n*i),i"e "KGRM V!GRM NOT USED RNONE WEIGHTED OVER 6 MNS ZRANGED VALUE IS ,!6/93 SNNII,,0N0N  0 0 !!Z Z NN ZZ !!RR,!,!!V! MAPSCO 14.X  10276 BUFFALO WAY OVER 6 MNS VACANT TO SINGLE FAMIACCESS TYPICAL TRANSACTIONS "LEVEL "GENTLY SLOPED %CONDOS %TOWNHOMES +NO ADVERSE EASEMENTS,6AVG-GOOD Mapsco 10276 Buffalo Way, Forney, Texas 75126 of the sales utilized are above the preferred Fannie Mae guideline of six months closed, but within the allowable one year. These sales were considered to be more similar to the subject and representative of the market than some later available requiring larger adjustment percentages. The subject's market has maintained stable values over the past twelve months with some appreciation. However, no time adjustment is yet required. ; Vacant to Single Family.The subject has access to all the necessary support facilities, to include schools, shopping, recreation, and employment. The improvements conform well to the surrounding neighborhood. There are no adverse factors observed by the appraiser that would effect the subject's marketability. most common. Owner/seller and bank financing is also utilized. Interest rates and point distribution vary by lender. Subject's complex is approved for FHA financing.G% 5Typical transactions in the area involve financing with new first lien mortgages and assumption of existing loans. All types of financing are available. Conventional, FHA, and VA loans are the LevelGently SlopedCondosTownhomesNo Adverse easements, encroachments, or conditions noted at time of inspection. No survey was furnished the appraiser. The lender is advised to rely on the survey for title and legal conditions.Project is of overall average to good condition. k1 Garage2 Garage1 Carport2 CarportA search of MLS archives did not reveal a listing of the subject property over the past 36 months.ble properties occurred less than one year ago and three years for the subject. The subject's current and prior sales prices are consistent with the above sales analysis. Bath differences adjusted at the market value of $1,000 per half bath and $1,500 per full bath. Other feature differences adjusted at recognized market values.B2( {No adverse easements, encroachments, or conditions noted at time of inspection. No survey was furnished the appraiser. The lender is advised to rely on the survey for title and legal conditions. The value estimate is based on the assumption that the property is not negatively affected by the existence of hazardous substances or adverse conditions.SF), bedrooms.. A discussion of the adjustments applied to each of the comparable sales is included in the Additional Comments Addendum.n The comparables analyzed above represent homes of similar quality construction and location. Adjustments applied to dissimilarities in square footage of living area at ($25.00N/ATax RecordsN/AThe appraisal is made "as is". The GRM Method was considered, but was not used due to a lack of available and reliable lease data.6/93alues and percentage adjustments fell within a relatively narrow range with no predominance of weight indicated for any single sale. ^Y g All the sales were given equal consideration in the overall value estimate. The adjusted sales vSomeThe adjusted value estimates ranged from $, to $,. Their mean and median values are $, and $, respectively. The Estimated Market Value from the Sales Comparison Approach is $,.The final value estimate is based predominantly on the Sales Comparison Approach. mated Market Value of the subject property as of August 20, 1998 is $156,000.Tax Assessment~+xp k1 GARAGE 2 GARAGE 1 CARPORT 2 CARPORT NOT LISTED NO PRIOR SALES BATH OTHER LNO ADVERSE EASEMENTS PNO NEGATIVE COMPARABLES $ PER SF N/A   S Based on the above considerations and analysis, it is this appraisers opinion that the Esti The GRM or Income Approach indicated an Estimated Market Value of $,.The subject's partial location within a flood zone has been given consideration in the final value conclusion.The signatures which are digitized and printed electronically are original, not copies. The appraisal you possess is an original appraisal. The signatures are similar to those found on many paycheck systems. #k  SUBJECT NEIGHBORHOOD NTHE SUBJECT IS LOCATENACCESS TYPICAL TRANSACTIONS "MF-2 CONDOMINIUM -"GENTLY SLOPED ,"LEVEL #TYPICAL ,7$RECTANGULAR V7K VACANT TO SINGLE FAMI %CONDOS V*CONCRETE 06 ?COMB. >#IYES ?&PNO NEGATIVE 2 CARPORT NO PRIOR SALES *FINAL ON SALES !e hINSPECTION ,ShTAX ASSESSMENT VShAGENT (214) OhAGENT (817) VOhAGENT (972) ,OhMLS# ,IkCONV 30YRS. VIlSP=0 ImC IyAVERAGE I1 CARPORT Z1 GARAGE UTAX RECORDS  N/A  AS IS  6/93  NONE WEIGHTED RANGED FINAL ON SALES VALUE IS GRM S+FLOOD LOC DIGITAL SIGN. RPER THE UNDERWRITER'SgI??IHHI0R0RJ>>J??JHHJZRZRK??KHHLVVLZNZNPh,S,ShVSVSh,I,IhOOh,O,OhVOVOkVIVIlIImIIyII00ZZ%VV!+!!%I>> 2 GARAGE 0APPLIANCES NRO,DS,DW,VH,MW IAUTO 0NBATH COMPARABLES $ PER SF OTHER ,N/A TAX RECORDS  N/A 0 M Note to: Underwriters, Loan officers, Loan Processors, and Mortgage Personal. Re: Digital signatures. The appraisal in your possession features digital imaging (photos), digital mapping systems, computer generated floor plans, and digital signatures. In an effort to reduce borrowers costs in both time and money, these tools are recognized and encouraged by FNMA, FLHMC, HUD, and VA. ginal report. Appraiser feels the additional sale further supports the original value conclusion. m%Per the underwriter's request an additional recently closed sale has been included as addendum. Adjustments applied are as per the oriDallasTexasDallasN/AN/AMF-2 CondominiumNoneNoneConcreteConcreteConcreteYesConcreteAsphaltNoneNoneNoneNoneTypicalRectangularOneBrick/AvgC.ShingleComb.OneTwoCer,Cpt,Hwd/GoodShrk/GoodCer/GoodCer/GoodCentralElectricUnknownYesInspectionypg]LHD>4*&  mDALLAS TEXAS DALLAS 1998 N/A  N/A "MF-2 CONDOMINIUM 'NONE *NONE  &CONCRETE  'CONCRETE  (CONCRETE  ?NoUnknownWBFPOpenCoveredWoodOneRo,Ds,Dw,Vh,MwMLS#Conv 30yrsSp=0AverageSubject neighborhood is located south of , west of , north of , and east of , in the sector of county. Auto storage differences adjusted at the market extracted rate of $1,000 per covered space and $1,500 per enclosed space.No functional or external inadequacies noted beyond normal age/life depreciation. The construction quality is typical for the area.C^VQFA2.)! QThe appraisal is made "subject to" repairs required within the VC sheet in the addendum. The GRM method was considered, but not used due to a lack of available and reliable lease data. The subject is located AppliancesAgent (214)Agent (972) Agent (817) AvgNoneAvgNoneNoNoC- The income approach was not utilized due to lack of available lease data.proach. Per HUD 4150.2, 4-5, the cost approach is considered not applicable and is not required by HUD.w+(%" m The final value estimate is based on the Sales Comparison ApAll the sales were given equal consideration in the overall value estimate. However sales # was given the most weight in the final valuation process for having the lowest percentage adjustment. All sales were given equal consideration in the overall value estimate. However, sales # and # were given the most weight in the final valuation process.Prior sales of the compara2003N [" ])YES  *CONCRETE &ASPHALT 'NONE (NONE )NONE *NONE #TYPICAL $RECTANGULAR .ONE .BRICK/AVG /C.SHINGLE Y %TOWNHOMES &ASPHALT Z6&CONCRETE -'NONE ,-'CONCRETE -'NONE 6(CONCRETE -(NONE 6)NONE 6)YES 6*NONE V- ,,0,0,Z,Z,,,,, ,, 00NNNN"--"",,#,7,7$V7V7DALLAS ,TEXAS 0,DALLAS Z,1998 ,N/A ,MAPSCO 14.X  N/A , 10276 BUFFALO WAY 0?COMB. EONE FTWO HCER,CPT,HWD/GOOD ISHRK/GOOD JCER/GOOD KCER/GOOD ECENTRAL  FELECTRIC !GUNKNOWN "IYES #JNO  *NONE 7+FLOOD LOC !+NO ADVERSE EASEMENTS,.ONE 7.BRICK/AVG 7/C.SHINGLE 76AVG-GOOD ![%&--&Z6Z6',-,-'--'66(--(66)66)66*V-V-*0606*77+"[( #-EONE 0>ECENTRAL ,?EWBFP 0HENONE OFTWO Z>FELECTRIC V?FOPEN ZHFAVG OGUNKNOWN ?GONE HGAVG OHCER,CPT,HWD/GOOD >HNONE RISHRK/GOOD >$?KNO EWBFP FOPEN ICOVERED JWOOD GONE RO,DS,DW,VH,MW hMLS# kCONV 30YRS.  lSP=0  mC  yAVERAGE  %9.77.77/776?>>E0>0>E,?,?E0H0HEOOFZ>Z>FV?V?FZHZHFOOG??GHHGOOH>>HRR&1 ICOVERED HINO 0RJCER/GOOD >JNO ?JWOOD HJNO ZRKCER/GOOD ?KNO HLNO ADVERSE EASEMENTS VLNO FUNCTIONAL OR EXT ZN'7SUBJECT NEIGHBORHOOD  AUTO LNO FUNCTIONAL OR EXT FHA THE SUBJECT IS LOCATEAPPLIANCES hAGENT (214) hAGENT (972) hAGENT (817) FAVG ENONE GAVG ([+ )gHNONE  INO  JNO  GRM NOT USED  FHA COST APPROACH !RESTIMATED RSCONSIDERATION RV!hINSPECTION $hTAX ASSESSMENT  *ONOT LISTED PER THE UNDERWRITER'S!AS IS Z FHA NCONSIDERATION SDIGITAL SIGN. !ESTIMATED RFHA COST APPROACH R+[