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Market Conditions Addendum to the A raisal Re ort TCF Bank-Direct Lending Ac PP p File# 3803WA 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 subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1,2009. _ Property Address 1120 Cox Farm Road �i�y Long Lake State MN ZIP Code 55356 __ _ _ Borrower Gregory&Laura Wagener _ _ ...._.__ _ __ __ _ _...... . _. _ _ _ _ . __.._ nstructions: The appraiser must use the information required on this form as the basis for his/her conclusions,and must provide support for those conclusions,regarding housing 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 extent it 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 an explanation. 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 data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the avaiiable figure and identify it as an average. 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 the subject property. The appraiser must explain any anomalies in the data,such as seasonal markets,new construction,foreclosures,etc. M Inventory Analysis Prior 7-12 Months Prior 4�Months Current—3 Months Overall Trend A Total#of Comparable Sales(Settled) 3 0 4 7c❑Increasing ❑Stable ❑Declining KAbsorption Rate(Total Sales/Months) 0.50 0 1.33 K❑Increasing ❑Stable ❑Declining E Total#of Com arable Active Listin s � 5 4 ❑Declinin �Stable ❑Increasin T Months of Housin Su I Total Listin s/Ab.Rate 2.00 unavaiiable 3.01 ❑Declinln ❑Stable ❑X Increasin R Median Sale&List Price,DOM,Sa�ellist% Prior 7-12 Months Prior 4�Months Current-3 Months Overall Trend E Median Comparable Sale Price 750000 unavailable 772500 ❑Increasin K Stable g ❑ ❑Declining E Median Comparable Sales Da s on Market 40 unavailable 50 ❑Dedinin x Stable g ❑ ❑Increasing A Median Comparable List Price 724950 762400 774900 ❑Increasin �Stable ❑Deciinin R Median Comparable Listings Days on Market g$ �9 55 ❑Deciining Q Stable ❑Increasing HMedian Sale Price as%of List Price 94.66 unavailable 98.46 K❑Increasing ❑Stable ❑Declining Seller-(developer,builder,etc.)paid financial assistance prevatent? ❑x Yes ❑No ❑Declining 0 Stable ❑Increasing & Explain in detail the seller concessions trends for the past 12 months(e g.,seller contributions increased from 3%to 5%o,increasing use of buydowns,closing costs,condo fees,options etc.). A Seller paid concessions,with the increase in availability and use of FHA financing,as well as the typically slower selling winter season in Mlnnesota,have remained constant within N the subject's market area and immediate neighborhood. Typical seller paid concession range from 2%-5%. A L Y S � Are foreclosure sales(REO sales)a factor in the market? ❑Yes ❑X No If yes,explain(including the trends in listings and sales of foreclosed properties). g _ _ . _ _ . ._.. The subject's market area has been minimally affected by foreclosures and short sales. Properties in similar condition are typically not affected by foreclosures. Cite data sources for above information. _ _ _. Local MLS,Realtors,and County Tax Records. _ _ _ _ ��. _ — 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 as an analysis of pending sales andlor expired and withdrawn listings to formulate your conclusions provide both an explanation and support for your conclusions. _ _. __ Minnesota Real Estate is typically slower from November-March. Median comparable sales prices appear to be stable. The subjecPs market area appears to be increasing in List Price to Sales Price Ratio with a ratio range of 94.66%-98.46%. Comparable Days On Market for comparables appears to be stable. Foreclosure and non-foreclosure sales were analyzed in regards to this data. 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 Trend NTotal#of Comparable Sales Settled) ❑Increasing ❑Stable ❑Declining D Absorption Rate Total Sales/Months) ❑Increasing ❑Stable ❑Declining � Total#of Active Comparable Listin s ❑Declining ❑Stable � ❑Increasing � Months of Unit Suppl Total Listin s/Ab.Rate ❑Declining ❑Stable ❑Increasin � Are foreclosure sales(REO sales)a factor in the project7 ❑Yes ❑No If yes,indicate the number of REO listings and explain the trends in listings and sales of - foreclosed properties. 0 _ _ P P R 0 J E �