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Home My WebLink About20152432.tiff 1861, CLERK TO THE BOARD 4_0PHONE (970) 336-7215, EXT 4226 FAX (970) 352-0242 WEBSITE: www.co.weld.co.us J1150 O STREET N T Y P.O. BOX 758 LG U GREELEY CO 80632 September 2, 2015 WANG YINGFANG 3215 SHALLOW POND DR FORT COLLINS, CO 80528-9403 RE: THE BOARD OF EQUALIZATION 2015, WELD COUNTY COLORADO APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR ACCOUNT NO.: R0166594 Dear Petitioner: On July 30, 2015, 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 your request to approve and adopt a valuation of your property arrived at by a Stipulation between you and the Weld County Assessor, for the year 2015. The Board of Equalization found that the evidence presented at the hearing supported the stipulated value placed upon the above-described property as set forth below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. ACTUAL VALUE AS STIPULATED VALUE DETERMINED BY ASSESSOR APPROVED BY BOARD $371,426.00 $315,000.00 The above `Stipulated Value' is the value which will be used in the calculation of your property taxes for 2015. This value is not appealable. If you have questions concerning the above information, please call me at (970) 336-7215, Ext. 4226. Very truly yours, Esther E. Gesick, C er oe Board Weld County Board of County Commissioners Cc: Christopher Woodruff, Weld County Assessor 2015-2432 AS0091 COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R0166594 STIPULATION (As To Tax Year 20 l5_ Actual Value) RE PETITION OF : NAME: YINGFANG WANG ADDRESS: 3215 SHALLOW POND DR FORT COLLINS, CO 80528 Petitioner(s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2015 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner(s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: ETN CEN1-4 L4 BLK1 CENTENNIAL SUB 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 2015: Total $371,426.00 4. After further review and negotiation, Petitioner(s)and Weld County Assessor agree to the following tax year 2015 actual value for the subject property: Total $315,000.00 5. The valuation,as established above, shall be binding only with respect to tax year 2015. 6. Brief narrative as to why the reduction was made: Reviewed comparable sales. 7. Both parties agree that: ®The hearing scheduled before the Board of Equalization on 07/30/2015 at 11:50am be vacated. R0166594 1 o?0/5---0Q1f3,)- /615C&I/ DATED this 24Th day of July, 2015. ts etitioner(s) or Agent or Attorney (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: Address: 3 2 f 5i c /i d vi 120r," Or. 1150 "O" Street s ., ( ?Pv tz-t _ P.O. Box 758 Greeley, CO 80632 Telephone: q--7,9-69/ -7 q/7 Tele hone:(970) 336-7235 C._ t County A s es� Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext. 3697 Docket Number Stip-1.Frm R0166594 2 NOTICE OF DETERMINATION RECEIVED Christopher M . Woodruff JUL 162015 Date of Notice : 6/30/2015 Weld County Assessor Telephone : ( 970 ) 353-3845 1400 N 17th Ave WELD COUNTY Fax : (970 ) 304-6433 Greeley , CO 80631 COMMISSIONERS Office Hours : 8 : 00AM - 5 : 00PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R0166594 2015 5064 ETN CEN1 -4 L4 BLK1 CENTENNIAL SUB W WANG YINGFANG 40 CHERRY AV 3215 SHALLOW POND DR EATON , CO 000000000 o FORT COLLINS , CO 80528-9403 w a O cc cc ASSESSOR ' S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW RESIDENTIAL 371 ,426 371 ,426 TOTAL $371 ,426 $371 ,426 The Assessor has carefully studied all available information , giving particular attention to the specifics included on your protest . The Assessor' s determination of value after review is based on the following : ALO1 - Your property has been uniformly valued following Colorado law. Your protest of value has been denied due to comparison of other similar properties which sold during the 2013/2014 time period. If you disagree with the Assessor' s decision , you have the right to appeal to the County Board of Equalization for further consideration , § 39-8- 106( 1 )(a) , C . R .S. The deadline for filing real property appeals is July 15 . The Assessor establishes property values . The local taking authorities (county , school district , city , fire protection , and other special districts) set mill levies . The mill levy requested by each taxing authority is based on a projected budget and°the property tax revenue required to adequately fund the services it provides to its taxpayers . The local taxing authorities hold budget hearings in the fall . If you are concerned about mill levies , we recommend that you attend these budget hearings . Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities . Please refer to the reverse side of this notice for additional information . Agent ( If Applicable ) : �%� " saa 7 2015-2432 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 29 through August 5 at 1150 O Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.ciov/baa telephone number. Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2014? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) $ 296, coo What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc. i lte 4 pp r t 7 ( ietia /7no/'ei'y 1Cu i-Mer'ne Slay ter on o f/0 7/z o f fG _ /lie 4--proi,rs w1 "..-yr ht a-llpt.ev4g.l. ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on an attachments hereto are true and complete. 97o-6q/- 117 r/4/zo,r '- ignature Telephone Number Date / e! tnfg7D0 9ina•'I. COM Email Address ' Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R0166594 8428489 U W ui 0 Z C� w H M F JOb z W O 7 q O-ow) -OO r- N - ui re -J4 O a Ca S A3 -� V' V �W Cn SD N a m , v tt re P,I 3 i • 1 V. Q M qvtli 4---) \:),-.; v v Li r --i VI I C6 J Cr Main File No . 67710847 Page # 1 of 39 • • 41'71, a a 6 . . . 'r .3 e E a3 • R . fir a � hg t ° 3:+ i ' ° F t . �;. v • w 7, .A0g4COSEradr*. 4001 Y u . iv • i> Y • • j w'0•atMiVatoa> 5 t- r 3 $6 y ILiti yam' � `, .:'v' ZYa V i W ` *,p 'nay fit . ( E ��( °`� 7i a•P°' 1t99.; Inq 1} ! � SRN 4.*A x24' x n₹ `1' � \, 1 >< k�Sw RB,a rii•••• .`.1a ; f � h a1 e� a r ` , ky nr n4.. . •• „'sY `�ppV+ "'S J 1 NFw ':m k.M _" w+ �.* ♦ '�.dKi mxc yr o:.swfe :. APPRAISAL OF REAL PROPERTY LOCATED AT : 40 Cherry AVE ETN CEN1 -4 L4 BLK1 CENTENNIAL SUB Eaton , CO 80615 FOR : Wells Fargo Bank , N . A. - 0034908 Fort Collins , CO 80525 AS OF : 01 /07/2014 BY: Katherine Sluyter Sage Appraisal 2619 11th Street Road , Suite 13 Greeley, CO 80634 Sage Appraisal (970)556-5506 Form GA2 — "WinT0TAL" appraisal software by a la mode, inc . — 1 -800-ALAM0DE I _ Client Rels Valuation File No. 67710847 Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang, Yingfang TABLE OF CONTENTS Cover Page 1 Letter of Transmittal 2 Summary of Salient Features 3 URAR 4 Additional Comparables 4-6 10 Additional Comparables 7-9 11 General Text Addendum 12 Subject Photos 14 Subject Photos 15 Subject Photos Interior 16 Subject Photos Interior 17 Subject Photos Interior 18 Subject Photos Interior 19 Subject Photos Interior 20 Comparable Photos 1-3 21 Comparable Photos 4-6 22 Comparable Photos 7.9 23 Rentals Photos 1-3 24 Building Sketch(Page-1) 25 Location Map 26 Location Map 27 Subject Public Trustee Sale 28 Location Map 29 Single Family Comparable Rent Schedule 30 Operating Income Statement 31 Market Conditions Addendum to the Appraisal Report 33 USPAP Identification 34 UAD Definitions Addendum 35 E&O 38 Appraiser Resume 39 Form TOCNP—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.67710847 Page#2 of 39 Katherine Sluyter Sage Appraisal 2619 11th Street Road, Suite 13 Greeley, CO 80634 01/07/2014 Wells Fargo Bank, N.A. -0034908 Fort Collins, CO 80525 Re: Property: 40 Cherry AVE Eaton, CO 80615 Borrower: Wang,Yingfang File No.: 114-1 In accordance with your request,we have appraised the above referenced property. The report of that appraisal is attached. The objective of this appraisal report is to offer an opinion of market value for the subject property as defined herein. The intended use of this appraisal report is to assist the lender(s)/client(s)named in the report in evaluating the subject property as collateral for a mortgage lending decision. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. This report has been completed using the Uniform Appraisal Dataset and is UAD compliant. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me if we can be of additional service to you. Sincerely, Katherine Sluyter Sage Appraisal Main File No.67710847 Page'#3 of 39 SUMMARY OF SALIENT FEATURES Subject Address 40 Cherry AVE Legal Description ETN CEN1-4 L4 BLK1 CENTENNIAL SUB City Eaton • County Weld a z State CO w 00 • Zip Code 80615 Census Tract 0015.00 Map Reference 24540 t.)-1 cc Sale Price $ • Date of Sale z Client Rels Valuation w • Borrower Wang,Yingfang Size(Square Feet) 3,235 Price per Square Foot $ w w Location N;Res; cc • Age 20 Condition C4 °; Total Rooms 8 w Bedrooms 4 Baths 3.0 'r- ES Appraiser Katherine Sluyter cc Q Date of Appraised Value 01/07/2014 Final Estimate of Value $ 296,000 Form SSD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE , Sage Appraisal(970)556-5506 Main File No.67710847 Page#4 of 39 114-1 Uniform Residential Appraisal Report File# 67710847 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 40 Cherry AVE City Eaton State CO Zip Code 80615 Borrower Wang, Yingfang Owner of Public Record Wang,Yingfang County Weld Legal Description ETN CEN1-4 L4 BLK1 CENTENNIAL SUB Assessor's Parcel# 070736306004 Tax Year 2012 R.E.Taxes$ 1,879 F- Neighborhood Name Centennial Map Reference 24540 Census Tract 0015.00 U I w Occupant ❑ Owner ® Tenant ❑ Vacant Special Assessments$ 0 ❑ PUD HOA$ 0 ❑ per year ❑ per month 2 Property Rights Appraised N Fee Simple ❑ Leasehold ❑ Other(describe) ,] Assignment Type ❑ Purchase Transaction N Refinance Transaction ❑ Other(describe) Lender/Client Wells Fargo Bank, N.A. -0034908 Address , Fort Collins, CO 80525 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ❑ Yes ® No Report data source(s)used,offering price(s),and date(s). MLS/IRES Not currently listed for sale. Has not been listed for sale during the past 12 months. I ❑ did ❑ did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price$ Date of Contract Is the property seller the owner of public record? ❑Yes ❑No Data Source(s) 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 ❑ No o c) If Yes,report the total dollar amount and describe the items to be paid. Note:Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing •Present Land Use% Location ❑ Urban ®Suburban ❑ Rural Property Values ® Increasing ❑ Stable ❑ Declining PRICE AGE One-Unit 75% o Built-Up ❑ Over 75% ® 25-75% ❑ Under 25% Demand/Supply ® Shortage ❑ In Balance ❑ Over Supply $(000) (yrs) 2-4 Unit 15 % o Growth ❑ Rapid N Stable ❑ Slow Marketing Time ® Under 3 mths ❑ 3-6 mths ❑ Over 6 mths 50 Low 0 Multi-Family 0% § Neighborhood Boundaries Subject neighborhood is defined by the entire Town of Eaton, bounded to the 600 High 120 Commercial 10% m north by CR76, east by CR39, south by CR35,west by CR35. 230 Pred. 15 Other % c7 Neighborhood Description Subject neighborhood is located in the Town of Eaton(population+/-4500)with basic commerce, schools and some retail, ra but close proximity to City of Greeley(population+/-95,000), seven miles distant,which contains public parks and schools, major centers of retail and commerce, and major centers of employment.The subject's subdivision is comprised of all average/good quality single family homes. Market Conditions(including support for the above conclusions) Generally good market conditions should result in marketing period not in excess of 120 days. Seller not typically required to pay discount fees or interest buydowns in excess of 3%. Interest rates are affordable, between 2.0%and _7.0%. See 1004mc. Dimensions 77'X70'X130'X63'X151' Area 14066 sf Shape Rectangular View B;Res;Pstrl Specific Zoning Classification R1 Zoning Description Single Family Residential Zoning Compliance ® 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? ®Yes ❑ No If No,describe Utilities Public Other(describe) Public Other(describe) Off-site Improvements-Type Public Private al Electricity N ❑ Water ® CI Street Asphalt ® ❑ m Gas ® ❑ Sanitary Sewer ® ❑ Alley None ❑ ❑ FEMA Special Flood Hazard Area ❑ Yes ® No FEMA Flood Zone C FEMA Map# 0802660488C FEMA Map Date 09/28/1982 Are the utilities and off-site improvements typical for the market area? ® Yes ❑ No If No,describe Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? ❑Yes ® No If Yes,describe General Description Foundation Exterior Description materials/condition interior materials/condition Units Z One ❑ One with Accessory Unit ❑ Concrete Slab ❑ Crawl Space Foundation Walls PouredConcr/Avg/Gd Floors Crp/Wd/Tile/Avg #of Stories 2 ® Full Basement ❑ Partial Basement Exterior Walls Vinyl/Avg/Gd Walls Drywall/Avg Type ® Det. ❑ Att. ❑S-Det,/End Unit Basement Area 1,286 sq.ft.Roof Surface Asphalt/Avg/Gd Trim/Finish Wood/Avg N Existing ❑ Proposed ❑ Under Const.Basement Finish 95 % Gutters&Downspouts Metal/Avg/Gd Bath Floor Tile/Crp/Avg Design(Style) Contem ❑ Outside Entry/Exit ❑ Sump Pump Window Type Vinyl/Avg/Gd Bath Wainscot Tile/Avg Year Built 1994 Evidence of ❑ Infestation Storm Sash/Insulated None Car Storage Li None Effective Age(Yrs) 15 ❑ Dampness ❑ Settlement Screens Partial/Avg/Gd N Driveway #of Cars 3 Attic n None Heating N FWA In HWBB ID Radiant Amenities ❑Woodstove(s)# 0 Driveway Surface Concrete ❑ Drop Stair ❑ Stairs ❑ Other I Fuel NG N Fireplace(s)# 4 N Fence Encl N Garage #of Cars 3 ❑ Floor ® Scuttle Cooling ® Central Air Conditioning ® Patio/Deck Patio ® Porch Cvd ❑ Carport #of Cars 0 O ❑ Finished Li Heated ❑ Individual I❑ Other ❑ Pool None ® Other Balc ® Att. ❑ Det. ❑ Built-in w Appliances ® Refrigerator ® Range/Oven ® Dishwasher N Disposal ® Microwave N Washer/Dryer ❑ Other(describe) w Finished area above grade contains: 8 Rooms 4 Bedrooms 3.0 Bath(s) 3,235 Square Feet of Gross Living Area Above Grade oAdditional features(special energy efficient items,etc.). Appliances that are not built-in are considered personal property and not valued in this report. a - Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). C4;No updates in the prior 15 years;See attached addenda. Are there any physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? ❑ Yes N No If Yes,describe Utilities were on and functioning for the inspection. Does the property generally conform to the neighborhood (functional utility,style,condition,use,construction,etc.)? ®Yes ❑ No If No,describe Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.67710847 Page#5 of 39 • 114-1 Uniform Residential Appraisal Report File# 67710847 There are 9 comparable properties currently offered for sale in the subject neighborhood ranging in price from$ 215,000 to$ 347,000 . There are 13 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from$ 235,000 to$ 373,000 FEATURE I SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Address 40 Cherry AVE 114 Ridge Rd 1395 Plains Ct 1454 Falcon Ridge Rd EATON, CO 80615 Eaton, CO 80615 Eaton, CO 80615 Eaton, CO 80615 Proximity to Subject 0.17 miles S 0.43 miles S 2.11 miles NE Sale Price $ $ 343,900 - $ 349,500 S 372,900 Sale Price/Gross Liv.Area $ sq.ft. $ 106.54 sq.ft. $ 133.65 sq.ft. ` $ 115.02 sq.ft. Data Source(s) IRES#709911;DOM 68 IRES#699663;DOM Unk IRES#699834;DOM 55 Verification Source(s) Weld Cnty Rec Weld Cnty Rec Weld Cnty Rec VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing ArmLth 0 ArmLth 0 ArmLth 0 Concessions VA;3500 -3,500 Unk;0 0 Conv;0 0 Date of Sale/Time s08/13;c06/13 0 s08/13;Unk 0 s04/13;c02/13 +11,000 Location N;Res; N;Res; N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 14066 sf 11617 sf 0 10364 sf +3,000 13844 sf 0 View B;Res;Pstrl B;Res;GrnBlt 0 B;Res;GrnBlt 0 B;Res;Glfvw -25,000 Design(Style) DT2;Contem DT2;Contem DT2;Contem DT2;Contem Quality of Construction Q4 Q3 -10,000 Q3 -30,000 Q3 -30,000 Actual Age 20 13 0 10 0 18 0 Condition C4 C3 -15,000 C3 -15,000 C3 -15,000 Above Grade Total Bdrms. Baths Total Bdrms. Baths 0 Total Bdrms. Baths 0 Total Bdrms. Baths 0 Room Count 8 4 3.0 9 4 2.1 +2,000 8 4 2.1 +2,000. 10 4 2.1 +2,000 Gross Living Area 3,235 sq.ft. 3,228 sq.ft. 0 2,615 sq.ft. +15,500 3,242 sq.ft. 0 Basement&Finished 1286sf1222sfin 1100sf932sfin +1,500 1607sf1124sfin -2,600 1024sf630sfin +2,100 Rooms Below Grade 1 rr1 brl.Obal o 1 rr1 brl.ObaOo +4,400 1 rr2br1.1 bal o 0 1 rr0br0.Oba0o +11,900 = Functional Utility Good Good Good Good KHeating/Cooling FANG/Cent AC FANG/Cent AC FANG/Cent AC FANG/Cent AC Energy Efficient Items None None None None Garage/Carport 3ga3dw 4ga2dw +2,000 3ga3dw 4ga2dw +2,000 Z Porch/Patio/Deck Pch/Patio/Balc WrpPch/UpgPt -6,000 Pch/CvdDeck 0 Stp/LgCvdDeck 0 2 Fireplace 4 Fireplaces 2 Fireplaces +2,000 2 Fireplaces +2,000 2 Fireplaces +2,000 a Landscape/Fence AvqLS/EncFnc GdLS/EncFnc -10,000 GdLS/EncFnc -10,000 GdLS/EncFnc -10,000 Cl- Subdivision Centennial GovernorsRnch -17,000 GovernorsRnch -18,000 Hawkstone -22,000 o Net Adjustment(Total) ❑ + ® - $ -49,600 ❑ + ® - $ -53,100 ❑ + ® - $ -71,000 O Adjusted Sale Price Net Adj. 14.4% Net Adj. 15.2% Net Adj. 19.0% of Comparables - ' `!Gross Adj. 21.3% $ 294,300 Gross Adj. 28.1% $ 296,400 Gross Adj. 35.7% $ 301,900 (/) I Z did ❑ did not research the sale or transfer history of the subject property and comparable sales.If not,explain My research ® did ❑ did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) MLS/WeldCounty Records/Weld County Trustee My research ® did ❑ did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) MLS/WeldCounty Records/Weld County Trustee 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 10/16/2013 04/16/2013 Price of Prior Sale/Transfer $50,000 $330,827 Data Source(s) MLS/Weld County Records MLS/Weld County Records MLS/Weld County Records MLS/Weld County Records Effective Date of Data Source(s) 01/07/2014 01/07/2014 01/07/2014 01/07/2014 Analysis of prior sale or transfer history of the subject property and comparable sales The subject had a prior public trustee's sale on 10/16/2013 for$50,000 (this is not a typo, it is an unusually low sales price, see attached Public Trustee Sale addenda from the Weld County Trustee website). The subject's prior sale price was a public trustee sale for an unusually low price and is not indictive of the current market value. Sale No. 2 had a prior market sale. Summary of Sales Comparison Approach See attached addenda. _ Indicated Value by Sales Comparison Approach$ 296,000 Indicated Value by:Sales Comparison Approach$ 296,000 Cost Approach(if developed)$ Income Approach(if developed)$ The Cost Approach and Income Approach are not considered accurate for this property. See respective sections for further comments. The Sales o Comparison Approach is the most reliable valuation method for this property as it takes into account the current market and typical buyer's a• preferences. See attached addenda for Sales Comparison Approach comments. • This appraisal is made ® "as is", ❑ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been z 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 O following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair; w cc Based on a complete visual inspection of the interior and exterior areas of the subject property,defined scope of work,statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ 296,000 ,as of 01/07/2014 , which is the date of Inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE I Main File No.67710847 Page#6 of 39 114-1 Uniform Residential Appraisal Report File# 67710847 Significant contribution was made to this report by Licensed Appraiser Geoffrey Sluyter in all areas of appraisal development, inspection, analysis and report building. All Active/Sales data on the top of page 2 and the 1004 me includes sales/listings in Eaton, all homes with at least 2000sf GLA and built after 1980. The Appraiser is not a home inspector and this appraisal report is not a home inspection;the appraiser only performed a visual observation of accessible areas and the appraisal report cannot be relied upon to disclose conditions and/or defects in the property. This report has been completed using the Uniform Appraisal Dataset and is UAD compliant. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The source for data contained within this report is the local MLS(IRES and Metrolist), Weld County Assessor, Weld County Public Trustee and the appraiser's files and inspections. The appraiser has done many appraisals in this neighborhood over the past. Some of the comparable pictures are from prior appraisals, hence u) multiple seasons are depicted. z w E SECTION 9. In Colorado Revised Statutes, 12-61-710, repeal(7)and(9); and add(1)(j)as follows: O 12-61-710. Prohibited activities-grounds for disciplinary actions-procedures. (1)A real estate appraiser is in violation of this part 7 if the appraiser: (j) HAS FAILED TO DISCLOSE IN THE APPRAISAL REPORT THE FEE PAID TO THE APPRAISER FOR A RESIDENTIAL z REAL PROPERTY APPRAISAL IF THE APPRAISER WAS ENGAGED BY AN APPRAISAL MANAGEMENT COMPANY TO COMPLETE THE • ASSIGNMENT. The appraiser was compensated$480 by the appraisal management company for this report. I have 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. Exposure Time: USPAP defines exposure time as—The estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. A reasonable exposure time for the subject is between 30-90 days. IRES/MLS. The appraiser is making the extraordinary assumption that the title to the subject is good and marketable. 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) Site value has been derived from other nearby site sales and current listings within the town of Eaton. Multiple recent site sales and listings throughout Eaton ranging from $30,000-$55,000, both REO and market sales, however none in older established subdivisions. Due to the age of the subject making depreciation difficult to measure, the Cost Approach is a less reliable valuation method for this property and was not developed. czi ESTIMATED ❑ REPRODUCTION OR ❑ REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 30,000 o Source of cost data DWELLING Sq.Ft.@$ _$ a Quality rating from cost service Effective date of cost data Sq.Ft.@$ _$ < Comments on Cost Approach(gross living area calculations,depreciation,etc.) =$ o Estimated economic life is 60+years. Garage/Carport Sq.Ft.@$ _$ O Total Estimate of Cost-New =$ DO NOT USE COST APPROACH FOR INSURANCE PURPOSES. Less Physical Functional External Depreciation =$( Depreciated Cost of Improvements =$ "As-is"Value of Site Improvements =$ _$ Estimated Remaining Economic Life(HUD and VA only) 45 Years INDICATED VALUE BY COST APPROACH =$ iu INCOME APPROACH TO VALUE(not required by Fannie Mae) * Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach z Summary of Income Approach(including support for market rent and GRM) Income approach is not reliable due to lack of rental data&rented sales, as the _ subject neighborhood is primarily owner occupied. Not typically considered applicable for single family homes in owner occupied neighborhoods. PROJECT INFORMATION FOR PUDs(if applicable) Is the developer/builder in control of the Homeowners'Association(HOA)? ❑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 o Total number of phases Total number of units Total number of units sold a Total number of units rented Total number of units for sale Data source(s) 2 Was the project created by the conversion of existing building(s)into a PUD? ❑Yes ❑ No If Yes,date of conversion. ce o Does the project contain any multi-dwelling units? ❑ Yes ❑ No Data Source z Are the units,common elements,and recreation facilities complete? ❑Yes ❑ No If No,describe the status of completion. 0 a. Are the common elements leased to or by the Homeowners'Association? ❑Yes ❑ No If Yes,describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.67710847 Page#7 of 39 114-1 Uniform Residential Appraisal Report File# 67710847 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 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.677108471 Pane#8 of 39 114-1 Uniform Residential Appraisal Report File# 67710847 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 P P P P Y 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. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinT0TAL"appraisal software by a la mode,inc.—1-800-ALAM0DE Main File No.67710847 Page#9 of 39 114-1 Uniform Residential Appraisal Report File# 67710847 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 P PP PP 9 pp p g h ppralser 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 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signatur Signature Name Katherine Sluyter Name Company Name Sage Appraisal Company Name Company Address 2619 11th Street Road, Suite 13 Company Address Greeley, CO 80634 Telephone Number 9705565506 Telephone Number Email Address kate@sageappraisal.net Email Address Date of Signature and Report 01/09/2014 Date of Signature Effective Date of Appraisal 01/07/2014 State Certification # State Certification # CR100000453 or State License# or State License# State or Other(describe) State# Expiration Date of Certification or License State CO Expiration Date of Certification or License 12/31/2014 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property 40 Cherry AVE ❑ Did inspect exterior of subject property from street Eaton, CO 80615 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY$ 296,000 ❑ Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name Reis Valuation COMPARABLE SALES Company Name Wells Fargo Bank, N.A.-0034908 Company Address , Fort Collins, CO 80525 ❑ Did not inspect exterior of comparable sales from street ❑ Did inspect exterior of comparable sales from street Email Address Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.677108471 Page#10 of 391 114-1 Uniform Residential Appraisal Report File# 67710847 FEATURE 1 SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE SALE#6 Address 40 Cherry AVE 1125 Osprey Rd 1350 2nd Street Rd 35 Cherry Ave EATON, CO 80615 Eaton, CO 80615 Eaton, CO 80615 Eaton, CO 80615 Proximity to Subject 1.79 miles NE 0.17 miles NE 0.04 miles E Sale Price $ $ 350,000 $ 249,500 S 234,000 Sale Price/Gross Liv.Area $ sq.ft. $ 165.96 sq.ft. $ 140.09 sq.ft. S 127.24 sq.ft. Data Source(s) IRES#702566;DOM 156 IRES#692757;DOM 202 IRES#723972;DOM 35 Verification Source(s) Weld Cnty Rec Weld Cnty Rec Weld Cnty Rec VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing ArmLth 0 ArmLth 0 Short 0 Concessions Conv;O 0 Conv;3355 -3,355 0 Date of Sale/Time s08/13;c04/13 +7,000 s04/13;cO2/13 +7,500 c12/13 -4,700 x Location N;Res; N;Res; N;Res; N;Res, a Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple et Site 14066 sf 12686 sf 0 10868 sf +3,000 9505 sf +4,000 tit View B;Res;Pstrl B;Res;Prk -6,000 N;Res; +4,000 B;Res;Prk -6,000 z Design(Style) DT2;Contem DT1;Ranch 0 DT1;Ranch 0 DT2;Contem N Quality of Construction Q4 Q3 -30,000 Q4 +10,000 Q4 +10,000 a Actual Age 20 11 0 19 0 20 5 Condition C4 C3 -15,000 C4 -10,000 C4 O Above Grade Total Bdrms. Baths Total Bdrms. Baths 0 Total Bdrms. Baths 0 Total Bdrms. Baths 0 co w Room Count 8 4 3.0 7 3 2.1 +2,000 6 2 2.0 +4,000 8 4 2.1 +2,000 a Gross Living Area 3,235 sq.ft. 2,109 sq.ft. +28,200 1,781 sq.ft. +36,400 1,839 sq.ft. +34,900 N Basement&Finished 1286sf1222sfin 2102sf1542sfin -6,500 1766sf1397sfin -3,800 914sf0sfin +3,000 Rooms Below Grade 1 rr1 br1.Oba1 o 1 rr1 br1.ObaOo -4,800 1 rr1 br1.ObaOo -2,600 +21,300 Functional Utility Good Good Good Good Heating/Cooling FANG/Cent AC FANG/Cent AC FANG/Cent AC FANG/Cent AC Energy Efficient Items None None -1,000 None None Garage/Carport 3ga3dw 3ga3dw 3ga3dw 2ga2dw +5,000 Porch/Patio/Deck Pch/Patio/Balc Pch/XLPatio 0 XLCvdPatio 0 Pch/LgDeck 0 Fireplace 4 Fireplaces 1 Fireplace +3,000 No Fireplace +4,000 1 Fireplace +3,000 Landscape/Fence AvqLS/EncFnc GdLS/EncFnc -10,000 AvgLS/EncFnc AvgLS/EncFnc Subdivision Centennial Hawkstone -21,000 Centennial Centennial Net Adjustment(Total) ❑ + ® - $ -54,100 ® + ❑ - $ 49,145 ® + ❑ - $ 72,500 Adjusted Sale Price Net Adj. 15.5% Net Adj. 19.7% Net Adj. 31.0% _of Comparables Gross Adj. 38,4% $ 295,900 Gross Adj. 35,5% $ 298,645 Gross Adj. 40.1 % $ 306,500 Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE SALE#6 Date of Prior Sale/Transfer 10/16/2013 r Price of Prior Sale/Transfer $50,000 o Data Source(s) MLS/Weld County Records MLS/Weld County Records MLS/Weld County Records MLS/Weld County Records U) Effective Date of Data Source(s) 01/07/2014 01/07/2014 01/07/2014 01/07/2014 WAnalysis of prior sale or transfer history of the subject property and comparable sales J a co Analysis/Comments See attached addenda. Co z w a 0 U co co >. gJ Z Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005 Form 1004UAD.(AC)—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.67710847 Page#411 of 39 114-1 Uniform Residential Appraisal Report File# 6771O847 FEATURE j SUBJECT COMPARABLE SALE#7 COMPARABLE SALE#8 COMPARABLE SALE#9 Address 40 Cherry AVE 1485 Hawkridge Rd EATON, CO 80615 Eaton, CO 80615 Proximity to Subject 2.22 miles NE Sale Price $ $ 328,900 $ S Sale Price/Gross Liv.Area $ sq.ft. $ 137.10 sq.ft. $ sq.ft. "$ sq.ft. Data Source(s) IRES#724258;DOM 33 Verification Source(s) Weld Cnty Rec VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing Listing 0 Concessions 0 Date of Sale/Time Active 0 x Location N;Res; N;Res; a Leasehold/Fee Simple Fee Simple Fee Simple cc Site 14O66 sf 10100 sf +4,000 a View B;Res;Pstrl N;Glfvw;OilWell 0 z Design(Style) DT2;Contem DT2;Contem w Quality of Construction Q4 Q3 -30,000 a Actual Age 2O 14 0 Condition C4 C3 -15,000 v Above Grade Total Bdrms. Baths Total Bdrms. Baths 0 Total Bdrms. Baths Total Bdrms. Baths w Room Count 8 4 3.0 7 3 2.1 +2,000 Gross Living Area 3,235 sq.ft. 2,399 sg.ft. +20,900 sq.ft. sq.ft. w Basement&Finished 1286sf1222sfin 1006sf754sfin +2,200 Rooms Below Grade 1 rr1 brl.Oba10 1 rrObrO.ObaOo +10,000 Functional Utility Good Good Heating/Cooling FANG/Cent AC FANG/Cent AC Energy Efficient Items None None Garage/Carport 3ga3dw 3ga3dw Porch/Patio/Deck Pch/Patio/Balc UpqBalc&Pat -4,000 Fireplace 4 Fireplaces 1 Fireplace +3,000 Landscape/Fence AvgLS/EncFnc GdLS/EncFnc -10,000 Subdivision Centennial Hawkstone -20,000 Net Adjustment(Total) ❑ + ® - $ -36,900 ❑ + ❑ - $ ❑ + ❑ - $ Adjusted Sale Price Net Adj. 11.2% Net Adj. % Net Adj. % _of Comparables Gross Adj. 36.8% $ 292,000 Gross Adj. % $ Gross Adj. % $ 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#7 COMPARABLE SALE#8 COMPARABLE SALE#9 Date of Prior Sale/Transfer 10/16/2013 >. Price of Prior Sale/Transfer $50,000 o Data Source(s) MLS/Weld County Records MLS/Weld County Records u~i Effective Date of Data Source(s) O1/O7/2O14 O1/O7/2O14 wAnalysis of prior sale or transfer history of the subject property and comparable sales co Analysis/Comments z w 2 O S22 >- } 4J Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005 Form 1004UAD.(AC)—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No.67710847 Page#12 of 39 Supplemental Addendum File No.67710847 Client Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang, Yingfang •URAR : Subject-Overall Condition of the Property and Features Overall the subject is in average condition. The interior has many areas of deferred maintenance and needs many minor cosmetic repairs including: some carpeting repairs or replacement, many broken floor tiles, minor drywall and trim damage, needs interior paint. The interior features are average or better quality with some 90's features which are now considered somewhat dated (such as the bathrooms), however at the time they were considered better than average quality. There are many interior upgrades including: cherry cabinets,tile counters and backsplash, tile and hardwood flooring,wood built in shelves and fireplace mantel, some accent upgrades including columns, tray ceiling and arches, 5 piece master bath with a soaking tub and fireplace, a total of four gas fireplaces. It received a large addition in 1998 making it the largest home in this subdivision and larger than many homes in all of Eaton. The addition appears to be of similar quality as the rest of the home. The basement is mostly finished with a large bedroom,full bath, rec room with a fireplace and an extra room. Avg landscaping in average to fair condition with minimal rear landscaping, enclosed fence, open patio, large second floor balcony and covered front porch. The site backs to farmland with good western mountain views and no rear neighbors. •URAR : Sales Comparison Analysis-Summary of Sales Comparison Approach All of Eaton was searched back 12 months to find the most similar comparables. The subject is the largest home in the subdivision and larger than many homes in all of Eaton. However most homes of similar size are located in superior newer subdivision which have higher overall median sales prices due to higher site values and higher quality homes. The subject's subdivision has mostly average quality and average size homes. The subject is larger and has more interior upgrades than most homes in its subdivision. The two other subdivisions in Eaton with large homes like the subject are Hawkstone and Governors Ranch, both are considered superior subdivisions and require subdivision adjustments. Eaton is a small town with a limited real estate market. There are few comparable sales available for the subject and even fewer which are considered good comparables. However the best available from all of Eaton have been included in this report. All included comparables are from the subject's neighborhood which is considered all of Eaton, regardless of the distance from the subject or the roadways which are crossed. All sales were adjusted for all the value influencing dissimilarities. Adjustments were calculated from matched market pairs from prior market analysis and from within the comparable grid. All minor differences which a typical buyer would not pay more/less for have been given no adjustments. Seller concessions were adjusted dollar for dollar as their inclusion in a sales contract directly effects the final contract price. GLA was adjusted at$25/sf, basements $8/sf, basement finish $15/sf with an additional $3000 for a bathroom(adjusted under rooms below grade), all rounded to the nearest$100. This market places more value on GLA than bedroom count so no bedroom adjustments were needed. Small site size differences require no adjustments. Larger differences were approximately adjusted based upon their current market value as if vacant, approximately estimated at $1/sf. The subject backs to farmland with no rear neighbors,which is considered superior to a typical residential site with neighbors on all sides. However many of the included comparables have similar site view features. This is an increasing market,which is a well known trend seen throughout much of Weld County. Therefore positive time adjustments have been utilized. Due to a lack of truly good comparable sales, many large line item adjustments and higher than typical gross/net adjustments,which exceeds guidelines, were unavoidable. There are no other comparables available to remedy this issue. There are no good comparable 90 day sales available in all of Eaton. The 90 day sales shown on the 1004mc are not considered good comparables and not worthy of including in this report. -Sale No. 1 is located in the adjacent subdivision, Governors Ranch,where overall median sales prices and site values are higher, requiring a subdivision adjustment estimated at 5%. The home has a few more interior upgrades and in overall superior condition due to the subject's deferred maintenance. Superior landscaping, an upgraded stone patio with stone walls and benches, site backs to a green belt with no immediate rear neighbors. The GLA shown on the MLS is wrong, the county has a clear sketch and dimensions of the home. -Sale No.2 is also located in Governors Ranch, requiring a subdivision adjustment, estimated at 5%. The home is higher quality throughout requiring a larger quality adjustment and in overall superior condition due to the subject's deferred maintenance. Superior landscaping, large pergola covered deck, site backs to a green belt with no immediate rear neighbors. The last sale listed on the MLS was in April for$330,827 IRES#699663, however it just sold again in August off the MLS, so the seller concessions and type of financing are unknown for the most recent sale. -Sale No.3 is located in Hawkstone, where overall median sales prices and site values are higher, requiring a subdivision adjustment estimated at 6%. The home is higher quality throughout requiring a larger quality adjustment and in overall superior condition due to the subject's deferred maintenance. Far superior site view, backing to a golf course. Superior landscaping, large pergola covered deck. It went under contract in February and requires a positive time adjustment estimated at 3%. -Sale No.4 is also located in Hawkstone, requiring a subdivision adjustment,estimated at 6%. The home is higher quality throughout requiring a larger quality adjustment and in overall superior condition due to the subject's deferred maintenance. Superior site view, backing to a park, superior landscaping. It went under contract in April and requires a positive time adjustment estimated at 2%. -Sale No. 5 was only included to show a sale from the subject's subdivision and to show a more typical home in this subdivision. It is the highest price sale from this subdivision over the past 2 years. However it is a much smaller ranch style home. The home has more basic quality interior features with minimal upgrades, requiring a small quality adjustment for the subject's interior upgrades and also in somewhat superior condition due to the subject's deferred maintenance. Similar average landscaping, extra large covered patio. It went under contract in February and requires a positive time adjustment estimated at 3%. -Listing No. 6 was only included to show another property from the subject's subdivision and to show a more typical home in this subdivision. However it is a much smaller home with more basic quality interior features, requiring a small quality adjustment for the subject's interior upgrades. In overall similar condition. Similar average landscaping, site backs to a park.Currently under contract. Adjusted for anticipated price negotiations and/or seller concessions. Listed as a Short Sale, however appears to be listed for close to market value. There are very few decent comparable Listings to choose from. -Listing No. 7 is also located in Hawkstone, requiring a subdivision adjustment, estimated at 6%. The home is higher quality throughout requiring a larger quality adjustment and in overall superior condition due to the subject's deferred maintenance. Superior landscaping, superior upgraded balcony and patio. The site backs to an oil/gas well which backs to the golf course. The oil/gas well is considered a negative view and cancels out the golf course view. Not currently under contract. Not adjusted for anticipated price negotiations as the home is competitively priced and expected to sell for full asking price,which is common in this market. Reconcile Sales typically carry more weight than Listings, however in this increasing market they are an important value indicator and a good indication of where the market is headed, however in this instance neither Listings are considered good comparables. All comparables show a value range of$292,000-$306,500 with an average of$298,000 and median of$296,000. All closed sales show a value range of$294,000-$302,000 with an average$297,000 and median of$296,000. None of the included comparables are considered truly good comparables due to high necessary adjusting. However the six included comparables Form TADD—"WinT0TAL"appraisal software by a la mode,inc.—1-800-ALAM0DE Main File No.67710847 Page#13 of 39 Supplemental Addendum File No.67710847 Client Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang, Yingfang show a pretty distinct value range for the subject. The Weld County Assessor had the subject's assessed value at$331,578 for 2012 (prior to the low public trustee sale), the subject's last market sale was for$300,000 in 2001. Neither of these values/prices are a good indication of the subject's current value, however they are a good place to start and help to support the value calculated with the available comparables. Sales No. 1-3 are the most similar in size, No. 5-6 are the most similar in location and condition. None of the comparables are significantly superior than another, hence all have been weighted mostly equally. Given the above analysis,a final value estimate of$296,000 is deemed a reasonable and supported value. The subject's value is higher than both the predominant for the neighborhood as well as the median sales price shown on the 1004mc due to its large size. Form TADD—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE Main File No . 67710847 Page # 14 of 39 , Subject Photo Page Client Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zi .) Code 80615 Borrower Wang , Yingfang Front 40 Cherry AVE Sales Price G . L, A , 3 , 235 Tot. Rooms 8 Tot. 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Bathrms . 2 . 1 Location N ; Res ; @ I fib _r Sn4 >x„Nic . _ti :M ` :y • View B ; Res ; GrnBlt • R� � zr ti \ Site 11617 sf V ` + < ri f. a ,.Fa Nras‘i _ - ` >.. Quality Q3 yW. . w. .nx. k # i . .4>�Q •\S.V:^2, .- 3¢/f�ti ) u\• ' i > s u s y Jir �k^ YF I. , u„ : Age 13 . » ,,.,gw_"3 :A+, �i.(h�>. 3l l '^'-�>> ;,...)..v4.2 3Y .. . ). :.. cf X ,. . a� i., - r "ye- .: ar taw. ; AAA 'Saf ' ` f �< fk'b. ` w ==.f 'H. . ( SjJ M'`'�.�«..Y x> > r jy .. 0 r• ' § $ a.`.`x f •�y'$2?-3F 31 Al F ff S (L )'F / ,..,. , f ) , I. S at,. 4,. 1 sf • • f *$ nociN rW, ♦ ', i tile'` � J S r � EEL P`F a' . . < ta..Jiv.+r.w.w.' i lZ•v.w II(. y ' :.• ,. - ... ..MMIWw+aV.n . • .. . 'd�9I J1 •1 .•YK b\ �. i.... . . .. . . :. Q • • H*ijf de1Z'.\ lamoP'IMMN . ..:, ! • -44,4 .. ----„, ,- .:.:44-',4;!-- • i ^." y 5 $ :p . .. L F 5 .w' u', !::( 9 a. ( ?h+: ( Ts , �(> , ♦ `4 T :. �3\ ),,,y,� Y a>. w`� > •i. 'o\\ ,awe 4(h+r 3 > 3 -. :.,( • �., ..+0.. ., Y.(: `x V .,n., _ A �,� S 'uv"-••„f'S'� .�M"^ JF ..rltwt%,p» < SP wVt yp''�' a « Comparable 2 1395 Plains Ct Prox. to Sub! , 0 . 43 miles S time Sales Price 349 , 500 G . L .A. 2 , 615 Tot. Rooms 8 Tot. Bedrms . 4 Tot. Bathrms . 2 . 1 Location N ; Res ; J u. View B , Res ; GrnBlt yr . A • t ,, 3r .K Y� • is tY . Site 10364 sf Y Quality • >. Q3 ; �, , V, � as. Age 10 1 . 4'.: Y ... c .. a it..e,../wws+•.x°`oe..'o(",k"<'F.': x . •*.. o S,�joot AJ • YFy S 295 I .. 1 L isi. • , • • 'WrYd,3B s .N \ ?'s' '°� Imo ' \ ilk- S ::. y < • ?a +- Y I .k' r • .\ A@'r^'• \•.( N9(Cn+aat /Fu353.35 ( t03,3'a p4� Vick' �.w R . >�� y a, .3,33P3"j Y'/ 1435£ fe..ti4' y (, ,o�-La . pp?.er -+at:AF.: . . ?M+ . . L f:„2.5.3%.33. <a'','°w'r' 'o v `� iX>'w.FSw•*e>iJ '\ >4w`ec LF urai >w. ''�5" e3.2.55.",,,g,. '. ?A4 .C., X> iy.er s \ c,.3;5;110,4' n134. 'F.ca}? ? &.....;.k 2 r".. x-R�,. �eC.<, . „:„...,,..k.,...,�. . . AS 'Z../ 'r..ati. .we...,,,,N ' :' r > r. r _, .. a ` Comparable 3 i r 1454 Falcon Ridge Rd "x`\ Prox. to Subj . 2 . 11 miles NE Sales Price 372 , 900 y,a0 • ``, G . L . A. 3 , 242 a Tot. Rooms 10 pthtie .. .. t . : ► . s ' A (= 9r * Tot. Bedrms . 4 a ^ 4. .e4ga s Tot. Bathrms , 2 . 1 . �•,` 1 ',_, itiP� ! - ° _� Location N ; Res ; i '�4A lc t View B ; Res ; G lfvw Site 13844 sf Y ) '. r ... • w.r. Nmew...K,,,,5 aM,, .. . 'i: r ' ` ? Quality O3 ;salt�a ( > > :� •4 Qualit • �j �,_ < 3 Y Age 18 r'�s hcay" Y4 3{ f + it as % >S r .. 1 . 1 y Sim e. +Gi�' �'YQ'<VR'Ar�wMiM ` �.`4.3 • *.`. , Ly ks.i . ;' i Jivas r .. • .ef JR. .a ' SGa ) k > .. �1 vVw f `r+i ) w•. li Y 1 s,„:�M"L.' ) e ...wo` • .<-XZ a•+.� '. ' i. (� J) ,tS: °ham \ ', Y l't? ) ,y Z 4fss l h3i SL ' T Xy wr j �a VIY• ≥ a < ..MJ a"SJ.. It . .�' • �.4 4 uuY ,^ t+• e,1, •` sirs*` u \ (^u \•,LA . .fY\ x \ . ...."ee>;te"f�,k) '�" K``a: d" 'k '° w'...:,,• wr,. '44s 4:L.4 g.x„w,' ,n(. < . . ,. ..,q >?;ynYi .(si+a'�.•,+a ^raevx N W''......)....- . II II Form — i — 1 -800-ALAM0DEo m PIC4x6 .CR W nT0TAL appraisal software by a la mode, inc . 1 PP Main File No . 67710847 Page # 22 of 39 Comparable Photo Page Client Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower r Wang , Yingfang Comparable 4 1125 Osprey Rd Prox. to Subj . 1 . 79 miles NE • Price Sales 350 , 000 G . L. A . 2 , 109 ot b. Tot. Rooms 7 Tot. Bedrms . 3 Tot. Bathrms . 2 . 1 y ¢Y , is •k ' t 1« � Location N ; Res ; ` 4?fispa y�. a?y' ,,p. �t View B ; Res ; Prk oaf 4x � Z $ .�3 N °F2c, '° tr Y' xotac a 7 '4441 " \ Site 12686 sf r� Y , � „,., Quality Q3 . Age 11 ...• h > %� .hr.• 4. • C p . . W •n . ` . ' . . 'fT' '•'. a\eiE.. . ' s � � axau: , . ..a. ,' ..Y Yk •t ,¢ °s'ra+.rory >: •r . ..•y "^ka:;, c'.ea.�p�Y ` �'.A 'yP by •�3�v • r:.< . .i.\ w..w,.. . , . as . s • • • • • Comparable 5 • 1350 2nd Street Rd • • Prox. to Subj . 0 . 17 miles NE • Sales Price 249 500 G . L.A. 1 , 781 Tot. Rooms 6 • Tot, Bedrms , 2 Tot. Bathrms . 2 . 0 Location N , Res ; • View• N ; Res ; Site 10868 sf . ., . :.n. ...y v , .IwpmiP..tYWYWr.,ny+.ey, .n. ..aY° Quality Q4 } S "" 4 4„�'¢f,Y...>, .. ' t . ° > y x Age 19 ) .r'$9!. 4;4. 11�4Yaki ;44.4.; * MhAr l. , i 0�� °1 • • °em�up ,� ,�'`W' '.'Y ,`•a Y:•<n < 1. y!;nk .a7 : '>J<y �y .F� P,�'�R>,Y+C` ' W ' � " . . Fes, i .r.. Se,� �`, $•Y 4 yy yi �` 1 n ^( `AMY 4 ,' a Ahp":,,:3,11?-4..,.....“. .;:..... 1t a K ry,: 1 ! . . ;( � A• 1 �•4+':.f Ri ,<d �� Aw' .• >i';.lY' „♦�,� S t s .,,,...:....i....,:::),-, 1> ♦v ): ` i° ,�. Y . S 5i .: ° 1 / . • • t ' .k� 1 ,*4 A"ref y• 3r') . ) • •x0``c C. y , Y,y t it; . y "1c • ......"*V4.........s: x y � y ''''r. J Y • ! • • {'. l � i'5SiY <4yr . .0.fe . .•° e % ::;;;t4,4',“.. { ;AA's i23t' i+rS. • k'°` , \1'y"S, a„°Mi'r : • . �� '< .'" F� >ia°'�2^«, ,e SA.-.244r.Y., ! •r I .n< \ w'y�s :. i A.". x ' :c" '46. \� • X' \4". .` P'•'. x �ASF ms`s>'5a .. x. d ..N.Wnf•Y�$x• j+•„�y rw ., :. < ` �• \ „r ,en•a� . _ iw� ,¢�asy,� "�: °w a+,e� . 3 • . S. :e 14F : �.: ., v �wC ' \ �'vi' .�422 Comparable 6 35 Cherry Ave • Prox. to Subj . 0 . 04 miles E • Sales Price 234 , 000 1 G . L.A. 1839 Tot. Rooms 8 Tot, Bedrms , 4 Tot . Bathrms . 2 . 1 Location N • Res ; <: *,.l�M �' View B• ; Res ; Prk A, a � • - ,Y�,A _ ? && i Site 9505 sf • � af` :` 6 ♦ � f • X,4k' • , ..ex^?°°`" ) a , ° v A M Quality Q4 "` €�c k • ., `„ t''3, • t�Y-4 }' • tt '» „..• •„, ,,.• 40.4. . .•. 5 , . • dif1 y )b''•! ' .:Si }F V•. ...! ¢ : c, Y: 5.4 .2 •�• �°� �. °Fk • £ ti Age 20 n t35 .tHax2. T •�' ` �, 41 ‘.:44•• `YC", \( �j { A ` Ca+¢ ) - .w .•,,...wii.id. . •..n...r�a`..5+91�a1Yii'i�whPlPiy.""1 .;:x 3 �l` w1 ''. 7k. F 9' i� 6 :F` •f�{t YAiri`(� • �~,.Ic ..........f..222...... . .... ...562; :° \,� r Ct !ys `AWt.i., v , )� ^='95 .1 iF , • • 'YLY 14.2 'k' <tN�' NZC •' CL •:iw} t' , h x< � x YWp T hZ <r 95 • ° i :2 k `hry .42 tr. z').},7 s{ 5; Wa co72..e�..yyr .t../...:4•14.2 ii"h 1 ) .Zkk ` '!'A�₹)SS E4(E]�A\• Y ` ;2jjXl:h."<s ay.m'e.'' aeair.d.aLeA °J.'40Yck.i+te�"rRu 'W ` <. : : e v` .. . . • . . • «,.><t; • Form PIC4x6 .CR — "WinTOTAL" appraisal software by a la mode, inc . - 1 -800-ALAM0DE Main File No . 67710847 Page # 23 of 39 ' Comparable Photo Page Cli ent Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang , Yingfang as . ehia� Comparable 7 :> `C f Z • 'C tJS 1 'w ...4 q� ,:trx /.. .F r - {r{,•>,{{} e4 .�, r lw .t N\ f+• ¢ -.:i) ' 4? � .. yv Y C ,¢.a >e .y, 'z ah • ..at f 1t ?s) t : -^F 4a ' a . y. ;' : >, ` 'd3x °€L ...t.' .£E+� •[ ct3^aV� -$\`+� < ¢' 2 ; ,r iy 2 :c -.re i �)' ' �a > i z , c.<i 3 yP � • 2J i ,/„ . _ � yt4s4a, nxrY 1485 Hawkridge Rd • 2 4i h Y A cX C �, 2' �6 .X 3 u ` .i r < A A. D. vaf , y '�. Nw n'' ¢ ..✓< r (.y . ' \t YF r '<p�. 45� • * ttik: ; e .. n :.kr,,'t , ti > .: . C f .S 114.3-. ., a 2Y'R 4 '�`' 4.(45,:.4,,,te .' t •a t 4 t.,':: rt� ;12•V re. `@, v ,e i s - a4✓ hY J Prox r4 ,°' -k. ' i.0 rF•izj 2 et,y.Cv& � • P?x, vr'� -.t, a- to $ L' y s4 .4s- >""'Nr : wlFt`,s� �� • 'i, , , /-,";.4.---11:i. ,� , , to Subj , 2 . 22 miles NE � cii4 , sz tits,* �i„,, a ,t3 :a.33 ..4:‘, 1:, ..114 -- .o 2 `Sri,,aA)j�` }' e., h `, i' i Y"°, r ,._ `u �"P- l•;gpt -xR>, ". Sales Price 328 900 1 c < s r . `• r " u3ka G . L . A. 2 , 399 �� 1� ' Tot. Rooms 7 i ¢ a MA5 4' b,. S,.. ,t t . .` g"' -X•- <1F.)X3�:: aW U w .. pA,r r. x ,�f� % a ¢ t yTot. Bedrms , 3 o )'W 3 <a # Ø '$ jj ' V�C F �$} ` • T A# Y b M k wi • { \ Q , � : k £ ' E ' m Tot. Bathrms . 2 . 1 a a .KA“•<:2„.„. .� Ca e Location N . Res ; 2. Lvkty :.•Z. ,{ »F View N Glfvw 0ilWeII o � 3 ) i .: AA i�a_ry .n �:Y .wN n'lawa✓ .apt 3 I 1 < ' , «,�... "` �..a, Site 10100 sf �z u � AAtt r ` ,,. " � ; .,......„1/4„... Quality Q3 • • " :gi .�:!�•`3 P� Cr r ; 3itler� r ,.. r Age 14 : •7° - S �, a r L?'R ! t::.tes"wive- \ ,+1' : "xyt, � A� • 'D:+�A'nP .F, L' 'Q2" ;: f il<� Y , '4"—• vi MtM yam• na Picture from "7 ♦ rt u V o 4x3 `E� C kt' > , m , M � do � dF prior appraisal r ,i, \ ) : ‘*'.7:. •'i "y •4 ,'!?-42.- Yiy r ,d,x r Y' 2 aua • or appraisers files :6 r • � �: r-¢ ,we.. yf w_W.. . 'wf <vP re O11/ oo .'"++w4a lF 2 ‘4.,..,. t , } rt x ) 1 6e CdLu `> : ..•.>% .. t • .5 • , . .. x.. sC nA (( ��pA�'F Y, " v ...(••:. ...,<>C7'' a '3 ?' >A'Y .. Aft^:.• t yl� .y • Y . x `x4' ✓"" �,JA i Y f >Y., . `. ,. ue• vK� < •o'^ t7� is i � e�'• .ak .. '�4A " . F ,< j w� ,� �. 8 Prox. to Subj . Sales Price G , L .A. Tot. Rooms Tot. Bedrms , Tot. Bathrms . Location View Site Quality Age 9 Prox. to Subj . Sales Price G . L .A. Tot, Rooms Tot. Bedrms . Tot. Bathrms . Location View Site Quality Age Form PIC4x6 . CR — "WinTOTAL" appraisal software by a la mode, inc . — 1 -800-ALAMODE (Main File No. 67710847 ! Page # 24 of 391 Rental Photo Page Client Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang , Yingfang Rental 1 2125 65th Ave Prox. to Subj . 8 . 91 miles SW Adj . Mo . Rent 11900 a G . L. A . 2 , 799 7 • Tot, Rooms 9 { t Tot. Bedrms . 4 . �" » p j Tot. Bathrms . 2 . 1 s s � iLocation Y a % 4 k x _ N Res P: �, ` a View B , Res , Pstrl ), : # s > aN EfgB. > �. , ItIon" i . gisr• k. . �y \ i'. Cond ' C3 s. t Age 19 y f r +AC LL azLs Wy a k " S ?may S rxKs.u.+"6••+ •1 u' i3 e. typ ‘44.'J 4 1 'dr ; •ee Z' $� •'.. .,.. >.: .F:. .i tag: .. " ! • : A ei g e• _ q � ,�r vim::c^ ..�+mg - . . Y 3. , i YvJ� ) 7 y111 ?yi. dirl •�4• e e - i a+ t.."4/,' �4. S r : F.� 1+. »+ .:::48,,2331. ..c r `++zr ..TSa' 't7c .' � '': 1 + �,� e yy p, 'i �.0rt\� ,4 .. 4 i 1..Gp R '.L 4... - \ % . :aU F Ji `4 .a 1. y . > t + ew 0 1;:.•?,. Fr@ -w .y. \ r`'. . , ,ayg iV``'i C••••• V 9•" ." \ J 1 `%rk.?`"r. .. J. 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Bedrms . 4 t `▪ �,• . °,1 _ '' :44 ' ' Tot. Bathrms , 2 . 1 Location N ; Res ; ...�. View N ; Res ; Condition C3 Ss a �' 1 .� ` 3b g w " ; ` < > , �w Y : • . Age 13 u .h: 5K r, . y" �yJ.. a\I"ee c , 'f c ` .:. K .6. , , . .. .. ... . .. , . ... ._. . . s , . . , , : • , ., a ., ,..47.* • s- ,£L' ' qJ ."rte : `.. 'ex i .d' 3 •� +,.k.' ��fs <� ��eS K ., y}.xP •x'J3 "+f,�`,. t ' .W�`! 5v3 �.�.r ...: ., k ls: . ., -ir. - y(' Rental 3 5806 W 16th Street Ln Prox. to Subj . 8 . 16 miles SW Adj , Mo . Rent 1 , 699 G , L.A. 1 , 935 • Tot. Rooms 8 4i' Y ... Tot. Bedrms . 2 yam , ;x -. �'-n � , .� Ip�ea` t - :�Y.:: Tot, Bathrms . 2 . 1 P Y , .S• @, w ` .t :f .y '« .� •� • r � �: Location N ,• Res , p p , -01- p :.ui sC",+ k.%.„...-,.. .,„k„.,, s..: , e rnBlt x View B ; R s ; G > i�xr Condition C3 ua t4 ss yf: ) 4. �'i:� �i v � �` x 6-0,`9 y' .c y RAY` }ryy . r'yS:a . • v'�'Ri. -i ce4 . 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BIdSkl — "WinTOTAL" appraisal software by a la mode, inc . — 1 -800-ALAM0DE Main File No . 67710847 Page # 26 of 39 Location Map Client Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang , Yingfang .�,",4: •a la mode, Inc. �: t ' Theses*"ses*1 i! tee este e i rtDQ . a 8. t• ,n'+x it-A !f•It • !4. Ik4 ` ^` $ ' ;•:•:.` ^' Z < .o '�' �j�� 7h • a" 1N •�. lw'i6+�we '� .�l}ti lR `� ,; - 'yr� - r � 'iA as ( '- p .: 7 't° ` a . . "t' `, t .' 1E <1,4^ f -.. 0 'k -.c # _ µ '<. efi • w \;' o ': • • t ♦ roar . 3. ♦ -.Y ty se L .` •4 9,; VRC >� 4 ` n 4 • ' "T' ,gyp$- [q JT `�5Fp 'JF . 02,2‘... .f :: • >Y"ar 'A ry<1Zfw:.w v'ff'-� t' y+�,+, 1A� ,aft . 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L0C — "WinT0TAL" appraisal software by a la mode, inc . — 1 -800-ALAM0DE Main File No . 67710847 Page 427 of 39 ' Location Map Client Rels Valuation Pro .) erty Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang , Yingfang a 1a made, inc. 3 ThC t ev ire e¢te;e ttxtk y „#t. i . « !! J t i I t \ :e: , on O I $9 U County Road 78 Comparable # 7 t . Comparable 4 3 m 0 1485 fHawkr•idge Rd F Er 1454 Falcon Ridge Rd E. t n 2.22 miles NE 2.11 miles NE Country Guff Li 1!" , a De -o ! .y i , 3 ea 1 ' T \ i 1/2‘ 4County ROM 76 , tagW `< E 10th St ._ . ....,.�.�.... } � . .. County Road Comparable # .5 le, e 1350 2nd Street RdL. ori 017 miles NE . . t Comparable # 4 ` �t, 1125 Osprey Rd Y 1 .79 9 miles NE S 5th 5c E t , t 4th St . , Subject It Cherry AVE „ 4_...: 3rd St 4. ._r,.�}.-,--#. F 4 E 3rd St 40 k , +' i eatt w_ coiling; St _ ....____ :. W ulmst _ _ aunty.,Road 24 � � • s g Cots Comparable # 6 as . c\ v I.n FY:NI 35: Cherry Ave ` ....„4.\\ • Comparable # 1 . . 0.04 miles E l , ° ,; : 114 Ridge R+ t 0 . 17 miles ° t s . ! � �� f z { s. 1 turnparable # 2 iv, t 1395 Plains et • 0 .43 miles S Rood 72 . County Road a 1 t ,in M f U 1. a cr 1 K J ka [371 t 39 I i t e t . t County Road 70 County.Rosd :7th. _.. ..... .. ...... : :> 1, i i ' ti t M Ln f. ^ mile _ rn in - k rsr:r � g= r.n, P.S. eart:.{"� © 1, c e � . - "re Form MAP. LOC — "WinT0TAL" appraisal software by a la mode , inc . — 1 - 800-ALAM0DE Main File No . 67710847 Page # 28 of 39 Subject ' s Public Trustee Sale Weld Public Trustee : Foreclosure Details Page 1 of 1 o , . Weld Coats Public # tutee L .pf'3' .4.,.a< r . r . r un . 't ea v, + trek' \ elasque I_' t11 )1l.c' l_ ulster: k � ,y t. +.Cr ^ ,+ jj\ ,� e n& s ° nk at zC : l - t �K f\'3 :i Y41! D> .%+M.. Homo About Us Foss Forechtaire Links Forock)sure Law Ratan** PROPERTY DETAILS ID : 13-0442 Return to foreq gsure search Address SALE INFORMATION FOR SALE SCHEDULED ON 10116/2013 =ptcy Holder's Initial Bid : $33,250.00 Cure Holder: Rand A. Peterson Deed Law Firm Mailings Owner Redemption Publication Deficiency Amount : $52 ,007.63 Redemption Sale Information Total Indebtedness: $85 ,257.83 Withdrawal Deferments Bold Information View Documents Date Sold: 10/18/2013 Successful Bid at Safe: $50 ,000.00 Deficiency Amount Post Sale: $35 ,257.63 Overbid Amount: $0-00 COP Issued To: Yingfang Wang COP Issued To Address: 3215 Shallow Pond Dr Fort Collins CO 80528 OOP Assigned To: COP Assigned To Address: COP Reception #: 3971393 Previous l Next I, Return to Search List Copyright © 2008 Weld County Public Trustee's Office, AU Rights Reserved . Disclaimer ILI III 11 40 arms .._i._. :#. lid http : //www . wcpto . com/SearchDetails . aspx ?id=640022472& fn= 13 - 0442 1 /9/2014 Form SCNLGL — "WinTOTAL" appraisal software by a la mode , inc. — 1 - 800-ALAMODE Main File No . 67710847 Page # 29 of 39 • Location Map Client Rels Valuation Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang , Yingfang J r °:! L {2 CC fra a la mode, inc . `� to r : .: iesdeivrnintestee tot.hta r County Road 94 Y yl IIY •-h i •t ;2 iv ccli1 . .1 ,i', L a U Road 1 Road 9 . Jr') CountyCouRoad fit] t� ,90 County Road yG= .; z,, Pierceit f 3 County Road 86 County Road 86 County Roa M %, VI 11. i Some 0 Nv Cg k I Li E Ilk t) \ t 1 County Road 82 __ r -_-. , ^` �� v...waefuw•w!,:.,.s tlaey'.. -'"w r ....::,..w...,. ..�.-:.. • 4. 9jCounty Road yx.�y y j' r Comps able # 5 t 1350 2nd Street Rd Comparable # , C1 . 1 miles NE 1485 Hawkridge Rd County Road 78 ` 2 :22 miles NE ' e y . L ii ! Comparable' # 133 Comparable # 3 35 Cherry Ave 1454 Falcon Ridge Rd Gate 1 2. 0.04 miles E 1 miles NE Eaton . Ss . Cra . c ItMAR «wA . EI E1 °otzt5 ., Comparable # 4 ii Subject 4 1125 Osprey Rd 40 Cherry AVE 1 .79 miles NE leg t AW m m V Comparable # 1 County Rao. d€ 7 114 Ridge Rd Comparable # 2 0 ,17 miles s 1395 Plains Ct 0 .43 miles S . yr at ) 172] s "`~ < . s K c "-.,....,,,aracewell get L 0 w. . t County Rcrac: 64--farmers W p St ID St C [overt y I- O St Y. _ yy I. c. Rental # 2 - ‘11---"'".^1 „... 3�` 4 109 56tt1 .AvE' t3 6 .81 miles. SW v 2511-tAvt I. iffili St x'' rr 1 4th St 1- Qs op Branch ' « a wr Rental # 3 ' - y . !. .� mac... W_ (9t SL , ..a R..wnx.v :=4.1==r27:::= N _ w�"bw .. 9J✓ ' ^":.::H `S Aw.:. � .�a'� may\. y 5806 W 16th Street In r T 8 . 16 miles SW I Et8thSt 3 t W20thSt : . - :: v W 20th St et _ t5 I 'ti w rrfl < r ca N Rental # 1 ,d � -�carden City.- 3a rn 2125 65th Ave :,..ii �- ��`'tjf 8,91 miles SW 4. a et , � - { ounty Road 54 e% 37th St r 54 Evans -' i Wt C il ; laat �t�y:;rf Y ]111t 11 Ill no [j/ y�) 4 .rr il-t t�.'r Q !, 1.•d. "i.1 ~�°JJ ( Ems' f . . . _ .._._ . . .. . . _ _ : r • ___ .. r :r.. . .. _ _ . _ Q Form MAP.L0C — "WinT0TAL" appraisal software by a la mode, inc. — 1 -800-ALAM0DE Main File No . 67710847 Page # 30 of 39 • SINGLE FAMILY COMPARABLE RENT SCHEDULE This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the subject property . ITEM SUBJECT COMPARABLE NO . 1 COMPARABLE NO . 2 COMPARABLE NO . 3 Address 40 Cherry AVE 2125 65th Ave 109 56th Ave 5806 W 16th Street Ln EATON , CO 80615 Greeley, CO 80634 Greeley, CO 80634 ' Greeley, CO 80634 8 . 91 miles SW 6 . 81 miles SW 8 . 16 miles SW Proximity to Subject Date Lease Begins Current 12/01 /2013 01 /15/2013 Date Lease Expires 01 / 15/2014 _ Vonthy Rental If Currently Rented : $ 2 , 000 $ 1 , 900 S 1 , 795 $ 1 , 699 Less : Utilities $ 0 $ 0 S 0 S 0 Furniture _ Adjusted Monthly Rent $ 2 , 000 $ 1 , 900 S 1 , 795 S 1 , 699 Inspection Property Manager Property Manager Property Manager Data Source Weld Cnty Rec Weld Cnty Rec Weld Cnty Rec Weld Cnty Rec RENT ADJUSTMENTS DESCRIPTION DESCRIPTION + ( — ) S Adjust. DESCRIPTION + ( — )S Adjust. DESCRIPTION + ( — )$ Adjust. Rent 0 0 0 Concessions N ; Res ; N ; Res ; N ; Res ; N ; Res ; LocationNiew B ; Res ; Pstrl B ; Res ; Pstrl N ; Res ; B ; Res ; GrnBlt DT2 ; Contem DT2 ; Contem DT2 ; Contem DT2 ; Contem Design and Appeal 20 19 0 13 0 14 0 Age/Condition C4 C3 -50 C3 -50 C3 I i -50 Above Grade Total Bdrms : Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms : Baths Room Count 8 4 : 3 . 0 9 4 2 . 1 8 4 2 . 1 8 l 2 : 2 . 1 + 300 Gross Living Area 3 , 235 Sq . Ft. 2 , 799 Sq . Ft. +50 1 , 919 Sq . Ft. +75 1 , 935 Sq . Ft. + 75 Other (e. g . , basement, 1286sf1222sfin 1011 sf960sfin 1329sf0sfin 1143sf1029sfin etc .' 1 rr1 brl . Oba l o 1 rrl brl . Oba + 150 1 rr2brl . Oba l o -50 3CarGarage 3CarGarage 2CarGarage + 50 3CarGarage Other: Net Ad ' . ;total) + - : S X + ^ - : S 225 >< + , . - : $ 275 Indicated Monthly Market Rent _ S 1 , 900 S 2 , 020 S 1 , 974 Comments on market data , including the range of rents for single family properties , an estimate of vacancy for single family rental properties , the general trend of rents and vacancy , and support for the above adjustments . (Rent concessions should be adjusted to the market, not to the subject property .) Rental data is difficult to gather due to lack of a central data source , requiring the use of rented homes , homes currently for rent, known prior rentals and rentals from varying neighborhoods . Homes currently for rent by a reliable management company typically rent at full asking price as this current rental market is very competitive . No rental comparables were found in Eaton , requiring the use of rentals from the nearby city of Greeley. Although Greeley is distant from the Eaton, it has a similar rental market , similar demand and similar rental prices . Demand for rental properties with similar features/amenities to subject is good with a vacancy rate currently below 3% . Range of rents for this product type in this market area is between $ 1500-$2500 . Rental No . 1 is the most similar. Final Reconciliation of Market Rent: Survey of subject neighborhood and competing , nearby neighborhood rental rates for this product type would indicate a range of rents from an adjusted low of $ 1900 , per month to a high of $2020 , per month . The subject is currently rented for $2000/month with a one year lease . This is a good indication of market rent and supported by the above rentals . I (WE) ESTIMATE THE MONTHLY MARKET RENT OF THE SUBJECT AS OF 01 /07/2014 20 _ TO BE $ 2 , 000 Appraiser (s) SIGNATd k tiR � �&. .,...�....-- kw - c Review Appraiser SIGNATURE 0 (If applicable) NAME Katherine Sluyter NAME Freddie Mac Form 1000 (8/88) ['12K] Fannie Mae Form 1007 (8/88) Sage Appraisal (970) 556-5506 Form RSL — "WinTOTAL" appraisal software by a la mode, inc . — 1 -800-ALAMODE Main File No . 67710847 Page #'31 of 39 • Operating Income Statement 67710847 One- to Four- Family Investment Property and Two - to Four-Family Owner-Occupied Property Property Address 40 Cherry AVE Eaton CO 80615 Street City State Zip Code General Instructions : This form is to be prepared jointly by the loan applicant, the appraiser, and the lender' s underwriter. The applicant must complete the following schedule indicating each unit' s rental status , lease expiration date , current rent , market rent , and the responsibility for utility expenses . Rental figures must be based on the rent for an "unfurnished " unit. Currently Expiration Current Rent Market Rent Paid Paid Rented Date Per Month Per Month Utility Expense By Owner By Tenant Unit No . 1 Yes X No 1 11 /30/2014 $ 2 , 000 $ 2 , 000 Electricity (X Unit No . 2 Yes No $ $ Gas X Unit No . 3 Yes FH No $ $ Fuel Oil Unit No . 4 Yes (i No I $ $ Fuel (Other) Total $ 2 , 000 $ 2 , 000 Water/Sewer Trash Removal X The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides must then be sent to the appraiser for review , comment, and/or adjustments next to the applicant ' s figures (e. g. Applicant/Appraiser288/300). If the appraiser is retained to complete the form instead of the applicant , the lender must provide to the appraiser the aforementioned operating statements , mortgage insurance premium , HOA dues , leasehold payments , subordinate financing , and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections . The underwriter should carefully review the applicant ' s/appraiser' s projections and the appraiser' s comments concerning those projections . The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items that appear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as an annual expense item) Income should be based on the current rents , but should not exceed market rents . When there are no current rents because the property is proposed , new , or currently vacant, market rents should be used . Annual Income and Expense Projection for Next 12 months Adjustments by Income (Do not include income for owner-occupied units) By Applicant/Appraiser Lender' s Underwriter Gross Annual Rental (from unit(s) to be rented) (Current) $ 24 , 000 $ Other Income (include sources) + + Total $ 24 , 000 $ Less Vacancy/Rent Loss — 720 ( 3 %) — ( %) Effective Gross Income $ 23 , 280 $ Expenses (Do not include expenses for owner-occupied units) Electricity Gas Fuel Oil Fuel (Type - Water/Sewer Trash Removal _ Pest Control Other Taxes or Licenses Casual Labor 100 This includes the costs for public area cleaning , snow removal , etc . , even though the applicant may not elect to contract for such services . Interior Paint/Decorating 150 This includes the costs of contract labor and materials that are required to maintain the interiors of the living unit . General Repairs/Maintenance 200 This includes the costs of contract labor and materials that are required to maintain the public corridors , stairways , roofs , mechanical systems , Y Y grounds , etc . Management Expenses 2 , 328 These are the customer expenses that a professional management company would charge to manage the property . Supplies This includes the costs of items like light bulbs , janitorial supplies , etc . Total Replacement Reserves - See Schedule on Pg . 2 4 , 118 Miscellaneous Many home owners in this market self-manage and self- maintain in order to avoid paying a management fee . Typical property manager fees run about 10% of net rents . Tenants typically pay for all utility expenses , so none are shown above . Total Operating Expenses $ 6 , 896 $ Freddie Mac This Form Must Be Reproduced By Seller Fannie Mae Form 998 Aug 88 Page 1 of 2 Form 216 Aug 88 Sage Appraisal (970) 556- 5506 Form INC2 — "WinT0TAL" appraisal software by a la mode , inc . — 1 - 800 -ALAMODE Main File No . 67710847' Page #32 of 39 Replacement Reserve Schedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements or are customary in the local market. This represents the total average yearly reserves . Generally, all equipment and components that have a remaining life of more than one year - such as refrigerators , stoves , clothes washers/dryers , trash compactors , furnaces , roofs , and carpeting , etc . - should be expensed on a replacement cost basis. Equipment Replacement Remaining By Applicant/ Lender Cost Life Appraiser Adjustments Stoves/Ranges @ $ 700 ea. _ 10 Yrs . x 1 Units = $ 70 $ Refrigerators @ $ 1 ,200 ea. T 10 Yrs . x 1 Units = $ 120 $ Dishwashers @ $ 350 ea. 4 5 Yrs . x 1 Units = $ 70 $ A/C Units @ $ 2 , 500 ea. _ 10 Yrs . x 1 Units = $ 250 $ C . Washer/Dryers @ $ 1 ,600 ea. 5 Yrs . x 1 Units = $ 320 $ HW Heaters @ $ 1 , 500 ea. _ 8 Yrs. x 1 Units = $ 188 $ Furnace (s) @ $ 3, 000 ea. T 15 Yrs . x 1 Units = $ 200 $ (Other) @ $ ea. _ Yrs . x Units = $ $ Roof @ $ 8, 000 _ 20 Yrs . x One Bldg . = $ 400 $ Carpeting (Wall to Wall) Remaining Life (Units) 500 Total Sq . Yds . @ $ 25 Per Sq . Yd . _ 5 Yrs . = $ 2 , 500 $ (Public Areas) Total Sq . Yds . @ $ Per Sq . Yd . Yrs . = $ $ Total Replacement Reserves. (Enter on Pg . 1 ) $ 4, 118 $ Operating Income Reconciliation $ 23 , 280 — $ 6 , 896 = $ 16 , 384 T 12 = $ 1 , 365 Effective Gross Income Total Operating Expenses Operating Income Monthly Operating Income $ $ 1 , 365 — $ _ $ Monthly Operating Income Monthly Housing Expense Net Cash Flow (Note : Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums , real estate taxes , mortgage insurance premiums , HOA dues , leasehold payments, and subordinate financing payments . ) Underwriter' s instructions for 2-4 Family Owner-Occupied Properties • If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 1003 . If Monthly Operating Income is a negative number, it must be included as a liability for qualification purposes . • The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expense for the subject property to the borrower' s stable monthly income . Underwriter' s instructions for 1 -4 Family Investment Properties • If Net Cash Flow is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 1003 . If Net Cash Flow is a negative number, it must be included as a liability for qualification purposes . • The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expense for the borrower' s primary residence to the borrower' s stable monthly income . Appraiser' s Comments (Including sources for data and rationale for the projections) The above data was calculated using a current Marshall & Swift Residential Cost manual and a local cost index. Monthly Housing Expense to be filled in by the underwriter or processor. The flooring replacement reserve includes all flooring , not just the carpet. Katherine Sluyter - 01 /09/2014 Appraiser Name Appraiser Signatu a Date Underwriter' s Comments and Rationale for Adjustments Underwriter Name Underwriter Signature Date Freddie Mac Fannie Mae Form 998 Aug 88 Page 2 of 2 Form 216 Aug 88 Form INC2 — "WinTOTAL" appraisal software by a la mode , inc . — 1 -800-ALAMODE Main File No . 67710847 Page 433 of 39 • 1 - 1 Market Conditions Addendum to the Appraisal Report File No. 6710847 The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood . This is a required addendum for all appraisal reports with an effective date on or after April 1 , 2009. Property Address 40 Cherry AVE City Eaton State CO ZIP Code 80615 Borrower Wang , Yingfang Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions , and must provide support for those conclusions , regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form . The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below . If any required data is unavailable or is considered unreliable , the appraiser must provide an explanation . It is recognized that not all data sources will be able to provide data for the shaded areas below ; if it is available, however, the appraiser must include the data in the analysis . If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property . The appraiser must explain any anomalies in the data, such as seasonal markets , new construction , foreclosures , etc . Inventory Analysis Prior 7-12 Months Prior 4-6 Months Current — 3 Months Overall Trend Total # of Comparable Sales ,Settled) 3 6 4 J Increasing X Stable L Declining Absorption Rate Total Sales/Months) 0 . 50 2 . 00 1 . 33 [ 1 Increasing X Stable [_ Declining Total # of Comparable Active Listings NA NA 9 [ ) Declining Stable [mm1 Increasing Months of Housing Supply (Total Listings/Ab . Rate) NA NA 6 . 8 ( ) Declining L .1 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 331 , 000 257 , 000 305 , 000 Nj Increasing Stable Declining Median Comparable Sales Days on Market 55 128 84 Declining X Stable Increasing Median Comparable List Price NA NA 273 , 000 Li Increasing f l Stable = Declining Median Comparable Listings Days on Market NA NA 104 I Declining Stable Increasing z Median Sale Price as % of List Price 98 . 5 100 101 X Increasing Stable Declining Seller- (developer, builder, etc .) paid financial assistance prevalent? (El Yes No 1 _j Declining X Stable [ j Increasing Explain in detail the seller concessions trends for the past 12 months (e. g . , seller contributions increased from 3% to 5%, increasing use of buydowns , closing costs , condo fees , options , etc . . Seller concessions are . revalent in this market. Sales with seller concessions are often between 1 -3% . This trend has remained fairly stable over the past 12 months , with some decline in concessions noted over the past three months . Due to seller concessions , properties often sell for full asking price , which includes a typical seller concession . F- W Are foreclosure sales (REO sales) a factor in the market? Yes X No If yes , explain (including the trends in listings and sales of foreclosed properties) . In the past, foreclosed properties have had a very large influence on local sales . REO properties drove down prices and offered competition for private listings , creating sales prices much lower than seen 10 years ago . However, REOs have mostly cycled through now and their numbers are si nificantl lower than an ime in the recent . ast. Of the sales and listin • s in this MC resort, none are REO . Cite data sources for above information . MLS/Public records . The above data reports were generated using the local MLS . While these reports are assumed to be reliable , they are not guaranteed to be accurate . Reliable historical listing data is not available from the local MLS . Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form . If you used any additional information , such as an analysis of pending sales and/or expired and withdrawn listings , to formulate your conclusions , provide both an explanation and support for your conclusions . The local market is seasonal with fewer sales occuring during the winter months . Stable sales numbers are expected as we head through the slower winter months . Property values are typically increasing as seen in many neighborhoods , which follows the local Weld County market trend . This neighborhood is currently seeing a lot of new construction activity which has caused the DOM to increase as the DOM often includes construction time , % of list price to increase as new construction homes typically sell for at least list price or higher, and an increase in median sales prices as buyers add features to their new homes . The high number of active listings includes many paper spec homes , not currently under construction and some started . Overall property values in Eaton are increasing . Marketing time for resales is less than 90 days , higher for new construction . The above data is not reliable to accurately depict the current market due to lack of sufficient data . Regardless of the trends shown above , this market is increasing , marketing times are less then 90 days and there is significant competition _ amongst buyers for the few available listings . If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current — 3 Months Overall Trend Total # of Comparable Sales (Settled) J Increasing -1 Stable Declining _ Absorption Rate (Total Sales/Months) LJ Increasing [1 Stable Declining Total # of Active Comparable Listings __ Declining L Stable Li Increasing Months of Unit Supply (Total Listings/Ab . Rate, _ ❑ Declining Stable n Increasing Are foreclosure sales (REO sales) a factor in the project? Yes No If yes , indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties . • • • • • Z Summarize the above trends and address the impact on the subject unit and project. Signature kj ,;-- ,k ,,,,„,__, - " - Signature * Appraiser Name Katherine Sluytero Supervisory Appraiser Name Company Name Sa • e A . . raisal Company Name Company Address 2619 11th Street Road , Suite 13 , Greeley, CO 806: Company Address • State License/Certification # CR100000453 State CO State License/Certification # State Email Address kate@sageappraisal . net Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc . — 1 - 800-ALAMODE Main File No . 67710847 Page # 34 of 39 Client Rels Valuation File No . 67710847 Property Address 40 Cherry AVE City Eaton County Weld State CO Zip Code 80615 Borrower Wang , Yingfang APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types : X Appraisal Report (A written report prepared under Standards Rule 2 - 2 (a) , pursuant to the Scope of Work, as disclosed elsewhere in this report. ) Restricted (A written report prepared under Standards Rule 2 - 2 (b ) , pursuant to the Scope of Work, as disclosed elsewhere in this report, Appraisal Report restricted to the stated intended use by the specified client or intended user. ) Comments on Standards Rule 2 - 3 I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The reported analyses, opinions , and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions , and conclusions. — Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved . — Unless otherwise indicated, I have 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. — I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results . — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion , the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal . — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person (s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report) . Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal . ) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is : 30-90 days IRES/MLS . Comments on Appraisal and Report Identification Note any USPAP- related issues requiring disclosure and any state mandated requirements : Significant contribution was made to this report by Licensed Appraiser Geoffrey Sluyter in all areas of appraisal development, inspection, analysis and report building . _ APPRAISER : SUPERVISORY or CO-APPRAISER ( if applicable ) : r.\I, ..� �- c Signature: Signature: g Name: Katherine Sluyter Name: State Certification # : CR100000453 State Certification # : or State License # : or State License # : _ State : CO Expiration Date of Certification or License : 12/31 /2014 State : Expiration Date of Certification or License : Date of Signature and Report: 01 /09/2014 Date of Signature: Effective Date of Appraisal: 01 /07/2014 Inspection of Subject: None al Interior and Exterior [ Exterior-Only Inspection of Subject: None Interior and Exterior [ 1 Exterior-Only Date of Inspection (if applicable) : 01 /07/2014 Date of Inspection (if applicable) : Form ID14E — "WinTOTAL" appraisal software by a la mode, inc . — 1 -800-ALAMODE Main File No , 67710847 Page ## 35 of 39 114- 1 File No . 67710847 UNIFORM APPRAISAL DATASET ( UAD ) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 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 017 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 not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs . All major building components have been adequately maintained and are functionally adequate . Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some shod-lived building components are at or near the end of their physical fife 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 properly in which many of its shod-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety , soundness , or structural integrity of the improvements . The improvements are in need of substantial repairs and rehabilitation , including many or most major components . Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality 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 . Q2 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 — "WinTOTAL" appraisal software by a la mode, inc . — 1 -800-ALAMODE Main File No . 67710847 Page # 36 of 39 UNIFORM APPRAISAL DATASET (UAD ) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above - standard residential tract developments or on an individual property owner' s site . The design includes significant exterior ornamentation and interiors that are well finished . The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from " stock" standards . 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 . Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations . Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail . These dwellings meet minimum building codes and are constructed with inexpensive , stock materials with limited refinements and upgrades . Q6 Dwellings with this quality rating are of basic quality and lower cost ; some may not be suitable for year- round occupancy . Such dwellings are often built with simple plans or without plans , often utilizing the lowest quality building materials . Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills . Electrical , plumbing , and other mechanical systems and equipment may be minimal or non -existent. Older dwellings may feature one or more substandard or non -conforming additions to the original structure Definitions of Not Updated , Updated , and Remodeled Not Updated Little or no updating or modernization . This description includes , but is not limited to , new homes . Residential properties of fifteen years of age or less often reflect an original condition with no updating , if no major components have been replaced or updated . Those over fifteen years of age are also considered not updated if the appliances , fixtures , and finishes are predominantly dated . An area that is ' Not Updated ' may still be well maintained and fully functional , and this rating does not necessarily imply deferred maintenance or physical/functional deterioration . Updated The area of the home has been modified to meet current market expectations . These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel , or functional utility . Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations . Updates do not include significant alterations to the existing structure . Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion . A remodeled area reflects fundamental changes that include multiple alterations . These alterations may include some or all of the following : replacement of a major component (cabinet (s) , bathtub , or bathroom tile) , relocation of plumbing/gas fixtures/appliances , significant structural alterations (relocating walls , and/or the addition of) square footage ) . This would include a complete gutting and rebuild . Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases . Quarter baths (baths that feature only a toilet) are not included in the bathroom count . The number of full and half baths is reported by separating the two values using a period , where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period . Example : 3 , 2 indicates three full baths and two half baths . UAD Version 9/2011 (Updated 1 /2014) Form UADDEFINE1A — "WInT0TAL" appraisal software by a la mode, inc . — 1 -800- ALAM0DE Main File No . 67710847 Page # 37 'of 39 ' UNIFORM APPRAISAL DATASET ( UAD ) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix 0: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name 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 r Design ;Style) Short Short Sale Sale or Financing Concessions sf Square Feet Area , Site , Basement sqm Square Meters Area , Site _ Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade Woods Woods View View Wtr Water View View WtrFr Water Frontage Location wu Walk Up Basement Basement & Finished Rooms Below Grade UAD Version 9/2011 (Updated 1 /2014) Form UADDEFINE1A — "WinT0TAL" appraisal software by a la mode, inc . — 1 -800-ALAM0DE ,Main File No . 67710847 Page #38 of 39 E & 0 NAVIGATORS INSURANCE COMPANY THIS IS BOTH A CLAIMS MADE AND REPORTED INSURANCE POLICY . THIS POLICY APPLIES TO THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INSURED AND REPORTED IN WRITING TO THE COMPANY DURING THE POLICY PERIOD . PLEASE READ THIS POLICY CAREFULLY. REAL ESTATE APPRAISERS ERRORS AND OMISSIONS INSURANCE POLICY DECLARATIONS POLICY NUMBER: _ PI-H3RAL1084851V _ RENEWAL OF : PHI2RAL1084851V 1 . NAMED INSURED : Katherine Sluyter 2. ADDRESS : Sage Appraisal 2619 Ilth St Rd #13 Greeley, CO 80634 3 . POLICY PERIOD : FROM : 03/29/2013 TO : 03/29/2014 12 : 01 A . M . Standard Time at the address of the Named Insured as stated in Number 2 above . 4. LIMITS OF LIABILITY : q, $ . 500000 _ _ Damages Limit of Liability - Each Claim B. $ __Wag)Ll Claim Expenses Limit of Liability - Each Claim . $ _ 1 Q 1SQN __ __ __ Damages Limit of Liability - Policy Aggregate D. $ ___ 1L0t}0,000 Claim Expenses Limit of Liability -- Policy Aggregate 5. DEDUCTIBLE ( Inclusive of claim expenses) : A . $ 500 - Each Claim B . $_.1 ,904 - . . .. Aggregate 6. PREMIUM : $ 617.00 7, RETROACTIVE DATE : 03/29/2099 8. FORMS ATTACHED : NAV RAL NIC PF (02/11 ) NAV RAL 300 CO (02 11 ) NAV HAL 002 (02 11 ) NAV RAL 008 (02 11) Herbert H. Landy Agency Insurance A y Inc, PROGRAM ADMINISTRATOR : g 75 Second Ave Suite 410 Needham, MA 02494-2876 By Acceptance of this policy the Insured agrees that the statements in the Declarations and the Application and any attachments hereto are the Insured ' s agreements and representations and that this policy embodies all agreements existing between the Insured and the Company or any of its representatives relating to this insurance . IN WITNESS WHEREOF, we have caused this policy to be signed by our President and Secretary. 47/14-A; 1:4;6\11/4-40 AL-C-4-4 C ,t7 [Emily Miner] [Stanley A . Galanski] Secretary President aviators NAV RAL DEC (02 11 ) Pagel of 1 Insuring A World in Mat/OO $ Form SCNLGL — "WinT0TAL" appraisal software by a la mode , inc . — 1 - 800-ALAM0DE Main File No. 67710847 Page #39' of 39 • Appraiser Resume \ 'l 1g age Kate Sluyter Phone St 70-556-5506 Fax 800-518-9070 kate ®sageappraisal.net www. sageappraisaLnet Serving all of Larirrter and Weld Counties, Colorado In November 2005, Ms. Sluyter formed Sage Appraisal, In order to do so, she formed many essential business relationships with bankers, lenders, real estate agents and other business owners, in addition to all required appraisal course work, examinations and mentorship. Over the past 8 years she has completed over 1900 appraisal reports in the northern Front Range area and completed extensive coursework and testing, allowing her to achieve the highest Residential License available in the state of Colorado. As a Colorado Certified Residential Appraiser, Ms. Sluyter strives to help the appraisal profession retain a reputation as being trustworthy, objective and honest, by providing high quality appraisal reports and counsel. Work Experience: • Formed, Operates and Owns Sage Appraisal, Greeley, Colorado November 2005-Present • Mentorship under licensed appraiser Jack Crowley, Taurus Company November 2005-July 2007 • Mentorship under licensed appraiser John Weissling, The Real Estate Store March-October 2005 Education : • Required class hours to obtain license and continuing education over the past 8 years: o UAD, HVCC and 1004MC o Appraisal Review o 2-4 Family Appraisals o Residential Site Valuation and Cost Approach o REO/Foreclosure Appraisals o FHA Appraisals o Small Income Properties o Real. Estate Appraisal. I, Real Estate Appraisal II and USPAP a Colorado State University. Fort Collins. Colorado o Bachelor of Science, 4 year degree Licenses, Certifications and Insurance: • Passed the Level B Colorado State Appraiser Board Exam in May 2008 to receive a Certified Residential license. No. CR100000453, expires December 31. 2014 a FHA Approved in October 2007 ■ E & O Insurance - Navigator' s Insurance, $ 1 ,000,000 aggregate limit STATE OF COLORADO Department of Regulatory Agencies Division of Real Estate` Active PRINTED ON SECURE PAPE Cart Residential Appraiser . 100000453 Jan 1 2012 Dec 31 2014 Number ......j Issue Data __. Expires KATHERINE L SLUY.1E ft GREELEY. CO 80634 / '1\ ki,,, i R rinew-1 akiS, Program Administrator Licensee Signatu Form SCNLGL — "WinTOTAL" appraisal software by a la mode, inc. — 1 -800-ALAMODE i CLERK TO THE BOARD 1 $ 61 / - PHONE ( 970 ) 336 -7215 , EXT 4226 FAX ( 970 ) 352 - 0242 WEBSITE : www . co . weld . co . us \in Trigsasali 41\ 'leuti�\ 1150 O STREET P . O . BOX 758 C .�U N TY GREELEY CO 80632 July 22 , 2015 WANG YINGFANG 3215 SHALLOW POND DR FORT COLLINS , CO 805289403 Account No . : R0166594 Dear Petitioner( s) : The Weld County Board of Equalization has set a date of July 30 , 2015 , at or about the hour of 11 : 50 AM , to hold a hearing on your valuation for assessment . This hearing will be held at the Weld County Administration Building , Assembly Room , 1150 O Street, Greeley, Colorado . You have a right to attend this hearing and present evidence in support of your petition . The Weld County Assessor or his designee will be present . The Board will make its decision on the basis of the record made at the aforementioned hearing , as well as your petition , so it would be in your interest to have a representative present . If you plan to be represented by an agent or an attorney at your hearing , prior to the hearing you shall provide , in writing to the Clerk to the Board ' s Office , an authorization for the agent or attorney to represent you . If you do not choose to attend this hearing , a decision will still be made by the Board by the close of business on August 5 , 2015 , and mailed to you on or before August 12 , 2015 . Because of the volume of cases before the Board of Equalization , most cases shall be limited to 10 minutes . Also due to volume , cases cannot be rescheduled . It is imperative that you provide evidence to support your position . This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have . Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above , the Board will have no choice but to deny your appeal . If you wish to obtain the data supporting the Assessor' s valuation of your property , please submit a written request directly to the Assessor's Office by fax ( 970) 304-6433 , or if you have questions , call ( 970 ) 353-3845 . Upon receipt of your written request , the Assessor will notify you of the estimated cost of providing such information . Payment must be made prior to the Assessor providing such information , at which time the Assessor will make the data available within three ( 3 ) working days , subject to any confidentiality requirements . AS0091 WANG YINGFANG - R0166594 Page 2 Please advise me if you decide not to keep your appointment as scheduled . If you need any additional information , please call me at your convenience . Very truly yours , BOARD OF EQUALIZATION Esther E . Gesick Clerk to the Board Weld County Board of County Commissioners cc : Christopher Woodruff, Assessor AS0091 Hello