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BCL APPRAISALS, INC.
<br /> Uniform Residential Appraisal Report FileNo 112881J
<br /> This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a
<br /> unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit
<br /> in a condominium or cooperative project.
<br /> This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of
<br /> assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,
<br /> definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work
<br /> to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or
<br /> de�etions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations
<br /> to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an
<br /> appraisal organization, are permitted.
<br /> SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
<br /> reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions
<br /> and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the
<br /> interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at
<br /> least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis,
<br /> opinions, and conclusions in this appraisal report.
<br /> INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of
<br /> this appraisal for a mortgage finance transaction.
<br /> INTENDED USER: The intended user of this appraisal report is the lender/client.
<br /> DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market
<br /> under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is
<br /> not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of
<br /> title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed
<br /> or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for
<br /> exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements
<br /> comparable thereto; and (5)the price represents the normal consideration for the property sold unaffected by special or creative
<br /> financing or sales concessions'granted by anyone associated with the sale.
<br /> "Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
<br /> necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily
<br /> identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be
<br /> made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already
<br /> involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the
<br /> financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or
<br /> concessions based on the appraiser's judgment.
<br /> STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the
<br /> following assumptions and limiting conditions:
<br /> 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
<br /> to it, except for information that he or she became aware of during the research involved in performing this appraisai. The
<br /> appraiser assumes that the title is good and marketable and will not render any opinions about the title.
<br /> 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The
<br /> sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size.
<br /> 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or
<br /> other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special
<br /> Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this
<br /> determination.
<br /> 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
<br /> unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
<br /> 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of
<br /> hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of
<br /> during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no
<br /> knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,
<br /> needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.)that
<br /> would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or
<br /> warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or
<br /> testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of
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