HomeMy WebLinkAbout20172349.tiffAugust 9, 2017
Petitioner:
BAUMGARTNER KAREN LYNN
34042 HIGHWAY 52
KEENESBURG, CO 80643-8505
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2017-2349 Appeal #: 2008216874 Hearing Date:
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. Section 39-8-101 et seq., considered
petition for appeal of the Weld County Assessor's valuation of your property described above, for the year
2017.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R6519086 Stipulated - Approved
Stipulated Value
$322,693 $275,000
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. Section 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, 2016, MUST comply with the
following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, 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 section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 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. Section 39-8-108(1), the rules of Colorado appellate
review and C.R.S. Section 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. Section 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,
Esther E. Gesick, Clerk to the Board
Weld County Board of County Commissioners
and Board of Equalization
Cc: Christopher Woodruff, Weld County Assessor
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R6519086
STIPULATION (As To Tax Year?017_ Actual Value)
RE PETITION OF : R6519086
NAME: KAREN LYNN BAUMGARTNER
ADDRESS: 34042 HIGHWAY 52
KEENESBURG, CO
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2017 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:
I. The property subject to this Stipulation is described as:
7082 PT NW4 11 163 BEG AT A PT ON W LN LATERAL DITCH 125' E
OF NW COR OF SEC 11 S190' E120' N190' W120' TO BEG (.5A) (LI)
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 2017:
Total $322,693.00
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2017 actual value for the subject property:
Total $275,000.00
5. The valuation, as established above, shall be binding only with respect to tax
year 2017.
6. Brief narrative as to why the reduction was made:
After further review of sales was able to lower value.
7. Both parties agree that:
[The hearing scheduled before the Board of Equalization on (Date) at
(Time) be vacated.
EA hearing has not yet been scheduled before the Board of Equalization.
R6519086
DA's:
Petiti s ner(s)
8 day of July, 2017.
gent or
"• s yttoIc(T'
Respondentslant,.VllCounteld:ACountyrneyBoarrd of
Commissioners..
Address:
1150'O" Street
P.O. Box 788
Greeley, CO 80632
Telephone:(9195984111 5 i8~ 111 Telep ne:(970) 336-7235
Docket Number
—._ — Stip-l.Frtn
R6519086
County
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
From:
To:
Subject:
Date:
Attachments:
weld-cboe@weldgov.com
CTB-County Board of Equalization
Board of Equalization Appeal Submitted
Friday, July 1H, 2017 10:52:33 AM
Baumgartner appraisa f. pdf
Appeal Submitted: 10:52 AM on Friday July 14, 2017
Contact Information Supplied:
• Contact Name: Karen Lynn Baumgartner
• Contact Email: kb80631@hotmail.com
• Contact Phone: (970) 590 - 7111
• Email Preference: Contact through email
Property:
R6519086 - 34042 HIGHWAY 52 , WELD
Legal: 7082 PT NW4 11 1 63 BEG AT A PT ON W LN LATERAL DITCH 125 E OF NW
CCR OF SEC 11 S190E 120 N190 W120 To BEG (.5A) (Li)
Estimated Value: $245,000
Reason: As stated previously, I had an appraisal done less than 1 year ago. Nothing has been
done to the house since the time of purchase to warrant such ajump in value. I know that the
valuation is based on other similar properties which have sold during the 2015-2016 time
frame but there are several factors that make this property hard to compare to others. One is
the fact that this property sits on only a 1/2 acre which was allowed when it was built in 1948,
the fact that the property contains only 1 small shed and no other outbuildings/storage areas
and the fact that the basement is only partially finished and would require a substantial
investment to make it livable. I will attach the appraisal which includes pictures of the
basement as it is now.
Documents
1.) Baumgartner appraisal.pdf
You have selected the following Date Preferences:
July 27, 2017, at 9:00 a.m. - 10:30 a.m.
July 27, 2017, at 1:30 p.m. - 2:30 p.m.
July 26, 2017, at 1:30 p.m. - 3:00 p.m.
July 31, 2017, at 1:30 p.m. - 3:00 p.m.
REAL ESTATE APPRAISALS, LLC 3036593315
FHA/VA Case No.
INVOICE
FROM:
David
REAL
435
Brighton,
Telephone
S
A.
ESTATE
28th
Number
Thomas,
CO
Certified
APPRAISALS,
Lane
80601-3447
(303)
Residential
659-3315
LLC
Appraiser
3036593315
Fax
Number
(303) 659-4594
INVOICE
NUMBER
6-136P
DATE
08/04/20106
REFERENCE
TO:
1177
Telephone
Alternate
Emily
Cornerstone
Ste
Houston,
200
Lechuga
west
Number:
TX
Number
Home Lending, Inc.
Loop S
77027-9083
(970) 797-3713
Fax
E -Mail:
Number:
elechuga@houseloan.com
Internal
Lender
Client
Main
Other
Federal
Employer
File
File
File
Order
Case
##
Tax
ID:
#:
on
#
ID:
#: 6-136P
#:
5580000854
form: 6-136P
on form:
84-1273731
DESCRIPTION
Purchaser/Borrower:
Property
Legal
Description:
Address:
Lender:
County:
City:
Cornerstone
Karen Baumgartner
34042 Highway
Keenesburg
Weld
PT NW4
rg
11-1-63
Home
Lending, Inc. Client:
52
State:
BEG AT A PT ON W LN LATERAL
DITCH
Cornerstone
CO
125'
E
Home Lending, Inc.
Zip: 80643
OF NW COR OF SEC 11....
FEES
AMOUNT
Residential
Appraisal
Report
(Complex Residential
Acreage In Rural Market)
SUBTOTAL
650.00
650.00
PAYMENTS
AMOUNT
Check
Check
Check
Please
#: Date:
#: Date:
#: Date:
make check payable
to Real Estate
Appraisals,
Description:
Description:
Description:
LLC SUBTOTAL
0
Prompt
payment is greatly appreciated!
TOTAL
DUE
$
650.00
Form NIV5 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No.
Page # 1
APPRAISAL OF REAL PROPERTY
LOCATED AT
34042 Highway 52
Keenesburg, CO 80643
PT NW4 11-1-63 BEG AT A PT ON W LN LATERAL DITCH 125' E OF NW COT OF SEC 1 1 ....
FOR
Cornerstone Home Lending, Inc.
1177 West Loop S, Ste 200
Houston, TX 77027-9083
AS OF
08/02/2016
BY
David A Thomas, Cert. Res. Appraiser
REAL ESTATE APPRAISALS, LLC 30 36 59331.5
435 S 28th Ln
Brighton, CO 80601
(303) 659-3315
realappdat@comcast.net
Form GA1 NV -'TOTAL" appraisal software by a la mode, Inc. - 1-800-ALAM0DE
FHWVA. Case No.
Page 2
Borrower
Karen
Baumgartner
File
fie. -13H
Property
Address
34042
Highway
52
City
Keenesburg
County
weld
State
CO Zip
Code 80643
Lender/Client
Cornerstone
Home Lending,
Inc.
TABLE OF CONTENTS
1
le.) of Contents........................................................................................
URAR 3
Additional Comparables 4-B 9
BuildingSketch..i.......................................................................................................................................................................................10
UAD Definitions Addendum ..:..:..:.i:.isiiiiiiiiiiiiii:..i..i.ii..i..i..i..i..i..i..i..i..i..i..i..i..i.:11
Market Conditions Addendum to the Appraisal Report ...........14
Supplemental Addendum .... . 15
Multi -Purpose Supplemental Addendum 18
Subject Photo Page 1 21
Subject Photo Page 2 22
Subject Photo Page 3
23
Comparable Photo Page 1 24
Comparable Photo Page 2 25
FERIA//////yyy..., Flood Map 26
Flood GGiPGi ii iii.ii.ii.ii.ii.ii.iiiiPGi iFGiFiiFGiFGiPiii.ii.ii.ii.ii.ii.ii.ii.ii.ii.iPGiPG....•.iFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFGF iFGiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiFiiF. 27
Appraiser's Resume
i.i i.i i.i i.i i.i i.i i.i i.i i.i i.i i.i i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i..i.. i..:.. 66866866866100
28
Dave's Appraisal License 29
Form TOCNP -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
REAL ESTATE APPRAISALS, LLC 3036593315
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 3
File# 6-136P
The
purpose
of
this
summary appraisal
report
is to
provide the
lender/client
with
an accurate,
and
adequately
supported,
opinion
of the
market
value
of the
subject
property.
Property
Address
34042 Highway
52
City
Keenesburg
State
CO Zip
Code 80643
Borrower
Karen
Baumgartner
Owner
of
Public
Record
Patricia
Ann
Baumgartner
County
Weld
Legal
Description
PT NW4
11-1-63
BEG
AT A
PT ON
W
LN
LATERAL
DITCH
125' E
OF
NW COR
OF SEC 11....
Assessor's
Parcel
# 147711000005
Tax
Year
2015
R.E. Taxes $ 550
1-
Neighborhood
Name
Weld
County
Map
Reference
24540
Census Tract
0025.02
w
Occupant
►�1
Owner
Tenant
Vacant
Special
Assessments
$ 0
PUD
HOA
$ 0
per year
❑
per month
rci
Property
Rights
Appraised
0
Fee
Simple
Leasehold
Other
(describe)
"
Assignment
Type
1;1
Purchase
Transaction
❑
Refinance
Transaction
❑
Other
(describe)
Lender/Client
Cornerstone
Home
Lending,
Inc.
Address
1177
West
Loop
5,
Ste 200,
Houston,
TX
77027-9083
Is
the
subject
property
currently
offered
for sale
or has
it been
offered
for
sale
in
the twelve
months
prior
to
the
effective
date
of
this appraisal?
Y
Yes
r
No
Report
data
source(s)
used,
offering
price(s),
and
dale(s).
Realtor's
Listing
Service
I
►A1
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.
Non
-arms
length
sale;The
contract
is
between
family
members.
I-
C-)
411
Contract
Price
$
232,000
Date
of
Contract
07/13/2016
Is
the
property
seller
the
owner
of
public
record?
► 1
Yes
N
No
Data
Source(s)
County
Records
z Is
there
any
financial
assistance
(loan
charges,
sale
concessions,
gift
or
downpayment
assistance,
etc.)
to
be
paid
by
any
party
on
behalf
of
the
borrower?
Yes
►A1
No
0 If
Yes,
report
the
total
dollar
amount
and
describe
the
items
to
be
paid.
$0;;
Note:
Race
and
the
racial
composition
of
the
neighborhood
are
not
appraisal
factors.
Neighborhood
Characteristics
One
-Unit
Housing
Trends
One
-Unit
Housing
Present
Land Use %
Location
Urban
Suburban
l►�1
Rural
Property
Values
►�1
Increasing
Stable
Declining
PRICE
AGE
One -Unit
25 %
Built
-Up
❑
Over
75%
11
25-75%
❑
Under
25%
Demand/Supply
❑
Shortage
1all
In
Balance
❑
Over
Supply
$
(000)
(yrs)
2-4
Unit
096
a
O
Growth
Rapid
rStable
❑
Slow
Marketing
Time
rUnder
3 mths
3-6
mths
Over
6
mths
85
Low
0
Multi
-Family
0 %
LI
Neighborhood
Boundaries
County
Road
32
on
the
north;
County
Rd
81
on
the
east;
County
Road
2
on
1,400
High
124
Commercial
3 %
m
the
south;
and
County
Road
49
on
the
west.
280
Fred.
16
Other
72 %
6
Neighborhood
Description
See
addendum
on
page
3.
w
z
Market
Conditions
(including
support
for
the
above
conclusions)
See
attached
addendum.
Dimensions
180'x120'x180'x120'
Area
21780
sf
Shape
Rectangular
View
N;RsAc;
Specific
Zoning
Classification
A-1
Zoning
Description
Agricultural
-
Residential
Use
Zoning
Compliance
0
Legal _
Legal
Nonconforming
(Grandfathered
Use)
❑
No
Zoning
❑
Illegal
(describe)
Is
the
highest
and
best
use
of
subject
property
as improved
(or
as
proposed
per
plans
and
specifications)
the
present
use?
rr1
Yes
N
No If
No,
describe
Utilities
Public
Other
(describe)
Public
Other(describe)
Off
-site
Improvements-
Type
Public
Private
iii
Electricity
0
Water
0
Private
Well
Street
Asphalt
0
0
Gas
0
Sanitary
Sewer
0
Private
Septic
Alley
None
FEMA
Special
Flood
Hazard
Area
Y
Yes
r
No
FEMA
Flood
Zone
X
FEMA
Map
#
08123C2185E
FEMA
Map
Date
01/20/2016
Are
the
utilities
and
off -site
improvements
typical
for
the
market
area?
f
0
Yes _
No
If
No,describe
Are
there
any
adverse
site
conditions
or external
factors
(easements,
encroachments,
environmental
conditions,
land
uses,
etc.)?
Y
Yes
r
No If
Yes,
describe
General
Description
Foundation
Exterior
Description
materials/condition
Interior
materials/condition
Units
►�1
One
One
with
Accessory
Unit
r
1
Concrete
Slab
C
Crawl
Space
Foundation
Walls
Concrete/Average
Floors
Vinyl/HdWd/VryGd
#
of
Stories
1
❑
Full Basement
0
Partial
Basement
Exterior
Walls
Brick
&
Metal/Good
Walls
Plaster/Avg-Good
Type
►0
Det.
All.
S-Det./End
Unit
Basement
Area
1,609
sq.ft.
Roof
Surface
Comp.Shingle/Gd
Trim/Finish
Wood/Fair-Avg
0
Existing
Proposed
Under
Cost.
Basement
Finish
50
%
Gutters
& Downspouts
Painted
Metal/Avg
Bath
Floor
Hardwood/VryGd
Design
(Style)
Bungalow
O
Outside
Entry/Exit
S
Sump
Pump
Window
Type
Metal
Single
Pn/Fair
Bath
Wainscot
Slab
Marble/VeryGd
Year
Built
1948
Evidence
of
Infestation
Storm
Sasl/lnsulated
Insulation/SomeStorms
Car
Storage
None
Effective
Age (Yrs)
24
Dampness
0
Settlement
Screens
Some
1/2
Screens/Fair
►:�1
Driveway
#
of Cars
4
Attic
None
Heating
0
FWA
I
H
HWBB
I
❑
Radiant
Amenities
0
Woodstove(s)
# 1
Driveway
Surface
Asphalt
Drop
Stair
Stairs
0
Other
EBB
Fuel
PropaneGas
Fireplace(s)
# a
F
Fence
None
0
Garage
#
of Cars 1
Floor
0
Scuttle
Cooling
Central
Air Conditioning
0
Patio/Deck
Conc.
0
Porch
Cov Stoop
Carport
#
of Cars 0
to
Finished
Heated
Individual
► 1
Other
None
Pool
None
►�1
Other
Encl.Patio
► 1
Att.
Det.
Built-in
w Appliances
►
Refrigerator
Range/Oven
Dishwasher
Disposal
Microwave
Washer/Dryer
Other
(describe)
w Finished
area above
grade
contains:
7 Rooms
3 Bedrooms
1.1
Bath(s)
1,938 Square Feet
of Gross
Living Area Above Grade
0 Additional
features
(special
energy efficient
items,
etc.).
See
addendum
on
page
3.
Ix
a.
Describe
the
condition
of the
property
(including
needed
repairs,
deterioration,
renovations, remodeling,
etc.).
C4;Kitchen-updated-six
to
ten years
ago;Bathrooms-remodeled-six
to
ten years ago;See
attached
addendum.
Are there
any
physical
deficiencies
or adverse conditions
that
affect
the
livability,
soundness,
or structural
integrity
of the
property?
Y
Yes
O
No If
Yes, describe
The deficiencies noted which adversely affect livability,
soundness,
or structural
integrity
are to be remediated/repaired
as a condition of this
valuation.
Does the
property
generally
conform
to
the
neighborhood
(functional
utility,
style,
condition,
use, construction,
etc.)?
0
Yes
No
If
No, describe
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 1 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 4
File# 6-136P
There
are 3 comparable
properties
currently
offered
for sale
in the
subject
neighborhood
ranging in
price from $ 125,500
to
$
360,000 .
There
are 15
comparable
sales
in
the subject
neighborhood
within
the
past
twelve
months
ranging in sale
price from $ 110,000
to
$ 360,000 .
FEATURE
SUBJECT
COMPARABLE
SALE
# 1
COMPARABLE
SALE # 2
COMPARABLE
SALE
# 3
Address
34042
Keenesburg,
Highway 52
CO 80643
3503
Roggen,
County
CO
Road
80652
75
33233 Highway
Keenesburg,
52
CO 80643
6460 County
Keenesburg,
Road 65
CO 80643
Proximity
to Subject
3.27
miles
SE
0.80 miles
W
2.50 miles
NW
Sale
Price
$
232,000
$
252,500
$ 240,970
$ 235,000
Sale
Price/Gross
Liv.
Area
$
119.71
sq.ft.
$
102.56
sq.ft.
$ 149.67
sq.ft.
$ 253.23
alit.
Data
Source(s)
IRES
MLS
#779180;DOM
248
IRES MLS
#774949;DOM
4
IRES MLS
#770655;DOM
65
Verification
Source(s)
County
records
County
records
County
records
VALUE
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-)
$ Adjustment
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
Sales
Concessions
or
Financing
ArmLth
FHA;2500
-2,500
ArmLth
Conv;3970
-3,970
ArmLth
FHA;0
0
Date
of
Sale/Time
s07/16;c05/16
+1,300
s10/15;c09/15
+7,200
s09/15;c08/15
+7,600
Location
N;
RsAc;
N; RsAc;
N; RsAc;
N; RsAc;
Leasehold/Fee
Simple
Fee
Simple
Fee
Simple
Fee
Simple
Fee
Simple
Site
21780
sf
1.89
ac
-13,900
1.00
ac
-5,000
1.50
ac
-10,000
View
N;
RsAc;
N; RsAc;
N;RsAc;PtMtn
0
N;RsAc;PtMtn
0
Design
(Style)
DT1;Bungalow
DT1;Ranch
0
DTi
farmhouse
0
DTI
farmhouse
0
Quality
of Construction
04
04
04
04
Actual
Age
68
61
0
95
0
105
0
Condition
C4
C4
C4
C2
-18,000
Above
Grade
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Room
Count
7
3
1.1
6
2
2.0
-1,500
6
2
1.1
0
5
2
1.0
+1,500
Gross
Living
Area
1,938
sq.ft.
2,462
sq.tt.
-23,580
1,610
sq.tt.
+14,
760
928
sq.tt.
+45,450
Basement
Rooms
Below
&
Finished
Grade
1609sf802sfin
1
rr2
br1.0
ba
l
o
700sf700sfin
1
rr2
brO.0
ba
l
o
+11,928
0
912sf9►12sfin
1
rr1
brO.0
ba0o
+7,264
0
163sf163sfin
0
rrl
br0.O
ba0o
+23,742
0
Functional
Utility
Average
Average
Average
Average
Heating/Cooling
GFA/None
GFA/Evap
Cooler
-500
GFA/None
GFA/None
•
Energy
Efficient
Items
SP
Metal
DoublePaneWnd.
-2,000
DoublePaneWnd.
-2,000
DoublePaneWnd.
-2,000
i
•
Garage/Carport
lga4dw
4dw
+3,000
lgd3dw
+200
2gd2dw
-2,600
-
Porch/Patio/Deck
CvPrch/CvPatio
CvPorch/Patio
0
Porch
+1,000
CvPorch/Deck
0
•
Fireplace,
etc.
1
Fireplace
1 Fp/Pellet
Stove
-500
No Fireplace
+500
No Fireplace
+500
-
Out
Buildings
Stora+e
Shed
Stora•e
Shed
Shoe/Barn
-18,000
Lean To/Shed
-8,000
I
Site
Amenities
Lndsc./Fn
Lndsc./Fn
Lndsc./Fn
Lndsc•/Fn
•
Net
Adjustment
(Total)
❑
+
0
-
$
-28,252
0
+
-
$
1,954
►.0
+
-
$ 38,192
,
Adjusted
of
Comparables
Sale
Price
Net
Gross
Adj.
Adj.
11.2
24.0
$
224,248
Net
Gross
Adj.
Adj.
0.8
24.9
%
%
$ 242,924
Net
Gross
Adj.
Adj.
16.3
50.8
%
$ 273,192
I
�s�
did
❑
did
not
research
the
sale
or
transfer
history
of
the
subject
property
and
comparable
sales.
If
not,
explain
My
research
d
did
0
did
not
reveal
any
prior
sales
or transfers
of
the
subject
property
for
the
three
years
prior
to
the
effective
date
of this
appraisal.
Data
Source(s)
Weld
County
Assessor
records
My
research
❑
did
O
did not
reveal
any
prior
sales
or
transfers
of
the
comparable
sales
for
the
year
prior
to
the
date
of
sale
of the
comparable
sale.
Data
Source(s)
Weld
County
Assessor
records
Report
the
results
of the
research
and
analysis
of
the
prior
sale
or transfer
history
of the
subject
property
and
comparable
sales
(report
additional
prior sales
on
page 3).
ITEM
SUBJECT
COMPARABLE
SALE
#1
COMPARABLE
SALE
#2
COMPARABLE
SALE
#3
Date
of
Prior
Sale/Transfer
Price
of
Prior
Sale/Transfer
Data
Source(s)
County
records
County records
County
records
County
records
Effective
Date
of
Data
Source(s)
08/02/2016
08/02/2016
08/02/2016
08/02/2016
Analysis
of
prior sale
or
transfer
history
of the
subject
property
and
comparable
sales
The
sub'ect
real
estate
has
sold as shown
above.
No sales
•rior sales
within
the
past
three years
according
to
county
records.
The comparable
sales
have not
sold
or
transferred
within
the
past 12
months.
Summary
of Sales
Comparison
Approach
Note:
the comparable
sales and listings
shown at
the top
of
this
page
refer to residential
acreage
properties
in
the
subject
neighborhood
with
sites
that
are
5 acres in
size or less. This
includes
properties
that
vary
in site size,
design, quality,
age,
condition,
out
buildings,
irrigation
water
rights,
and
other
amenities. The
result
is a wide
range
of
prices
for
properties
which are
considered
comparable
to
the subject
property.
Each
of the
active
listings
have much
larger
sites
and dwellings.
See
attached
addendum for
summary
of sales
comparison
approach.
Indicated
Value
by
Sales
Comparison
Approach
$
245,000
Indicated
Value
by: Sales
Comparison
Approach
$ 245,000
Cost Approach
(if
developed)
$
242,922
Income
Approach
(if developed)
$
See
attached
addendum.
•
,
This
appraisal
is made
0
"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
c following
required
inspection
based
on
the extraordinary
assumption
that
the condition
or deficiency
does
not
require
alteration
or repair
w
I
Based
conditions,
$
on a complete
and
245,000
appraiser's
visual
, as of
inspection
certification,
08/02/2016
of
my
the interior and
(our) opinion
, which
exterior
of
the market
is the
areas
date
of
value,
the
of
subject
as defined,
inspection
property,
of the
and the
defined
real
effective
property
scope
date
of
that
of
this
work,
is
the
statement
subject
appraisal.
of
of this
assumptions
report
and
is
limiting
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 2 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 5
File# 6-136P
ADDITIONAL CERTIFICATIONS:
The appraiser
has
performed no 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.
COMMENTS
ON THE SUBJECT
SITE SIZE:
The subject
site is 1/2 of
one acre.
Current
zoning
requirements
for Weld County
limit the average
size of an acreage
site
to 2 acres in new
developments.
This requirement
allows
these
sites
with well and septic
systems
to relocate these
utility
services on the site when needed. There
are other
residential
sites in use in
Weld
County
which
are smaller than 2 acres
and these are allowed
to have
private well and septic
system
just
like the
subject.
These small sites
are "grandfathered
in" and occupation
and
sale are
permitted
for residential use.
COMMENTS
ON PRESENT LAND
USE:
The "Other"
category
refers
to vacant
land,
government/municipal
properties,
and
tax exempt
properties.
U,
NEIGHBORHOOD
DESCRIPTION:
The subject
neighborhood
consists
mostl
of residential
acreage
sites
mixed
with
undevelo•ed
farm
•round
and small communities
in south
c
central
Weld
County,
CO. This agricultural
zoned,
rural
neighborhood
is
popular
with residents
who
work in the surrounding
farms, towns, or
ene +
. roduction
facilities,
and/or
commute
to the
Colorado
Front
Ran
a em
+� to
ment
centers.
The
northern
Denver metro
area can be
-
accessed
from
the
subject
location
within
less
one
hour
driving
time via State
Highway
52 and
Interstate
Highway
76. It is a similar commute
time
•
to the
Boulder,
Longmont,
and Greeley
metro
areas
as well as
the Denver International
Airport.
Mail
in this
area is serviced by the
post offices in
Keenesburg,
Hudson,
and Roggen
- three
small communities
located
along Interstate
Hwy
76. Town
of
Keenesburg has approximately
1,100
residents
and
offers
elementary school
and
limited
employment
and
shopping
services.
Weld
Central
High
School is located just
over two miles
south
of
Keenesburg.
The Town of
Hudson
has approximately
1,700
residents
and
offers
services
similar
to Keenesburg.
Roggen
is not
an
incorporated
town.
It is a very small
community
with
a motel and
gas
station.
COMMENTS
ON
THE
ADJUSTMENTS
MADE
TO
COMPARABLE
SALES:
The
subject
and
each
of the comparable
sales
are
older
houses
which
are located
in
the
rural,
agricultural
neighborhood
of Weld County.
Each
property
has
amenities
which differ
from
the
subject,
and each
other,
and which
add
to
value
in this market
place. These differences
include site
size,
site
location,
views,
size of living
area,
quality
of
construction,
age and
depreciation
levels,
garages,
outbuilding, site improvements,
etc. A
wide
range
in such
amenities is typical
in
rural
housing.
The result
is that the
net
and gross
adjustment
ratios
will exceed FNMA guidelines
and
will
usually
exceed
the range of adjustment
made
on
urban
housing.
COST
APPROACH
TO
VALUE (not
required
by
Fannie
Mae)
Provide
adequate
information
for
the
lender/client
to
replicate
the
below
cost
figures
and
calculations.
Support
for
the
opinion
of
site
value (summary
of
comparable
land
sales
or other
methods
for estimating
site
value)
The
subject
is a one half acre site
located in
unincorporated
Weld
County. The
site
has
a
private
well and septic
system,
electrical
service,
and
phone
service. The site is "grandfathered
in"
as
a residential
use
site as it is not
large
enough
to
meet
current
minimal
site
requirements
for residential
use.
OPINION
OF
SITE
VALUE
4 35,000
ESTIMATED
R
REPRODUCTION
OR
el
REPLACEMENT
COST
NEW
Source
of
cost
data
Marshall
&
Swift
Residential
Cost
Handbook
DWELLING
1,938
Sq.Ft.
@ $ 97.00 4 187,986
:
Quality
rating
from
cost
service
Average
Effective
date
of cost
data
06/2016
Basement
1,609
Sq.Ft.
@ $ 38.00 4
61,142
`,
Comments
on
Cost
Approach
(gross
living
area
calculations,
depreciation,
etc.)
Appliances/Fireplace
=$
5,000
Gross
living
area
calculations
were
obtained
from
an
inspection
of
the
Garage/Carport
517
Sq.Ft.
@ $ 24.00 _$
12,408
•
subject
improvements.
Depreciation
is
calculated
using
the age/life
Total
Estimate
of
Cost
-New
=$ 266,535.
method.
All
multipliers
are rounded
to
the
nearest
dollar
amount.
Less
Physical
Functional
External
Depreciation
106,614
=$4 106,614)
"As
-is"
site
improvements
include:
well;
septic
system;
shed; gravel
Depreciated
Cost
of Improvements
=$ 159,922
parking
area;
gravel
driveway;
and
landscape.
"As
-is"
Value
of
Site
Improvements
4 48,000
Estimated
Remaining
Economic
Life
(HUD
and
VA
only)
36 Years
INDICATED
VALUE
BY
COST APPROACH
=$ 242,922
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)
PROJECT
INFORMATION
FOR
PUDs
(if
applicable)
Is
the
developer/builder
in
control
of
the Homeowners'
Association
(HOA)?
Y
Yes
No
Unit
type(s)
Detached
Attached
Provide
the
following
information
for PUDs
ONLY
if
the
developer/builder
is in control
of
the
HOA and
the
subject
property
is
an attached
dwelling
unit.
Legal
Name
of Project
Total
number
of
phases
Total
number
of
units
Total
number
of units
sold
•
Total
number
of units
rented
Total
number
of
units
for sale
Data
source(s)
Was
the
project
created
by the
conversion of
existing
buildings)
into
a PUD?
❑
Yes
No
If
Yes, date
of conversion.
••
Does
the
project
contain
any multi
-dwelling
units?
Yes
No
Data
Source
Are the
units,
common elements,
and
recreation
facilities
complete?
Yes
No
If
No,
describe
the
status
of completion.
•
Are the
common elements
leased
to
or
by the
Homeowners'
Association?
❑
Yes
❑
No If Yes, describe
the
rental
terms
and
options.
Describe common elements
and recreational
facilities.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 3 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. -1-800-ALAM ODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 6
File# 6-136P
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 material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, 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 price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as., but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances.,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2006
UAD Version 9/2011 Page 4 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 7
File# 6-136P
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2.. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in 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.
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
Form 100411AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 8
File# 6-136P
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
Signature
Name David A Thomas, Cert. Res. Appraiser
Company Name REAL ESTATE APPRAISALS, LLC 3036593315
Company Address 435 S 28th Ln
Brighton, CO 80601
Telephone Number (303) 659-3315
Email Address realappdat@comcast.net
Date of Signature and Report 08/04/2016
Effective Date of Appraisal 08/02/2016
State Certification # 01315478
or State License #
or Other (describe)
State Co
State #
Expiration Date of Certification or License 12/31/2017
ADDRESS OF PROPERTY APPRAISED
34042 Highway 52
Keenesburg, CO 80643
APPRAISED VALUE OF SUBJECT PROPERTY 245,000
LENDER/CLIENT
Name No AMC
Company Name
Company Address
Email Address
Cornerstone Home Lending, Inc.
1177 West Loop 5, Ste 200, Houston, TX
77027-9083
elechuga@houseloan.com
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 exterior of comparable sales from street
Date of Inspection
Freddie Mac Form 70 March 2005
UAD Version 9/2011 Page 6 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report
FHA/VA Case No.
Page # 9
File# 6-136P
FEATURE
SUBJECT
COMPARABLE
SALE
# 4
COMPARABLE
SALE # 5
COMPARABLE
SALE
# 6
Address
34042 Highway
Keenesburg,
52
CO 80643
3 508 County
Keenesburg,
Road 61
CO 80643
36330 County
Roggen, CO
Road 18
80652
32195
Keenesburg,
Highway 52
CO 80643
Proximity
to
Subject
3.96 miles SW
3.81 miles NE
1.89
miles
W
Sale
Price
$ 232,000
$ 325,000
$ 125,500
$ 360,000
Sale
Price/Gross
Live
Area
$ 119.71
sq.tt.
$ 240.74 sq.tt.
$ 153.80
slit
$ 225.56 sq.ft.
Data
Source(s)
Metro
MLS #2345462;DOM
9
Metro
MLS #5222025;DOM
119
Metro
MLS #8690917;DOM
15
Verification
Source(s)
County records
County records
County records
VALUE
ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+r~-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
Sales
Concessions
or
Financing
ArmLth
FHA;0
0
Listing
0
Listing
0
Date
of
Sale/Time
s05/16;c03116
+4,200
Active
Active
= Location
N;RsAc.
N;RsAc;
-8,000
N;RsAc;
+12,000
N;RsAc;
Leasehold/Fee
Simple
Fee Simile
Fee
Simile
Fee Sim
• le
Fee Simile
0 Site
21780 sf
4.22
ac
-37,200
2.09 ac
-15,900
7.00 ac
-65,000
EL, View
N;RsAc.
N;RsAc;PtMtn
0
N;RsAc-
N;RsAc;PtMtn
0
.kt
Design
(Style)
DT 1;Bungalow
DT1;
Ranch
0
DT1;Bungalow
DT1;
Ranch
0
2
Quality
of
Construction
04
Q3
-12,000
05
+15,000
04
re
Actual
Age
68
19
0
102
0
22
0
&1-
Condition
C4
C3
-16,000
C5
+20,000
C3
-20,000
0
w
Above
Room
Gross
Count
Living
Grade
Area
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
7
3
1.1
7
3
2.0
-1,500
4
2
1.0
+1, 500
6
2
1.1
0
1,938 sq.ft.
1,350 sq.ft.
+26,460
816
sq.ft.
+50,490
1,596 slit
+15,390
"
Basement
Rooms
Below
&
Finished
Grade
1609sf802sfin
1
rr2br1.0ba1
o
1350sf0
sfi n
+11,128
0
Osf
+27,328
0
1596sf240sfi
OrrObrO.Obal
n
o
+5,776
0
Functional
Utility
Average
Average
Average
Average
Heating/Cooling
GFA/None
GFA/Central Air
-1,500
GravityHtr/None
+1,500
GFA/Central Air
-1,500
Energy
Efficient
Items
SP Metal
DoublePaneWnd.
-2,000
SP
Metal
DoublePaneWnd.
-2,000
Garage/Carport
1
ga4dw
2ga2dw
-2,600
4dw
+3,000
4dw
+3,000
Porch/Patio/Deck
CvPrch/CvPatio
CvPorch/L.rgPatio
0
2
Stoops
+3,000
CvStoop/Patio
0
Fireplace
etc.
1
Fireplace
None
+500
None
+500
None
+500
Out
Buildings
Storage
Shed
1,200sf Barn/Shed
-24,000
1080
sf Shop
-20,160
2 Quonset Huts
-30,000
Site
Amenities
Lndscp/Fn
Lndscp/Fn
Lndscp/Fn
Lndscp/Fn
Net
Adjustment
(Total)
$ -62,512
$ 98,258 _
$ -93,834
❑
+
0
-
0
+
-
+
0
-
Adjusted
of
Comparables
Sale
Price
Net
Gross
Adj.
Adj.
19.2
45.3
%
%
$ 262,488
Net
Gross
Adj.
Adj.
135.8
78.3 %
%
$ 223,758
Net
Gross
Adj.
Adj.
26.1
39.8%
$ 266 166
Report
the
results
of the
research
and
analysis of the
prior sale
or transfer
history
of the
subject
properly
and
comparable
sales
(report
additional
prior sales
on
page 3).
ITEM
SUBJECT
COMPARABLE
SALE
# 4
COMPARABLE SALE # 5
COMPARABLE
SALE
# 6
Date
of Prior
Sale/Transfer
Price
of Prior
Sale/Transfer
ic5 Data
Source(s)
County
records
County
Records
County records
County records
liu Effective
Date
of Data
Source(s)
08/02/2016
08/02/2016
08/02/2016
08/02/2016
w Analysis of
prior sale
or transfer
history
of the
subject
property
and comparable
sales
No sales/transfer
data was found on comparable
sale #4 within 36
IrtIc months of the sale date herein. No sales/transfer data
was found on comparable
listings
#5 or #6 within 36 months of the date of this report.
0
Analysis/Comments
See summary
of sales comparison
in
the attached
addendum
for comments
on the above comparable
market
data.
co
1—
z
w
m
2
O
C)
0
0
J
z
4C
Freddie Mac Form 70 March 2005
LEAD Version 9/2011
Fannie Mae Form 1004 March 2005
Form 1004UAD.{AC) -''TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page#10
Building Sketch
Borrower Karen Baumgartner
Property
Address
34042 Highway 52
City
Keenesburg
County
Weld State
CO Zip
Code 80643
Lender/Client
Cornerstone
Home Lending, Inc.
17.2ft
13ft
Fenced Yard
1 Car Ca rage
No Door
14.5ft
Off Street Parking
Laundry
Dining
Nook
Kitchen
1 0.4ft
Covered
Porch
cy
a o
n m
7 a
Covered
Patio
UI
24.7ft
Storage
Shed
1$.2tt
Dining
MAIN LEVEL
Living Room
FP
-n
C
m
NJ
CO
v
r,
Bedroom
Bedroom Bedroom
5.8ft
TOTAL Sketch by a la made, inc.
Living Area
Main Floor
Total Living Area (Rounded):
Non -living Area
Basement
La)
20.3ft
22.1ft
LA
Storage
Bar
10.3ft
Area Calculations Summary
1937.98 Sq ft
1938 Sq ft
1608.99 Sq ft
Attached Garage 352.25 Sq ft
Shed 165 Sq ft
rt
55.7ft
Mechanical
BASEMENT
50°%a Finished
Recreation Room
25.9ft
Laundry
3/4 Bath
Bedroom
Bedroom
19.6ft
Calculation Details
13 x 13.5 = 175.5
5.8 x 3.8 - 22.04
26.1 x 4 = 104.4
23 x2.7 = 62.1
24.5 x 7.7 = 188.65
27.4 x 30 = 822
18.2 x 30.9 = 562.38
0.5 x 18.2x0.1 = 0.91
0.5 x 0.2 x 0.1 =
0.5x0.18x24.5 =
55.9 x 24.5 =
0.5x0.02x2.9
0.5x0.04x2.9 --
45.74 x 2.9 =
0.5x0.06x4 =
26.1 x4 =
17.2 x 15
6.5 x 14.5
0.01
2.19
1369.55
0.03
0.06
132.64
0.12
104.4
258
94.25
10 x 16.5 = 165
Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, Inc. - 1-800-ALAMODE
FHA/VA Case No.
File No. 6-136P
Page #11
UNIFORM APPRAISAL DATA. ET (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 materials and the recycled components have been
rehabilitated/remanufactured into like -new condition. Improvements that have not been previously occupied are not considered "new" if they
have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without
adequate maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components
are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced
with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and
are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical
depreciation, or an older property that has been recently completely renovated.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every
major building component, may be updated or recently rehabilitated. The structure has been well maintained.
Note: The improvement is in its first -cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is
being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of
short-lived building components have been replaced but notto the level of a complete renovation.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been
adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building
components have been adequately maintained and are functionally adequate.
Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building
components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,
they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,
rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains
useable and functional as a residence.
Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many
of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,
soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many
or most major components.
Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property
with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.
Quality Ratings and Definitions
D1
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.
2
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 -'TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No.
UNIFORM APPRAISAL DATA ET (UAD) DEFINITION ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements)
Page #12
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.
Q4
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans
are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,
finish, and equipment are of stock or builder grade and may feature some upgrades.
05
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a
plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation
and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials
with limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings
are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or
expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical
systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non -conforming additions
to the original structure
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major
components have been replaced or updated. Those over fifteen years of age are also considered not updated if the
appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained
and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
The area of the home has been modified to meet current market expectations. These modifications
are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute
updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not
include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal through
complete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include
some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation
of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)
square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not
included in the bathroom count. The number of full and half baths is reported by separating the two values using a
period, where the full bath count is represented to the left of the period and the half bath count is represented to the
right of the period.
Example:
3.2 indicates three full baths and two half baths.
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 13
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field -Specific Standardization Requirements)
Abbreviations Used in Data Standardization Text
Abbreviation
Full Name
Fields Where
This Abbreviation May Appear
A
Adverse
Location
& View
ac
Acres
Area, Site
AdjPrk
Adjacent
to Park
Location
AdjPwr
Adjacent
to Power
Lines
Location
ArmLth
Arms
Length
Sale
Sale
or Financing Concessions
AT
Attached
Structure
Design (Style)
B
Beneficial
Location
& View
ba
Bathroom(s)
Basement
& Finished
Rooms
Below
Grade
br
Bedroom
Basement
& Finished
Rooms
Below
Grade
BsyRd
Busy Road
Location
c
Contracted
Date
Date
of 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
LsPrx2Twn
Less Proximate
to Town Services
,
Location
_
RsAc/PtMtn
Residential
Acreage/Partial
Mountain
Views
Location
& Views
2CvStpsilDt/EncPt
Two Covered
Stoops/Patio/Enclosed
Patio
Porch/Patio/Deck
LrgPatio/Dk
Large Patio/Deck
Porch/Patio/Deck
Lscp/FN
Landscape/Fence
Site
Amenities
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINE1A -''TOTAL" appraisal software by a la mode, Inc. - 1-800-ALAMODE
Market Conditions Addendum to the Appraisal Report
FHA/VA Case No.
File No. 6-136P
Page#14
The
neighborhood.
purpose
of
this
This
addendum
is a required
is
addendum
to
provide
the lender/client
for all
appraisal
with
reports
a clear
with
and
an
effective
accurate
understanding
date
on or
after
of
April
the
1,
market
2009.
trends
and
conditions
prevalent
in the
subject
Property
Address
34042
Highway
52
City
Keenesburq
Stale
CO ZIP
Code 80643
Borrower
Karen
Baumgartner
Instructions:
it
in
housing
explanation.
average.
subject
is
the
available
analysis.
trends
Sales
property.
and
It
The
is
and
and
If
recognized
The
appraiser
reliable
data
listings
overall
appraiser
sources
and
market
that
must
must
must
provide
must
not
be
use
conditions
provide
properties
all
explain
the
the
data
information
analysis
required
as
sources
that
any
reported
anomalies
as
information
compete
required
will
indicated
in
be
the
able
in
with
the
on
Neighborhood
to
as
this
below.
the
an
data,
provide
average
subject
form
If
such
any
as
data
property,
as
the
section
required
instead
for
seasonal
basis
the
of
data
shaded
of the
determined
for
the
markets,
his/her
appraisal
is
median,
unavailable
areas
conclusions,
by
new
below;
the
applying
report
construction,
appraiser
or
is
if
form.
the
it
considered
is
and
The
available,
should
criteria
foreclosures,
must
appraiser
that
report
provide
unreliable,
however,
would
the
must
support
available
be
etc.
the
fill
the
used
in
appraiser
appraiser
for
all
those
figure
by
the
a
information
must
and
prospective
conclusions,
must
identify
provide
include
_
buyer
to
it
the
an
the
regarding
extent
as an
of
data
the
Inventory
Analysis
Prior
7-12
Months
Prior
4-6
Months
Current
-3
Months
Overall
Trend
Total
#
of
Comparable
Sales
(Settled)
3
2
6
Increasing
F`1
Stable
Declining
Absorption
Rate
(Total
Sales/Months)
0.50
0.67
2.00
Increasing
`I
Stable
Declining
Total
#
of
Comparable
Active
Listings
1
3
0
1`1
Declining
Stable
I
Increasing
Months
of
Housing
Supply
(Total
Listings/Ab.Rate)
2.0
4.5
0
1`1
Declining
Stable
Increasing
Median
Sale
&
List
Price,
DOM,
Sale/List
%
Prior
7-12
Months
Prior
4
6
Months
Current-
3
Months
Overall
Trend
Median
Comparable
Sale
Price
$235,000
$389,997
$442,050
1`
Increasing
Stable
Declining
Median
Comparable
Sales
Days
on
Market
44
62.5
69.5
1`
Declining
Stable
Increasing
Median
Comparable
List
Price
$344,900
$434,100
Unavailable
Increasing
Stable
Declining
JMedian
Comparable
Listings
Days
on
Market
Unavailable
Unavailable
Unavailable
D
Declining
►`�
Stable
Increasing
1
Median
Sale
Price
as
%
of
List
Price
96.39%
97.84%
97.71%
I
Increasing
►`�
Stable
Declining
05
Seller
-(developer,
builder,
etc.)paid
financial
assistance
prevalent?
Yes
1`�
No
1`
Declining
Stable
Increasing
i
o
re
Explain
fees,
options,
in
detail
etc.).
the
seller
concessions
Seller
concessions
trends
for
the
past
have
12
months
been
typical
(e.g.,
seller
over
contributions
the
last
few
increased
years
from
and
3%
to
predominantly
5%,
increasing
use
do
of
not
buydowns,
exceed
closing
3%
costs,
of
sale
condo
price.
They
are
t%
typically
used
to
aid
buyers
in
closing
costs
and
down
payments.
w
o:
H
w
o:
2
Are
foreclosure
sales
(REO
sales)
a factor
in
the
market?
Y
Yes
r
No
If
yes,
explain
(including
the trends
in
listings
and
sales
of
foreclosed
properties).
Foreclosures
have
declined
and
are
not
a
factor
in
the
marketplace
at
the
present
time.
Over
the
last
two
years
the
number
of
foreclosures
and
RECD
sales
have
declined
significantly.
Some
are
expected
to
occur
in the
future,
but
they
do not
pose
a significant
factor
in
the
marketplace
at
this
time.
Cite
data
sources
for
above
information.
Metro
and
IRES
MLS
databases.
NOTE:
these
databases
do
not
offer
information
on
active
listings
within
prior
time
periods.
Summarize
an
analysis
the
of
above
pending
information
sales
and/or
as
expired
support
and
for
your
withdrawn
conclusions
listings,
in
to
the
formulate
Neighborhood
your
conclusions,
section
of
the
provide
appraisal
both
report
an
explanation
form.
If
you
and
used
support
any
for
additional
your
conclusions.
information,
such
as
Due
to
the
rural
nature
of
this
residential
acreage
marketplace
(wide range
of
property
types
and limited
market
sales),
there
is
insufficient
market
data
to
establish
market
trends
for
properties
that
are
very
similar
to
the
subject.
This
market
data
is
based
on
all
residential
acreage
properties
in
the
subject
neighborhood
identified
on
the
MLS
databases
to
have
sold
over
the
prior
12
months.
See
Market
Conditions
in
the
attached
addendum
for
commentary
and
analysis.
If
the
subject
is
a
unit
in
a
condominium
or
cooperative
project
, complete
the
following:
N/A
Project
Name:
Subject
Project
Data
Prior
7-12
Months
Prior 4-6
Months
Current
-3
Months
Overall
Trend
Total
# of
Comparable
Sales
(Settled)
I
D
Absorption
Rate
(Total
Sales/Months)
I
Increasing
Stable
D
Declining
Total
# of
Active
Comparable
Listings
Declining
Stable
Increasing
Months
of
Unit
Supply
(Total
Listings/Ab.Rate)
Declining
Stable
Increasing
Are
foreclosure
sales
(REO
sales)
a
factor
in the
project?
❑
Yes
❑
I~lo
If yes, indicate
the number of REO
listings
and
explain
the
trends in
listings
and sales
of
i-
foreclosed
properties.
w
c-3
a
a
9
O
o
o
z
O
o
Summarize
the
above
trends
and
address
the
impact
on the
subject
unit
and
project.
T
,
a"
_r
Signature
it,-.
_
7(//
Signature
re
Appraiser
Name
David
A Thomas,
Cert.
Res. Appraiser
Supervisory
Appraiser
Name
w
ca
Company
Name REAL
ESTATE
APPRAISALS,
LLC
3036593315
Company
Name
ce
Company
Address
435
5 28th
Ln,
Brighton,
CO 80601
Company
Address
Slate
License/Certification
#
01315478
State
CO
State
License/Certification
# State
Email
Address
realappdatcomcast.net
Email
Address
Freddie Mac Form 71 March 2009
Page 1 of 1
Fannie Mae Form 1004MO March 2009
Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. -1-000-ALAMODE
SUPPLEMENTAL ADDENDUM
FHA/VA Case No. 0 Page # 15
File No. 6-136P
Borrower Karen Baumgartner
Property
Address
34042 Highway 52
City
Keenesburg
County
Weld State
CO Zip
Code 80643
Lender/Client
Cornerstone
Home Lending, Inc.
MARKET CONDITIONS:
Market sales data is limited in this rural marketplace due to low turn over rates and lower population density than that found in
suburban neighborhoods. Market sales data on all residential acreage properties in the subject neighborhood were analyzed
(excluding properties with multiple building sites):
Financing is available. The dominant forms are conventional and FHA loans. Interest rates are near historic low points.
Seller Concessions. Seller paid concessions are not typical in the current marketplace but are predominantly less than 1.00%
of sale price when they do occur.
Sales volume per recent 12 -month period changed from 20 sales to 20 sales to 24 sales in the current - 12 months. Volume per
recent 3 -month period changed from 7 sales to 5 sales to 4 sales to 8 sales in the current - 3 months. The marketplace is
influenced by seasonal weather conditions. Market activity typically slows during the winter months and increases during the
spring and summer months.
Marketing times of properties sold within the prior 12 months are predominantly less than 2 months.
Sold to list price ratios. The median net sold to list price ratio per recent 12 -month period increased from 98.11% to 99.82% to
96.89% in the current - 12 months. Sold to list price ratios near 100% are an indication that sellers do not have to significantly
discount offering prices to obtain a closed sale.
Foreclosure activity & REO sales. REO sales - aka Real Estate Owned - include sales of properties owned by banks,
government sponsored agencies (FNMA, FHLMC, etc.), or other financial institutions after a foreclosure has occurred.
Some foreclosure activity is expected to continue, but REO sales are not a significant adverse factor in the current marketplace.
Market prices. This residential acreage marketplace is composed of properties which vary in several amenities that contribute
to market value such as site size, dwelling size, age, condition, quality, foundation design, etc. And, some properties have
limited site amenities where others include multiple out buildings, extensive landscaping, fencing and/or corral areas, water
rights, etc. This results in a wide range in prices for residential acreage properties in the neighborhood.
DESCRIBE THE CONDITION OF THE PROPERTY:
The subject dwelling is 68 years old. Over the years, it has had some limited updating but has been maintained and was in
average condition at the time of my inspection. There is some physical depreciation due to normal wear & tear and some minor
items of deferred maintenance. The house trim and the wooden shed have some defective paint surfaces and there are some
cracked window panes. These deficiencies do not negatively effect the livability of the house and are not cause for immediate
repair. The house in it's current condition appears to be sound and no repairs are required as a part of this"as is" value
estimate.
OPINION OF SITE VALUE:
The subject site is a 0.50 acre parcel located in unincorporated Weld County southeast of the Town of Keenesburg. The site
has paved road access from Highway 52 and is on the east site of the Prospect Valley community (an unincorporated
community of less than 10 houses which has older homes on small acreage sites with private well and septic systems).
Prospect Valley is a rural community which has no commercial services, other than a small restaurant or coffee shop. The
community is on the intersection of State Highway 52 and 79 in unincorporated Weld County. The subject site is relatively small
in size for acreage properties in rural locations. Building sites using individual well & septic systems are typically 2.00 acres in
size or larger because of the need to relocate a septic system in the event of system failure. Replacing the septic system would
require an engineered plan to either relocate on the site or to bring in fresh soil to replace the existing leach field. Market data
on comparable sized vacant building sites is limited at the time of this report.
The most relevant & recent comparable land sale identified is:
1) Metro MLS #9784394: TBD County Road 6); a 9.79 acre site sold for $90,000 ($9,193.09/acre) on 04/23/2015 - larger size,
located approximately southwest of the subject (closer to urban services), with unpaved road access, sold over one year ago
(market prices & demand for vacant sites have improved since that sale date).
2) Metro MLS #1056155: TBD County Road 59; a 4 acre site which sold $59,000 total ($14,750/acre) on 05/11/2015 - larger site
sizes, more recent than sale #1, located 5 miles west of the subject (more proximate to town services), similar asphalt road
access (just north of Highway 52).
3) Metro MLS #8312137: TBD Highway 52; a 4.58 acre site sold for $45,000 ($9,955/acre) on 03/11/2015 - an older sale,
located approximately 4 miles west of the subject (more proximate to town services), asphalt road access.
4) Metro MLS #4582503; Highway 79; a 2.75 acre site sold for $35,000 ($12,727/acre) on 08/10/2016 - more recent sale,
located approximately 1 mile southwest of the subject (similar distance to Keenesburg and to the metro areas and mountains),
larger size, asphalt road access.
In this marketplace, the majority of value realized from an acreage parcel is in its utility as a building site. Additional site size is
considered surplus and contributes less to market value than that size required for a building site. Prices per acre for building
sites typically decrease as the acreage size increases. And, proximity to town or city services & paved road access enhance
the market value and marketability of vacant building sites. Considering the differences in size, location, access, and dates of
sale, the subject's "as -vacant" site value is estimated at $35,000.
COMMENTS ON THE ADJUSTMENTS MADE TO SALE PRICE:
Each of the comparable market data were adjusted for differences in amenities which affect market value. This residential
acreage marketplace is heterogeneous; composed of properties which vary greatly in amenities that contribute to market value.
And, there is a limited amount of data for statistical analysis. Regression analysis on property sales in the neighborhood does
not result in reliable statistics to establish adjustments. For this reason, paired sales analysis, depreciated cost estimates, and
Form TADD - 'TOTAL" appraisal software by a la mode, Inc. -1-808-ALAM ODE
SUPPLEMENTAL ADDENDUM
FHA/VA Case No.
Page #16
File No. 6-136P
Borrower
Karen
Baumgartner
Property
Address
34042
Highway
52
City
Keenesburg
County
weld
State
CO Zip
Code 80643
Lender/Client
Cornerstone
Home Lending, Inc.
the estimated market reaction to differences in amenities were considered in making the adjustments to sale price. All
adjustments (except for seller concessions) are rounded to the nearest $100.
Financing/Market conditions:
Seller concessions which affected net sale price were subtracted from the gross sale price.
Market prices in the subject neighborhood have been increasing in recent months. The median net sold to list price ratio of
acreage properties sold in the prior 3 months is 97.69%. An adjustment of 1/2 of 1% of the contract price was made to the
comparable listing for changes in market pricing over time.
Location/Site sizeiews:
In this marketplace, the majority of value realized from an acreage parcel is in its utility as a building site. Additional site size is
considered surplus and contributes less to market value than that size required for a building site. Site prices are also
influenced by locational factors such as proximity to the Rocky Mountain Front Range, views of the mountains, site elevation,
proximity to city services & the metro areas, and external obsolescences (proximity to an active railroad line, busy road,
industrial use property, etc.). Because of the limitations on comparable market data in this rural marketplace, it was necessary
to compare the subject to properties which vary in site size and location amenities. Differences in vacant site prices in the
subject's and comparable properties' locations were adjusted at a rate of $10,000 per acre for surplus land.
Dwelling amenities:
The subject and the comparable dwellings vary in actual age but some have been maintained and/or updated over the years.
No adjustment was made for differences in actual age, but the effective ages, depreciated cost estimates, & estimated market
reaction were considered in making condition adjustments. Some of the comparable properties are similar in overall C4
condition rating, but they vary in age and level of updating and an adjustment was made.
Buyers in this marketplace typically pay a premium for upgrades to interior finish (fixtures, countertops, cabinetry, flooring,
windows, doors, trim, built-ins, etc.) and architectural design (high pitched roofs that allow for vaulted ceilings, box windows,
arched transoms, and other design features which are aesthetically pleasing). Exterior inspection of the comparable data from
the street, realtor commentary, and photos provided on the MLS databases were used to estimate construction quality and
upgrades. Adjustments were made based on the estimated effect on market value considering differences in upgrades and
estimated replacement costs.
Differences in dwelling square footage were adjusted at a rate of $45/sq.ft. for finished living space above grade (lower than
approximately 30% of the average sale price per gross living area of the comparable sales used due to the significant
differences in dwelling size, because acreage properties typically have greater land to value ratios, and because sale prices are
influenced by site amenities and out buildings). Adjustment for basement square footage was made at a rate of $12/sq.ft. and
basement finish was adjusted at $101sq.ft. The adjustment for fully finished basement square footage is 50% of the adjustment
for above grade living space.
Differences in above grade bathroom count were adjusted at $3,000 for a full or 3/4 bathroom and $1,500 for a half bathroom.
No adjustment was made for differences in bedroom count as this is a component of square footage.
Site improvements/Out buildings:
Differences in car storage were adjusted at a rate of $4,000 per garage bay and $300 per gravel off street parking space. Some
of the comparable properties include large shops, barns or quanset building which can be used for car storage, hobby work or
animal storage. However, they are typically much larger than standard garages and have taller sidewalls - this enhances the
functionality of the improvement and contributes to greater replacement costs. For this reason, these shops were included
separately in the out building category instead of the garage/carport category.
Out buildings and other site amenities are common in this residential acreage marketplace, but they typically contribute much
less to market value than their replacement cost. Consideration is given to differences in out building amenities such as
concrete vs. dirt flooring, tall sidewalls, interior finish, condition, etc. Also, replacement costs per square foot typically decrease
as the out building square footage increases. The subject's has a small wooden shed. Adjustment was $10/sq.ft.for the storage
building.
SALES COMPARISON ANALYSIS:
The sales comparison approach to value uses the concept of substitution to estimate fair market value for the subject property.
The price at which an item will most likely sell in a market is closely related to the prices at which similar products in the same
marketplace are selling for. Because of the wide variety of property amenities in this residential acreage marketplace, it was
necessary to include comparable properties which vary from the subject in location, site size, dwelling size, design, construction
quality/upgrades, foundation design, out buildings, and other amenities. Also, the comparison includes comparable sales that
sold beyond the typical six month period from the date of this report; and additional sales were included (see additional market
data sheet). Due to the rural nature of the marketplace it is not uncommon for comparable properties to be located several
miles from the subject property.
Location, site size, dwelling size, quality, age/condition, and date of sale were primary factors considered in the selection of the
comparable properties to be used in the sales comparison grid.
The subject property includes an older dwelling and small site size and is accordingly priced towards the lower end of market
prices in the current marketplace. The majority of the small acreage properties include much large dwellings and/or newer
dwellings and each has a larger site size. None are considered to be exact comparable to the subject property.
COMMENTS ON THE ADJUSTMENT MADE TO THE COMPARABLE SALES:
The subject and each of the comparable sales are older houses which are located in the rural, agricultural neighborhood of
Weld County. Each property has amenities which differ from the subject, and each other, and which add to value in this market
place. These differences include site size, site location, views, size of living area, quality of construction, age and depreciation
levels, garages, outbuilding, site improvements, etc. A wide range in such amenities is typical in rural housing. The result is
that the net and gross adjustment ratios will exceed FNMA guidelines and will usually exceed the range of adjustment made on
urban housing.
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
SUPPLEMENTAL ADDENDUM
FHA/VA Case No.
Page #17
File No. 6-136P
Borrower
Karen
Baumgartner
Property
Address
34042
Highway
52
City
Keenesburg
County
Weld
State
CO Zip
Code 80643
Lender/Client
Cornerstone
Home Lending, Inc.
Comparable Sale #1: This is an agricultural site located in Weld County southeast of the subject. It is similar in age,
agricultural use, quality of construction and condition. Adjustment was made for seller concessions which directly reduce the
seller's net sales price; date of sale based on an inflation rate of 1/2 of 1°A per month; larger acreage site size; an additional full
sized bath; larger square footage above grade; a smaller sized basement area and finish; a cooling system; superior double
pane windows; and lack of a garage. This was a private owner sale which was on the market for 248 days with six price
reductions before selling at $57,400 below the original list price.
Comparable Sale #2: This is an agricultural site located in Weld County west of the subject on the same roadway. It is an older
residential acreage with similar agricultural zoning, similar updating and quality of construction. An adjustment was made for
seller concessions; older date of sale based on an inflation rate of 1/2 of 1% per month; slightly larger site size; smaller larger
square footage above grade than the subject; a smaller sized basement area which was fully finished; superior double pane
windows; a smaller off street parking area; inferior porch/patio area; lack of a fireplace; and superior shop/barn. This was a
private owner sale which was on the market for 47 days with no price six reductions before selling at $9,070 below the original
list prig.
Comparable Sale #3: This is an agricultural site located in Weld County northwest of the subject. It is an older house which
has similar zoning and use as the subject; similar quality of construction but has had extensive updating. Adjustment was made
for date of sale; a larger sized site; superior condition of improvements; only one full bath; smaller square footage above grade;
a smaller sized basement area and less finished area below grade; superior double pane windows; a larger sized garage; lack
of a fireplace; and an out building . This was a private owner sale which was on the market for 65 days with no price reductions
before selling at full original list price.
Comparable Sale #4: This is a larger agricultural site located in Weld County southeast of the subject. It is a newer built house
which was superior in quality of construction and had been updated in superior condition than the subject. Adjustment was
made for date of sale based on an inflation rate of 1/2 of 1% per month; a much larger site size; was a superior modern ranch
design; superior updating and finish (updated bathroom fixtures, new paint, and a new roof); has an additional full sized bath;
smaller square footage above grade; a smaller sized basement area which was unfinished; a central air cooling system;
superior double pane windows; a larger sized garage; lack of a fireplace; and superior out buildings. This was a private owner
sale which received an offer within 8 days from listing and sold at $5,000 below the original list price.
Comparable Listing #5: This is an agricultural site located in Weld County northeast of the subject. It is listed for sale and as
of the date of this report, had not sold. It has a larger agricultural use site, is an older house which is inferior in quality of
construction and condition. Adjustment was made for superior site size, inferior age and quality of construction; inferior number
of baths above grade; inferior square footage above grade; lack of a basement area; inferior heating and cooling systems; e
above grade; a smaller sized basement area and finish; a cooling system;lack of a garage; inferior stoop; lack of a fireplace; but
does have a shop building.. This is a private owner offering which has been on the market for 139 days with three price
reductions and has not sold.
Comparable Listing #6: This is an agricultural site located in Weld County west of the subject. It is listed for sale and as of the
date of this report, had not sold. It has a much larger agricultural use site, is a newer age of improvements, superior updating
and condition. Adjustment was made for superior site size, superior age and condition; inferior square footage above grade;
inferior basement area with more basement finish; a central air cooling system; double pane windows; lack of a garage area;
lack of a fireplace; and two out buildings. This is a private owner offering which has been on the market for only 17 days and
has not sold.
FINAL RECONCILIATION:
The subject is an older bungalow style dwelling located on a small acreage site in unincorporated Weld County southeast of the
Town of Keenesburg. There are some factors which have an adverse influence on market value and marketability: site size is
below the current County current requirements for a residential use site with well and septic systems. However, the house has
been "grandfathered in" which allows for residential use and sale. Nochange in zoning is required to continue occupation of the
improvements. The house has some ware items which are typical of older farm houses and these factors do not prevent the
sale but does depress the sales price in today's market place. The subject is a marketable and salable product and the low
sales price reflects the level updating. The property is currently under contract for sale to a family member.
Three methods of valuation were considered in estimating fair market value for the subject property:
The income approach to value. The subject property is located in an area of predominantly owner occupied single family
residences and there is no known rental history. The income approach was not considered meaningful and it was not included
in the appraiser's scope of work.
The sales comparison approach to value is considered to be the most reliable indicator of market value for this type of property
in this marketplace. The adjusted sale prices of the comparable sales data indicate a value range between $224,248 and
$273,192. Because of the subject's issues with marketability stated above, the value was estimated in the lower end of the
adjusted price range. Because of current market conditions (increasing market prices and limited inventory priced near the
subject's value estimate) the subject's value was adjusted for date of sale by 1/2 of 1% per month. The two current listings
support values of $228,758 and $266,166.. Neither is considered to be a very good comparable property (see Summary of
Sales Comparison herein). More weight was given to the closed sales in the value estimate.
The subject's value estimate of $245,000 is based on an exposure time of one to 2 months at offering prices between $245,000
and $262,488. This value range is higher than the current contract price but the contract is between family members.
Form TADD - "TOTAL" appraisal software by a la mode, inc. -1-800-ALAM0DE
REAL ESTATE APPRAISALS, LLC 3036593315
MULTI -PURPOSE SUPPLEMENTAL ADDENDUM
FOR FEDERALLY RELATED TRANSACTIONS
FHA/VA Case No.
Page #1
6-1 36P
Borrower Karen Baumgartner
Properly
Address 34042 Highway
52
City
Keenesburg County Weld Slate
CO Zip
Code 80643
Lender/Client
Cornerstone Home
Lending, Inc.
This Multi -Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with
the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (ODD), the
Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve.
This Multi -Purpose Supplemental Addendum is for use with any appraisal. Only those sections
and statements which have been marked by the appraiser apply to the property being appraised.
PURPOSE, INTENDED
USE & INTENDED
USER(S) OF APPRAISAL
►i1
ID
Intended
• Intended
ID
The
This
purpose
is
a
use
user(s)
federally
of
of
the
the
of
related
appraisal
appraisal
the
appraisal
transaction.
is
report:
to
estimate
report
(by
the
Mortgage
market
value
financing
as defined
herein, or
name or
type):
the lender/client
stated herein.
EXTENT
OF APPRAISAL PROCESS
►�1
iiii
fik
The
neighborhood,
of
When
used
The
the
appraisal
Reproduction/Replacement
conflicting
as
market
a
basis
is
and
grid
based
information
for
selection
along
the
on
value
with
the
information
of
the
was
conclusion.
comparable
source
Cost
provided,
is
of
based
gathered
confirmation,
sales
the
source
on:
by
within
the
the
deemed
appraiser
if
Marshall
available.
subject
most
from
market
The
reliable
&
Swift
public
area.
original
has
records,
The
source
been
Residential
other
original
is
used.
presented
identified
source
Data
Cost
believed
of
first.
Handbook
sources,
the
comparables
The
to
be
inspection
sources
unreliable
is
and
of
shown
data
was
the
are
not
subject
in
included
the
considered
Data
property
in
Source
the
reliable.
and
report
section
nor
,
and/or
and
on
analyzed.
supplemented
relied
from
the
The
the
appraiser's
external
on
sales
Income
Gross
personal
They
of
Rent
improved
depreciation,
Approach
have
by
the
knowledge
Multiplier
knowledge
been
appraiser's
properties.
is not
is
used
if
of
based
present,
of
considered
the
to
the
knowledge
local
subject
on
project
is
prior
specifically
to
future
market.
market
of
be
and/or
rents,
the
applicable.
This
area.
local
current
market.
•
cit
0
0
C
Physical
addressed
knowledge
The
For
The
The
analysis
For
vacancies
subject
this
Estimated
rental
income
depreciation
reason,
of
in
is
knowledge
prices
and
the
property
producing
based
the
Market
expenses.
appraisal
and
on
Income
is
is located
Rent
is
market
properties,
based
prior
based
report
and
and/or
Approach
rates
on the
or
in
Gross
on
an
prior
for
actual
other
current
area
estimated
was
Rent
residential
addenda.
of
and/or
rents,
analysis
not
Multiplier
primarily
current
vacancies
effective
used
In
of
properties.
owner
utilized
estimating
site
rental
age
and
sales
-occupied
rate
of
in
expenses
the
the
the
and/or
surveys
subject
Income
site
single
abstraction
have
value,
Approach
of
property.
family
residential
been
the
reported
appraiser
of
residences
Functional
are
site
properties.
values
based
and
has
FEMA
FLOOD HAZARD
DATA
Flood
map is attached
�1
0
Ill Subject
'i Subject
property
property
is not
located
in a
FEMA
FEMA
Special
Special
Flood
Flood
Hazard
Hazard
Area.
Area.
is located
in a
Zone
FEMA Map/Panel #
Map Date
Name of Community
X
08123C2185E
01/2012016
Unincorporated
Weld County
O
•
ei It
O If
Analysis/Comments:
The
The
community
community
is covered
is covered
by
by
a
an
does not
participate
in
the
National
National
Flood
Flood
Insurance
Insurance
Program.
Program.
does
participate
in
the
regular
program.
program.
emergency
CURRENT SALES CONTRACT
►�1
0
O
lki
The
The
The
subject
contract
contract
property
and/or
and/or
is
escrow
escrow
currently
not
under contract
.
for review
. The unavailability
summarizes
the
of
contract:
the
contract
is explained
later
in
the addenda
section.
instructions
instructions
were not
available
were reviewed
.
The
following
Contract Date
Amendment Date
Contract Price
Seller
Owner of Record
07/1312016
232,000
Gloria J Carpenter
Patricia
Ann Baumgartner
ali
CI
al
0
lb
_
O If
that
Analysis/Comments:
The
The
contract
contract
indicated
indicated
that
that
personal
personal
property
properly
was not
included
in
the
sale.
of
was included
.
It
consisted
• Estimated
contributory
value
is $
Personal
Personal
The
The
contract
contract
property
property
indicated
indicated
was not
included
in
the
concessions
the final
final value
value
estimate.
or
or
estimate.
other
incentives:
incentives.
was included
in
no
financing
the following
concessions
concessions
the
final
value
or incentives
conclusion
exist, the
is in
comparables
compliance
with
the
were
checked
Market
Value
for similar
defined
concessions
and
herein.
appropriate
adjustments
were made, if
applicable,
so
Page 1 of
Form MPA4 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 19
I► 1
MARKET
OVERVIEW Include an explanation of current market conditions and trends.
iii Under 2 months
is considered a reasonable
exposure
time
for the
subject
property
at
a value
range of $ 245,000 to
$ 265,000
Analysis/Comments:
0
is estimated
to
be the
marketing
time
for the
subject
property.
Analysis/Comments:
0
Marketing
Factors:
See comments on
market
conditions
in
the attached
addendum
for comments on marketing factors.
0
SUBJECT
PROPERTY
OFFERING
INFORMATION
According
to
IRES
MLS #794316
the
subject
property:
has not
been offered
for sale in the
past:
❑
30 days
1
year
❑
3 years.
IP Is
currently
offered
for sale
for $
232,000
.
0
was offered
for
sale
within
the
past:
30
days
1
year
❑
3 years for $ .
Offering
information
was considered
in the
final
reconciliation
of value.
Offering
information
was not
considered
in the
final
reconciliation
of
value.
O
Offering
information
was not
available
.
The
reasons
for unavailability
and
the
steps
taken
by the
appraiser
are explained
later
in this
addendum.
Ana
lysis/Comments:
0
SALE/TRANSFER
HISTORY
& ANALYSIS
OF
SUBJECT
PROPERTY
According
to
the
following
data
source(s):
Weld
County Assessor
records
, the
subject
property:
0
Has not
transferred
in the
past
one year.
in the
past
three
years.
dal
in the
past
five
years.
0
Has transferred
in the
past
one year.
in the
past
three
years.
in the
past five
years.
0 All
prior
sales
or
transfers
occurring
in the
past
prior
to the
Effective
Date
of Appraisal
are
listed
below.
Date of
Sale/Transfer
Price
of Sale/Transfer
Seller
Buyer
Data Source(s)
Effective Date of
Data Sources
Subject
Sale/Transfer
History
Analysis/Comments:
SALE/TRANSFER
HISTORY & ANALYSIS OF COMPARABLE SALES
According
to
the
following
data
source(s):
all
prior sales
or
transfers
occurring in
the
past
prior to
the
most
recent
date
of sale
or transfer
are listed
below.
PRIOR
SALE/TRANSFER
#
COMPARABLE
#
COMPARABLE #
COMPARABLE #
Date
of Sale
or Transfer
Price
of Sale
or Transfer
Seller
Buyer
Data
Source(s)
Effective
Date
of Data.
Source(s)
PRIOR
SALE/TRANSFER
#
COMPARABLE
#
COMPARABLE
#
COMPARABLE
#
Date
of Sale
or Transfer
Price
of Sale
or Transfer
Seller
Buyer
Data
Source(s)
Effective
Date
of Data
Source(s)
Comparab
Ies
Sale/Transfer
History
Analysis/Comments:
Page 2 of 3
Form MPA4 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 20
0
ADDITIONAL CERTIFICATIONS
The
(1)
("USPAP").
{2j
estimate,
3j
(4)
I
Appraiser
The
Their
This
have
analyses,
the
appraisal
compensation
performed
attainment
certifies
opinions
assignment
no
and agrees
and
is not
of a stipulated
services
conclusions
contingent
was
that:
regarding
not
result,
based
upon
the
were
the
or
on
the
subject
developed,
a
reporting
occurrence
requested
property
of
and
predetermined
of
minimum
this
within
a
report
subsequent
valuation,
the
three-year
was
value
prepared,
event.
a specific
or
direction
period
in conformity
valuation,
immediately
in value
or
that
the
preceding
with
the
favors
approval
Uniform
the
acceptance
cause
of
a
Standards
loan.
of
of
the
this
of
client,
assignment.
Professional
the
amount
Appraisal
of the
value
Practice
A4
ENVIRONMENTAL
LIMITING
CONDITIONS
The
environmental
conditions.
hazardous
and
conditions
inspections
appraiser's
substances
on
The
or
conditions
opinion
appraiser's
made
around
of
or
by
the
unless
detrimental
a
value
qualified
routine
property
is
otherwise
based
inspection
environmental
hazardous
that
on
would
stated
the
of
substance
negatively
assumption
in
and
this
conditions
inquiries
report.
and
affect
that
about
which
environmental
the
The
its
appraiser
the
value.
property
would
subject
is not
is
property
affect
expert
not
the
negatively
would
an
property
expert
did
reveal
not
affected
in
negatively
the
develop
the
identification
existence
by
any
unless
the
information
existence
of
otherwise
of
hazardous
hazardous
of
that
hazardous
stated
indicated
substances
substances
in
this
substances
any
report.
or
or
apparent
detrimental
detrimental
It
or
is
detrimental
significant
possible
environmental
environmental
that
tests
1O
HIGHEST
&
BEST
USE
ANALYSIS
Analysis/Comments:
Though
zoned
agricultural,
the
subject
site
is insufficient
in size
for
commercial
agricultural
production
to be a
higher
and
better
use
than
residential
use.
No
agricultural
production
was
noted
on the
site
at
the
time
of
inspection.
The subject
is
not
a
working
farm.
Single
family
residential
acreage
use
is
permitted
within
this
zone
district
as
a
primary
use;
it
is a
common use
in
this
neighborhood
and
is
considered
to be
the
highest
and
best
use.
0
As
Vacant:
0
As
Improved:
4,1
EFFECTIVE
DATE
OF
APPRAISAL
(if not
current,
see
comments).
This
appraisal
report
reflects
the
following
value:
AI
Current
Retrospective
Prospective
Effective
Date
of
the
Appraisal:
08102/2016
Comments
on
the
Effective
Dale
This
is
the
date
of
the
physical
inspection
of
the
subject
property.
ADDITIONAL
COMMENTS
ail
APPRAISER'S
SIGNATURE
&
LICENSE/CERTIFICATION
Appraiser's
Signature
Yrr'
al
.7ed
/
01Pera
Inspection
I
Dale
08/02/2016
Signed
Date
08/04/2016
Appraiser's
Name
David
A
Thomas,
Cert.
Res.
Appraiser
Phone #
(303)
659-3315
State
Co
License
or
Certification
#
01315478
Exp.
12/31/2017
Tax ID
#
84-1273731
IA4
Appraiser
is
certified
under
the
following
CE
program(s).
See
attached
Appraiser's
Qualifications
sheet
CO-SIGNING
APPRAISER'S
CERTIFICATION
o
The
co-signing
appraiser
has
personally
inspected
the
subject
property,
both
inside
and
out,
and
has
made an exterior
inspection
of all comparable
sales
0
listed
responsibility
fully
The
to
co-signing
in
the
the
co-signing
report.
for
appraiser
the
The
contents
appraiser.
report
has
of
not
was
the
personally
prepared
report
including
by the
inspected
appraiser
the
value
the
under
interior
conclusions
direct
of
the
supervision
and
subject
the
limiting
property
of
the co-signing
conditions,
and:
appraiser.
and
The
confirms
that
co-signing
the
certifications
appraiser
apply
accepts
O
has
not
inspected
the
exterior
of
the
subject
property
and
all
comparable
sales
listed
in
the report.
o
has
inspected
the
exterior
of
the
subject
property
and
all
comparable
sales
listed
in the
report.
O
The
contents
appraiser
co-signing
The
of
this
report
co-signing
appraisal.
was
of the
with
appraiser.
the
prepared
report,
appraiser's
exception
including
by
level
the
of
the
appraiser
the
of
value
certification
inspection,
under
conclusions
involvement
direct
regarding
supervision
and
physical
the
in
the
limiting
inspections.
appraisal
of
the
conditions,
co-signing
process
The
appraiser.
and
above
and
The
confirms
describes
certification
that
co-signing
the
the
are
covered
certifications
level
appraiser
of
inspection
elsewhere
apply
accepts
in
fully
performed
the
to
responsibility
the
addenda
co-signing
by
the
section
for the
CO-SIGNING
APPRAISER'S
SIGNATURE & LICENSE/CERTIFICATION
Co
Appraiser's
-Signing
Signature
Inspection
Date
Signed
Date
Co -Signing
Appraiser's
Name
Phone
#
State
License or
Certification
# Exp.
Tax
ID
#
Co -Signing Appraiser
is certified
under
the
following
CE
program(s):
Page 3 of 3
Form MPA4 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 21
Subject Photo Page 1
Borrower Karen Baumgartner
Property
Address
34042 Highway 52
City
Keenesburg
County
Weld
State
CO Zip
Code 80643
Lender/Client
Cornerstone
Home Lending,
Inc.
Subject Front
34042 Highway
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
52
232,000
1,938
7
3
1.1
N;RsAc;
N;RsAc;
21780 sf
Q4
68
Subject Rear
Subject Street
Form PICPIX.SR -''TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 22
Subject Photo Page 2
Borrower Karen Baumgartner
Property
Address
34042 Highway 52
City
Keenesburg
County
Weld State
Co Zip
Code 80643
Lender/Client
Cornerstone
Home Lending,
Inc.
Parking Space and House
J
a
Kitchen
3/4 Bath
Bedroom
Rear of House
Dining Area
Bedroom
Bath
View West Side
le
Living Room
Bedroom
Mechanical In Basement
Family Room Basement
Bar In Family Room Wood Work & Fireplace Bsmt
Form PIC15 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 23
Subject Photo Page 3
Borrower Karen Baumgartner
Property
Address
34042 Highway 52
City
Keenesburg
County
Weld State
CO Zip
Code 80643
Lender/Client
Cornerstone
Home Lending,
Inc.
Basement Storage Room
34042 Highway
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
52
232,000
1,938
7
3
1.1
N;RsAc;
N;RsAc;
21780 sf
Q4
68
Basement Storage Room
Basement Storage Room
Form PIC3X5.SR -"TOTAL' appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 24
Comparable Photo Page 1
Borrower Karen Baumgartner
Properly
Address
34042 Highway 52
City
Lender/Client
Keenesburg
County
Weld State
CO Zip
Code 80643
Cornerstone
Home Lending,
Inc.
Comparable 1
3503 County Road 75
Prox. to Subject 3.27 miles SE
Sales Price 252,500
Gross Living Area 2,462
Total Rooms 6
Total Bedrooms 2
Total Bathrooms 2.0
Location N;RsAc;
View N;RsAc;
Site 1.89 ac
Quality O4
Age 61
Comparable 2
33233 Highway 52
Prox. to Subject 0.80 miles W
Sales Price 240,970
Gross Living Area 1,610
Total Rooms 6
Total Bedrooms 2
Total Bathrooms 1.1
Location N;RsAc;
View N;RsAc;PtMtn
Site 1.00 ac
Quality O4
Age 95
Comparable 3
6460 County Road 65
Prox. to Subject 2.50 miles NW
Sales Price 235,000
Gross Living Area 928
Total Rooms 5
Total Bedrooms 2
Total Bathrooms 1.0
Location N;RsAc;
View N;RsAc;PtMtn
Site 1.50 ac
Quality O4
Age 105
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, Inc. -1-800-ALAMODE
FHA/VA Case No. 0 Page # 25
Comparable Photo Page 2
Borrower Karen Baumgartner
Properly
Address
34042 Highway 52
City
Lender/Client
Keenesburg
County
Weld State
CO Zip
Code 80643
Cornerstone
Home Lending,
Inc.
Comparable 4
3508 County Road 61
Prox. to Subject 3.96 miles SW
Sales Price 325,000
Gross Living Area 1,350
Total Rooms 7
Total Bedrooms 3
Total Bathrooms 2.0
Location N;RsAc;
View N;RsAc;PtMtn
Site 4.22 ac
Quality 03
Age 19
Comparable 5
36330 County Road 18
Prox. to Subject 3.81 miles NE
Sales Price 125,500
Gross Living Area 816
Total Rooms 4
Total Bedrooms 2
Total Bathrooms 1.0
Location N;RsAc;
View N;RsAc;
Site 2.09 ac
Quality O5
Age 102
Comparable 6
32195 Highway 52
Prox. to Subject 1.89 miles W
Sales Price 360,000
Gross Living Area 1,596
Total Rooms 6
Total Bedrooms 2
Total Bathrooms 1.1
Location N;RsAc;
View N;RsAc;PtMtn
Site 7.00 ac
Quality O4
Age 22
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, Inc. -1-800-ALAMODE
FHA/VA Case No. 0 Page # 26
Location Map
Borrower Karen Baumgartner
Property
Address
34042 Highway 52
City
Keenesburg
County
Weld State
Co Zip
Code 80643
Lender/Client
Cornerstone
Home Lending, Inc.
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Form SCA - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 28
APPRAISER RESUME
PERSONAL
DATA
Name:
Company
Address:
Name:
David A. Thomas, Certified
Residential
Appraiser
Phone Number:
Fax Number:
Certifications:
303-659-3315
Real Estate Appraisals,
LLC
303-659-4594
435 S 28th
Ln
Certified
Residential
Appraiser
- CR01315478
Brighton,
CO 80601
FHA Approved
Appraiser
Email: realappdat@comcast.net
PROFESSIONAL
MEMBERSHIPS
Realtor's Board
EDUCATION
Name of Institution (HS, College, University, etc.)
Dates Attended
Type of Degree or Certificate
Phoenix College,
Phoenix, AZ
1962-1963
Associate
Degree
in Liberal Arts
Idaho State
University,
Pocatello,
ID
1964-1967
Bachelor of Science Degree in Economics
University
of Colorado, Boulder,
CO
1990-1992
Real Estate Appraisal
License
Professional/Technical Courses (Appraisal Related)
Date Completed
Sponsoring Organization
AppraisingClasses:Appraisal
Fraud/FHA
Update/CostAppr.
1976-2005
Society of Real Estate
Appraisers
Standards & Ethics In Appraising
Real Estate
2006-2009
Society of Real Estate
Appraisers
Current Issues/Data Analysis/Post-HVCC/Appraisal
Review
2009-2011
University
of Colorado
National
USPAP Update
2006/2008/2010/2012/2014
Kaplan
Professional Schools
Crystal
Clear Reporting/FHA
Update
2010/2011
Kaplan
Professional
Schools
Fannie Mae Appraisals/Toxic
Appraisals/
Foreclosure
-Short
2012,
2013
Kaplan
Professional Schools
Realtor
Ethics
Update;
Fanniemae Guidelines;
2013,
2014
Realtors Association/Kaplan
Professional Schools
AppraisalPitfalls,
Making
Adjustments
in an Appreciating
M
2013,
2014
Kaplan
Professional Schools
Judge & Jury:What Would You Do;App.Market
Plus/LISPS
2015,
2016
Kaplan
Professional Schools
Seminars, Conferences, Clinics Attended
Date Completed
Sponsoring Organization
NMRA's Contracting
& Conveyancing
Water Issues
1994
Housing
and Urban
Development
NMRA's Intellectual Properties
& Data Mining
1996
National Association of
Realtors
GRI Law IV; Getting
to Know Rural Properties;
1998
National Association of
Realtors
Appraising
the Oddball: Nonconforming
& Difficult
Prop
2003
Colorado Association of Realtors
Water Rights
In the Market Place
2006
Colorado State
University
Extension/McKissock
CHFA: Creating Homeownership
Part I & II
2007
McKissock Real Estate College
EMPLOYMENT
HISTORY
Employer's Name and Address
Business Title
Dates of Employment
% of Time Dedicated to Appraising
Self Employed
435 South
28th
- Real Estate
Lane, Brighton,
Appraisals, LLC
CO 80601
Partner
Real
Estate Appraisals
1993
to present
100%
Majestic
Denver,
Appraisal Services
CO
Sub -contractor
Real Estate Appraisals
1991
- 1993
100%
United
Brighton,
Bank of Colorado
Colorado
Commercial
Real Estate
Bank
Department
1983
- 1991
30%
EXPERIENCE
SUMMARY
I
residential
vacant
starting
loans,
market
committee
real
I
have
estate
have
been appraising
acreage
building
my self
managing
purchasers.
for
within
been appraising
the
sites,
employed
a
City
the
properties
completion
mortgage
I am
State
real
appraisal
qualified
of Brighton;
real
estate
of
estate
since
(including
inspections
loan department,
as
I
Colorado
since
1982.
large
business
an "Expert
am trained
without
1982.
I
acreage
for
in 1993,
managing
and
limitation.
I
have
ongoing
Witness"
approved
have
experience
I
experience
parcels
spent
construction,
16
a branch
in the
for
I have
with single
with multiple
and
years in
office
Adams
relocation
been appraising
with single
outbuildings
reviews
the
for the
and
appraisal
family residential
in
of other
financial industry
financial institution,
Weld County Courts;
work and
real estate
family residential
rural
appraiser's
since
housing,
appraising
appraisal
housing,
areas
I
1982.
small
with
work
and
have
small
limited
real
packaging
served
review;
income multi -family
market data),
primarily for lending
estate, making residential
mortgage loans
on the real estate
and I am qualified
income multi -family
housing,
proposed
institutions.
for
design
to
housing,
sale
appraise
complex
construction,
Prior
and commercial
to secondary
and standards
residential
complex
to
residential,
APPRAISAL
COVERAGE
AREAS
MARKET
AND
COST
DATA SOURCES
Adams, Arapahoe, Denver, Weld, Morgan and Larimer
Counties,
CO
Metro
Marshall
County
& IRES MLS databases for market data.
& Swift for cost estimates.
records within specific property market
area.
REFERENCES
Lee
401
Phone
Ann Brooks,
S Main,
#:719-336-8671
Lamar,
Colorado
CO
81052
East
Bank & Trust
Bob
6501
Phone:
Novak, Guaranty
E Belleview
303-296-9600
Bank
Ave, Suite
&
Trust
100, Englewood,
CO 80111
Michelle
30 N 4th
Phone:
Miller, Valley
Ave, Brighton,
303-659-5450;
Bank & Trust
CO 80601
Fax: 303-659-3400
111
David
Phone:
Evens,Bank of
S Rollie Ave, Fort
303-857-3400;
Colorado
Lupton,
Fax:
CO 80621
303-857-3401
111
Phone:
Don
Tomoi, Bank of
5 Rollie Ave, Fort
303-857-3400;
Colorado
Lupton,
Fax:
CO 80621
303-857-3401
195
Casey L. Williams,
Telluride St.,
Phone: 303-500-7706;
Attorney
Suite
At Law
#5, Brighton,
Fax: 720-247-9032
CO
SIGNATURE OF APPRAISER..
1
et "Kai
DATE:
0810412016
Form APR - "TOTAL" appraisal software by a la mode, Inc. - 1-800-ALAMODE
FHA/VA Case No. 0 Page # 29
Dave's Appraisal License
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Active
Cert Residential Appraiser
1315478
Number
Jan 1 2015
Dra ALAN THOMAS
BRIGHTON, O 80601
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Dec 31 2017
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