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Borrower Nova€McIlhaney€Homes,€LLC J0001084€10/15 … · 2017-12-19 ·...
Transcript of Borrower Nova€McIlhaney€Homes,€LLC J0001084€10/15 … · 2017-12-19 ·...
J0001084 10/15Nova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
USPAP Identification ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Summary of Salient Features ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Small Income ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Additional Comparables 46 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 13 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Comparable Photos 46 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
123101112131415161718
Form TOCP "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Borrower
Lender/Client
File No.
Property Address
City County State Zip Code
Nova McIlhaney Homes, LLC J0001084 10/15200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
APPRAISAL AND REPORT IDENTIFICATION
22(a)
22(b)
Comments on Standards Rule 23I certify that, to the best of my knowledge and belief:— The statements of fact contained in this report are true and correct.— The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiasedprofessional analyses, opinions, and conclusions.— Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to theparties involved.— Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within thethreeyear period immediately preceding acceptance of this assignment.— I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.— My engagement in this assignment was not contingent upon developing or reporting predetermined results.— My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors thecause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended useof this appraisal.— My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional AppraisalPractice that were in effect at the time this report was prepared.— Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.— Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the nameof each individual providing significant real property appraisal assistance is stated elsewhere in this report).
180 days or less
Comments on Appraisal and Report IdentificationNote any USPAPrelated issues requiring disclosure and any state mandated requirements:
Stephen F. Schmedt
11984SLAOK 03/31/2017
10/14/201510/07/2015
10/07/2015
Form ID14E "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Borrower
Lender/Client
File No.
Property Address
City County State Zip Code
(A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
(A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report,restricted to the stated intended use by the specified client or intended user.)
(USPAP defines Exposure Time as the estimated length of time that the property interest being
appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.)
Signature:
Name:
State Certification #:
or State License #:
State: Expiration Date of Certification or License:
Date of Signature and Report:
Effective Date of Appraisal:
Inspection of Subject: None Interior and Exterior ExteriorOnly
Date of Inspection (if applicable):
Signature:
Name:
State Certification #:
or State License #:
State: Expiration Date of Certification or License:
Date of Signature:
Inspection of Subject: None Interior and Exterior ExteriorOnly
Date of Inspection (if applicable):
Form NIV5 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Metro Appraisal Group, Inc.
Stephen SchmedtStephen SchmedtOakleaf Payment Processing15712 N PennEdmond, OK 73013
4053407003 x1
Oklahoma State Bank900 36th Avenue NW, Suite 102Norman, OK 73044
J0001084 10/15
10/08/2015
J0001084 10/15
J0001084 10/15
J0001084 10/15
471250043
Oklahoma State Bank Oklahoma State BankNova McIlhaney Homes, LLC200 Harvard RdNormanCleveland OK 73072Lot 10, Block 1 Heritage Place II
Appraisal Fee 500.00
500.00
500.00
4053407004
FROM:
Telephone Number: Fax Number:
TO:
Telephone Number: Fax Number:
Alternate Number: EMail:
INVOICE NUMBER
DATE
REFERENCE
Internal 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 SSD "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
200 Harvard Rd
Lot 10, Block 1 Heritage Place II
Norman
Cleveland
OK
73072
2015.07
36420
n/a
n/a
Nova McIlhaney Homes, LLC
Oklahoma State Bank
2,936
suburban/avg.
32
average
8
6
4.2
Stephen F. Schmedt
10/07/2015
221,000
Borrower
Lender/Client
SUBJ
ECT
INFO
RMAT
ION
Subject Address
Legal Description
City
County
State
Zip Code
Census Tract
Map Reference
SALE
SPR
ICE
Sale Price
Date of Sale
$
CLIE
NTDE
SCRI
PTIO
NOF
IMPR
OVEM
ENTS
Size (Square Feet)
Price per Square Foot
Location
Age
Condition
Total Rooms
Bedrooms
Baths
$
APPR
AISE
R Appraiser
Date of Appraised Value
VALU
E
Final Estimate of Value $
J0001084 10/15J0001084 10/15
200 Harvard Rd Norman OK 73072Nova McIlhaney Homes, LLC Nova & Stephen McIlhaney Cleveland
Lot 10, Block 1 Heritage Place IIR0034757 2014 2,035Heritage Place 36420 2015.07
0 0
Oklahoma State Bank 900 36th Avenue NW, Suite 102, Norman, OK 73044
OKCMAR 2015
n/a
n/a n/a n/a
n/a
20440163
88532
8010
10 North: Robinson South: Main East: 36th Ave SW West: 48th Ave NW
The subject neighborhood consists of various sized single family and multi family residences located on typical sizedlots. Homes are of average quality construction. Distance to supportive amenities and employment is considered to be good. Theneighborhood lends good access to schools, shopping, recreation and medical facilities. The neighborhood is within a few minutes of I35,HWY 9 and The University of Oklahoma.
Property values within the subject's area of influence are currently considered stable.Marketing time for the area ranges from three to six months for reasonably priced and well marketed properties. The area is considered to bebuilt up over 75%. In addition, the growth rate is also considered to be stable. The most typical form of financing for the area is conventionalloans with little or no seller participation. Sales prices are generally 92% to 98% of the asking price.
please see plat map .17 rectangular typicalresidential residential
pavednone
X 40027C0260H 9/26/2008
There were no apparent adverse easements, encroachments, special assessments, illegal or legal nonconforming zoning usage notedduring inspection of the subject property, however, a survey is recommended in order to be certain of any underlying adversities.
2 1
traditional198328
0.000
none noted
concrete/avgbrick/avgcomp. shingle/avgyes/avgframe/avgnoneyes/avg
carp,til,wd lm/avgtextured/avgpaint,stained/avgtile/avgfiberglass/avg
gas2
2concrete
2
2 24 3 2.1 1,4684 3 2.1 1,468
The subject is equipped with garage door opener, ceiling fans, built in cabinets and storm door.
The subject is in average condition with noinadequacies noted. The quality of construction is considered average to and is typical of other properties in the subject's area of influence.The property is considered to have an acceptable floor plan and no functional obsolescence, deferred maintenance or external depreciationnoted.
Metro Appraisal Group, Inc.
Form 1025 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
SUB
JEC
TC
ON
TRAC
TN
EIG
HB
OR
HO
OD
SITE
IMPR
OVE
MEN
TS
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 Code
Borrower Owner of Public Record County
Legal Description
Assessor's Parcel # Tax Year R.E. Taxes $
Neighborhood Name Map Reference Census Tract
Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe)
Lender/Client Address
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No
Report data source(s) used, offering price(s), and date(s).
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No
If Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
Location Urban Suburban Rural
BuiltUp Over 75% 2575% Under 25%
Growth Rapid Stable Slow
24 Unit Housing Trends
Property Values Increasing Stable Declining
Demand/Supply Shortage In Balance Over Supply
Marketing Time Under 3 mths 36 mths Over 6 mths
24 Unit Housing
PRICE
$ (000)
AGE
(yrs)
Low
High
Pred.
Present Land Use %
OneUnit %
24 Unit %
MultiFamily %
Commercial %
Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape View
Specific Zoning Classification Zoning Description
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe
Utilities Public Other (describe) Public Other (describe)
Electricity
Gas
Water
Sanitary Sewer
Offsite Improvements Type Public Private
Street
Alley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date
Are the utilities and/or offsite improvements typical for the market area? Yes No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
General Description
Units Two Three Four
Accessory Unit (describe below)
# of Stories # of bldgs.
Type Det. Att. SDet./End Unit
Existing Proposed Under Const.
Design (Style)
Year Built
Effective Age (Yrs)
Foundation
Concrete Slab Crawl Space
Full Basement Partial Basement
Basement Area sq.ft.
Basement Finish %
Outside Entry/Exit Sump Pump
Evidence of Infestation
Dampness Settlement
Exterior Description materials/condition
Foundation Walls
Exterior Walls
Roof Surface
Gutters & Downspouts
Window Type
Storm Sash/Insulated
Screens
Interior materials/condition
Floors
Walls
Trim/Finish
Bath Floor
Bath Wainscot
Attic None
Drop Stair Stairs
Floor Scuttle
Finished Heated
Heating/Cooling
FWA HWBB Radiant
Other Fuel
Cooling Central Air Conditioning
Individual Other
Amenities
Fireplace(s) #
Patio/Deck
Pool
Woodstove(s) #
Fence
Porch
Other
Car Storage
None
Driveway # of Cars
Driveway Surface
Garage # of Cars
Carport # of Cars
Att. Det. Builtin
# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Unit # 1 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area
Unit # 2 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area
Unit # 3 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area
Unit # 4 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area
Additional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Page 1 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
J0001084 10/15J0001084 10/15
200 Harvard RdNorman, OK 73072
full inspectionunknownsuburban/avg.32average
2,936
2,9364 3 2.1 1,4684 3 2.1 1,468
none
Rental data was not required as per the client's request.
county records
county records
nonen/acounty records10/08/2015
nonen/acounty records10/08/2015
nonen/acounty records10/08/2015
nonen/acounty records10/08/2015
Sales and transfer data was obtained from county records.
Form 1025 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
IMPR
OVE
MEN
TSC
OM
PAR
ABLE
REN
TAL
DAT
ASU
BJE
CT
REN
TSC
HED
ULE
PRIO
RSA
LEH
ISTO
RY
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.
Is the property subject to rent control? Yes No If Yes, describe
The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support theopinion of the market rent for the subject property.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3
Address
Proximity to Subject
Current Monthly Rent $ $ $ $
Rent/Gross Bldg. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Date of Lease(s)
Location
Actual Age
Condition
Gross Building Area
Unit BreakdownMonthly Rent Monthly Rent Monthly RentRm Count
SizeSq. Ft. Rm Count
SizeSq. Ft. Rm Count
SizeSq. Ft. Rm Count
SizeSq. Ft.
Tot Br Ba Tot Br Ba Tot Br Ba Tot Br Ba
Unit # 1 $ $ $
Unit # 2 $ $ $
Unit # 3 $ $ $
Unit # 4 $ $ $
Utilities Included
Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions,
etc.)
Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.
Leases Actual Rents Opinion of Market Rent
Lease Date Per Unit TotalRents
Per Unit TotalRentsUnit # Begin Date End Date Unfurnished Furnished Unfurnished Furnished
1
2
3
4
$ $ $ $ $ $
Comment on lease data Total Actual Monthly Rent $ Total Gross Monthly Rent $
Other Monthly Income (itemize) $ Other Monthly Income (itemize) $
Total Actual Monthly Income $ Total Estimated Monthly Income $
Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Cable Other
Comments on actual or estimated rents and other monthly income (including personal property)
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 # 3
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales
Page 2 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
J0001084 10/15J0001084 10/15
0 n/a n/a180,000 213,000
200 Harvard RdNorman, OK 73072
n/a
suburban/avg.Fee Simpleatt residentialtypicaltraditionalaverage32average
2,936
4 3 2.14 3 2.1
0.000averageCentral heat/airtypical2 car gar/1 per unitpatio/porch
2609 Belknap AveNorman, OK 730722.56 miles SE
213,00075.85
106,50021,30035,500
County Records, MLSRealist
none reported
11/14suburban/avg.Fee Simpleatt residentialtypicaltraditionalaverage31 0average
2,808 +5,100
5 3 2 +2,0005 3 2 +2,000
none0averageCentral heat/airtypical2 car gar/1 per unitpatio/porch
9,1004.34.3 222,100
111,05022,21037,017
217 Monticello RdNorman, OK 730720.13 miles E
180,00069.66
90,00020,00036,000
County Records, MLSRealist
none reported
04/15suburban/avg.Fee Simpleatt residentialtypicaltraditionalaverage31 0average
2,584 +14,100
5 3 2 +2,0004 2 1.1 +3,000
none0averageCentral heat/airtypical4 car gar/2 per unit 4,000patio/porch
15,1008.412.8 195,10097,55021,67839,020
306 Willow Branch RdNorman, OK 730720.30 miles NE
208,00083.13
104,00020,80034,667
County Records, MLSRealist
none reported
07/15suburban/avg.Fee Simpleatt residentialtypicaltraditionalaverage34 0average
2,502 +17,400
5 3 2 +2,0005 3 2 +2,000
none0averageCentral heat/airtypical2 car gar/1 per unitpatio/porch
21,40010.310.3 229,400114,70022,94038,233
2,9368 6
Sales utilized are verifiable sales that reflect the generalcharacteristics of the subject property. Analysis of value influencing characteristics within this market segment took place when selecting thecomparable sales. Comparable sales within the last six months were not revealed, therefore it was necessary to examine sales within the lasttwentyfour months to utilize the most desirable comparable sales. Adjustments were unavoidable, yet were acceptable. The sales selectedwere deemed to provide an accurate and dependable value estimate in regards to the subject property, as they were similar in size andeffective age. All sales are given consideration in the final analysis of market value.
221,000
The GRM for the subject area is not well defined and will not be used in the finalvalue estimate.
221,000Due to the availability of sales data, the sales comparison approach was used to determine the final value estimate. The cost approach andincome approach were deemed irrelevant and were not developed. Only sales comparison was requested by the client.
221,000 10/07/2015
Form 1025 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
SALE
SC
OM
PAR
ISO
NAP
PRO
ACH
INC
OM
ER
ECO
NC
ILIA
TIO
N
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 # 3
Address
Proximity to Subject
Sale Price
Sale Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.
Gross Monthly Rent
Gross Rent Multiplier
Price per Unit
Price per Room
Price per Bedroom
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Gross Building Area
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1
Unit # 2
Unit # 3
Unit # 4
Basement Description
Basement Finished Rooms
Functional Utility
Heating/Cooling
Energy Efficient Items
Parking On/Off Site
Porch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $
Adjusted Sale Price
$ $ $of Comparables
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ $ $
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ $ $
Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ $ $
Value per Unit $ X Units = $ Value per GBA $ X GBA = $
Value per Rm. $ X Rooms = $ Value per Bdrms. $ X Bdrms. = $
Net Adj. %
Gross Adj. %
Net Adj. %
Gross Adj. %
Net Adj. %
Gross Adj. %
Summary of Sales Comparison Approach including reconciliation of the above indicators of value.
Indicated Value by Sales Comparison Approach $
Total gross monthly rent $ X gross rent multiplier (GRM) = $ Indicated value by the Income Approach
Comments on income approach including reconciliation of the GRM
Indicated Value by: Sales Comparison Approach $ Income Approach $ Cost 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 been
completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the
following 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.
Page 3 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
J0001084 10/15J0001084 10/15
The purpose of this appraisal is to estimate the fair cash market value of the land and improvements, subject to the terms and conditions ofthis report.
The scope of the effort contains descriptive data pertaining to the property, its legal status and locational factors have been gathered frompublic sources identified in the report, as well as a personal inspection, demographic data and other support materials maintained in the officedata sources. All information provided by others is believed to be reliable, but may or may not have been independently verified. Other limitingconditions to this appraisal and the extent of the appraisers responsibility are set forth in the limiting conditions addenda of this report andshould be carefully considered.
Possession of the report, whether original or copy, does not carry with it the right of publication, nor may it be used for other than it's intendeduse. It may not be used for any purposes by any person other than the client without the prior written consent and approval of the appraiser andin any event, only with the proper written qualifications and only in it's entirety.
The estimated marketing time in this appraisal is defined as "the time required to obtain an acceptable bona fide offer to purchase from anable purchaser for the property described in this appraisal, assuming that the property is offered for sale at a cash price reasonable near theappraised value stated in this report. Also, assuming that the sale is consummated under the same constraints of time and economicconditions existing at the effective date of valuation of this report." The marketing time for the subject property should be 180 days or less.
The following is provided in order to comply with standards rule 23. I certify that to the best of my knowledge and belief.
The statements of fact contained in this report are true and correct.
The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,impartial and unbiased professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the partiesinvolved. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. Myengagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction invalue that favors the cause of the client, the amount of the value opinion, that attainment of a stipulated result or the occurrence of a subsequentevent directly related to the intended use of the appraisal.
My analysis opinions and conclusions were developed and this report has been prepared in an effort to conform with the Uniform Standards ofAppraisal Practice.
Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject ofthis report within the threeyear period immediately preceding acceptance of this assignment.
Form 1025 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
ADD
ITIO
NAL
CO
MM
ENTS
CO
STAP
PRO
ACH
PUD
INFO
RM
ATIO
N
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 NEW
Source of cost data
Quality rating from cost service Effective date of cost data
Comments 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 CostNew =$
Less Physical Functional External
Depreciation =$( )
Depreciated Cost of Improvements =$
"Asis" Value of Site Improvements =$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.
Does the project contain any multidwelling units? Yes No Data Source
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Page 4 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
J0001084 10/15J0001084 10/15
Form 1025 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
This report form is designed to report an appraisal of a two to fourunit property, including a two to fourunit property in aplanned unit development (PUD). A two to fourunit property located in either a condominium or cooperative projectrequires the appraiser to inspect the project and complete the project information section of the Individual CondominiumUnit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.
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 thisappraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additionalcertifications that do not constitute material alterations to this appraisal report, such as those required by law or thoserelated to the appraiser’s continuing education or membership in an appraisal organization, are permitted.
The scope of work for this appraisal is defined by the complexity of this appraisal assignment andthe reporting 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.
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.
The intended user of this appraisal report is the lender/client.
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 interms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the propertysold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments 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 themarket’s reaction to the financing or concessions based on the appraiser’s judgment.
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 thetitle to it, except for information that he or she became aware of during the research involved in performing this appraisal.The appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding theappraiser’s determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in 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 this 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 nosuch conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for anysuch conditions that do exist or for any engineering or testing that might be required to discover whether such conditionsexist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not beconsidered as an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject tosatisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subjectproperty will be performed in a professional manner.
Page 5 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
J0001084 10/15J0001084 10/15
Form 1025 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
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, including all units. Ireported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies thatcould affect the livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that werein place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison and income approaches to value. I have adequate market data to develop reliable sales comparison andincome approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value butdid not develop it, 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 thesubject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in thisreport.
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 ahome that has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between thesubject property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest 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 reportfrom reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood,subject property, and the proximity of the subject property to adverse influences in the development of my opinion of marketvalue. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration,the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during theinspection of the subject property or that I became aware of during the research involved in performing this appraisal. I haveconsidered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditionson the value and marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, 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 or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners oroccupants 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 causeof any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of apending mortgage 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 tomake a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I willtake no responsibility 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.
Page 6 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
J0001084 10/15J0001084 10/15
Stephen F. SchmedtMetro Appraisal Group, Inc.
15812 N. Pennsylvania, Suite #2, Edmond,OK 73013
(405) 340[email protected]
10/14/201510/07/2015
11984SLA
OK03/31/2017
200 Harvard RdNorman, OK 73072
221,000
n/aOklahoma State Bank
900 36th Avenue NW, Suite 102, Norman, OK73044
n/a
Form 1025 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
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.
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 subcontractor 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.
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature and Report
Effective Date of Appraisal
State Certification #
or State License #
or Other (describe) State #
State
Expiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
Name
Company Name
Company Address
Email Address
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Page 7 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
J0001084 10/15J0001084 10/15
200 Harvard RdNorman, OK 73072
n/a
suburban/avg.Fee Simpleatt residentialtypicaltraditionalaverage32average
2,936
4 3 2.14 3 2.1
0.000averageCentral heat/airtypical2 car gar/1 per unitpatio/porch
214 Willow Branch RdNorman, OK 730720.28 miles E
207,00082.73
103,50020,70034,500
County Records, MLSRealist
none reported
06/15suburban/avg.Fee Simpleatt residentialtypicaltraditionalaverage34 0average
2,502 +17,400
5 3 2 +2,0005 3 2 +2,000
none0averageCentral heat/airtypical2 car gar/1 per unitpatio/porch
21,40010.310.3 228,400114,20022,84038,067
4316 Harvard RdNorman, OK 730720.05 miles S
207,00087.12
103,50020,70034,500
County Records,PV PlusRealist
none reported
06/14suburban/avg.Fee Simpleatt residentialtypicaltraditionalaverage31 0average
2,376 +22,400
5 3 2 +2,0005 3 2 +2,000
none0averageCentral heat/airtypical4 car gar/2 per unit 4,000patio/porch
22,40010.814.7 229,400114,70022,94038,233
4 5 6
4 5 6nonen/acounty records10/08/2015
nonen/acounty records10/08/2015
nonen/acounty records10/08/2015
Form 1025.(AC) "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Small Residential Income Property Appraisal Report File #
SALE
SC
OM
PAR
ISO
NAP
PRO
ACH
SALE
HIS
TOR
YAN
ALYS
IS/C
OM
MEN
TS
FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #
Address
Proximity to Subject
Sale Price
Sale Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.
Gross Monthly Rent
Gross Rent Multiplier
Price per Unit
Price per Room
Price per Bedroom
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Gross Building Area
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1
Unit # 2
Unit # 3
Unit # 4
Basement Description
Basement Finished Rooms
Functional Utility
Heating/Cooling
Energy Efficient Items
Parking On/Off Site
Porch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $
Adjusted Sale Price
$ $ $of Comparables
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ $ $
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ $ $
Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ $ $
Net Adj. %
Gross Adj. %
Net Adj. %
Gross Adj. %
Net Adj. %
Gross Adj. %
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data 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 72 March 2005 Fannie Mae Form 1025 March 2005
Form PICPIX.SC "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Subject Photo PageNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Subject Front
Sales PriceG.B.A.Age/Yr.Blt.
200 Harvard Rdn/a2,93632
Subject Rear
Subject Street
Borrower
Lender/Client
Property Address
City County State Zip Code
Form PICINT15 "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Subject PhotosNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Borrower
Lender/Client
Property Address
City County State Zip Code
Form PICPIX.CC "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Comparable Photo PageNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Comparable 1
Sales Price:GBA:Age:
2609 Belknap Ave213,0002,80831
Comparable 2
Sales Price:GBA:Age:
217 Monticello Rd180,0002,58431
Comparable 3
Sales Price:GBA:Age:
306 Willow Branch Rd208,0002,50234
Borrower
Lender/Client
Property Address
City County State Zip Code
Form PICPIX.CC "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Comparable Photo PageNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Comparable 4
Sales PriceG.B.A.Age/Yr. Blt.
214 Willow Branch Rd207,0002,50234
Comparable 5
Sales PriceG.B.A.Age/Yr. Blt.
4316 Harvard Rd207,0002,37631
Comparable 6
Sales PriceG.B.A.Age/Yr. Blt.
Borrower
Lender/Client
Property Address
City County State Zip Code
Form SKT.BLDSKI "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Building SketchNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Borrower
Lender/Client
Property Address
City County State Zip Code
Form MAP.PLAT "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Plat MapNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Borrower
Lender/Client
Property Address
City County State Zip Code
Form MAP.LOC "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
Location MapNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Borrower
Lender/Client
Property Address
City County State Zip Code
Form MAP.PLAT "TOTAL" appraisal software by a la mode, inc. 1800ALAMODE
LicenseNova McIlhaney Homes, LLC200 Harvard RdNorman Cleveland OK 73072Oklahoma State Bank
Borrower
Lender/Client
Property Address
City County State Zip Code