Photos interior 26 Subject Photos Interior 27 Subject Photos Interior 28 Comparable Photos 1-3 29 Addendum 30 Addendum 31 Form TOCP — "WinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE Page #5 SUMMARY OF SALIENT FEATURES c 0 z Subject Address 2024 23rd Ave Legal Description PT NW4 18 5 65 COMMENCING AT SW COR OF FOLLYWOOD S125 E185 N125 W185 TO City Greeley County WELD State co Zip Code 80634 Census Tract 0004 01 Map Reference PIERSON GRAPHICS Sale Pnce $ L Date of Sale .z, z,. Borrower/Client YOLANDA MENDOZA Lender VANDYK MORTGAGE CORPORATION Size (Square Feet) 2 019 Price per Square Foot $ Location N Res ,C Age 60 'o o z • Condition C3 E, Total Rooms 6 0 Bedrooms 3 Baths 2 0 C c Appraiser MICHELLE R KOCH If a Date of Appraised Value 12/04/2018 Final Estimate of Value $ 339 000 Form SSD — "WinTOTAL" appraisal software by a la mode, inc —1 800 ALAMODE Page #6 USPAP ADDENDUM 27076302-27076303 File No 23518171417 Borrower YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State co Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION This report was prepared under the following USPAP reporting option /.1 Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(a) • Restncted Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2 2(b) Reasonable Exposure Time My opinion of a reasonable exposure time for the subject property at the market value stated in this report is estimated to be between 0 3 months and was derived using market research of the subject neighborhood for the past 12 months Additional Certifications I certify that to the best of my knowledge and belief I have NOT performed services as an appraiser or in any other capacity regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment ❑ I HAVE performed services, as an appraiser or in another capacity regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment Those services are described in the comments below — The statements of fact contained in this report am true and correct —The reported analyses opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses opinions and conclusions — Unless otherwise indicated I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved — I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment — My engagement in this assignment was not contingent upon developing or reporting predetermined results — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client the amount of the value opinion the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal — My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the lime this report was prepared — Unless otherwise indicated I have made a personal inspection of the property that is the subject of this report — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (d there are exceptions the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report) Additional Comments The Intended User of this appraisal report is VanDyk Mortgage Corporation and its successors or assigns The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction subject to the stated Scope of Work purpose of the appraisal reporting requirements of this appraisal report form and Definition of Market Value No additional Intended Users are identified by the appraiser APPRAISER p I�SUPERVISORY APPRAISER (only if required) Signature* -(1(4•14.1.111)/i Signature Name MICHELLE R KOCH Name Date Signed 12/10/2018 Date Signed State Certification # CR40011925 State Certification # or State License # or State License # State co State Expiration Date of Certification or License 12/31/2018 Expiration Date of Certification or License Effective Date of Appraisal 12/04/2018 Supervisory Appraiser Inspection of Subject Property III Did Not • Extenor only from Street ■ Intenor and Extenor Form ID14AP—'WinTOTAL" appraisal software by a la mode inc —1 800 ALAMODE Absolute Appraisals (970)352 4232 Page #7 Uniform Residential Aapraisal Re®ort 27076302-27076303 File # 23518171417 The purpose of this summary appraisal report is to provide the lender/client wdh an accurate and adequately supported, opinion of the market value of the subject property Property Address 2024 23rd Ave City Greeley State CO Zip Code 80634 Borrower YOLANDA MENDOZA Owner of Public Record YOLANDA MENDOZA County WELD Legal Descnpbon PT NW4 18 5 65 COMMENCING AT SW COB OF FOLLYW000 S125' E185' N125' W185' TO BEG Assessor's Parcel # 096118205003 Tax Year 2017 R E Taxes $ 1,790 Neighborhood Name FOLLYWOOD Map Reference PIERSON GRAPHICS Census Tract 0004 01 Occupant ® Owner ❑ Tenant ❑ Vacant Special Assessments $ 0 ❑ PUD HOA $ 0 ❑ per year ❑ per month Property Rights Appraised ® Fee Simple ❑ Leasehold ❑ Other (descnbe) Assignment Type ❑ Purchase Transaction ® Refinance Transaction ❑ Other (descnbe) Lender/Ghent VANDYK MORTGAGE CORPORATION Address 2449 CAMELOT COURT SE GRAND RAPIDS, MI 49546 Is the subject property currently offered for sale or has it been offered for sale in the twelve months pnor to the effective date of this appraisal? ❑ Yes ® No Report data source(s) used, offenng pnce(s), and date(s) Per IRES and Metrolist MLS, the subtect has not been listed for sale since its last sales date of 11/19/2014 in which it sold for $178 000 00 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 Contract Pnce $ Date of Contract Is the property seller the owner of public record? ❑ 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 behaf of the borrower? ❑ Yes ❑ No aIf Yes report the total dollar amount and descnbe 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 ❑ Suburban ❑ Rural Property Values ❑ Increasing ® Stable ❑ Declining PRICE AGE One Unit 70 % .. Built Up ® Over 75% ❑ 25 75% ❑ Under 25% Demand/Supply ❑ Shortage ® In Balance ❑ Over Supply $ (000) (yrs) 2 4 Unit 10 % : , Growth ❑ Rapid ❑ Stable ® Slow Marketing Time ® Under 3 mths ❑ 3 6 mths ❑ Over 6 mths 195 Low 5 Multi Family 10 % Neighborhood Boundanes Boundaries North 16th Street, West 23rd Avenue, South US 34 Bypass, East 550 High 135 Commercial 10 % 8th Avenue 325 Prod 55 Other % Neighborhood Descnpbon The subject property is located in central Greeley in the popular area near Centennial Park It is convenient to amenities such as schools, shopping and recreational facilities and employment centers The subject's market is popular with the market due to the mature landscaping, trees and well kept semi and custom built properties The market is built-up and growth is slow, however it is active with resales Market Conditions (including support for the above conclusions) Interest rates are good at approximately 4-6% points are typical at 0 to 3 paid by seller Wherever points are paid that are uncommon in the marketplace, cash equivalency adjustments may be made Economic conditions in N CO are currently good with low interest rates and an influx of new residents creating marketing times which are typically under six months Dimensions 125x189 Area 23625 sf Shape RECTANGULAR Mew A,Res,BusySt Specific Zoning Classification R -L Zoning Descnpbon RESIDENTIAL LOW DENSITY { Zoning Compliance ® Legal ❑ Legal Nonconforming (Grandfathered Use) ❑ No Zoning ❑ Illegal (descnbe) Is the highest and best use of subject properly as improved (or as proposed per plans and specifications) the present use? ® Yes ❑ No If No descnbe Appraiser analyzed physical, legal and economic characteristics (as vacant and as improved) and concluded that its current use is its highest and best use Utilities Public Other (describe) Public Other (describe) Off -site Improvements - Type Public Private () Eiectncrty ® ❑ Water ® ❑ Street ASPHALT ® ❑ Gas ® ❑ Sanitary Sewer ® ❑ Alley NONE ❑ ❑ R ` FEMA Special Flood Hazard Area ❑ Yes ® No FEMA Flood Zone X FEMA Map # 08123C1540E FEMA Map Date 01/20/2016 Am the utilities and off sde improvements typical for the market aria? ® Yes ❑ No If No, descnbe Are there any adverse site conditions or external factors (easements encroachments, environmental conditions land uses etc )? ❑ Yes ® No If Yes, descnbe There were no apparent adverse easements or encroachments or dangerous ground conditions noted at the time of the appraisal inspection The subject is not situated in a flood hazard zone General Description _ Foundation - Exterior Description materials/condition Interior materials/condition Units ® One ❑ One with Accessory Unit ❑ Concrete Slab ® Crawl Space Foundation Walls PD CONC AVG Floors HW/TLNN/CP AV GD # of Stones 1 (-] Full Basement ® Partial Basement Extenor Walls BRICK/WD SDG AVG Walls DRYWALL AV-GD ' Type ® Oat ❑ Att ❑ S Det/End Unit Basement Area 1,789 sq ft Roof Surface COMPOSITION AVG Tnm/Finish PAINTED AV-GD M Existing ❑ Proposed ❑ Under Const Basement Finish 75 % Gutters & Downspouts ALUMINUM AVG Bath Floor TILE AV GD Design (Style) RANCH ❑ Outside Entry/Fxd ❑ Sump Pump Window Type WOOD AVG Bath Wainscot TILE/FBRGLS AV-GD Year Built 1958 Evidence of ❑ Infestation Storm Sash/Insulated STORMS AVG Car Storage ❑ None Effective Age (Yrs) 10 ❑ Dampness ❑ Settlement Screens FABRIC/MESH AVG El Dnveway # of Cars 2 Attic ❑ None Heating E FWA )❑ HWBB )❑ Radiant Amenibes ❑ Woodstove(s) # 0 Dnveway Surface CONCRETE ❑ Drop Stair ❑ Stairs ❑ Other I Fuel NT GAS E Fireplace(s) # 2 ® Fence WD ® Garage # of Cars 2 ■ Floor Scuttle Coolin, /1 Central Air Conditionin ►5 Patio/Deck COV Porch COV ■ Ca ,art # of Cars 0 ?:❑ Finished ❑ Heated ❑ Individual ❑ Other ❑ Pool NONE ❑ Other NONE E Att ❑ Det ❑ Built in w'. Appliances ® Refngerator ® Range/Oven ® Dishwasher ® Disposal ® Microwave ❑ Washer/Dryer ❑ Other (descnbe) Finished area above grade contains 6 Rooms 3 Bedrooms 2 0 Bath(s) 2,019 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items etc ) The subtect is typical of homes built in this neighborhood All fixtures of a permanent nature are included in value Personal Property is not included Descnbe the condition of the property (including needed repairs, detenorabon, renovations remodeling etc ) C3,Kitchen-updated six to ten years ago,Bathrooms-updated-six to ten years ago,Physical deterioration is less than or equal to that in homes of similar age within the neighborhood There was no functional or external obsolescence noted at the time of the inspection Are there an ,h sisal deficiencies or adverse conditions that affect the livabil , soundness or structural ante, of the ,ro,e ? ❑ Yes ® No If Yes descnbe Does the property generally conform to the neighborhood (functional utility style, condition use, construction, etc )? ® Yes ❑ No If No descnbe Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—'WinTOTAL" appraisal software by a la mode, inc —1 800 ALAMODE Paae #8 Uniform Residential Appraisal Report 27076302-27076303 File # 23518171417 r,^ There are 4 comparable properties currently offered for sale in the subject neighborhood ranging in once from $ 285,000 to $ 527,000 ( There are 12 comparable sales in the subjec neighborhood within the past twelve months ranging in sale once from $ 261,000 to $ 514,999 FEATURE I SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 2024 23rd Ave Greeley, CO 80634 2416 23rd Ave Greeley, CO 80634 1625 22nd Ave Greeley, CO 80631 1401 20th St Greeley, CO 80631 Proximity to Subject 0 50 miles S 0 51 miles N 0 70 miles E Sale Pnce $ $ 299,950 $ 330,000 - ' $ 370,500 Sale Pnce/Gross Liv Area $ sq ft $ 135 66 sq ft $ 214 01 sq ft $ 217 43 sq ft Data Sources IRES MLS#859565 DOM 5 IRES MLS#854503 DOM 3 IRES MLS#845175 DOM 3 Venticaton Source(s) J DEPETRO 351-0922/ASSESSOR S SKAAR 27-6507/ASSESSOR C LUND 282-8585/ASSESSOR VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( ) $ Adjustment DESCRIPTION +( ) $ Adjustment DESCRIPTION +( ) $ Adjustment Sales or Financing Concessions ` ArmLth Conv,O 0 0 ArmLth FHA,2500 0 ArmLth Conv,O 0 0 Date of Sale/Time _ s10/18,c08/18 0 s08/18,c06/18 0 s04/18,c03/18 0 Location N,Res, N,Res, N,Res, N,Res, Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 23625 sf 1 01 ac 0 13175 sf 0 11761 sf 0 View A,Res,BusySt A,Res,BusySt N,Res, -7,500 A,Res,BusySt Design (Style) DT1,RANCH DT1,RANCH DT1,RANCH DT1,RANCH Quality of Construction Q4 04 04 Q4 -25,000 Actual Age 60 61 0 65 0 64 0 Condition C3 C4 +15,000 C4 +15,000 C3 Above Grade Room Count Gross Living Area Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths 6 3 2 0 7 3 21 -1,500 5 2 2 0 0 6 3 2 0 2,019 soft 2,211 soft -3,840 1,542 sq ft +9,540 1,704 sq ft +6,300 Basement & Finished Rooms Below Grade 1789sf1342sfin 1 rn brO Oba10 Osf +14,500 +13,500 1542sf1465sfin 1 rr1 br1 Oba1 o +2,000 -1,000 1082sf1028sfin 1 rr1 brt Oba10 +5,500 +3,000 Functional Utility GOOD GOOD GOOD GOOD Heating/Cooling GFWA/CAC BBHW/NONE +2,000 GFWA/CAC GFWA/CAC :' Energy Efficient Items STORMS/FURN SIMILAR 0 SIMILAR 0 NEW WINDOWS 5,000 Garage/Carport 2qa2dw 2gd2dw 0 2qa2dw 2gd2dw 0 Porch/Patio/Deck PORCH/PATIO SIMILAR 0 SIMILAR 0 SUPERIOR -5,500 y FIREPLACE 2 WD FPS 1 DBL WD FP 0 2 WD FPS 2 WD FPS LANDSCAPE/SPRKLR AVG/MATURE SIMILAR 0 SUPERIOR -10,000 SUPERIOR 10,000 E! Net Adjustment (Total) - ® + ❑ $ 39,660 Z + ❑ $ 8,040 ❑ + ® $ -30,700 hi Adjusted Sale Pnce of Comparables Net Adj 13 2 % Gross Adj 16 8 % $ 339,610 Net Adj 2 4 % Gross Adj 13 6% $ 338,040 Net Adj 8 3% Gross Adj 16 3% $ 339,800 I ® did ❑ did not research the sale or transfer history of the subject property and comparable sales If not explain My research ❑ did ® did not reveal any poor sales or transfers of the subject property for the three years poor to the effective date of this appraisal Data Source(s) WELD CTY RECDS/IRES & METROLIST MLS My research ❑ did ® did not reveal any pnor sales or transfers of the comparable sales for the year poor to the date of sale of the comparable sale Data Source(s) WELD CTY RECDS/IRES & METROLIST MLS Report the results of the research and analysis of the poor 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 Pnor Sale/Transfer Pnce of Pnor Sale/Transfer Data Source(s) CTY REC/IRES/METROMLS CTY REC/IRES/METROMLS CTY REC/IRES/METROMLS CTY REC/IRES/METRO MLS Effective Date of Data Source(s) 12/05/2018 12/05/2018 12/05/2018 12/05/2018 Analysis of prior sale or transfer history of the subject property and comparable sales NONE Z* -1 • Summary of Sales Companson Approach SEE ATTACHED COMMENTS If FIndicated Value by Sales Companson Approach $ 339,000 Indicated Value by Sales Comparison Approach $ 339000 Cost Approach (if developed) S 346,449 Income Approach (if developed) $ The value estimate is based on the Sales Comparison Analysis, which reflects the actions of buyers and sellers, who typically pay no more for a property m; than one with similar utility and appeal The cost approach tends to support the market value The subject is located in an area which consists primarily of single family residences and the income approach is not considered as meaningful for this report Greatest confidence lies in the market approach 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 Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ 339,000 , as of 12/04/2018 , which is the date of inspection and the effective date of this appraisal Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—'WinTOTAL" appraisal software by a la mode inc —1 800 ALAMODE Page #9 Uniform Residential Appraisal Resort 27076302-27076303 File # 23518171417 ALL UTILITIES WERE TURNED ON AND WORKING PROPERLY AT THE TIME OF MY INSPECTION AT THE TIME OF INSPECTION THERE WERE CARBON MONOXIDE AND SMOKE DETECTORS INSTALLED d I ff Z+ W E P J. Z or '•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 Su ort for the oanion of ate value summa of com'arable land sales or other methods for estimatim site value The a''raiser utilized both sold and listed sites in the subject's marketing area to determine current land value The allocation method was also utilized as the subject is situated in a mature and developed market which is currently active with resales ESTIMATED ❑ REPRODUCTION OR ® REPLACEMENT COST NEW OPINION OF SITE VALUE =5 60 000 ®! Source of cost data MARSHALL & SWIFT DWELLING 2,019 Sq Ft @ $ 89 11 =5 179,913 Duality rating from cost service AVG Effective date of cost data CURRENT 1,789 Sq Ft @ $ 60 50 =5 108,235 Comments on Cost Approach (gross living area calculations, depreciation etc ) POR/PAT/FPS/CAC =$ 15,720 Life Expectancy 65 years Garage/Carport 462 Sq Ft @ $ 27 25 _ _$ 12,590 Effective Age 10 years Total Estimate of Cost New =$ 316,458 Remaining Economic Life 55 years Less Physical Functional External Cost data was taken from a national cost estimating service and modified by Depreciation 48,671 7,500 =$( 56,171) ( known local costs Physical depreciation was calculated by the age/Ide Depreciated Cost of Improvements _ _ _$ 260,287 °• F technique Remaining economic life is estimated to be 55 years "As is" Value of Site Improvements =$ 26,162 SITE IMPROVEMENTS + LOCAL MULTIPLIER Estimated Remaining Economic Lrfe (HUD and VA only) 55 Years INDICATED VALUE BY COST APPROACH =5 346,449 INCOME APPROACH TO VALUE (not required by Fannie Mae) ®! Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) t er • - T , PROJECT INFORMATION FOR PUDs (if applicable) , Is the develo'er/builder in control of the Homeowners' Association HOA 7 ❑ Yes ❑ No Unit t e 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 source Was the project created by the conversion of existing building(s) into a PUD'r ❑ Yes ❑ No If Yes, date of conversion oy Does the project contain any multi dwelling units'? ❑ Yes ❑ No Data Source z1 Are the units common elements, and recreation facilites complete'? ❑ Yes ❑ No If No descnbe the status of completion e Am the common elements leased to or by the Homeowners' Association'? ❑ Yes ❑ No If Yes, descnbe the rental terms and options Descnbe common elements and recreational facilities Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—'M1inTOTAL" appraisal software by a la mode, Inc —1 800 ALAMODE I Page #10 Uniform Residential Appraisal Report 27076302-27076303 Fiie# 23518171417 This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit, including a unit in a planned unit development (PUD) This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions and certifications Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment Modifications or deletions to the certifications are also not permitted However, additional certifications that do not constitute matenal 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 intenor 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 pnvate sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report INTENDED USE The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction INTENDED USER The intended user of this appraisal report is the lender/client DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby (1) buyer and seller are typically motivated, (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest, (3) a reasonable time is allowed for exposure in the open market, (4) payment is made in terms of cash in U S dollars or in terms of financial arrangements comparable thereto, and (5) the pnce 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, detenoration, 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 engineenng 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 Fannie Mae Form 1004 March 2005 Form 1004UAD—'WnT0TAL" appraisal software by a la mode, inc —1 800-ALAM0DE Page #11 Uniform Residential Appraisal Report 27076302-27076303 File# 2351 81 71 41 7 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 companson approach to value I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report 5 I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report 6 I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report 7 I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property 8 I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land 9 I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales 10 I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property 11 I have knowledge and experience in appraising this type of property in this market area 12 I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located 13 I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct 14 I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value I have noted in this appraisal report any adverse conditions (such as but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc ) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property 15 I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct 16 I stated in this appraisal report my own personal unbiased, and professional analysis, opinions and conclusions which are subject only to the assumptions and limiting conditions in this appraisal report 17 I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status handicap familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law 18 My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application) 19 I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report I certify that any individual so named is qualified to perform the tasks I have not authorized anyone to make a change to any item in this appraisal report, therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it 20 I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—'WinTOTAL" appraisal software by a la mode inc —1 800 ALAMODE Pane #12 Uniform Residential Appraisal Report 27076302-27076303 File # 2351 81 71 41 7 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 onginal hand written signature APPRAISER MICHELLE R KOCH Signature Name MICHELLE R' OCH Company Name ABSOLUTE APPRAISALS, INC Company Address 1626 37TH AVENUE PLACE GREELEY, CO 80634 Telephone Number 970-352-4232 Email Address absolutekoch@yahoo corn Date of Signature and Report 12/10/2018 Effective Date of Appraisal 12/04/2018 State Certification # CR40011925 or State License # or Other (describe) State # State CO Expiration Date of Certification or License 12/31/2018 ADDRESS OF PROPERTY APPRAISED 2024 23rd Ave Greeley, CO 80634 APPRAISED VALUE OF SUBJECT PROPERTY $ 339,000 LENDER/CLIENT Name No AMC Company Name VANDYK MORTGAGE CORPORATION Company Address 2449 CAMELOT COURT SE Email Address GRAND RAPIDS, MI 49546 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 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 extenor of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—'WinTOTAL" appraisal software by a la mode, me —1 800-ALAMODE Pane #13 27076302-27076303 File No 23518171417 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source Fannie Mae UAD Appendix D 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 matenals and the recycled components have been rehabilitated/remanufactured into like -new condition Improvements that have not been previously occupied are not considered new" ifthey 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) ands 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 properly 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 /de 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 properly damage It reflects a property with conditions severe enough to affect the safety soundness, or structural integrity of the improvements Quality Ratings and Definitions al Dwellings with this quality rating 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 owner's 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—"WinT0TAL" appraisal software by a la mode inc —1 800 ALAM0DE Page #14 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source Fannie Mae UAD Appendix D UAD Field -Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 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 UADDEFINE1A—'WinTOTAL" appraisal software by a la mode, inc —1 800 ALAMODE Pane #15 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source Fannie Mae UAD Appendix D UAD Field -Specific Standardization Requirements) Abbreviations Used in Data Standardization Text xr,Abbreviatlon.:,,4 t -,n ; : d�,. '. Full Name) -4c. = ,, x<i 4x '9t0 Fields Where-This'Abbreviation May Appearr "_ A Adverse Location & View ac Acres Area Site AdlPrk 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 Sale/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 9/2O11 (Updated 1/2O14) Form UADDEFINE1A—'WinTOTAL° appraisal software by a la mode, inc —1 800 ALAMODE Page #16 Supplemental Addendum File No 23518171417 Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Dp Code 80634 Lender VANDYK MORTGAGE CORPORATION SALES COMPARISON COMMENTS The subject is an average quality ranch style property which is in good overall condition with some new upgrades, updating and modernization throughout These improvements include new tile flooring in the foyer, living room dining room and kitchen, tile floonng in the bathrooms new stainless steel appliances in the kitchen and tile countertops in both the kitchen and bathrooms It has a partial basement level which is approximately 75% finished as well as an attached two car garage It is situated on an oversized lot with a covered front porch and covered rear patio It is located on a busy residential thoroughfare which may create some market reluctance clue to the increased traffic and elevated noise levels Sale #1 is similar to the subject regarding its view as it too is situated on 23rd Avenue like the subject It is similar regarding its view, quality of construction, garage size/car storage and extenor appeal It is slightly superior regarding its GLA however it is inferior regarding its lack of a basement level and its overall condition and lack of any updating Thus the downward and the upward adjustments It went under contract after 5 days/om for its full lit price without any price revisions Sale #2 is used due to its similar basement size/finish work to that of the subject It too is inferior regarding its lack of updating/overall condition as well as its GLA, however it is supenor regarding its view It is similar regarding its quality of construction, garage size/car storage and exterior appeal It went under contrast after 3 days/om for $5,000 00 more than its list price without any price revisions Sale #3 is situated on a busy intersection and similar regarding its view to that of the subject It is most similar to the subject regarding its overall condition, however d is superior regarding its quality finish work/chosen upgrades as its kitchen and bathrooms were recently remodeled, upgraded and updated Although it is inferior regarding its GLA and basement size/finish work, it is superior regarding its new fenestration throughout and extensive outdoor features and is the reason for the downward adjustments It went under contract after 3 days/om for $15,501 00 more than its list price without any price revisions The three sales utilized were the most similar and recent sales available in which to compare to the subject and their adjusted sales prices indicate a similar value range As evidenced by the 1004MC, property values have remained stable over the past year in this market and the sales prices for all three sales are strong indicators of current market value The GLA adjustment was derived from both the appraiser's knowledge and familiarity with the subject's market as well as through paired sales analysis using comparable sales in the subject's same market over the past 12 months Further, the view, quality of construction, condition, basement size/finish work and outdoor features/landscaping adjustments were derived from the combination of local cost figures and the Marshall and Swift Cost Handbook, the appraiser's knowledge and familiarity with the subject's market , through confirmation of sales with the listing agents to help determine market reaction for specific features by the typical buyer in the subject's market as well as through both group sales analysis and paired sales analysis using comparable sales in the subject's same market over the past 12 months There is no recognizable market difference between the subject's site size and the site size of the comparables as Sale #1 does not have a divisible site According to local realtors , while some buyers may want a larger lot, other buyers do not want the added expense of an oversized lot which includes the cost to water and maintain it The site size for the subject and comparables are typical for their market Although the subject's indicated market value is well within the range of values for the subject's market, it is slightly higher than the predominant sales price, however it is NOT overbuilt for its market Form TADD—'WmTOTAL" appraisal software by a la mode inc —1 800 ALAMODE Page #17 Market Conditions Addendum to the A raisal Report 27076302-27076303 1141 pp p File No 23518171417 The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood This is a required addendum for all appraisal reports with an effective date on or after Apnl 1 2009 Property Address 2024 23rd Ave City Greeley State CO ZIP Code 80634 Borrower YOLANDA MENDOZA Instructions The appraiser must use the information required on this form as the basis for his/her conclusions and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form The appraiser must fill in all the information to the extent t ' rt is available and reliable and must provide analysis as indicated below If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation It is recognized that not all data sources will be able to provide data for the shaded areas below rf it is available, however the appraiser must include the data in the analysis If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identity it as an average Sales and listings must be properties that compete with the subject property, determined by applying the crdena that would be used by a prospective buyer of the �i subject property The appraiser must explain any anomalies in the data such as seasonal markets new construction foreclosures etc Inventory Analysis Pnor 7-12 Months Pnor 4-6 Months Current -3 Months Overall Trend Total # of Comparable Sales (Settled) 4 5 3 ❑ Increasing Stable ❑ Declining rk Absorption Rate (Total Sales/Months) 0 67 1 67 1 00 ❑ Increasing ® Stable ❑ Declining Total # of Comparable Active Listings 1 3 4 ❑ Declining ® Stable ❑ Increasing Months of Housing Supply (Total Listings/Ab Rate) 1 5 1 8 4 0 ❑ Declining ® Stable ❑ Increasing Median Sale & List Pnce, DOM, Sale/List % Pnor 7-12 Months Pnor 4-6 Months Current — 3 Months Overall Trend Median Comparable Sale Pnce 342 750 315 000 335 000 ❑ Increasing ® Stable ❑ Declining . Median Comparable Sales Days on Market 26 37 50 ❑ Declining ® Stable ❑ Increasing Median Comparable List Pnce 350 000 350 000 355 475 ❑ Increasing ® Stable ❑ Declining Median Comparable Listings Days on Market - • ❑ Declining ® Stable ❑ Increasing Median Sale Pnce as % of List Pnce 98% 100% 99% ❑ Increasing ® Stable ❑ Declining s• Seller (developer builder etc (paid financial assistance prevalent? ® Yes ❑ No ❑ Declining ® Stable ❑ Increasing Explain in detail the seller concessions trends for the past 12 months (e g seller contnbutions increased from 3% to 5%, increasing use of buydewns closing costs, condo fees, options, etc ) Interest rates are good at approximately 4 6% points are typical at 0 to 3 paid by seller Seller paid concessions for buyer's closing costs have remained stable over the past year (0-3% being typical), however down payment assistance has dropped off Wherever points are paid that are uncommon in the marketplace, cash equivalency adjustments may be made Economic conditions in N Colorado are currently good with low interest rates some new construction and an influx of new residents creatmgmarketing times which are typically under nine months ° Are foreclosure sales (REO sales) a factor in the market? ❑ Yes ® No If yes explain (including the trends in listings and sales of foreclosed properties) 9i Foreclosures affected our entire economy Higher than expected energy costs and a weaker market contributed to more foreclosures throughout the US in the •ast several years however the subjects market is currently rebounding and foreclosures have dropped significantly The subjects market is currently stable with a small percentage of REO or distressed sales present It is not an REO driven market Cite data sources for above information MLS PUBLIC RECORDS PERSONAL MARKET RESEARCH Summanze the above information as support for your conclusions in the Neighborhood section of the appraisal report form If you used any additional information such as an analysis of pending sales and/or expired and withdrawn listings to formulate your conclusions provide both an explanation and support for your conclusions The analysis above is for the subject s specific market/neighborhood My data source does not calculate a median DOM for active listings within a specific date range and is the reason for the shaded areas in the form that are not filled out In the past year there have been 12 sales and there are currently 4 active listings If the subject is a unit in a condominium or cooperat no project , complete the following N/A Project Name Subject Project Data Pnor 7-12 Months Pnor 4-6 Months Current — 3 Months Overall Trend Total # of Comparable Sales (Settled) ❑ Increasing ❑ Stable ❑ Declining Absorption Rate (Total Sales/Months) ❑ Increasing ❑ Stable ❑ Declining Total # of Active Comparable Listings ❑ Declining [I] Stable ❑ Increasing Months of Und Supply (Total Listings/Ab Rate) ❑ Declining ❑ Stable . ❑ Increasing Are foreclesuro 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 s• o Summanze the above trends and address the impact on the subject unit and project Signature �CH Signature w Appraiser Name Mi ELLE R KOCH pe upervi Supervisory Appraiser Name N Company Name ABSOLUTE APPRAISALS INC Company Name Company Address 1626 37TH AVENUE PLACE GREELEY CO 80634 Company Address State License/Certification # CR40011925 State CO State License/Certification # State Email Address absolutekoch@yahoo corn Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, Inc —1 800 ALAMODE Page #18 Aerial Map Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Form MAP.LOC — "WinTOTAL" appraisal software by a la mode. inc. —1-800-ALAMODE Page #19 Flood Map Borrower/Client YOLANDA MENDOZA Prope Address 2024 23rd Ave CI Greele Coun WELD State CO Lie Code 80634 Lender VANDYK MORTGAGE CORPORATION MAP DATA FEMA Special Flood Hazard Area: No M a p Number: 08123C1540 E Zone: X Map Date: January 20, 2016 FIPS: 08123 MAP LEGEND Areas inundated by 500 -year flooding Areas inundated by 100 -year flooding Velocity Hazard y Powered by Caret rlair-r Protected Areas Floodway (3 Subject Area Form MAP.FLOOD "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Page #20 Plat Map Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Property Map 125' 489 189' 125' 25 yards Map uata 02418 Goggle of Luul ensions ore Estimated tst 3 NJ a 4 a T 20th St Centennial Park w a D qpi =-4) D 22nd St Mary Cathollr Church 9 e!t1a±r Rs N N a D i3 lAy a tie' Sort. 20* Stint Rd 'x`161 i,,.1 21 sr Street Rd w "'- 200 aids Map data �'2018 Gtxxjfr Form MAP.PLAT — "WinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE Page #21 Location Map Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION 10th St a la model inc. • '.5..eder .n +*AO estote tech oioav W filth St Rd Sherwood V 1415 Se Park cc 2, as IN a N- < � W tStn St a+ ry N N a D 4r 4 A c Cf .j Woodbnnar Park C, 5 St t.h St W 13th St M V 5 r grat N csta w 15th St W r6r4 4. fZ Pt T) a4t. 77th St •\1 4 no 44 4 bSe a Q I m �� 'r w22ndStR6 6 VV7.3rdSt W24thSt N N glr a� Rd r W 251'4 I Per tea. J:* ". CU Q loth St Rd W 18th St > L" 4 -fa 'fl Q M C` N . u W 19th 5t y Q IQ %sr -y ti Buena Vista Dr W 20th St W 20th St R6 Centennial Park G a 1/4 %est`�, (r? 4.26th ste W27thSt L rN W 340th St -r_ N 32nd St S ate 12th St 11th St n, 4 V L a - 14th St 15th St 16th St 12th St Rd 14th St 4 C N N 4 t Q 13th St Q 14th St Rd Comparable # 2 1625 22nd Ave 031 miles N 1 C>ienfair Dr 7 Q C.; } 20th St 20th St Rd Signed 2024 23rd Ave 22nd St o‘eg �� toy ¢e' O 4 Comparable *1 2416 23rd Ave 0.54 miles Cited- St Ofr 25th St NJ a it: L CU < -C a CQ it N r k+ ma N N W 27th St Sr 27th t ,�so`t' 1)4- GYP 29th St S 23rd Ave Greeley Ma" 32nd St Greeley Moil 30th St fat.'1 Rd fle .C rn Montview Rd -..----.-.—... 28th. St 3i)th St Rd 31st St 31st St Rd v s T Q Greely Centml Nigh School n 17th St ao v ° 18th St � d L - V coerce Blvd A es 0 C 1 0 .0 Nottingham A Meld-UNC 2Sth St Championship Blvd too 7^ tei Dorm Rd V • C r 1.7 12th S: J t t r 18th St Cranford P1 19th St a Q N h St ...1 H r'? "+ D 26th St : 1-017 ' Park a a D ro 27th St 29th St Rd `8th St Rd 20th 23r 4 r a- GYP` 34 Evans Cemetery 29m:,trya 30th St Rd 1000 feet 250 m 2018 HERE. t 2018 M-crosc't O,9y:firkin Terlrtmci 301 Form MAP.L0C—'WinT0TAL" appraisal software by a la mode, inc. —1-800-ALAM0DE Page #22 Building Sketch Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION 51.3 r COVERED PATIO 18.8' NOOK TWO CAR GARAGE 17' KITCHEN 111111'lllllll 111111 12' r Sketch by Apex Sketch v5 Standard '' LR 5.3. DR FOYER 26.3' m .o 27.5 COVERED PORCH MASTER 1/4 BATH BATH MBR BR BR .^1 '540 FIN BASEMENT 6.9' 38' STORAGE MECH IT MECH n FR 27.5' RD RECREATION ROOM Comments: AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Net Size Net Totals GLA1 First Floor BSMT Basement GAR Garage P/P Porch Patio Net LIVABLE Area 2019.46 -1789.16 -462.00 -187.00 -344.46 2019.46 -1789.16 -462.00 -531.46 Breakdown Subtotals First Floor 0.5 x 4.1 x 16.5 0.5 x 2.8 x 2.8 0.5 x 4.1 x 4.1 77.5 x 12.8 0.5 x 2.8 x 2.8 5.3 x 2.8 4.5 x 65.5 10.3 x 53.5 4.8 x 26.0 (rounded) 2019 9 Items (rounded) 33.60 4.00 8.27 988.13 4.00 14.85 294.75 548.38 123.50 2019 Form SKT.BIdSkt — VinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE Page #23 Subject Photo Page Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Subject Front 2024 23rd Ave Sales Price Gross Living Area 2,019 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N:Res; View A;Res;BusySt Site 23625 sf Quality O4 Age 60 Subject Rear Subject Street Form PIC3x5.SR — "WinTOTAL'' appraisal software by a la mode, inc. —1-800-ALAMODE Page #24 Subject Photo Page Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State co Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Subject Front 2024 23rd Ave Sales Price Gross Living Area 2,019 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N;Res; View A:Res;BusySt Site 23625 sf Quality Q4 Age 60 Subject Rear Subject Street Form PIC3x5.SR—'WinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE Page #25 Subject Interior Photo Page Borrower,/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State Co Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Living Room 2024 23rd Ave Sales Price Gross Living Area 2,019 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N;Res; View A; Res;BusySt Site 23625 sf Quality Q4 Age 60 Kitchen Dining Room Form PIC3x5.SI—'WinTOTAL" appraisal software by a la mode. inc. —1-800-ALAMODE Page #26 Subject Interior Photo Page Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Master Bedroom 2024 23rd Ave Sales Price Gross Living Area 2,019 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N;Res; View A;Res;BusySt Site 23625 sf Quality Q4 Age 60 Master Bath Bedroom Form PIC3x5.SI—'WinTOTAL" appraisal software by a la mode. inc. —1-800-ALAMODE Page #27 Subject Interior Photo Page Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State Co Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Bedroom 2024 23rd Ave Sales Price Gross Living Area 2,019 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N;Res; View A;Res;BusySt Site 23625 sf Quality Q4 Age 60 Bath Basement Family Room Form PIC3x5.Sl—"WinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE Page #28 Subject Interior Photo Page Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State CO Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Basement Rec Room 2024 23rd Ave Sales Price Gross Living Area 2,019 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N; Res; View A;Res;BusySt Site 23625 sf Quality Q4 Age 60 Basement Bedroom Mech Form PIC3x5.SI — "WinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE Page #29 Comparable Photo Page Borrower/Client YOLANDA MENDOZA Property Address 2024 23rd Ave City Greeley County WELD State co Zip Code 80634 Lender VANDYK MORTGAGE CORPORATION Comparable 1 2416 23rd Ave Prox. to Subject 0.50 miles S Sales Price 299.950 Gross Living Area 2,211 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Location N;Res; View A;Res;BusySt Site 1.01 ac Quality Q4 Age 61 Comparable 2 1625 22nd Ave Prox. to Subject 0.51 miles N Sales Price 330,000 Gross Living Area 1,542 Total Rooms 5 Total Bedrooms 2 Total Bathrooms 2.0 Location N;Res; View N;Res; Site 13175 sf Quality Qa Age 65 Comparable 3 1401 20th St Prox. to Subject 0.70 miles E Sales Price 370,500 Gross Living Area 1,704 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.0 Location N;Res: View A;Res;BusySt Site 11761 sf Q4 Quality Age 64 Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode. inc. —1-800-ALAMODE Page #30 NAVIGATORS INSURANCE COMPANY THIS IS BOTH A CLAIMS 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 PLEASE READ THIS POLICY CAREFULLY REAL ESTATE APPRAISERS ERRORS AND OMISSIONS INSURANCE POLICY DECLARATIONS POLICY NUMBER PH18RALM02223IV RENEWAL OF PH17RALM02223IV 1 NAMED INSURED Michelle R Koch 2 ADDRESS 1626 37th Avenue PI Greeley, CO 80634 3 POLICY PERIOD FROM 11/10/2018 TO 11/102019 12 01 A M Standard Time at the address of the Named Insured as stated in Number 2 above 4 LIMITS OF LIABILITY A $ i 000 000 Damages Limit of Liability - Each Claim B $ 1 000 00o Claim Expenses Limit of Liability - Each Claim C $ 1 000 000 Damages Limit of Liability — Policy Aggregate D $ 1 000 00o Claim Expenses Limit of Lability — Policy Aggregate 5 DEDUCTIBLE (Inclusive of claim expenses) A $ 500 B $ 1 000 Each Claim Aggregate 6 PREMIUM $ 515 00 7 RETROACTIVE DATE 11,10/2003 8 FORMS ATTACHED NAV RAL DEC NAV RAL MC PF NAV RAL 002 NAV RAL 011 NAV RAL 300 CO CO Notice NAV-ML-002 PROGRAM ADMINISTRATOR McGowan Program Administrators (A Division of McGowan & Comoanv, Inc ) By Acceptance of this policy the Insured agrees that the statements in the Declarations and the Application and any attachments hereto are the Insured's agreements and representations and that this policy embodies all agreements existing between the Insured and the Company or any of its representatives relating to this insurance IN WITNESS WHEREOF, we have caused this policy to be signed by our President and Secretary 144....111=6\i1/4; 1L.ei' • J -I .64 [Emily Miner] ______1 I___ [Stanley A Galanski] Secretary President NAV RAL DEC (02 14) Page 1 of 1 i.lbw ssavigators it+ctttitut A World in MIN -1113 Form SCA — "WinTOTAL" appraisal software by a la mode inc —1 800 ALAMODE Page #31 ABSOLUTE APPRAISALS, INC. 1626 37th Avenue Place Greeley, CO 80634 970-352-4232 970-352-4231 fax absolutekoch@yahoo.com Michelle R. Koch State of Colorado Certified Residential Appraiser CR4001 1 925 I graduated in December of 1994 with a bachelor's degree from the University of Northern Colorado in Greeley, Colorado. My degree is in Social Sciences with an emphasis on statistical research, minoring in English. I am currently licensed with the State of Colorado Board of Real Estate Appraisers as a Certified Residential Appraiser under the regulations of the State of Colorado which meets both FIRREA and USPAP regulations for qualified appraisers and appraisal standards. Since early 1995, I have been active in the valuation and appraisal of residential single family properties and residential income properties. I completed my apprenticeship in 1997. I currently own and operate Absolute Appraisals, Inc. where my duties include appraising residential real estate, performing appraisal reviews and processing appraisal reports. I am an active appraiser with the US Department of Housing and Urban Development (Denver Regional Office -Region VIII) and have successfully completed the mandatory Appraiser examination administered by FHA/HUD which incorporates the revised and newer regulations found in the HUD Handbook 4150.2. I have been an FHA appraiser since early 1997. I have successfully completed the necessary courses to be a certified residential appraiser through the Appraisal Institute at the University of Colorado. I continue to participate in classes offered through the Appraisal Institute to keep current with changes in the USPAP (Uniform Standards of Professional Appraisal Practice), appraisal tecnology and any new or updated appraisal forms. l have recently taken coures pertaining to both rural residential properties and complex properties. I also continue to attend FHA/HUD training and update seminars for the State of Colorado and have spoken to groups of real estate professionals and lenders regarding revisions in the Fl IA:1113D 1t D appraisal process. Sincerely, • -fraticAtikti,L6-titein Michelle K Kuch/CR40011925 Michelle Renee Koch 1626 37th Avenue Pt Greeley, CO 80634-3442 Mimic( itkumi.) Director: Marcia Waters State of Colorado Department of Regulatory Agencies Division of Real Estate Board of Real Estate Appraisers Michelle Renee Koch Certified Residential Appraiser G oPY License #: CR.040011925 Status: Active Expires: 12/31/2018 For the most up to date information regarding this credential, visit http: //dora.cotorado.gov/dre Form SCA - "WinTOTAL" appraisal software by a la mode, inc. —1-800-ALAMODE Comparable Report: 2024 23RD AVE GREELEY I it a i 9 Aims Community College 4.4 C. W 26th St ge'llj L., C. i A Nth St Google Certerilace Subject R3572986 2024 23RD AVE GREELEY Distance N/A Sale Price N/A Sale Date N/A Time Adj Sale Price* N/A Residential SqFt 1,894 Land Acres 0.53 Built As Ranch 1 Story Year Built 1958 Total Bsmnt SqFt 1,556 Finished Bsmnt SqFt 1,400 Garage Attached SqFt 504 Garage Detached SqFt 0 Buildings 1 Outbuilding SqFt 0 Commercial SqFt 0 Accounts In Sale N/A Total Acres in Sale N/A * Time Adj Sale Price includes market appreciation from the sale date to the end of the base period, 6/30/2018 W 13th St St r t T traq 5 o1,111 Si Comp #1 R3593386 2317 19TH AVE GREELEY 2,379 ft $293,000 3 Nov 2017 $315,473 1,874 0.52 Ranch 1 Story 1947 530 530 0 0 1 0 0 1 0.52 Greeley 13th St 16th St *Jr Witt st 30th St • '2 8th St 1 0th St y Z University of Northern Colorado 9 Garden City r 4 Comp #2 R3129986 1700 23RD AVE GREELEY 2,447 ft $300,000 27 Mar 2017 $346,998 1,986 0.74 Ranch 1 Story 1951 940 940 552 0 1 0 0 1 0.74 E t btth St E 20th St E 22nd St E 24th St t- - th .. . asoV lUPSfee Map data ©201_?] Comp #3 R3593286 2323 19TH AVE GREELEY 2,481 ft $300.000 22 Dec 2017 $319,620 2,004 0.63 Ranch 1 Story 1945 660 399 0 0 1 0 0 1 0.63 July 22, 2019 Petitioner: MENDOZA YOLANDA 2024 23RD AVE GREELEY, CO 80634-6629 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 2019, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2019-2646, AS0103 Appeal 2008224353 Hearing 7/25/2019 10:30 AM Account(s) Appealed: R3572986 Dear Petitioner(s): The Weld County Board of Equalization has set adate ofJuly 25, 2019, atorabout the hour of 10:30 AM, tohold ahearing on your valuation forassessment. This hearing will beheld atthe Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have aright toattend this hearing and present evidence insupport ofyour petition. The Weld County Assessor orhis designee will be present. The Board will make itsdecision onthe basis of the record made atthe aforementioned hearing, as well as your petition, so itwould be inyour interest tohave arepresentative present. Ifyou plan tobe represented byanagent oranattorney atyour hearing, prior tothe hearing you shall provide, inwriting tothe Clerk tothe Board's Office, an authorization forthe agent orattorney torepresent you.Ifyou donotchoose toattend this hearing, adecision will still bemade bythe Board bythe close ofbusiness onAugust 5,2019, and mailed to you within five (5) business days. Because ofthe volume ofcases before the Board ofEqualization, most cases shall belimited to10 minutes. Also due tovolume, cases cannot be rescheduled Itisimperative that you provide evidence tosupport your position. This may include evidence that similar homes inyour area are valued less than yours oryou are being assessed onimprovements you donothave.Please note The fact that your valuation has increased cannot be your sole basis ofappeaL Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. Ifyou wish todiscuss your value with the Assessor's Office, please call them at(970) 400-3650. If you wish toobtain thedata supporting theAssessor's valuation ofyour property, please submit a written request tcassessor@weldgov.com. Upon receipt oVourwritten request, theAssessor will notify you ofthe estimated cost ofproviding such information. Payment must bemade prior tothe Assessor providing such information, aWhich timetheAssessor willmake thedataavailable within three (3) working days, subject to any confidentiality requirements. Please advise me ifyou decide not to keep your appointment as scheduled. Ifyou need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Danes, Assessor Hello