Home Value Experts 120224 Similar Sales Desktop Valuation ...

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File No.

Similar Sales Desktop Valuation Report (SSDVR)(Limited Appraisal/Summary Report) Loan No.

CLIENT AND PROPERTY IDENTIFICATION

Client/Lender: Address:

Property Address:

City: County: State: Zip code:

Borrower/Applicant: Census Tract:

Legal Description:

Property Type: SFR PUD Condominium Map Reference:

The undersigned apprasier has performed a desktop valuation of the subject property. The purpose of this desktop valuation is to ascertain

the market value, as defined, of the subject property as of a specific date. The report's INTENDED USER is the above named lender/client;

this report is not to be used for any purpose or by any other party. The INTENDED USE of this limited analysis is to aid the lender/client in

determining the feasibility of possible mortgage financing. This report may be completed under the following circumstances: 1) when there is

adequate comparable market data to develop a credible sales comparison analysis for the subject property; 2) when the property rigths

appraised are fee simple; and 3) no investigation of zoning is required. The appraiser has made the assumption that te subject property is an

existing, legal, single family dweliing in compliance with current zoning. The credibility of this analysis is limited because a personal

observation of the subject property and comparable sales was not made by the appraiser. The existence of any obsolescence that affects

the subject property is not known and is assumed not to exist. This analysis is also based on the assumption that the information made

available to the appraiser, either by the person or entity ordering the report or by information contained in public records, is accurate and

reliable. If any of these assumptions are incorrect, this analysis is subject to revision.

SALES COMPARISON

Subject Property Comparable 1 Comparable 2 Comparable 3

Property Address

City, State, Zip code

Proximity to Subject

Data Source or MLS#

Sales Price

Concession Amt ($; None)

Date of Sale

Site Size (SqFt)

Design (# of stories)

Construction

Year Built

Room count (Above grade) Bedrooms Baths Bedrooms Baths Bedrooms Baths Bedrooms Baths

GLA (SqFt)

Basement (Type)

Finished/Unfinished

Garage Type (#; Att/Det) Relative Comparison Analysis:

Check All That Apply:

The comparables chosen are similar and competitive to the subject

Due to the lack of recent sales that were similar and competitive, it was necessary to utilize comparables sales that were

over 6 months old

Due to the lack of sales in the subject area that were similar and competitive, it was necessary to utilize comparable

sales that were more than 0.5 miles distant from the subject

The subject neighborhood has bank-owned and distressed properties for sale

Declining market conditions required the use of distressed sales as they compete with the subject and directly impact home

values in the subject neighborhood

As the assumption is being made that the subject property is in average condition, any updates and/or remodeling in the

comparables were factored into this analysis

The market value of the subject has been estimated after analyzing and reconciling the comparable data

Additional Comments:

Three year sales history and 12 month listing history of the subject:

The subject property has not transferred ownership during the last 3 years

The subject property has not been listed for sale during the last 12 months

The subject property transferred on: for $

The subject property was listed on: for $

Market Value:

My opinion of the market value of the subject property is $: , as of :which is the effective date of this desktop analysis.

SSDVR 06012008

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Home Value Experts

120224

Case No.

Strategic Enterprises Inc. 41538 Avenida de la Reina, Temecula, CA 92592

5815 Fillmore Avenue

Stockton San Joaquin CA 95207

None 0033.05

Lot 214, Unit No. 2, Mayfair

X Comp pg. 221 E4


Stockton, CA 95207

NDC Data/MLS# 12002823

$85,000

0

Active

7,405 sf

Ranch

Average

58

3 2.00

1,576

None

None

2 Car Attached

227 Pearl Avenue

Stockton

0.21 miles N


$145,000

0

04/04/2012

6,534 sf

Ranch

Average

56

3 2.00

1,424

None

None

2 Car Attached

317 E. Robinhood Drive

Stockton

0.26 miles SE


$150,000

$1,500

02/10/2012

6,098 sf

Ranch

Average

54

3 2.00

1,573

None

None

2 Car Attached

5707 Doncaster Way

Stockton

0.18 miles S


$160,000

0

01/27/2012

6,098 sf

Ranch

Average

56 yrs

3 2.00

1,803

None

None

2 Car Attached

X

X

X

X

***See Comment Addendum for Additional Comments***

X 10/24/2011 90,000

X 01/12/2012 85,000

150,000 04/22/2012

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File No.

Market value is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed andTYPE OF VALUE:

refined. A current economic definition agreed upon by agencies that regulate federal financial institutions in the United States of America and published in the Federal Register,

Friday, August 24, 1990, by the Office of the Comptroller of the Currency (OCC) is being utilized, as it is the most common definition of market value and is generally recognized

by the public.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the

buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of

a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well

advised, and acting in what they consider their own best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S.

dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative

financing or sales concessions granted by anyone associated with the sale.

SCOPE OF WORK, LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

SCOPE OF WORK PERFORMED:

• The scope or extent of this appraisal encompasses the necessary research and analysis to prepare a report in accordance with the report's intended use and Uniform

Standards of Professional Appraisal Practice.• This report is considered to be a limited analysis in summary format utilizing the sales comparison approach. The cost approach and income approach are not being

addressed under this format, based on the needs of the client, and are therefore not considered relevant.• The appraisal process differs for every assignment with the intended use of the report determining the extent of the analysis based on the clients determined risks

and needs. Different processes can bring about different value conclusions. The process utilized in this report may not be comprehensive because of the sources of

data utilized.• This report is a desk analysis utilizing information provided by the lender/client, public records, and other data sources available to the appraiser via web sites. Data

acquired has been researched, verified and analyzed, whenever possible, and interpreted into a final reconciliation of an opinion of value. The highest and best use of

the property is assumed to be its current use as no investigation of the subject's zoning classification and conformity to any ordinances was made.• The opinion of value represents a cash equivalent value based on the definition. The conclusion is considered credible for the client's use based on this limited process.

CONTINGENT AND LIMITING CONDITIONS: This appraisal is subject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she

became aware of during the research involved in performing this report. The appraiser assumes that the title for the property is good and marketable and will not render

any opinions about the title.

2. Responsible ownership and competent property management are assumed.

3. An assumption has been made that no hidden or unapparent conditions on the properties, sub-soils, or structures exist that renders it more or less valuable. All engineering

is assumed to be correct. Unless otherwise stated in this report, the existence of hazardous material may or may not be present on or in the property. The appraiser has no

knowledge of the existence of such materials on or in the property. The presence of substances such as asbestos, urea-formaldehyde foam insulation, lead based paint or

other potentially hazardous materials may affect the value of the property. The value opinion is predicated on the assumption that there are no such materials on or in the

property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them.

4. Full compliance with all applicable federal, state, and local environmental regulations and laws has been assumed to have been met unless non-compliance is stated,

defined, and considered in the appraisal report.

5. Compliance of all applicable zoning and use regulations and restrictions is assumed to have been met unless non-compliance has been stated, defined, and considered

in the appraisal report.

6. All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, national government, private entity or

organization are assumed to have been or can be obtained or renewed for any use for which the value opinion contained in this report is based.

7. The utilization of the land and improvements is assumed to be within the boundaries of the subject property lines described and no encroachments or trespass exists unless

noted in the report.

8. Information regarding the subject's physical characteristics was obtained either from information supplied on the appraisal request or from third party sources that the

appraiser considers reliable and therefore true and correct. The appraiser does not assume responsibility for the accuracy of such data that were furnished by other parties.

9. The appraiser will not disclose the contents of this report except as provided for in Uniform Standards of Professional Appraisal Practice.

GENERAL LIMITING CONDITIONS:

1. The distribution, if any, of the total valuation of this report between land and improvements applies only under the stated program of utilization. The separate allocations

of land and buildings must not be used in conjunction with any other appraisal and are invalid if so used.

2. The appraiser will not provide further consultation, testimony, or appear in court with reference to the property in question unless arrangements have been previously made.

3. Neither all nor any part of the contents of this report shall be disseminated to the public through advertising, public relations, news, sales, or other

media without the prior written consent and approval of the appraiser. This caveat applies also to conclusions as to value, the identity of the appraiser, and/or the firm

with which the appraiser is connected.

APPRAISER'S CERTIFICATION: I certify that, to the best of my knowledge and belief:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased

professional analysis, opinions, and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report, and no personal interest or bias with respect to the parties involved.

4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

5. My engagement in this assignment was not contingent upon developing or reporting predetermined results.

6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors

the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended

use of this appraisal.

7. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

8. I have not made a personal observation of the property that is the subject of this report.

9. No one provided significant real property assistance to the person signing this certification.

Signature

Name

Date of Signature

State Certification #

or State License #

State

Expiration Date of Certification or License

Address of Appraised Property

Appraised Value of Property $ Effective Date of Appraisal

Page of

SSDVR 06012008

Home Value Experts

120224

Case No.

Christine D. Ross

03/24/2012

AR032455

CA

11/18/2013


150,000 04/22/2012

2 7


COMMENT ADDENDUMFile No.

Borrower

Property Address

City County State Zip Code

Lender/Client Address

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Case No.

None




ADDITIONAL COMMENTS:

The appraiser is using a hypothetical condition, per proposed rehabilitation work provided to the appraiser by the client. Subject is to be updated with new interior/exterior paint, carpet/tile flooring, refinished hardwood flooring, new front door, new 6 panel doors throughout and hardware, new light fixtures, new baseboards and new dual pane windows. Kitchen to have granite counter tops on new cabinetry, new sink and fixtures and new appliances. Bathrooms updated with shower enclosure, new toilets, tile wainscotting and new fixtures.

Key to this property is location, specifically to Saint Mary's High School. Saint Mary's is located between E. Robinhood Drive and E. Mayfair Avenue, and the comparable sales chosen are in close proximity to Saint Mary's walking distance. It should be noted that comparable #1 is the most recent sale of a similar renovated property, however was not renovated with new kitchen cabinetry and the subject would receive a small upward adjustment for GLA square footage. Comparable #3, larger in GLA square footage, would receive a downward adjustment, and has better curb appeal due to landscaping. Currently the market is stable with slight increases in values for properties between 1,400 sf - 1,800 sf (0-6 months: High sale $150,000, low sale $105,000, median sale $125,000; 7-12 months: High sale $150,000, low sale $51,000, median sale $112,000).

Christine D. RossState Certified Appraiser, AR032455

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PLAT MAP File No.

Borrower

Property Address



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Case No.

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SU

BJE

CT

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File No.LOCATION MAP ADDENDUM

Borrower

Property Address



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Case No.

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File No.

Borrower

Property Address



COMPARABLE SALE #

COMPARABLE SALE #

COMPARABLE SALE #

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Home Value Experts

COMPARABLES 1-2-3 120224

Case No.

N/A




1

227 Pearl Avenue

Stockton

2

317 E. Robinhood Drive

Stockton

3

5707 Doncaster Way

Stockton

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File No.Appraiser License Certificate

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Case No.

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INVOICE

Date: File No.

Prepared for:

Property Appraised:

Work Performed:

$$$$$$

Total Amount Due: $

Please make checks payable to:

04/22/2012 120224

Case No.

Strategic Enterprises Inc.

41538 Avenida de la Reina

Temecula, CA 92592

N/A


Stockton, CA 95207

Desktop 30.00

30.00

Home Value Experts

2522 Grand Canal Boulevard #5

Stockton, CA 95207

Home Value Experts 120224 Similar Sales Desktop Valuation ...

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