from: invoice date reference to: telephone number: fax … · 2020. 6. 11. · san diego ca 91977...

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Form NIV3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Revis Appraisal Services

Godfrey RevisRevis Appraisal Services LLC2834 W. Canyon AvenueSan Diego, CA 92123

Philip BairleyCCFG600 W. Broadway #1420San Diego, CA 92101

150130A

02/04/2015

150130A

Bancroft Estimate

150130A

Bancroft Estimate

Future Value as of March 15, 2015

CCFG CCFGJulio Figueroa3042 Bancroft DrSpring ValleySan Diego CA 91977(EX FLOOD CONTROL CHANNEL)PAR B PER DOC89-290696 IN LOT 22 TR 1685

Prospective Appraisal 450.00

450.00

Direct Deposit 02/03/2015 Paid by Borrower 450.00

450.00

0

Form NIV3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


Godfrey RevisRevis Appraisal Services LLC2834 W. Canyon AvenueSan Diego, CA 92123

Philip BairleyCCFG600 W. Broadway #1420San Diego, CA 92101

150130A

02/04/2015

150130A

Bancroft Estimate

150130A

Bancroft Estimate

Future Value as of March 15, 2015

CCFG CCFGJulio Figueroa3042 Bancroft DrSpring ValleySan Diego CA 91977(EX FLOOD CONTROL CHANNEL)PAR B PER DOC89-290696 IN LOT 22 TR 1685

Prospective Appraisal 450.00

450.00

Direct Deposit 02/03/2015 Paid by Borrower 450.00

450.00

0

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Page #1Main File No. 150130A

Uniform Residential Appraisal Report File #

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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 City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs 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 NoReport data source(s) used, offering price(s), and date(s).

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 notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf 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

Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning 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)ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public PrivateStreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005

Bancroft Estimate150130A

3042 Bancroft Dr Spring Valley CA 91977Julio Figueroa Joanne M Frost San Diego

(EX FLOOD CONTROL CHANNEL)PAR B PER DOC89-290696 IN LOT 22 TR 1685503-273-72-00 2014 1,897Spring Valley 1271~A6 0138.02

0 0

Estimate of Proposed ValueCCFG 600 Broadway #1420, San Diego, CA 92101

Sandicor MLS#140064656 indicates subject was listed on 12/09/2014 for $220,000. It was notlisted again in prior 12 months. It went into pending status for $200,000 on 01/20/2015

The subject is Pending as of 01/ 20/ 2015, for $200,000 with a COE 5 days after acceptance. Contract states the buyer will put down$20,000 and Buyer will deposit a $20,000 initial deposit with Chicago Escrow. Balance to be financed by a Hardmoney Loan.

200,000 01/23/2015 Tax Record

0

195672395

19046

805

1050

The boundaries are Campo Road to the North, Jamacha Road to the South,Highway #125 to the West and Sweetwater Springs Blvd. to the East.

See Addendum:

See Addendum:

Irregular: See Plat Map 8,329 sf Irregular ResidentialRV-15 Residential; Variable

AsphaltNone

X 06073C1910G 05/16/2012

1

DT1;Ranch196940

00

Concrete/GoodStucco/GoodComposition/GoodVinyl/GoodDual Pane/GoodNoneYes/Some

HW/Cpt/Tile/GoodDrywall/GoodWood/GoodTile/GoodTile/Good

Natural Gas

N/K

0Cover

None

0FullNoneNone

4Gravel

00

5 2 2.0 1,029Proposed features include Central Heat; AC; Dual Pane Windows; Ceiling Fans; Tankless Water

Heater.C2; Recent updates of the prospective home will be

in C2 very good condition with major improvements, inside and outdoors. The finishes include granite kitchen counters, hardwood floors, newcovered patio, new electrical service, drywall, interior paint, exterior stucco, remodeled baths, kitchen, dual pane windows/doors, and landscaping.The home will be converted from a 2:1 to 3:2 configuration. Mechanical devices are assumed to be in working order. Lot is large enough toaccommodate a 4 cars in the driveway.

The home is currently in C5/Below Average condition with vinyl flooring, stained carpet, dual pane windows, wood burning stove, and 2 BR:2 Bath.The proposed $40,000 in improvements include a full remodel interior and exterior be completed by 03/15/2015 and form the basis of this report asdetailed in the Summary Addition.


Form 1004 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


3042 Bancroft Dr Spring Valley CA 91977Julio Figueroa Joanne M Frost San Diego

(EX FLOOD CONTROL CHANNEL)PAR B PER DOC89-290696 IN LOT 22 TR 1685503-273-72-00 2014 1,897Spring Valley 1271~A6 0138.02

0 0

Estimate of Proposed ValueCCFG 600 Broadway #1420, San Diego, CA 92101

Sandicor MLS#140064656 indicates subject was listed on 12/09/2014 for $220,000. It was notlisted again in prior 12 months. It went into pending status for $200,000 on 01/20/2015

The subject is Pending as of 01/ 20/ 2015, for $200,000 with a COE 5 days after acceptance. Contract states the buyer will put down$20,000 and Buyer will deposit a $20,000 initial deposit with Chicago Escrow. Balance to be financed by a Hardmoney Loan.

200,000 01/23/2015 Tax Record

0

195672395

19046

805

1050

The boundaries are Campo Road to the North, Jamacha Road to the South,Highway #125 to the West and Sweetwater Springs Blvd. to the East.

See Addendum:

See Addendum:

Irregular: See Plat Map 8,329 sf Irregular ResidentialRV-15 Residential; Variable

AsphaltNone

X 06073C1910G 05/16/2012

1

DT1;Ranch196940

00

Concrete/GoodStucco/GoodComposition/GoodVinyl/GoodDual Pane/GoodNoneYes/Some

HW/Cpt/Tile/GoodDrywall/GoodWood/GoodTile/GoodTile/Good

Natural Gas

N/K

0Cover

None

0FullNoneNone

4Gravel

00

5 2 2.0 1,029Proposed features include Central Heat; AC; Dual Pane Windows; Ceiling Fans; Tankless Water

Heater.C2; Recent updates of the prospective home will be

in C2 very good condition with major improvements, inside and outdoors. The finishes include granite kitchen counters, hardwood floors, newcovered patio, new electrical service, drywall, interior paint, exterior stucco, remodeled baths, kitchen, dual pane windows/doors, and landscaping.The home will be converted from a 2:1 to 3:2 configuration. Mechanical devices are assumed to be in working order. Lot is large enough toaccommodate a 4 cars in the driveway.

The home is currently in C5/Below Average condition with vinyl flooring, stained carpet, dual pane windows, wood burning stove, and 2 BR:2 Bath.The proposed $40,000 in improvements include a full remodel interior and exterior be completed by 03/15/2015 and form the basis of this report asdetailed in the Summary Addition.




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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 City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs 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 NoReport data source(s) used, offering price(s), and date(s).

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 notperformed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf 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

Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow

One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit HousingPRICE$ (000)

AGE(yrs)

LowHighPred.

Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning 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)ElectricityGas

WaterSanitary Sewer

Off-site Improvements - Type Public PrivateStreetAlley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit

Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)

FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement

Basement Area sq.ft.Basement Finish %

Outside Entry/Exit Sump PumpEvidence of Infestation

Dampness Settlement

Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens

Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot

Attic NoneDrop Stair StairsFloor ScuttleFinished Heated

Heating FWA HWBB RadiantOther Fuel

Cooling Central Air ConditioningIndividual Other

AmenitiesFireplace(s) #Patio/DeckPool

Woodstove(s) #FencePorchOther

Car Storage NoneDriveway # of Cars

Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe




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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address

Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck

Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $

Net Adj. %Gross Adj. %



I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s)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)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 #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, 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 thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, 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$ , as of , which is the date of inspection and the effective date of this appraisal.



2 324,900 450,0009 195,000 355,000

3042 Bancroft DrSpring Valley, CA 91977

200,000194.36

A;Busy StreetFee Simple8329 sfResidentialDT1;RanchQ446C2

5 2 2.01,029

00AverageFAUDual Pane4dwCov.Prch;Patio

Pool/Spa NoneFireplace NoneSP:LP Ratio NA

10/14/2009130,000CoreLogic02/04/2015

9175 Lamar StSpring Valley, CA 919770.31 miles E

325,000289.66

Sandicor#140035221;DOM 2Doc# 409740/$319,000

ArmLthFHA;0s09/14;c06/14N;Res; -10,000Fee Simple8712 sf -383ResidentialDT1;RanchQ456 +5,000C2

6 3 2.01,122 -7,520

0sf

AverageWall +2,500Dual Pane1ga1dw +5,000Deck +2,500NoneNone102%

-2,9030.9

10.1 322,097

09/22/2014UnknownCoreLogic02/04/2015

2547 Bancroft DrSpring Valley, CA 919770.33 miles S

291,000286.70

Sandicor#140041152;DOM 14Doc# 397239/290,000

ArmLthFHA;0s09/14;c08/14A;Busy StreetFee Simple5663 sf +2,666ResidentialDT1;RanchQ456 0C3 +20,000

4 2 1.0 +10,0001,015 +1,040

0sf

AverageWall +2,500Dual Pane2gd2dw 0Cov.Prch;PatioNoneNone101% 0

36,20612.412.4 327,206

12/19/2008175,000CoreLogic02/04/2015

8844 Greenview PlSpring Valley, CA 919770.97 miles N

331,000383.10

Sandicor#140014692;DOM 25Doc# 213268/$344,900

ArmLthFHA;0s05/14;c04/14N;Res; -10,000Fee Simple7800 sf +529ResidentialDT1;RanchQ464 +9,000C2

6 2 1.0 +5,000864 +13,120

0sf

AverageFAU/CAC -5,000Dual Pane2gd2dw 0Cov.Prch;Deck -5,000NoneNone96% 0

7,6492.3

14.4 338,649

08/31/2009270,000CoreLogic02/04/2015

The subject was transferred to Joanne Frostvia Grant Deed on 10/14/2009 for l$130,000. A mortgage for $7,370 was taken on 01/10/2012. No other Sales history was noted in the past 36months. See Addendum for full discussion.

Sandicor MLS; San Diego Tax Records


See Above.

See attached addendum

325,000325,000 325,769

The value is subject to completion per plans and specifications on the basis of a hypothetical condition that improvements will be completed bymid to late March 2015.

325,000 03/15/2015



2 324,900 450,0009 195,000 355,000


200,000194.36


5 2 2.01,029



10/14/2009130,000CoreLogic02/04/2015

9175 Lamar StSpring Valley, CA 919770.31 miles E

325,000289.66

Sandicor#140035221;DOM 2Doc# 409740/$319,000

ArmLthFHA;0s09/14;c06/14N;Res; -10,000Fee Simple8712 sf -383ResidentialDT1;RanchQ456 +5,000C2

6 3 2.01,122 -7,520

0sf

AverageWall +2,500Dual Pane1ga1dw +5,000Deck +2,500NoneNone102%

-2,9030.9

10.1 322,097

09/22/2014UnknownCoreLogic02/04/2015

2547 Bancroft DrSpring Valley, CA 919770.33 miles S

291,000286.70

Sandicor#140041152;DOM 14Doc# 397239/290,000

ArmLthFHA;0s09/14;c08/14A;Busy StreetFee Simple5663 sf +2,666ResidentialDT1;RanchQ456 0C3 +20,000

4 2 1.0 +10,0001,015 +1,040

0sf

AverageWall +2,500Dual Pane2gd2dw 0Cov.Prch;PatioNoneNone101% 0

36,20612.412.4 327,206

12/19/2008175,000CoreLogic02/04/2015

8844 Greenview PlSpring Valley, CA 919770.97 miles N

331,000383.10

Sandicor#140014692;DOM 25Doc# 213268/$344,900

ArmLthFHA;0s05/14;c04/14N;Res; -10,000Fee Simple7800 sf +529ResidentialDT1;RanchQ464 +9,000C2

6 2 1.0 +5,000864 +13,120

0sf

AverageFAU/CAC -5,000Dual Pane2gd2dw 0Cov.Prch;Deck -5,000NoneNone96% 0

7,6492.3

14.4 338,649

08/31/2009270,000CoreLogic02/04/2015

The subject was transferred to Joanne Frostvia Grant Deed on 10/14/2009 for l$130,000. A mortgage for $7,370 was taken on 01/10/2012. No other Sales history was noted in the past 36months. See Addendum for full discussion.



See Above.

See attached addendum

325,000325,000 325,769

The value is subject to completion per plans and specifications on the basis of a hypothetical condition that improvements will be completed bymid to late March 2015.

325,000 03/15/2015



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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address






I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s)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)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 #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, 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 thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, 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$ , as of , which is the date of inspection and the effective date of this appraisal.




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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)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) YearsINCOME APPROACH TO VALUE (not required by Fannie Mae)

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide 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 ProjectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.



The subject currently is a 1,028 sf, single story ranch style home located on an average 8,329 sf lot in the Spring Valley area of San Diego, backing a canal. The home has a 195 sfaddition currently used as a master bedroom in the rear. The purpose of the assignment is to estimate the value of the subject after a $40,000 remodel planned immediately after COEwith a completion date of 03/15/2015. The home was vacant at the time of inspection. The buyer is a contractor/designer. The 46 year home is in below average C5 condition with datedbaths, damaged floors of vinyl flooring and older/stained carpet. There is a wood burning stove, dual pane windows and unhung doors, and no landscaping in the front or backyards.There is no garage but a driveway which can accommodate 4 cars. There is a strapped water heater. The home currently has 2BR;2Baths, worn stucco exterior, FAU and fronting a busystreet (Bancroft). The home will remain a 2:2 configuration as shown in the sketch, while keeping it current footprint of 1,028sf and the 195 sf addition. In its current condition f thesubject's "as is" is estimated at $200,000.

The proposed improvements will include a full interior remodel and will include granite kitchen counters, new cabinets, stainless steel appliances, built in refrigerator, undermount sinkand disposal. All rooms will have new drywall all finish, paint, new bath counters, and refurbished hardwood floors. Exterior finishes will be upgraded to high end polished stucco tomatch the quality of the interior. For purposes of this report, the condition of the subject will be treated as in C2 "above average" quality. Estimated time of completion/marketing ismid-March 2015. Architectural plans/sketches are available. (Pictures in the report show the current condition of the home. New renderings not available). The comparable Sales usedin the analysis, are based on a 1,028sf structure in the Spring Valley area. The square foot selection range was 15% above and below of the sf of the subject from the Spring Valley areaand not the 195 sf addition. All Sales are within a .97 miles of the subject and closed within the last year. Sales 1 ~ 4 all closed Sales, while Sales 5 & 6 are Listings currently on themarket. Sale 2 & 4 bracket the subject's lot size. Lots were adjusted at $1.00 psf. Sales 1 & 3 bracket the subject's GLA (Gross Living Area). GLA adjustments were based on $80.00psf which is 25% of the price per square foot of the 4 closed Sales in the analysis. All Sales are Arms Length transactions.

All Sales except Sale 2 were adjusted for their superior "quiet" residential locations. Only Sale 2 was on a busy street (Bancroft) like the subject. Sales 1,3 5 & 6 match the subject'sproposed C2 condition with high-end finished including granite counters, custom flooring, remodeled/updated baths, dual pane windows and exterior living areas. Sale 4 was adjustedfor its inferior C4/original condition by +$40,000. Similarly, Sale 2 is in C3 condition with newer counters and adjusted +$20,000. Only Sales 1 & 5 have 2 baths like the subject. Sales2,3 4 & 6 have 2 bedrooms like the subject. Sales 1 & 5 have 3 BRs to bracket the subject's BR count. Sales 4 & 5 were adjusted for their fireplaces. Sales 3 is the highest closedpriced Sales in the analysis at $331,000. Sale 4 is the lowest priced Sale at $285,000. Sales 1 & 4 spent the shortest and longest time on market at 2 and 194 days respectively. AllSales are surrounded by residential neighborhoods notwithstanding Sale 2 location on a busy street. The home is zoned for SFR and the lot size of 8,329sf.

SUMMARY:In its present C5 condition the subject is valued at $200,000. The "proposed" subject is treated as in C2 condition after the complete remodel inside, including new kitchen, baths,flooring, lighting, new doors, new baseboards, new water heater, with the same configuration with gravel driveway for 4 cars, covered patio, new Bamboo fencing and completelandscaping remodel. The Spring Valley area has had a flurry of "fix and flip" Sales by investors, due to its central location in San Diego, access to several freeways, publictransportation, local shopping and schools in the area. In estimating the subject's value" with a completion dates of 03/15/2015, I relied on the closed Sales 1 ~ 4 which have closedand with emphasis of Sale 1 & 3 which have closed and in C2 condition like the subject, and also Sale 2 which is on the same busy street (Bancroft) as the subject. Sales 5 & 6 are givenleast weight as they are Active, but do provide a direction of the market and the future value of the subject. Their adjusted values support the estimated proposed value of the subject at$320,000. In the projected market time of 03/15/2015 the hypothetical improved value of the subject is approximately $320,000.

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The Estimated Site Value was derived by theExtraction Method as no recent sales of residential improved lots available in the neighborhood.

Building Cost NetC2 02/02/2015

265,0001,029 80.00 82,320

0Full Remodel 40,000

122,320

81,551 81,55140,76920,000

325,769

Cost approach figures derived using Building Cost Net Cost Handbook.Land value based on extraction method as the area is fully developed andhas been for the past 8 years. Land values in this market exceed 30% ofvalue which is common for the area.

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The subject currently is a 1,028 sf, single story ranch style home located on an average 8,329 sf lot in the Spring Valley area of San Diego, backing a canal. The home has a 195 sfaddition currently used as a master bedroom in the rear. The purpose of the assignment is to estimate the value of the subject after a $40,000 remodel planned immediately after COEwith a completion date of 03/15/2015. The home was vacant at the time of inspection. The buyer is a contractor/designer. The 46 year home is in below average C5 condition with datedbaths, damaged floors of vinyl flooring and older/stained carpet. There is a wood burning stove, dual pane windows and unhung doors, and no landscaping in the front or backyards.There is no garage but a driveway which can accommodate 4 cars. There is a strapped water heater. The home currently has 2BR;2Baths, worn stucco exterior, FAU and fronting a busystreet (Bancroft). The home will remain a 2:2 configuration as shown in the sketch, while keeping it current footprint of 1,028sf and the 195 sf addition. In its current condition f thesubject's "as is" is estimated at $200,000.

The proposed improvements will include a full interior remodel and will include granite kitchen counters, new cabinets, stainless steel appliances, built in refrigerator, undermount sinkand disposal. All rooms will have new drywall all finish, paint, new bath counters, and refurbished hardwood floors. Exterior finishes will be upgraded to high end polished stucco tomatch the quality of the interior. For purposes of this report, the condition of the subject will be treated as in C2 "above average" quality. Estimated time of completion/marketing ismid-March 2015. Architectural plans/sketches are available. (Pictures in the report show the current condition of the home. New renderings not available). The comparable Sales usedin the analysis, are based on a 1,028sf structure in the Spring Valley area. The square foot selection range was 15% above and below of the sf of the subject from the Spring Valley areaand not the 195 sf addition. All Sales are within a .97 miles of the subject and closed within the last year. Sales 1 ~ 4 all closed Sales, while Sales 5 & 6 are Listings currently on themarket. Sale 2 & 4 bracket the subject's lot size. Lots were adjusted at $1.00 psf. Sales 1 & 3 bracket the subject's GLA (Gross Living Area). GLA adjustments were based on $80.00psf which is 25% of the price per square foot of the 4 closed Sales in the analysis. All Sales are Arms Length transactions.

All Sales except Sale 2 were adjusted for their superior "quiet" residential locations. Only Sale 2 was on a busy street (Bancroft) like the subject. Sales 1,3 5 & 6 match the subject'sproposed C2 condition with high-end finished including granite counters, custom flooring, remodeled/updated baths, dual pane windows and exterior living areas. Sale 4 was adjustedfor its inferior C4/original condition by +$40,000. Similarly, Sale 2 is in C3 condition with newer counters and adjusted +$20,000. Only Sales 1 & 5 have 2 baths like the subject. Sales2,3 4 & 6 have 2 bedrooms like the subject. Sales 1 & 5 have 3 BRs to bracket the subject's BR count. Sales 4 & 5 were adjusted for their fireplaces. Sales 3 is the highest closedpriced Sales in the analysis at $331,000. Sale 4 is the lowest priced Sale at $285,000. Sales 1 & 4 spent the shortest and longest time on market at 2 and 194 days respectively. AllSales are surrounded by residential neighborhoods notwithstanding Sale 2 location on a busy street. The home is zoned for SFR and the lot size of 8,329sf.

SUMMARY:In its present C5 condition the subject is valued at $200,000. The "proposed" subject is treated as in C2 condition after the complete remodel inside, including new kitchen, baths,flooring, lighting, new doors, new baseboards, new water heater, with the same configuration with gravel driveway for 4 cars, covered patio, new Bamboo fencing and completelandscaping remodel. The Spring Valley area has had a flurry of "fix and flip" Sales by investors, due to its central location in San Diego, access to several freeways, publictransportation, local shopping and schools in the area. In estimating the subject's value" with a completion dates of 03/15/2015, I relied on the closed Sales 1 ~ 4 which have closedand with emphasis of Sale 1 & 3 which have closed and in C2 condition like the subject, and also Sale 2 which is on the same busy street (Bancroft) as the subject. Sales 5 & 6 are givenleast weight as they are Active, but do provide a direction of the market and the future value of the subject. Their adjusted values support the estimated proposed value of the subject at$320,000. In the projected market time of 03/15/2015 the hypothetical improved value of the subject is approximately $320,000.

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The Estimated Site Value was derived by theExtraction Method as no recent sales of residential improved lots available in the neighborhood.

Building Cost NetC2 02/02/2015

265,0001,029 80.00 82,320

0Full Remodel 40,000

122,320

81,551 81,55140,76920,000

325,769

Cost approach figures derived using Building Cost Net Cost Handbook.Land value based on extraction method as the area is fully developed andhas been for the past 8 years. Land values in this market exceed 30% ofvalue which is common for the area.

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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)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$=$

Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$

INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) YearsINCOME APPROACH TO VALUE (not required by Fannie Mae)

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)

PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached AttachedProvide 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 ProjectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.




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 amanufactured 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 intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing 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 thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable 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 thesubject 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 openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected 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 arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject 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 titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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 determinationof 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 anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, 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, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (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 suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions 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 asan 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 satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.







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 amanufactured 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 intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’scontinuing 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 thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable 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 thesubject 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 openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected 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 arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’sreaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report issubject 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 titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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 determinationof 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 anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, 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, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (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 suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions 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 asan 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 satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.




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 inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace 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 salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, 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 forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty 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 priorto 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 thathas 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 subjectproperty 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 inthe 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 listingservices, 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 fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements 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, whichare 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 orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent 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 notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.







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 inthis appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace 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 salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, 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 forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty 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 priorto 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 thathas 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 subjectproperty 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 inthe 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 listingservices, 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 fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements 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, whichare 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 orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent 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 notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.




21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary 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 toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, 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 certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat 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, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid 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/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, 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’sanalysis, 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 theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SignatureNameCompany NameCompany Address

Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection



Godfrey Revis

Godfrey RevisRevis Appraisal Services LLC

2834 W. Canyon Avenue, San Diego, CA92123

(602) [email protected]

February 04, 201503/15/2015

AR028755

CA04/16/2015


325,000

NO AMCCCFG

600 Broadway #1420, San Diego, CA 92101



Godfrey Revis

Godfrey RevisRevis Appraisal Services LLC

2834 W. Canyon Avenue, San Diego, CA92123

(602) [email protected]

February 04, 201503/15/2015

AR028755

CA04/16/2015


325,000

NO AMCCCFG

600 Broadway #1420, San Diego, CA 92101



21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary 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 toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, 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 certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat 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, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid 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/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, 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’sanalysis, 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 theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER


Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $LENDER/CLIENTNameCompany NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)


Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection




SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

S / C

OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address






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 # COMPARABLE SALE # COMPARABLE SALE #

Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005



200,000194.36


5 2 2.01,029



10/14/2009130,000CoreLogic02/04/2015

2918 Central AveSpring Valley, CA 919770.28 miles W

285,000254.01

Sandicor#130053724;DOM 194Doc# 211577/$315,000

ArmLthConv;0s05/14;c04/14N;Res; -10,000Fee Simple12632 sf -4,303ResidentialDT1;RanchQ469 0C4 +40,000

6 2 1.0 +5,0001,122 -7,520

0sf

AverageFloor/Wall-Wndw +2,500Single Pane +5,0002gd2dw 0Patio +2,500None1 Fireplace -2,00090% 0

31,17710.927.7 316,177

09/13/2000161,000CoreLogic02/04/2015

8780 Lamar StSpring Valley, CA 919770.27 miles W

339,900290.02

Sandicor#140059316;DOM 25No Doc Found

ArmLthPending-2% -6,780ActiveN;Res; -10,000Fee Simple9583 sf -1,254ResidentialDT1;RanchQ471 +12,500C2

7 3 2.01,172 -11,520

0sf

AverageWall/Wall-Wndw +2,500Dual Pane4cp4dw -10,000Porch;PatioNone1 Fireplace -2,00037/39/NA 0

-26,5547.816.6 313,346

10/31/2013259,500CoreLogic02/04/2015


335,000357.91


ArmLthPending-2% -6,700ActiveN;Res; -10,000Fee Simple8712 sf -383ResidentialDT1;RanchQ487 +20,500C2

5 2 1.0 +5,000936 +7,360

0sf

AverageFloor +2,500Dual Pane2gd2dwCov.Prch;PatioNoneNone55/68/NA 0

18,2775.515.7 353,277

02/20/2013256,000CoreLogic02/04/2015

4 5 6

4 5 6

Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE



200,000194.36


5 2 2.01,029



10/14/2009130,000CoreLogic02/04/2015

2918 Central AveSpring Valley, CA 919770.28 miles W

285,000254.01

Sandicor#130053724;DOM 194Doc# 211577/$315,000

ArmLthConv;0s05/14;c04/14N;Res; -10,000Fee Simple12632 sf -4,303ResidentialDT1;RanchQ469 0C4 +40,000

6 2 1.0 +5,0001,122 -7,520

0sf

AverageFloor/Wall-Wndw +2,500Single Pane +5,0002gd2dw 0Patio +2,500None1 Fireplace -2,00090% 0

31,17710.927.7 316,177

09/13/2000161,000CoreLogic02/04/2015


339,900290.02


ArmLthPending-2% -6,780ActiveN;Res; -10,000Fee Simple9583 sf -1,254ResidentialDT1;RanchQ471 +12,500C2

7 3 2.01,172 -11,520

0sf

AverageWall/Wall-Wndw +2,500Dual Pane4cp4dw -10,000Porch;PatioNone1 Fireplace -2,00037/39/NA 0

-26,5547.816.6 313,346

10/31/2013259,500CoreLogic02/04/2015


335,000357.91


ArmLthPending-2% -6,700ActiveN;Res; -10,000Fee Simple8712 sf -383ResidentialDT1;RanchQ487 +20,500C2

5 2 1.0 +5,000936 +7,360

0sf

AverageFloor +2,500Dual Pane2gd2dwCov.Prch;PatioNoneNone55/68/NA 0

18,2775.515.7 353,277

02/20/2013256,000CoreLogic02/04/2015

4 5 6

4 5 6

Form 1004.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


SALE

S C

OM

PAR

ISO

N A

PPR

OA

CH

SALE

HIS

TOR

YA

NA

LYSI

S / C

OM

MEN

TS

FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address






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 # COMPARABLE SALE # COMPARABLE SALE #

Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales

Analysis/Comments

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005


Property AddressCity County State Zip Code

Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Subject Photo PageJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

SUBJECT FRONT

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

3042 Bancroft Dr200,0001,029522.0A;Busy StreetResidential8329 sfQ446

SUBJECT REAR

SUBJECT STREET

Borrower/Client

Lender



SUBJECT FRONT



SUBJECT REAR

SUBJECT STREET

Borrower/Client

Lender






SUBJECT LEFT SIDE



SUBJECT RIGHT SIDE

SUBJECT STREET

Borrower/Client

Lender



SUBJECT LEFT SIDE



SUBJECT RIGHT SIDE

SUBJECT STREET

Borrower/Client

Lender




Form PICSIX2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Photograph AddendumJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

ENTRANCE LIVING ROOM

UPDATED KITCHEN NEWER APPLIANCES

GAS METER DINING AREA

Borrower/Client

Lender



ENTRANCE LIVING ROOM

UPDATED KITCHEN NEWER APPLIANCES

GAS METER DINING AREA

Borrower/Client

Lender






BEDROOM (1) DATED BATHROOM 1

PROPOSED MASTER BEDROOM (2) PROPOSED MASTER BATHROOM 2

FAU WOOD BURNING STOVE

Borrower/Client

Lender



BEDROOM (1) DATED BATHROOM 1

PROPOSED MASTER BEDROOM (2) PROPOSED MASTER BATHROOM 2

FAU WOOD BURNING STOVE

Borrower/Client

Lender






FRONT COVERED PATIO REAR COVERED PATIO

DUAL PANE WINDOWS STRAPPED WATER HEATER

ASPHALT COMPOSITION ROOF CANAL BACKING THE SUBJECT

Borrower/Client

Lender



FRONT COVERED PATIO REAR COVERED PATIO

DUAL PANE WINDOWS STRAPPED WATER HEATER

ASPHALT COMPOSITION ROOF CANAL BACKING THE SUBJECT

Borrower/Client

Lender




Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Comparable Photo PageJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Comparable1

Prox. to SubjectSales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

9175 Lamar St0.31 miles E325,0001,122632.0N;Res;Residential8712 sfQ456

Comparable 2


2547 Bancroft Dr0.33 miles S291,0001,015421.0A;Busy StreetResidential5663 sfQ456

Comparable 3


8844 Greenview Pl0.97 miles N331,000864621.0N;Res;Residential7800 sfQ464

Borrower/Client

Lender



Comparable1


9175 Lamar St0.31 miles E325,0001,122632.0N;Res;Residential8712 sfQ456

Comparable 2


2547 Bancroft Dr0.33 miles S291,0001,015421.0A;Busy StreetResidential5663 sfQ456

Comparable 3


8844 Greenview Pl0.97 miles N331,000864621.0N;Res;Residential7800 sfQ464

Borrower/Client

Lender






Comparable 4


2918 Central Ave0.28 miles W285,0001,122621.0N;Res;Residential12632 sfQ469

Comparable5


8780 Lamar St0.27 miles W339,9001,172732.0N;Res;Residential9583 sfQ471

Comparable 6


8622 Lamar St0.47 miles W335,000936521.0N;Res;Residential8712 sfQ487

Borrower/Client

Lender



Comparable 4


2918 Central Ave0.28 miles W285,0001,122621.0N;Res;Residential12632 sfQ469

Comparable5


8780 Lamar St0.27 miles W339,9001,172732.0N;Res;Residential9583 sfQ471

Comparable 6


8622 Lamar St0.47 miles W335,000936521.0N;Res;Residential8712 sfQ487

Borrower/Client

Lender




File No.Supplemental Addendum

Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

150130AJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender


Scope of the Appraisal:

In preparation of this report the appraiser has made a physical inspection of the subject site and improvementsincluding taking measurements, photographs, and notations sufficient to adequately characterize the subject todetermine the future value of the property as of 03/15/2015. The surrounding area was also inspected to assist inidentification of neighborhood characteristics. These data were accumulated in order to determine variousenvironmental, social, governmental, and economic factors that may influence value. Information relating to sales oflands and improved properties was collected and confirmed by public record unless otherwise noted. The method ofvaluation included the consideration of the Cost and Sales Comparison to value with weighting of each forapplicability to the property in question. Finally, two approaches to value are reconciled into a final value estimate.

Intended Use:

THE INTENDED USE OF THIS REPORT IS FOR ESTIMATE OF A PROPOSED HOME IN THE SPRING VALLEY AREA OFSAN DIEGO, CA.

Intended User:

THE INTENDED USER OF THIS REPORT IS CCFG INVESTMENTS; SAN DIEGO, CA. 92101

Exposure Time:

Exposure time is 30 DAYS.

Source of Definition of Market Value:

The source for the definition of market value is the Dictionary of Real Estate Appraisal, fourth edition, published by the AppraisalInstitute.

Not a Home Inspection:

An appraisal of the subject property has been performed. This is not to be construed as a "Home Inspection." The appraiser(s)is not a home inspector and does not warrant the condition of the improvements, its mechanical, electrical, plumbing orstructural elements.

Addresses Reported:

The address reported on the appraisal form is according to US Postal Service records as required by UAD format.The title company reports the legal address and the title report may or may not match to USPS records.

GENERAL COMMENTS:

The Intended User of this appraisal report is CCFG INVESTMENTS; SAN DIEGO, CA. The Intended Use is to evaluatethe proposed property that is the subject of these appraisal for an estimate of value as stated Scope of Work,purpose of the appraisal, reporting requirements of this appraisal report form, and the Definition of market Value.No Additional Intended Users are identified by the appraiser.

Conclusion:

In conclusion, the comparable sales selected would appear to be the best available at the time of inspection. Theadjustments reflect the net contributory value of the improvements relative to the subject. We have attempted to"bracket" the subject property in all area of comparison and adjusted by matched sales comparison whereverpossible. This appraisal is bound by digital signatures and contains digital phonography. I have appraised thisproperty in the past 3 years.

• 1004 : Neighborhood - Description

Spring Valley is a (CDP) in , . The population was 28,205 at the 2010 census. The name "Spring Valley" may alsorefer to a wider area including the Spring Valley CDP, and part of the neighborhood of (which extends into ). Thereare claims that the Greater Spring Valley area has over 100,000 residents although this claims large areas that areactually unincorporated parts of La Mesa and .

1004 : Neighborhood - Market Conditions

The Sandicor MLS indicates there were 31 closed sales during the past 12 months and 14 of those sales containedseller concessions which is 45% of the total transactions in this market area. Prior Months 7-12: 12 Sales; 7 withconcessions; 58% of sales for this period. 4-6: 9 Sales; 6 with concessions; 67% of sales for this period. 0-3: 10Sales; 1 with concessions; 10% of sales for this period. The concessions ranged between $850 and $5,000,000.The median concession amount is $4,250.

Form SC1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm SC1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE



Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location MapJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender

Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Location MapJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender



Sketch by Apex Sketch v5 Standard™

16'

19'

46.6

'

12.4' 10.9

'

13'

12'

14.2'

13.5'

20'

6'

19.9'

COVERED

PATIO

Bedroom

Bedroom

Entry

Dining

Area

KitchenLiving Room

Laundry

Bath

BathMaster

Master

FRONT PORCH

WH

Comments:

AREA CALCULATIONS SUMMARYCode Description Net Size Net TotalsGLA1 First Floor 1029.19P/P

1029.19Covered Patio 270.00Front Porch 119.40

OTH 389.40

Addition 195.13 195.13

Net LIVABLE Area (rounded) 1029

Breakdown SubtotalsLIVING AREA BREAKDOWN

First Floor0.5 x 10.8 x 0.2 1.09 32.5 x 15.8 511.88 12.4 x 10.8 134.540.5 x 0.3 x 13.5 1.69 20.0 x 19.0 380.00

5 Items (rounded) 1029


Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building SketchJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender

Sketch by Apex Sketch v5 Standard™

16'

19'

46.6

'

12.4' 10.9

'

13'

12'

14.2'

13.5'

20'

6'

19.9'

COVERED

PATIO

Bedroom

Bedroom

Entry

Dining

Area

KitchenLiving Room

Laundry

Bath

BathMaster

Master

FRONT PORCH

WH

Comments:

AREA CALCULATIONS SUMMARYCode Description Net Size Net TotalsGLA1 First Floor 1029.19P/P

1029.19Covered Patio 270.00Front Porch 119.40

OTH 389.40

Addition 195.13 195.13

Net LIVABLE Area (rounded) 1029

Breakdown SubtotalsLIVING AREA BREAKDOWN

First Floor0.5 x 10.8 x 0.2 1.09 32.5 x 15.8 511.88 12.4 x 10.8 134.540.5 x 0.3 x 13.5 1.69 20.0 x 19.0 380.00

5 Items (rounded) 1029

Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Building SketchJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender




Form MAP.FLOOD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Flood MapJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender

Form MAP.FLOOD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Flood MapJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender




Form MAP_LT.PLAT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Plat MapJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender

Form MAP_LT.PLAT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE

Plat MapJulio Figueroa3042 Bancroft DrSpring Valley San Diego CA 91977CCFG

Borrower/Client

Lender



Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE


from: invoice date reference to: telephone number: fax … · 2020. 6. 11. · san diego ca 91977...

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