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Certificate of Non-Influence and HVCC Compliance Trusted Appraisal Management
Trusted App File Number: 081110003
Subject Property: 4060 S Lake Park Ave, Chicago, IL
Appraisal Date: 08/11/10
Trusted Appraisal Appraisal Management (TrustedAM) – an independent, third party appraisal management
company – certifies that the above referenced appraisal report was completed in compliance with the Home
Valuation Code of Conduct (HVCC) and in strict adherence to our non-influence policy and process:
• The Lender/Client named on the appraisal report submitted the appraisal order to TrustedAM either
directly or through our secure web-based transaction management system.
• Appraiser selection was performed at the sole discretion of TrustedAM by utilizing selection criteria of
appraiser service level performance, quality ranking, capacity, appraiser’s proximity to subject property,
proper licensing or state certification and availability.
• For all transactions other than FHA: The TrustedAM appraisal procurement process maintains a double-
blind environment whereby the mortgage origination firm is unaware of the appraiser’s identity until the
time of final appraisal report delivery. Likewise, the appraiser is provided with only the originating firm’s
name and address (for inclusion in the appraisal report) and is never provided the loan officer, processor or
any other originating personnel information.
• For FHA transactions: The current FHA loan process requires the identity of the appraiser to be disclosed to
the originating firm for the purpose of obtaining an FHA case number. The appraiser has certified that the
originating firm in no way influenced the objectivity of the appraisal process or the final valuation of the
subject property.
• The terms and conditions of the engagement contract between TrustedAM and the appraiser prohibit the
appraiser from communicating with the Lender/Client, or attempting to obtain value/loan information from
the borrower/property owner.
• No estimation regarding the Subject Property’s value, proposed loan amount, or proposed loan-to-value
ratio, was provided or communicated by TrustedAM to the appraiser. For purchase transactions, the
purchase agreement was provided to the appraiser as required by USPAP Standards Rule 1-5(a).
TrustedAM will retain a copy of this certificate within its appraisal transaction management system. The certificate
can be made available to any authorized institutions, successors and/or assignees by the originating Lender/Client.
Any knowledge or violation of the HVCC or terms within this certificate should be reported immediately to TrustedAM.
Ph: (847) 514-9846 • www.TrustedAM.com • Fax: (847) 620-0685
APPRAISAL MANAGEMENT
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 NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODETrusted Appraisal Management (847) 514-9846
Trusted Appraisal Management122 S Evergreen AveSuite 3Arlington Heights, IL 60005
847 514 9846
Carnegie Mortgage LLC3490 Route 1 NorthSuite 15APrinceton , NJ 08540
0000434
0000434
Carnegie Mortgage LLC Carnegie Mortgage LLCIrma Lechuga4060 S Lake Park AveChicagoCook IL 60653-2525See additional comments area, or attached title policy.
Residential Multi-Unit 600.00Rush (Additional Fee) 50.00
650.00
Paid in Full (Credit Card) 650.00
650.00
THANK YOU FOR YOUR BUSINESS! 0
847 620 0685
Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODETrusted Appraisal Management (847) 514-9846
Trusted Appraisal Management122 S Evergreen AveSuite 3Arlington Heights, IL 60005
847 514 9846
Carnegie Mortgage LLC3490 Route 1 NorthSuite 15APrinceton , NJ 08540
0000434
0000434
Carnegie Mortgage LLC Carnegie Mortgage LLCIrma Lechuga4060 S Lake Park AveChicagoCook IL 60653-2525See additional comments area, or attached title policy.
Residential Multi-Unit 600.00Rush (Additional Fee) 50.00
650.00
Paid in Full (Credit Card) 650.00
650.00
THANK YOU FOR YOUR BUSINESS! 0
847 620 0685
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
Small Residential Income Property Appraisal Report File #
SUB
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ENTS
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
2-4 Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths
2-4 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/or 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 Two Three Four
Accessory Unit (describe below)# of Stories # of bldgs.Type 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/CoolingFWA HWBB RadiantOther Fuel
Cooling Central Air ConditioningIndividual Other
AmenitiesFireplace(s) #Patio/DeckPool
Woodstove(s) #FencePorch
Other
Car StorageNoneDriveway # of Cars
Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in
# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Unit # 1 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 2 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 3 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 4 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaAdditional 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
4060 S Lake Park Ave Chicago IL 60653-2525Irma Lechuga Chicago Title And Trust Cook
See additional comments area, or attached title policy.20021070300000 2008 3,560.85Hyde Park SMSA 1600 3604.00
0
Carnegie Mortgage LLC 3490 Route 1 North, Suite 15A, Princeton , NJ 08540
Multiple Listing Service. Listed simultaneously, MLS#07424638 and 07424638. One as a SFR,another as an MF. MF MLS#07415623, LD -1/14/10, OMD 03/15/10, DOM 61, LP $199,000.
Typical contract, no concessions stated
350,000 05/23/10 Tax Record
20900150
1128100
50301055
The neighborhood is bounded by 42nd Street to the North, South LakeshoreDrive to the East, 56th Street to the South and Michigan Avenue to the West.
The immediate market area is located in close proximity to schools, places of worship, shopping centers, and access toexpressways (i.e. Interstates 290 and 90/94). The neighborhood features a host of single family bungalow homes, some 2 Unit bungalow mosthaving detached garages. There is also a variety of multi-unit buildings, most consisting of 2 units. The subject property conforms well to theimmediate market area in that over 60% of the building stock in the subject's area are large bungalow style homes.
Market conditions appear to be favorable, with a reasonable balance between supply anddemand. Conventional financing was typical and readily available at rates from 6-7 % for 30yr. conventional loans. Finance concessions wereuncommon in this market.
25x125 3,125 Sq.Ft. Rectangular ResidentialRM-5 Residential
ASPHALTYES
X 17031C0528J 8/19/2008
NO ADVERSE EASEMENTS OR ENCROACHMENT WERE NOTICED OR NOTED DURING THE TIME OF INSPECTION. THE APPRAISERWAS NOT FURNISHED A PLAT OF SURVEY FOR REVIEW. LANDSCAPING IS AVERAGE FOR THE SUBJECT NEIGHBORHOOD.THE
3 1
3 St/3 Unit188615
NONE EVIDENT
Concrete/Block/AvgBrick/AvgAsphalt/GoodAluminum/GoodDbl Hung/GoodGoodCombo/Avg
Hdwd/Cer/GdDrywall/AvgHdwd/GoodCeramic/GoodCeramic/Good
Gas2
Iron
2/2 AVG 2/2 AVG 0 0 0 05 2 1 1,2133 1 1 1,2136 3 1 1,740
100amp electric service to each unit, 50 gal water heater and GFA furnaces.
See Additional comments area.
Trusted Appraisal Management (847) 514-9846
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
4060 S Lake Park Ave Chicago IL 60653-2525Irma Lechuga Chicago Title And Trust Cook
See additional comments area, or attached title policy.20021070300000 2008 3,560.85Hyde Park SMSA 1600 3604.00
0
Carnegie Mortgage LLC 3490 Route 1 North, Suite 15A, Princeton , NJ 08540
Multiple Listing Service. Listed simultaneously, MLS#07424638 and 07424638. One as a SFR,another as an MF. MF MLS#07415623, LD -1/14/10, OMD 03/15/10, DOM 61, LP $199,000.
Typical contract, no concessions stated
350,000 05/23/10 Tax Record
20900150
1128100
50301055
The neighborhood is bounded by 42nd Street to the North, South LakeshoreDrive to the East, 56th Street to the South and Michigan Avenue to the West.
The immediate market area is located in close proximity to schools, places of worship, shopping centers, and access toexpressways (i.e. Interstates 290 and 90/94). The neighborhood features a host of single family bungalow homes, some 2 Unit bungalow mosthaving detached garages. There is also a variety of multi-unit buildings, most consisting of 2 units. The subject property conforms well to theimmediate market area in that over 60% of the building stock in the subject's area are large bungalow style homes.
Market conditions appear to be favorable, with a reasonable balance between supply anddemand. Conventional financing was typical and readily available at rates from 6-7 % for 30yr. conventional loans. Finance concessions wereuncommon in this market.
25x125 3,125 Sq.Ft. Rectangular ResidentialRM-5 Residential
ASPHALTYES
X 17031C0528J 8/19/2008
NO ADVERSE EASEMENTS OR ENCROACHMENT WERE NOTICED OR NOTED DURING THE TIME OF INSPECTION. THE APPRAISERWAS NOT FURNISHED A PLAT OF SURVEY FOR REVIEW. LANDSCAPING IS AVERAGE FOR THE SUBJECT NEIGHBORHOOD.THE
3 1
3 St/3 Unit188615
NONE EVIDENT
Concrete/Block/AvgBrick/AvgAsphalt/GoodAluminum/GoodDbl Hung/GoodGoodCombo/Avg
Hdwd/Cer/GdDrywall/AvgHdwd/GoodCeramic/GoodCeramic/Good
Gas2
Iron
2/2 AVG 2/2 AVG 0 0 0 05 2 1 1,2133 1 1 1,2136 3 1 1,740
100amp electric service to each unit, 50 gal water heater and GFA furnaces.
See Additional comments area.
Trusted Appraisal Management (847) 514-9846
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
SUB
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DSI
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ENTS
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
2-4 Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths
2-4 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/or 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 Two Three Four
Accessory Unit (describe below)# of Stories # of bldgs.Type 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/CoolingFWA HWBB RadiantOther Fuel
Cooling Central Air ConditioningIndividual Other
AmenitiesFireplace(s) #Patio/DeckPool
Woodstove(s) #FencePorch
Other
Car StorageNoneDriveway # of Cars
Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in
# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Unit # 1 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 2 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 3 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaUnit # 4 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living AreaAdditional 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
Page #1 of 20
Small Residential Income Property Appraisal Report File #
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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 # 3Address
Proximity to SubjectCurrent Monthly Rent $ $ $ $Rent/Gross Bldg. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Rent Control Yes No Yes No Yes No Yes NoData Source(s)Date of Lease(s)LocationActual AgeConditionGross 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 BaUnit # 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 RentLease Date Per Unit Total
RentsPer Unit Total
RentsUnit # Begin Date End Date Unfurnished Furnished Unfurnished Furnished1234
$ $ $ $ $ $
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 OtherComments 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 # 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
Page 2 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
4060 S Lake Park AveChicago, IL 60653-2525
1INSPECTIONCURRENTUrban124Average
4,166
4,1665 2 1 1,2133 1 1 1,2136 3 1 1,740
Typical
5412 S Drexel StChicago, IL1.62 miles S
3,6001.12
MULTIPLE LISTINGMonth to monthUrban92Similar
3,222
3,222 3,6004 2 1 1,074 1,1006 2 1 1,074 1,2506 2 1 1,074 1,250
Typical
4531 S Oakenwald AveChicago, IL0.68 miles SE
3,5001.02
MULTIPLE LISTINGMonth to monthUrban122Similar
3,440
3,440 3,5007 3 2 1,720 2,3007 3 2 1,720 1,200
Typical
5137 S Wabash AveChicago, IL1.79 miles SW
4,0000.67
MULTIPLE LISTINGMonth to monthUrban3Similar
6,000
6,000 4,0006 3 2 1,500 1,3006 3 2 1,500 1,3006 3 2 1,5006 3 2 1,500 1,400
Typical
THE RENTALS SELECTED ARE THE MOST RECENT COMPARABLE RENTALS AVAILABLE IN THE SUBJECT MARKETPLACE. THERENTALS AND THEIR SPECIFICS HAVE BEEN RESEARCHED TO THE EXTENT OF THE AVAILABLE INFORMATION AND INTERVIEW OFAVAILABLE PARTIES INVOLVED. ALL INFORMATION IS DEEMED RELIABLE. RENTALS ARE SELECTED FROM THE SUBJECTNEIGHBORHOOD. THE RENTAL VALUES THAT ARE DEVELOPED ARE REASONABLE AND SUPPORTED. MONTH TO MONTH RENTALS
Vacant Vacant 1,000 1,000Vacant Vacant 1,000 1,000Vacant Vacant 1,000 1,000
3,0000
3,000
Leases not provided.
TENANT PAYS ALL OWN UTILITIESACTUAL RENTS COLLECTED FROM THE SUBJECT APPEAR
TO BE IN LINE WITH THE MARKET RENTS AND ESTIMATED RENTS. ESTIMATED RENTS ARE CALCULATED AND EXTRACTED FROMTHE MARKET. NO MAJOR DIFFERENCES WERE FOUND IN THE ANALYSIS OF RENTS WITHIN THE SUBJECT MARKETPLACE.APARTMENTS SURVEYED WERE EXTRACTED FROM THE SUBJECT MARKETPLACE.
Multiple Listing Service, Tax Records
Multiple Listing Service, Tax Records
04/14/2009Transfer DeedRecorded Deed08/10/10
08/13/2009232,000Recorded Deed08/10/10
03/23/2010230,000Recorded Deed08/10/10
N/A
Recorded Deed08/10/10
Previous sales and transfers recorded on the grid above. Prior tosubject's previous transfer, subject was previusly purchased for $330,000, recorded 06/02/06, Doc#0615302010.
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
4060 S Lake Park AveChicago, IL 60653-2525
1INSPECTIONCURRENTUrban124Average
4,166
4,1665 2 1 1,2133 1 1 1,2136 3 1 1,740
Typical
5412 S Drexel StChicago, IL1.62 miles S
3,6001.12
MULTIPLE LISTINGMonth to monthUrban92Similar
3,222
3,222 3,6004 2 1 1,074 1,1006 2 1 1,074 1,2506 2 1 1,074 1,250
Typical
4531 S Oakenwald AveChicago, IL0.68 miles SE
3,5001.02
MULTIPLE LISTINGMonth to monthUrban122Similar
3,440
3,440 3,5007 3 2 1,720 2,3007 3 2 1,720 1,200
Typical
5137 S Wabash AveChicago, IL1.79 miles SW
4,0000.67
MULTIPLE LISTINGMonth to monthUrban3Similar
6,000
6,000 4,0006 3 2 1,500 1,3006 3 2 1,500 1,3006 3 2 1,5006 3 2 1,500 1,400
Typical
THE RENTALS SELECTED ARE THE MOST RECENT COMPARABLE RENTALS AVAILABLE IN THE SUBJECT MARKETPLACE. THERENTALS AND THEIR SPECIFICS HAVE BEEN RESEARCHED TO THE EXTENT OF THE AVAILABLE INFORMATION AND INTERVIEW OFAVAILABLE PARTIES INVOLVED. ALL INFORMATION IS DEEMED RELIABLE. RENTALS ARE SELECTED FROM THE SUBJECTNEIGHBORHOOD. THE RENTAL VALUES THAT ARE DEVELOPED ARE REASONABLE AND SUPPORTED. MONTH TO MONTH RENTALS
Vacant Vacant 1,000 1,000Vacant Vacant 1,000 1,000Vacant Vacant 1,000 1,000
3,0000
3,000
Leases not provided.
TENANT PAYS ALL OWN UTILITIESACTUAL RENTS COLLECTED FROM THE SUBJECT APPEAR
TO BE IN LINE WITH THE MARKET RENTS AND ESTIMATED RENTS. ESTIMATED RENTS ARE CALCULATED AND EXTRACTED FROMTHE MARKET. NO MAJOR DIFFERENCES WERE FOUND IN THE ANALYSIS OF RENTS WITHIN THE SUBJECT MARKETPLACE.APARTMENTS SURVEYED WERE EXTRACTED FROM THE SUBJECT MARKETPLACE.
Multiple Listing Service, Tax Records
Multiple Listing Service, Tax Records
04/14/2009Transfer DeedRecorded Deed08/10/10
08/13/2009232,000Recorded Deed08/10/10
03/23/2010230,000Recorded Deed08/10/10
N/A
Recorded Deed08/10/10
Previous sales and transfers recorded on the grid above. Prior tosubject's previous transfer, subject was previusly purchased for $330,000, recorded 06/02/06, Doc#0615302010.
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
IMPR
OVE
MEN
TSC
OM
PAR
AB
LE R
ENTA
L D
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SUB
JEC
T R
ENT
SCH
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LEPR
IOR
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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 # 3Address
Proximity to SubjectCurrent Monthly Rent $ $ $ $Rent/Gross Bldg. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Rent Control Yes No Yes No Yes No Yes NoData Source(s)Date of Lease(s)LocationActual AgeConditionGross 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 BaUnit # 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 RentLease Date Per Unit Total
RentsPer Unit Total
RentsUnit # Begin Date End Date Unfurnished Furnished Unfurnished Furnished1234
$ $ $ $ $ $
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 OtherComments 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 # 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
Page 2 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #2 of 20
Small Residential Income Property Appraisal Report File #
SALE
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PAR
ISO
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PPR
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CH
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 # 3Address
Proximity to SubjectSale PriceSale Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Gross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom
$$$
$$$
$$$
$$$
$$$
$$$
$$$
$$$
Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Price
$ $ $of ComparablesAdjusted 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 ApproachComments 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 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.
Page 3 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
48 25,000 599,00046 24,900 850,000
4060 S Lake Park AveChicago, IL 60653-2525
350,00084.01
3,000116.67
116,66725,00058,333
UrbanFee Simple3,125 Sq.Ft.Residential3 St/3 UnitBrick/Avg124Average
4,166
5 2 13 1 16 3 1
AverageGfwa/NoneTypicalNonePorch
Other N/A
4633 S Langley AveChicago, IL0.80 miles SW
420,00093.33
140,00032,30860,000
MULTIPLE LISTING OFNORTHERN ILLINOIS
TypicalPoints -12,60002/15/10MT31UrbanFee Simple3,025Residential3 Story/3 UnitBrick/AVS/Avg5Above Average -25,000
4,500 -9,000
5 3 3 -9,0004 2 2 -6,0004 2 2
Full -8,000DuplexedAverageGfwa/NoneTypical3 SpacesSimilarN/A
-69,60016.616.6 350,400
116,80026,95450,057
4337 S Indiana AveChicago, IL1.07 miles W
350,000117.85
116,66723,33338,889
MULTIPLE LISTING OFNORTHERN ILLINOIS
Typical
06/10/10MT23UrbanFee Simple4,025Residential3 Story/3 UnitBrick/Avg112Similar
2,970 +36,000
5 3 1 -3,0005 3 1 -6,0005 3 1
Full -8,000DuplexedAverageGfwa/NoneTypicalNoneSimilarN/A
19,0005.415.1 369,000
123,00024,60041,000
5123 S Dorchester AveChicago, IL1.40 miles SE
325,000109.76
108,33336,11154,167
MULTIPLE LISTING OFNORTHERN ILLINOIS
Typical
07/12/10MT24UrbanFee Simple3,484Residential3 Story/3 UnitBrick/Avg117Similar
2,961 +36,000
3 2 13 2 1 -3,0003 2 1 +3,000
Full -4,000UnfinishedAverageGfwa/NoneTypical2 Car GarageSimilarBank Sale
32,0009.814.2 357,000
119,00039,66759,500
120,000 3 360,000 90 4,166 374,94025,000 14 350,000 60,000 6 360,000
Frecent market data in the subject's neighborhood on thehousing similar to the subject property in size, style, and functional utility, the comparables reported above were considered to be the best availableat the time of the report. Adjustments were made for bedroom count and overall functional utility in addition to adjustments for square footage. Noadjustment was made for exterior construction as the subject neighborhood represents similar appeal of brick and frame exterior multi-units.Subject was not affected physically, nor was it's marketability, due to the recent inclusion of the subject's zip code as a disaster area. This disasterarea indication was made due to heavy rain within the subject area, however has not impacted the subject. An adjustment of $3,000 per bedroomand $3,000 per full bathroom were made for functional utility.
360,0003,000 120 360,000
THE APPRAISER IS USING A MID RANGE GROSS RENT MULTIPLIER AS THESUBJECT HAS SIMILAR UTILITY TO ALL COMPARABLE SALES.
360,000 360,000During the process of reconciliation, the sales comparison analysis was most greatly relied upon. Greatest weight was given to comparablesclosest, most recent and requiring fewest adjustmenets.
THIS REPORT IS BASED ON A" FEE SIMPLE " FORM OF OWNERSHIP. AND IS SUBJECT TO THE CERTIFICATION AND LIMITING CONDITIONS COMMENTS ATTACHED.
360,000 08/10/10
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
48 25,000 599,00046 24,900 850,000
4060 S Lake Park AveChicago, IL 60653-2525
350,00084.01
3,000116.67
116,66725,00058,333
UrbanFee Simple3,125 Sq.Ft.Residential3 St/3 UnitBrick/Avg124Average
4,166
5 2 13 1 16 3 1
AverageGfwa/NoneTypicalNonePorch
Other N/A
4633 S Langley AveChicago, IL0.80 miles SW
420,00093.33
140,00032,30860,000
MULTIPLE LISTING OFNORTHERN ILLINOIS
TypicalPoints -12,60002/15/10MT31UrbanFee Simple3,025Residential3 Story/3 UnitBrick/AVS/Avg5Above Average -25,000
4,500 -9,000
5 3 3 -9,0004 2 2 -6,0004 2 2
Full -8,000DuplexedAverageGfwa/NoneTypical3 SpacesSimilarN/A
-69,60016.616.6 350,400
116,80026,95450,057
4337 S Indiana AveChicago, IL1.07 miles W
350,000117.85
116,66723,33338,889
MULTIPLE LISTING OFNORTHERN ILLINOIS
Typical
06/10/10MT23UrbanFee Simple4,025Residential3 Story/3 UnitBrick/Avg112Similar
2,970 +36,000
5 3 1 -3,0005 3 1 -6,0005 3 1
Full -8,000DuplexedAverageGfwa/NoneTypicalNoneSimilarN/A
19,0005.415.1 369,000
123,00024,60041,000
5123 S Dorchester AveChicago, IL1.40 miles SE
325,000109.76
108,33336,11154,167
MULTIPLE LISTING OFNORTHERN ILLINOIS
Typical
07/12/10MT24UrbanFee Simple3,484Residential3 Story/3 UnitBrick/Avg117Similar
2,961 +36,000
3 2 13 2 1 -3,0003 2 1 +3,000
Full -4,000UnfinishedAverageGfwa/NoneTypical2 Car GarageSimilarBank Sale
32,0009.814.2 357,000
119,00039,66759,500
120,000 3 360,000 90 4,166 374,94025,000 14 350,000 60,000 6 360,000
Frecent market data in the subject's neighborhood on thehousing similar to the subject property in size, style, and functional utility, the comparables reported above were considered to be the best availableat the time of the report. Adjustments were made for bedroom count and overall functional utility in addition to adjustments for square footage. Noadjustment was made for exterior construction as the subject neighborhood represents similar appeal of brick and frame exterior multi-units.Subject was not affected physically, nor was it's marketability, due to the recent inclusion of the subject's zip code as a disaster area. This disasterarea indication was made due to heavy rain within the subject area, however has not impacted the subject. An adjustment of $3,000 per bedroomand $3,000 per full bathroom were made for functional utility.
360,0003,000 120 360,000
THE APPRAISER IS USING A MID RANGE GROSS RENT MULTIPLIER AS THESUBJECT HAS SIMILAR UTILITY TO ALL COMPARABLE SALES.
360,000 360,000During the process of reconciliation, the sales comparison analysis was most greatly relied upon. Greatest weight was given to comparablesclosest, most recent and requiring fewest adjustmenets.
THIS REPORT IS BASED ON A" FEE SIMPLE " FORM OF OWNERSHIP. AND IS SUBJECT TO THE CERTIFICATION AND LIMITING CONDITIONS COMMENTS ATTACHED.
360,000 08/10/10
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
SALE
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PAR
ISO
N A
PPR
OA
CH
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 # 3Address
Proximity to SubjectSale PriceSale Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Gross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom
$$$
$$$
$$$
$$$
$$$
$$$
$$$
$$$
Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Price
$ $ $of ComparablesAdjusted 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 ApproachComments 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 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.
Page 3 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #3 of 20
Small Residential Income Property Appraisal Report File #
AD
DIT
ION
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PPR
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PUD
INFO
RM
ATI
ON
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) Years
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.
Page 4 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
The improvements are in average/ good overall condition inside and outside with no major items of deferred maintenanceobserved. The exterior is brick. The hardwood and ceramic tile, interior ceilings are all in overall average/ good condition withsome repair and replacement of drywall required. The kitchens and bathrooms require some drywall, ceramic tile and fixturerepair or replacement due to recent damage. The stair well leading to the basement requires some drywall replacement orrepair. Each unit has gas forced hot air heat. There is no vehicle parking on the property.
60
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
The improvements are in average/ good overall condition inside and outside with no major items of deferred maintenanceobserved. The exterior is brick. The hardwood and ceramic tile, interior ceilings are all in overall average/ good condition withsome repair and replacement of drywall required. The kitchens and bathrooms require some drywall, ceramic tile and fixturerepair or replacement due to recent damage. The stair well leading to the basement requires some drywall replacement orrepair. Each unit has gas forced hot air heat. There is no vehicle parking on the property.
60
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
AD
DIT
ION
AL
CO
MM
ENTS
CO
ST A
PPR
OA
CH
PUD
INFO
RM
ATI
ON
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) Years
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.
Page 4 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #4 of 20
Small Residential Income Property Appraisal Report File #
This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in aplanned unit development (PUD). A two- to four-unit 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.
SCOPE OF WORK: 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.
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 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.
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 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
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in aplanned unit development (PUD). A two- to four-unit 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.
SCOPE OF WORK: 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.
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 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.
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 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
Page #5 of 20
Small Residential Income Property Appraisal Report File #
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, 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
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
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, 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
Page #6 of 20
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.
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)
SignatureNameCompany NameCompany Address
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
Page 7 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Miki RileyAppraisal Plus, Inc
19 Burning Oak Trail, Barrington Hills, IL 60010
847 749 [email protected]
August 11, 201008/10/10
556.004341
IL9/30/2011
4060 S Lake Park AveChicago, IL 60653-2525
360,000
Carnegie Mortgage LLC3490 Route 1 North, Suite 15A, Princeton , NJ
08540
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Miki RileyAppraisal Plus, Inc
19 Burning Oak Trail, Barrington Hills, IL 60010
847 749 [email protected]
August 11, 201008/10/10
556.004341
IL9/30/2011
4060 S Lake Park AveChicago, IL 60653-2525
360,000
Carnegie Mortgage LLC3490 Route 1 North, Suite 15A, Princeton , NJ
08540
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
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.
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)
SignatureNameCompany NameCompany Address
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
Page 7 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #7 of 20
Small Residential Income Property Appraisal Report File #
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
Proximity to SubjectSale PriceSale Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Gross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom
$$$
$$$
$$$
$$$
$$$
$$$
$$$
$$$
Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Price
$ $ $of ComparablesAdjusted 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/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 72 March 2005 Fannie Mae Form 1025 March 2005
4060 S Lake Park AveChicago, IL 60653-2525
350,00084.01
3,000116.67
116,66725,00058,333
UrbanFee Simple3,125 Sq.Ft.Residential3 St/3 UnitBrick/Avg124Average
4,166
5 2 13 1 16 3 1
AverageGfwa/NoneTypicalNonePorch
Other N/A
4323 S Vernon AveChicago, IL0.76 miles SW
562,000124.34
187,33346,83393,667
MULTIPLE LISTING OFNORTHERN ILLINOIS
Typical
12/03/09MT1 -36,530UrbanFee Simple3,025Residential3 Story/3 UnitBrick/AVS/Avg2Above Average -50,000
4,520 -9,000
4 2 2 -3,0004 2 2 -6,0004 2 2
None
AverageGfwa/NoneTypical3 SpacesSimilarN/A
-104,53018.618.6 457,470
152,49038,12376,245
4 5 6
4 5 604/14/2009Transfer DeedRecorded Deed08/10/10
12/30/200477,000Recorded Deed08/10/10
Form 1025.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
4060 S Lake Park AveChicago, IL 60653-2525
350,00084.01
3,000116.67
116,66725,00058,333
UrbanFee Simple3,125 Sq.Ft.Residential3 St/3 UnitBrick/Avg124Average
4,166
5 2 13 1 16 3 1
AverageGfwa/NoneTypicalNonePorch
Other N/A
4323 S Vernon AveChicago, IL0.76 miles SW
562,000124.34
187,33346,83393,667
MULTIPLE LISTING OFNORTHERN ILLINOIS
Typical
12/03/09MT1 -36,530UrbanFee Simple3,025Residential3 Story/3 UnitBrick/AVS/Avg2Above Average -50,000
4,520 -9,000
4 2 2 -3,0004 2 2 -6,0004 2 2
None
AverageGfwa/NoneTypical3 SpacesSimilarN/A
-104,53018.618.6 457,470
152,49038,12376,245
4 5 6
4 5 604/14/2009Transfer DeedRecorded Deed08/10/10
12/30/200477,000Recorded Deed08/10/10
Form 1025.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
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
Proximity to SubjectSale PriceSale Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Gross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom
$$$
$$$
$$$
$$$
$$$
$$$
$$$
$$$
Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Price
$ $ $of ComparablesAdjusted 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/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 72 March 2005 Fannie Mae Form 1025 March 2005
Page #8 of 20
File #FEATURE SUBJECT COMPARABLE LISTING # COMPARABLE LISTING # COMPARABLE LISTING #
Address
Proximity to SubjectList PriceList Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Last Price Revision DateGross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom
$$
$
$$$
$$
$
$$$
$$
$
$$$
$$
$
$$$
Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDays on MarketLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $Adjusted List Price
$ $ $of ComparablesAdjusted Price Per Unit (Adj. LP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. LP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm (Adj. LP Comp / # of Comp Bedrooms) $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Analysis/Comments
Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
COMPARABLE LISTINGS
4060 S Lake Park AveChicago, IL 60653-2525
350,00084.00
3,000116.67
116,66725,00058,333
UrbanFee Simple3,125 Sq.Ft.Residential3 St/3 UnitBrick/Avg124Average
4,166
5 2 13 1 16 3 1
AverageGfwa/NoneTypicalNonePorch
534 E 46th PlChicago, IL0.93 miles SW
499,000129.95
4,500110.89
166,33320,79241,583
MLSExterior Inspection
NONEREPORTED240 -25,000UrbanFee Simple3,600 Sq.Ft.Residential3 St/3 UnitBrick/Avg111Above Average -50,000
3,840 +9,000
8 4 2.1 -10,5008 4 2.1 -13,5008 4 2.1 -7,500
Full -8,000FinishedAverageGfwa/NoneTypicalSpacesPorch
-105,50021.124.7 393,500
131,16716,39632,792
839 E Drexel SqChicago, IL1.35 miles S
495,000157.64
3,950125.32
165,00033,00082,500
MLSExterior Inspection
NONEREPORTED10 -25,000UrbanFee Simple2,880 Sq.Ft.Residential3 St/3 UnitBrick/Avg111Above Average -50,000
3,140 +30,000
5 2 15 2 1 -3,0005 2 1 +3,000
Full -8,000FinishedAverageGfwa/NoneTypicalSpacesPorch
-53,00010.724.0 442,000
147,33329,46773,667
1 2 3
Adjustments of approximately 5% provided for list price to sales price trends within the marketplace.
Form 1025.(AL) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
COMPARABLE LISTINGS
4060 S Lake Park AveChicago, IL 60653-2525
350,00084.00
3,000116.67
116,66725,00058,333
UrbanFee Simple3,125 Sq.Ft.Residential3 St/3 UnitBrick/Avg124Average
4,166
5 2 13 1 16 3 1
AverageGfwa/NoneTypicalNonePorch
534 E 46th PlChicago, IL0.93 miles SW
499,000129.95
4,500110.89
166,33320,79241,583
MLSExterior Inspection
NONEREPORTED240 -25,000UrbanFee Simple3,600 Sq.Ft.Residential3 St/3 UnitBrick/Avg111Above Average -50,000
3,840 +9,000
8 4 2.1 -10,5008 4 2.1 -13,5008 4 2.1 -7,500
Full -8,000FinishedAverageGfwa/NoneTypicalSpacesPorch
-105,50021.124.7 393,500
131,16716,39632,792
839 E Drexel SqChicago, IL1.35 miles S
495,000157.64
3,950125.32
165,00033,00082,500
MLSExterior Inspection
NONEREPORTED10 -25,000UrbanFee Simple2,880 Sq.Ft.Residential3 St/3 UnitBrick/Avg111Above Average -50,000
3,140 +30,000
5 2 15 2 1 -3,0005 2 1 +3,000
Full -8,000FinishedAverageGfwa/NoneTypicalSpacesPorch
-53,00010.724.0 442,000
147,33329,46773,667
1 2 3
Adjustments of approximately 5% provided for list price to sales price trends within the marketplace.
Form 1025.(AL) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File #FEATURE SUBJECT COMPARABLE LISTING # COMPARABLE LISTING # COMPARABLE LISTING #
Address
Proximity to SubjectList PriceList Price/Gross Bldg. Area sq.ft. sq.ft. sq.ft. sq.ft.Last Price Revision DateGross Monthly RentGross Rent MultiplierPrice per UnitPrice per RoomPrice per Bedroom
$$
$
$$$
$$
$
$$$
$$
$
$$$
$$
$
$$$
Rent Control Yes No Yes No Yes No Yes NoData Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) AdjustmentSale or FinancingConcessionsDays on MarketLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionGross Building AreaUnit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit # 1Unit # 2Unit # 3Unit # 4Basement DescriptionBasement Finished RoomsFunctional UtilityHeating/CoolingEnergy Efficient ItemsParking On/Off SitePorch/Patio/Deck
Net Adjustment (Total) + – + – + –$ $ $Adjusted List Price
$ $ $of ComparablesAdjusted Price Per Unit (Adj. LP Comp / # of Comp Units) $ $ $Adjusted Price Per Room (Adj. LP Comp / # of Comp Rooms) $ $ $Adjusted Price Per Bedrm (Adj. LP Comp / # of Comp Bedrooms) $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Analysis/Comments
Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #9 of 20
File No.Market Conditions Addendum to the Appraisal ReportM
AR
KET
RES
EAR
CH
& A
NA
LYSI
SC
ON
DO
/CO
-OP
PRO
JEC
TSA
PPR
AIS
ER
The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months
Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)
Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price
Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing
Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining
Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).
Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).
Cite data sources for above information.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)
Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings
Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing
Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.
SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
4060 S Lake Park Ave Chicago IL 60653-2525Irma Lechuga
467.67486.3
91,550118
87,200290105
299.67485.0
79,000104
80,000290101
217.00486.9
69,500114
79,90029087
Concessions are typical within the marketplace, ranging from 3-6%, typically, and are often used for closing cost credits.
Subject marketplace has a significant amount of REO properties. At current it appears the current market has more REO properties than canactively be absorbed within the market. Currently, some homes are being purchased for rehab and resale purpose.
Mlsni, County records.
Based on the above information, it is the appraiser's opinion that the subject's marketplace is in declining condition, showing longer listingperiods, fewer sales and a great deal of REO transactions.
Miki RileyAppraisal Plus, Inc
19 Burning Oak Trail, Barrington Hills, IL 60010556.004341 IL
Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
4060 S Lake Park Ave Chicago IL 60653-2525Irma Lechuga
467.67486.3
91,550118
87,200290105
299.67485.0
79,000104
80,000290101
217.00486.9
69,500114
79,90029087
Concessions are typical within the marketplace, ranging from 3-6%, typically, and are often used for closing cost credits.
Subject marketplace has a significant amount of REO properties. At current it appears the current market has more REO properties than canactively be absorbed within the market. Currently, some homes are being purchased for rehab and resale purpose.
Mlsni, County records.
Based on the above information, it is the appraiser's opinion that the subject's marketplace is in declining condition, showing longer listingperiods, fewer sales and a great deal of REO transactions.
Miki RileyAppraisal Plus, Inc
19 Burning Oak Trail, Barrington Hills, IL 60010556.004341 IL
Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.Market Conditions Addendum to the Appraisal ReportM
AR
KET
RES
EAR
CH
& A
NA
LYSI
SC
ON
DO
/CO
-OP
PRO
JEC
TSA
PPR
AIS
ER
The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subjectneighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State ZIP CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regardinghousing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extentit is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide anexplanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the datain the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as anaverage. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of thesubject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Median Sale & List Price, DOM, Sale/List % Prior 7–12 Months Prior 4–6 Months Current – 3 Months
Total # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)
Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List Price
Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing
Overall TrendIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable DecliningDeclining Stable IncreasingIncreasing Stable Declining
Seller-(developer, builder, etc.)paid financial assistance prevalent? Yes No Declining Stable IncreasingExplain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condofees, options, etc.).
Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).
Cite data sources for above information.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such asan analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall TrendTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)
Months of Unit Supply (Total Listings/Ab.Rate)Total # of Active Comparable Listings
Increasing Stable DecliningIncreasing Stable DecliningDeclining Stable IncreasingDeclining Stable Increasing
Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales offoreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.
SignatureAppraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
SignatureSupervisory Appraiser NameCompany NameCompany AddressState License/Certification # State
Email Address
Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
Page #10 of 20
Property AddressCity County State Zip Code
Form PICPIX.SC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Front
Sales Price:GBA:Age:
4060 S Lake Park Ave350,0004,166124
Subject Rear
Subject Street
Borrower/Client
Lender
Form PICPIX.SC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Front
Sales Price:GBA:Age:
4060 S Lake Park Ave350,0004,166124
Subject Rear
Subject Street
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #11 of 20
Property AddressCity County State Zip Code
Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Interior
Sales PriceGross Building AreaAge
4060 S Lake Park Ave350,0004,166124
Subject Interior
Subject Interior
Borrower/Client
Lender
Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Interior
Sales PriceGross Building AreaAge
4060 S Lake Park Ave350,0004,166124
Subject Interior
Subject Interior
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #12 of 20
Property AddressCity County State Zip Code
Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Interior
Sales PriceGross Building AreaAge
4060 S Lake Park Ave350,0004,166124
Subject Interior
Subject Interior
Borrower/Client
Lender
Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Interior
Sales PriceGross Building AreaAge
4060 S Lake Park Ave350,0004,166124
Subject Interior
Subject Interior
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #13 of 20
Property AddressCity County State Zip Code
Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Interior
Sales PriceGross Building AreaAge
4060 S Lake Park Ave350,0004,166124
Subject Interior
Subject Interior
Borrower/Client
Lender
Form PIC3x5.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Subject Interior
Sales PriceGross Building AreaAge
4060 S Lake Park Ave350,0004,166124
Subject Interior
Subject Interior
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #14 of 20
Property AddressCity County State Zip Code
Form PICPIX.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Comparable 1
Sales Price:GBA:Age:
4633 S Langley Ave420,0004,5005
Comparable 2
Sales Price:GBA:Age:
4337 S Indiana Ave350,0002,970112
Comparable 3
Sales Price:GBA:Age:
5123 S Dorchester Ave325,0002,961117
Borrower/Client
Lender
Form PICPIX.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Comparable 1
Sales Price:GBA:Age:
4633 S Langley Ave420,0004,5005
Comparable 2
Sales Price:GBA:Age:
4337 S Indiana Ave350,0002,970112
Comparable 3
Sales Price:GBA:Age:
5123 S Dorchester Ave325,0002,961117
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #15 of 20
Property AddressCity County State Zip Code
Form PICPIX.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Comparable 4
Sales PriceGross Building AreaAge
4323 S Vernon Ave562,0004,5202
Comparable 5
Sales PriceGross Building AreaAge
Comparable 6
Sales PriceGross Building AreaAge
Borrower/Client
Lender
Form PICPIX.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Comparable 4
Sales PriceGross Building AreaAge
4323 S Vernon Ave562,0004,5202
Comparable 5
Sales PriceGross Building AreaAge
Comparable 6
Sales PriceGross Building AreaAge
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #16 of 20
Property AddressCity County State Zip Code
Form DLSTRNT.DM#C — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Listing Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Listing 1
Proximity to SubjectCurrent List PriceDays on MarketGross Building AreaAge
534 E 46th Pl0.93 miles SW499,0002403,840111
Listing 2
Proximity to SubjectCurrent List PriceDays on MarketGross Building AreaAge
839 E Drexel Sq1.35 miles S495,000103,140111
Listing 3
Proximity to SubjectCurrent List PriceDays on MarketGross Building AreaAge
Borrower/Client
Lender
Form DLSTRNT.DM#C — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Listing Photo PageIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Listing 1
Proximity to SubjectCurrent List PriceDays on MarketGross Building AreaAge
534 E 46th Pl0.93 miles SW499,0002403,840111
Listing 2
Proximity to SubjectCurrent List PriceDays on MarketGross Building AreaAge
839 E Drexel Sq1.35 miles S495,000103,140111
Listing 3
Proximity to SubjectCurrent List PriceDays on MarketGross Building AreaAge
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #17 of 20
Comments:
AREA CALCULATIONS SUMMARYCode Description Net Size Net TotalsGBA1 First Floor 1213.0GBA2
1213.0Second Floor 1213.0
GBA3 1213.0
Third Floor 1213.0GBA4
1213.0Fourth Floor 527.0 527.0
Net BUILDING Area (Rounded) 4166
Breakdown SubtotalsBUILDING AREA BREAKDOWN
First Floor 17.0 x 31.0 527.0 14.0 x 49.0 686.0
Second Floor 17.0 x 31.0 527.0 14.0 x 49.0 686.0
Third Floor 17.0 x 31.0 527.0 14.0 x 49.0 686.0
Fourth Floor 17.0 x 31.0 527.0
7 Items (Rounded) 4166
Sketch by Apex IV™
14.0'
49.0
'
3.0'
31.0
'
17.0'
80.0
'
14.0'
49.0
'
3.0'
31.0
'
17.0'
80.0
'
14.0'
49.0
'
3.0'
31.0
'
17.0'
80.0
'
31.0
'
17.0'
31.0
'
17.0'
Bedroom
Bedroom
Bedroom
Bedroom
Bedroom Bedroom
Kitchen Kitchen Kitchen
Full Bath Full Bath Full Bath
Dining Room Dining Room
Living Room Living Room Living Room
Property AddressCity County State Zip Code
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building SketchIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Borrower/Client
Lender
Comments:
AREA CALCULATIONS SUMMARYCode Description Net Size Net TotalsGBA1 First Floor 1213.0GBA2
1213.0Second Floor 1213.0
GBA3 1213.0
Third Floor 1213.0GBA4
1213.0Fourth Floor 527.0 527.0
Net BUILDING Area (Rounded) 4166
Breakdown SubtotalsBUILDING AREA BREAKDOWN
First Floor 17.0 x 31.0 527.0 14.0 x 49.0 686.0
Second Floor 17.0 x 31.0 527.0 14.0 x 49.0 686.0
Third Floor 17.0 x 31.0 527.0 14.0 x 49.0 686.0
Fourth Floor 17.0 x 31.0 527.0
7 Items (Rounded) 4166
Sketch by Apex IV™
14.0'
49.0
'
3.0'
31.0
'
17.0'
80.0
'
14.0'
49.0
'
3.0'
31.0
'
17.0'
80.0
'
14.0'
49.0
'
3.0'
31.0
'
17.0'
80.0
'
31.0
'
17.0'
31.0
'
17.0'
Bedroom
Bedroom
Bedroom
Bedroom
Bedroom Bedroom
Kitchen Kitchen Kitchen
Full Bath Full Bath Full Bath
Dining Room Dining Room
Living Room Living Room Living Room
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building SketchIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #18 of 20
Property AddressCity County State Zip Code
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location MapIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Borrower/Client
Lender
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location MapIrma Lechuga4060 S Lake Park AveChicago Cook IL 60653-2525Carnegie Mortgage LLC
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #19 of 20