*CFB8" " ZWOOD SHNGLE 0BZN/A .ZAVG VI[CONT. 0$[DUPLEX r[TRAD. $[METAL ZB[NONE B[N/A 0H[NONE I\EXIST. Z$"0x0x#[['ZxZx'xx,77,77,V[V[,[[,bb166106062Z6Z636655668>xxAxxAb؆EyyIDALLAS MAPSCO 7FINANCING FCONCRETE FASPHALT GCONCRETE GNONE HCONCRETE HNONE IYES  INONE  JCONCRETE  I DallasMapscoTypical transactions in the area involve financing with new first lien mortgages and some assumptions of existing loans. All types of financing are available, conventional, owner/seller, and bank financing are the most predominate. Interest rates and point distribution vary by lender. Adjustments have been made in the Market Data Analysis section for seller points paid.ConcreteAsphaltConcreteNoneConcreteNoneYesNoneConcrete NoneEarthenNearly levelGently slopedTypicalLargerSmallerRectangularIrregularAdequateResidentialAverageGoodProfessionalMinimalConcreteCrushed rockAsphaltTypical utilityNo 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.DetachedAttachedTraditionalContemporary?~vjaWKC<4& ]ExistingProposedN/ANoYesNoneNoneAverageCentral H/AAgent (972) N/ANo functional or external inadequacies noted beyond normal age/life depreciation. The construction quality is typical for the area. The value estimate is based on the assumption that the property is not negatively affected by the existence of hazardous substances or adverse conditions. Fireplace/Appliancesity Construction, Page Mul-29, and local contractors. zXTG;3.)%" The cost figures are taken from the Marshall & Swift Cost Handbook, a national cost index, Average QualPhysical depreciation is based on the age/life method. Site Value is based on the review of recent land sales and site-to-total value ratios. See attached Sketch/Area Table Addendum for floor plan and square footage calculations. Space/RWURental rates are consistent with available substitute properties in tha area. ions currently being offered in the subject's market. j`w No concessN/ATax RecordsTax RecordsN/APrior sales of the comparable properties occurred more than one year ago. MLS#NoneCrushed RockMLS#Agent (214) Age differences adjusted at .5% of the sales price times the age difference.Bath differences adjusted at the market value of $800 per half bath and $1,000 per full bath.TexasCollinble along the major thorough fares. The immediate Neighborhood maintenance is average. No negative influences observed.f_Y:6* JNONE JEARTHEN ?LEVEL ?SLOPED @TYPICAL @LARGER @SMALLER ARECT. AIRREG. BADEQ.  CRESIDENTIAL  DAVG  u*InspectionNo survey furnished. Site size from Tax Assessor's data. Square feet.AcresConcreteWoodBrickComp.Shngle.Wood Shngle.MetalNoneThermopaneAluminium DHWood DHNo/YesYes/YesMLS # Pier & BeamNoneAdequateN/AN/AN/AN/AN/ANoneAverageAverageNoneNoYesCeiling fans Thermopane wndws Comb.AreaBkfst.Cpt,Vinyl/AvgShRk,Pan,Pa/AvgWood/AvgVinyl/AvgCeramic/Avg{rbTMHB0"xrmd^Q  EASPHALT EC.ROCK ECONCRETE FASPHALT FC.ROCK ,7FCONCRETE FTYPICAL GNONE 7GCONCRETE   &]NO/YES ,C(bCOMB ZN,nCER/AV O#qGOOD ZZDEPRECIATION /;TRAD/DUPLEX rWALL/RWU /ESP=0 $ , y0A/SIMILAR ,[=,OTHER [  2LISTINGS ARE THE CLOS7FINANCING Z?NO SURVEY !xxAIRREG. VARECT. ,BADEQ. CRESIDENTIAL DAVG DGOOD DMINIMAL Z][TRAD. [CONT. \EXIST. \PROP. ]N/A ]NO ]YES NONE NONE AVG CENTRAL  AGENT (972)  HCONCRETE ,HNONE VINONE IYES JNONE V=JCONCRETE JEARTHEN 0JNONE Ceramic/AvgFbgls/AvgWood/InteriorMetal/ExteriorWBFPNoneCentralElectricGasUnknownGoodYesNoNoneRWUUnknownGoodAppliancesSimilar/Resndtl.Brick/AvgWood/AvgA/SimilarAuto storage differences adjusted at the market values of $1,000 per covered space and $2,500 per enclosed.Other feature differences adjusted at recognized market values. MLS#GCentral H/ACthe comparable sales is included in the Additional Comments Addendum.tn-{wrokf^ZQID?0" D00DZZEEEFFF,7,7FG77GGH,,HVVI,SQUARE FEET b1N/A 61TAX RECDS. 062TAX Z63N/A 65PRIOR 65REFI 8GRM >AS IS xACOST APPROACH 0ADIGITAL bADISTANCE ؆ARECONCILE xE10/94 yZN/A  ~DEPRECIATION  ~CONSTRUCTION  NO ADVERSE  FIREPLACE/APL M&S/AVG DEPRECIATION SITE VAL. AREA SKETCH WALL/RWU RENTAL RATES NO CONCESS.  The comparables analyzed above represent homes of similar quality construction and location. Adjustments applied to dissimilarities in square footage of living area at ($15.00SF), bedrooms, and bathrooms. A discussion of the adjustments applied to each of 10276 Buffalo Way, Forney, Texas 75126Pier & Beamand 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. G; qUNK. 0ZrNONE VrWBFP ZVsTHE OVERALL CONDITIONy~CONSTRUCTION Z.~DEPRECIATION 0.NO ADVERSE .AREA SKETCH V/ZZBBZ0B0BZ..ZVIVI[$$[0$0$[rr[ZBZB[BB[0H0H[II\Z$Z$\$$\BB\BB\CC\ZHZH\II1N/A 1TAX RECDS. 2TAX 3N/A 5PRIOR .MLS# GNONE FC.ROCK  MLS#  AGENT  ,AGE  ,BATH  Note to: Underwriters, Loan officers, Loan Processors, and Mortgage Personal. Re: Digital signatures. The appraisal in your possession features digital imaging (photos), digital mapping systems, computer generated floor plans, and digital signatures. In an effort to reduce borrowers costs in both time and money, these tools are recognized and encouraged by FNMA, FLHMC, HUD, and VA. The signatures which are digitized DesotoLot Blockthe final value conclusion.N/AN/A AVERAGE/AVERAGE sLESS THAT 5% ,sAVERAGE VsNONE ,%AVG %CENTRAL %NONE V%sTEX  COLLIN VACANT 5ACCESS 5.INSPEC.  ?NO SURVEY @SQUARE FEET  @ACRES  JNONE XCONC.  YWOOD  YBRICK  IN/ANoneOneOneDuplexSubject neighborhood is located south of , west of , north of , and east of , in the sector of county. Agent (214) Agent (972)Trad/DuplexAverage/AverageLess that 5%AverageResndtl/AvgTypical/ResndtlAverageNoneAverageAppliancesRo,Dw,Vh,DsThis appraisal report is made "As Is".ions and analysis, it is this appraisers opinion that the Estimated Market Value of the subject property as of January 26, 2000 is $30,000.G  $  N/A Vc N/A c 10276 BUFFALO 0bVACANT Z<SUBJECT NEIGHBORHOOD 0rTHE SUBJECT IS LOCATEZACCESS <.INSPEC. <.MLS# 6!uZCOMP.  ZWOOD SHNGLE  [METAL  [NONE  \THERMO  \ALUM.DH  \WOOD DH  ]NO/YES  ]YES/YES  XCONC 5XP&B  YNONE  "YONE cYBRICK =YWOOD =YADEQUATE HYNONE CYAVG ,IZATTACH. ZDETACH. #knFBGL/AV OoMET/EXT 0VoWOOD/INT VoNO WoYES WpNONE WpRWU Z$YADEQUATE  [N/A  \N/A  ]N/A  ^N/A  _N/A  XNONE  YAVG  ZAVG  [NONE  \NO  ]YES  %JV=V=JJJ00K,,KVVKXccX==XZbZbXCCXCCXIIYccY==Y==YCCYHHY,I,I&\ALUM.DH B\THERMO B\WOOD DH C\N/A ZH\NO I]N/A $]NO $]YES %' ^CF'S ^THERMO  !bCOMB  "b AREA  #b BKFST  $jCPT/VNYL/AV  %kSHRK,PAN,PA/AVG  &lWOOD/AVG  'mVINYL/AV  (mCER/AV  )nCER/AV nFBGL/AV (]YES/YES VC]N/A H]YES I^N/A H^CF'S N^THERMO 0N_N/A H)-]%%]$$],C,C]VCVC]HH]II^HH^NN^0N0N_HHbZNZNb NNb NNjNNjVV*I overall value estimate. However sales #2 was given the most weight in the final valuation process for having the lowest percentage adjustment. The adjusted value estimates ranged from $31,475 to $36,000. Their mean and median values are $33,258 and $33,737 respectively. The GRM Method was not utilized due to a lack of reliable lease data. The final value estimate is based on the Sales Comparison Approach and is supported by the Cost Approach. Based on the above considerat +oWOOD/INT oMET/EXT rWBFP rNONE jCENT. kELEC. kGAS lUNKNOWN  lGOOD  oYES  oNO  pNONE  ,C b AREA Nb BKFST NjCPT/VNYL/AV NjCENT. VkSHRK,PAN,PA/AVG OkELEC. VkGAS WlWOOD/AVG ,OlGOOD VWlUNKNOWN ,WmCER/AV OmVINYL/AV VO-pRWU qUNK. qGOOD APPL. SIMILAR BRICK/AVG WOOD/AVG A/SIMILAR ,AUTO ,OTHER .MLS#G #CENTRAL H/AC .kVVkWWl,O,Ol,W,WlVWVWmVOVOmOOnOOnOOoVVo0V0VoWWoWWpWW/q0Z0ZqZZZZrZVZVrVVsyy~0.0.~Z.Z.....//,/,/V/V/..ZZZrZrrrrrrrss,s,sVsVs,%,%%%0C- ,ySIMILAR ZTYPICAL/RESNDTL sRESNDTL/AVG sDUPLEX/AVG VyBRICK/AVG ZWOOD/AVG [1,SQUARE FEET  10276 BUFFALO XPIER & BEAM ADIGITAL 0DESOTO LOT BLOCK 2000 BN/A N/A  N/A XONE YONE 2I*ast twelve months with some appreciation. However, no time adjustment is yet required. Because of the more limited sales comparables available, coupled with the increased variables inherent in rural properties, the adjustment percentages are above the recommended Fannie Mae guidelines. This situation is unavoidable. No more similar sales, listings, or pendings were available for use that yielded lower adjustment percentages. All the sales were given equal consideration in the 3I2s bracket the subject by age along with being similar in design, features, functional utility, condition and quality of construction. Some 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 p 4bb<<bb0<0<cc,c,c00VcVc cc 0b0bZ<Z<0r0rZZ<<.66.<<.[[25 3The sales utilized are from the subjects immediate neighborhood. The comparable10/94C-VacantThe subject has access to all the necessary support facilities to include schools, shopping, and employers. Shopping is availaYesDuplex/AvgConv30yr MktSP=0 $ ,The overall condition of the two units is considered average. The subject has a new roof. No deferred maintenance items were noted at the time of inspection.ue of , and , indicating a market GRM of . ohe_ 6KNO ADVERSE ,KNO SURV. VXONE cXCONC. =XPIER & BEAM ZbXCONC CXP&B C7g:MAPSCO 0 .MLS#G [ @TYPICAL DPROFESSIONAL 0 GNONE KLENDER ADV. 6XNONE I"ZCOMP. B8 7\PROP. $9)[DUPLEX SUBJECT NEIGHBORHOOD MLS #  AGENT (214) AGENT (972) TRAD/DUPLEX AVERAGE/AVERAGE  LESS THAT 5%  AVERAGE  RESNDTL/AVG  TYPICAL/RESNDTL  AVERAGE :gDESOTO bTEX <LOT BLOCK bCOLLIN 0<DALLAS 2000 cN/A ,c;M&S/AVG .SITE VAL. ,/APPL. ZFIREPLACE/APL .MLS # ZrAGENT (214) rAGENT (972) r<!NONE "AVERAGE 'APPLIANCES 'RO,DW,VH,DS >AS IS ARECONCILE 5E10/94 5C- 5DUPLEX/AVG 5CONV30YR MKT 5SP=0 $ , 5 sTHE OVERALL CONDITION5 =9 AVERAGE s!NONE x"AVERAGE 0x#CENTRAL H/AC ['APPLIANCES Zx'RO,DW,VH,DS x,AGE 7,AUTO V[,BATH 7>%%////// V7V7 77 %%yyyy,y,yZZssssVyVyZZ[[,[,[ss?5 The sales comparable GRM's have a mean and median val Value of $, which is greater than 10% difference from market value. However, due to the depreciation variables involved, the cost approach in older properties is not considered a reliable indicator of value and therefore is not given weighted consideration in The subject is locatedadjusted rents ranged from $968 to $1,180 with the means and median of $1,027 and $983 respectively. Indicating a market rental rate of $1,000fOE @?Rental comparables are from the subjects rental market area and are similar in condition and quality of construction. The function of the comparabes ranged from 2 bedroom, one bath duplex for $750 to 3 bedroom, two bath for $1,125. Comparable #1 is considered most similar due to location, size and functional utility. Market adjustments were applied to feature differences and square footage. Adjusted rental rates fall in the range of $968 to $1,180. The ile number referenced.  A@Prior sales of the comparable properties occurred more than one year ago and three years for the subject. A search of the MLS property archive data base did not reveal a listing during the past thirty six months. Multiple Listing Service is primary data source with f? The Cost Approach indicated an Estimated marketlocational adjustment was indicated from the market data. Sales utilized further surrounded the subject directionally. active listing appear of average condition.Q BDA Distances are similarly just above recommended Fannie Mae guidelines because of less density of single family construction. However, no AListings are the closest proxmity, most similar available from the Grand Prairie market.The subject has been maintained and considered to be of average condition. The?The Sales Comparables GRM's are , , and . 2002ytF C8GRM BACOST APPROACH Ab؆THE SUBJECT IS LOCATE?RENTAL COMPARABLES AR@5REFI AADISTANCE B02LISTINGS ARE THE CLOSBD ERENTAL COMPARABLES ARNO CONCESS. /RENTAL RATES / AGENT 7 AGENT (972) % MLS# V7CONV30YR MKT y