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HomeMy WebLinkAbout08-29-07 (2) S. W. Barrett Real Estate & Appraisal Services ne No. 06-0557 APPRAISAL OF LOCATED AT: 1 Clifton Terrace Carlisle, PA 17013 FOR: Irwin & McKnight 60 West Pomfret Street Carlisle, PA 17013 BORROWER: Lee C. Morrison, Estate AS OF: December 11, 2006 BY: Stan A. Skowronek Certified Residential Appraiser S. W. Barrett Real Estate & Appraisal Services ne No. 06-0557 12/21/2006 Irwin & McKnight 60 West Pomfret Street Carlisle, PA 17013 File Number: 06-0557 In accordance with your request, I have appraised the real property at: 1 Clifton Terrace Carlisle, PA 17013 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of December 11,2006 IS: $172,000 One Hundred Seventy-Two Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value. descriptive photographs. limiting conditions and appropriate certifications. Respectfully submitted, ~ -. _' >+W\. Q ,~cJt\Jf "-'f \- Stan A. Skowronek Certified Residential Appraiser I I J Prooerty Description FileNo. - Property Address 1 Clifton Terrace 9.t'i Carlisle State PA liD Code 17013 Leoal Descriotion Deed Book 156 Dace 394 County Cumberland Assessor's Parcel No. 40-23-0602-190 Tax Year 06/07 R.E. Taxes $ 1 872.00 Soecial Assessments $ N/A Borrower Lee C. Morrison. Estate Current Owner Lee C. & Jean E. Morrison Occuoant: r 1 Owner rl Tenant IX l Vacant .. Prooertv riohts aooraised IX 1 Fee Simnle l Leasehold I Proiect T voe r xl PUD r1 Condominium (HUDNA only) HOA$ 100.00 /Mo. Neiohborhood or Proiect Name South Middleton Township MaD Reference 23-0602 Census Tract 0125.00 Sale Price $ N/A Date of Sale N/ A Descriotion and $ amount of loan charoes/concessions to be oaid bv seller N/ A Lender/Client Irwin & McKniaht Address 60 West Pomfret Street Carlisle. PA 17013 Aooraiser Stan A. Skowronek Address 124-126 North Hanover St. Carlisle. Pa. 17013 Location DUrban 00 Suburban 0 Rural Predominant Single family housing Present land use % Land use change Built up 00 Over 75% o 25-75% 0 Under 25% occupancy PRICE AGE One family 80% 00 Not likely o Likely 1(000) (yr.) Growth rate o Rapid 00 Stable o Slow 00 Owner 95 150 Low New 2-4 family 0% o In process Property values o Increasing 00 Stable o Declining o Tenant 275 Hioh 40 Multi-family 0% To: Demand/supply 0 Shortage 00 In baIcrr.e o OM supply 00 Vaca'1t(0-5%} Predominant Commercial 15% Marketino time !Xl Under 3 mos. H 3-6 mos. n Over 6 mos. n Vacant(ovOl' 5%\ 180 I 20 Vac \ 5% Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The subject is bounded on the north bv Garland Dr on the east bv Rockledae Dr on the . south bv Eastaate Dr and on the west by Walnut Bottom Rd. . . Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): ~ There are no adverse factors to affect marketability of subiect. Diverse stable emplovment and all supportinQ amenities are . .. within easv drivina distance. SMSA 3240 Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of properly values, demand/supply, and marketing time - - such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): Prooertv sales records and MLS statistics show a steady. moderate increase in eropertv values over the past vear. Average marketina time of 60-90 davs shows a aood balance of sueelv and demand. Few sales and financina concessions are needed in the neiahborhood. . Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? aVES UNO . Approximate total number of units in the subject project 27 Approximate total number of units for sale in the subject project 0 Describe common elements and recreational facilities: Walkina trail and common areenseace. Dimensions See leaal description Topography Basicallv Level Site area .11 Acre mil Corner Lot 00 Yes 0 No Size Tveical for area Specific zoning classification and description Residential Hiah Densitv Shape Irreaular Zoning compliance 00 Legal 0 Legal nonconforming (Grandfathered use)Ulllegal U No zoning Drainage Appears Adeauate Hiohest & best use as imoroved: rXTPresent use nOther use (exolain) View Residential Utilities Public Other Off-site Improvements Type Public Private Landscaping Averaae Electricity 00 200 Arne Street Macadam 00 0 Driveway Surface Macadam Gas 0 Curb/gutter Concrete 00 0 Apparent easements None Apoarent Water 00 Sidewalk Concrete 00 0 FEMA Special Flcod Hazard Ivea U Yes 00 No Sanitary sewer ~ Street lights Adequate ~ R FEMA Zone X Map Date 01/05/1996 Storm sewer Alley None FEMA MaD No. 420371 0005 C Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning, use, etc.): There are no apparent adverse easements encroachments or other adverse conditions. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units 1 Foundation ConcSlab Slab Full Ivea Sq.Ft. N/A Roof 0 No. of Stories 1 Exterior Walls Brick/Vin 0'cI'M Spool None % Finished N/A Ceiling · 00 Type (Det./Att.) Attached Roof Surface Fiberalass Basement None Ceiling N/A Walls * 00 Design (Style) 1 StOry Gutters & Dwnspts. Aluminum Sump Pump N/ A Walls N/A Floor . 00 Existing/Proposed Existina Window Type Double Huna Dampness N/ A Floor N/A None 0 Age (Yrs.) 16 Storm/Screens Thermal Settlement N/A Outside Entry N/ A Unknown 0 Effective Aoe 'Yrs.) 5-10 Manufactured House No Infestation N/A · R Factor Unk . ROOMS Fover Livino Dinino Kitchen Den Familv Rm. Rec. Rm. Bedrooms # Baths Laundrv Other Ivea Sq.Ft. ~ Basement ~ Level 1 1 area 1 2 2 1255 . Level 2 . Finished area above orade contains: 4 Rooms; 2 Bedroom s); 2 Bath(s); 1 255 Souare Feet of Gross Livino Ivea . INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Floors Crpt/Vinvl Type HP Refrigerator 0 None 0 Fireplace(s) # _ 0 None 0 . Walls Drvwall Fuel Elect Range/Oven 00 Stairs 0 Patio Concrete 00 Garage 2 # of cars Trim/Finish Wood ConditlonA va Disposal 00 Drop Stair 00 Deck 0 Attached 2 Bath Floor Vinvl COOLING Dishwasher 00 Scuttle 0 Porch Covered 00 Detached Bath Wainscot Drvwall Central Yes Fan/Hood 00 Floor 0 Fence 0 Built-In Doors Wood Other None Microwave R Heated R Pool R Carport Averaae Condition ConditlonA va WasherlDrver Finished Drivewav 2/Mac Additional features (special energy efficient items, etc.): Front and rear covered porches. Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction remodeling/additions, etc.: Improve ments are in averaae condition with no ehvsical or functional inadeauacies noted. . Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property: No adverse environmental conditions are aeearentldisclosed. SUMMARY APPRAISAL REPORT UNIFORM RESIDENTIAL APPRAISAL REPORT 06 0557 FreddIe Mac FOI'm 70 6-93 PAGE 1 OF 2 Produced using ACI80ftwwe, 800.234.8727 ......,....ac/web.com Fannie Mae Fam 1004 6-93 Valul!tion Section SUMMARY APPRAISAL REPORT UNIFORM RESIDENTIAL. APPRAISAL REPORT File No. 06-0557 ESTIMATED SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 32,500 Comments on Cost Approach (such as, source of cost estimate, ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, the Dwelling Sq.Ft. @$__ = $ 0 estimated remaining economic life of the property): Sq. Ft. @ $ = 0 Cost Approach deemed a poor indicator of value due to . = aQe of the improvements. Estimated RemaininQ . Garage/Carport _Sq.Ft. @$ = 0 Economic Life - 50-55 years ToI,IE,limol'dCooIN.. ..... .T....... = $ 0 Less Physical I Functional External Est. Remaining Econ. Life: 45 Lack of vacant land sales resulted in the opinion of . Oerx-edation = $ 0 value for the site beinQ based upon the 2004 tax Depreciated Value of Improvements . . . . . . . . . . . . . . . . . . . = $ 0 assessment (adiusted for time). 2004 assessment _ "As-is" Value of Site Improvements. . . . . . . . . . . . . . . . . . . = $ $27,840 @ 108% = $30 067 @ 108% = $32 473 SAY INDICATED VALUE BY COST APPROACH. . . . . . . . . . . = $ N/A $32 500. ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 1 Clifton Terrace 6 Clifton Terrace 51 Summerfield Drive 43 Summerfield Drive Address Carlisle Carlisle Carlisle Carlisle Proximity to Subject . 0.04 MI ESE 0.38 MI WSW 0.38 MI WSW Sales Price $ N/A ... $ 172.000 $ 172 900 .. $ 172,000 Price/Gross Liv. kea $ 0.00 (lJ $ 137.05 (lJ $ 128.17 (lJ ....... $ 122.51 (lJ Data and/or Inspection MLS MLS MLS Verification Sources Courthouse Courthouse Courthouse Courthouse VALUEACUUSTMENTS DESCRIPTION DESCRIPTION I + (.) $ Adjustment DESCRIPTION I + (-) $ Ad'ustment DESCRIPTION I + (.) $ Adjustment Sales or Financing N/A None,Conv , None,Conv , None, Cash , , , , , , , Concessions , , , Date of Sale/Time N/A ... 02/06/2006 , 08/25/2006 , 06/14/2006 , , , , Location Suburban Suburban , Suburban , Suburban , , , LeasehoIdfee Sirmle Fee Simple Fee Simple , Fee Simple , Fee Simple , , , Site .11 Ac/AvQ .11 Ac/Avg , .08 Ac/Ava , .08 Ac/Ava , , , , View Residential Residential , Residential , Residential , , 1 Story 1 StOry , 1 StOry , 1 Story , Desiqn and Appeal , , , Quality of Conslructm Average Averaae , Averaae , Averaae , , , , Aqe 16 Years 16 Years : 2 Years , 3 Years , , Averaae AveraQe , AveraQe : AveraQe , Condition 0 , Above Grade T atal : Bdrms I Bath. Total : Bdrms I Bath. Total I Bdrms I Bath. , T olal : Bdrms I Bath. 0 0 , Room Count 20 4: 2: 2.00 4: 2: 2.00 : 5: 2: 2.00 : 4: 2: 2.00 : Gross Livina kea 1.255 Sq.Ft. 1 255 Sa.Ft. , 0 1.349 Sa.Ft. , -1.880 1.404 SaFt. , -2 980 , , , Basement & Rnished Slab Slab , Slab , Slab , . , 0 , , , , Rooms Below Grade , , , , , . Functional Utility Averaae Average , Average , AveraQe , . , , , Heatina/Coolinq HP/CA HP/CA , FHAlCA 0 FHAlCA , , , , . Enerqy Effidentltems Tvpical Tvpical , Tvpical , Typical , Garaqe/Carport 2 Car Garage 2 Car Garage , 1 Car Garaae , 2500 2 Car Garage , , , , Porch, Patio, Deck, Porches Porches , Porch/Patio , 1.000 Porch/Patio , 1,000 , , , Fireplace(s), etc. , , , , , , , I Fence, Pool, etc. , , , , , , I I , , Net Adi. (total) [xl + [ 1- :$ 0 [X] + [ ]- :$ 1,620 [ l + [xl- :$ 1 980 Adjusted Sales Price Gross:. 0.0% Gross:.. 3.1% Gro~~:~.3% of Comparable Net: 0.0% $ 172.000 Net:){O.9%' $ 174.520 Net: -1.2% $ 170020 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc. ): Opinion of value ranae is $170 000 to $175.000. These are the best sales comparab/es known to be available. ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Date, Price and Data 04/24/1997 07/20/2000 03/09/2004 11/24/2003 Source for prior sales $129,900 $130,000 $139,581 $146,000 within year of appraisal Courthouse Courthouse Courthouse Courthouse Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one yell' of the date of aprx-aisal: No prior transfers of the subiect within the past 36 months and no prior transfers of the comparables within 12 months of their sale date. INDICATED VALUE BY SALES COMPARISON APPROACH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 172.000 . INDICA TED VALUE BY INCOME APPROACH (If Applicable) Estimated Market Rent $ NI A /Mo. x Gross Rent Multiolier NI A _ $ N/A This appraisal is made 00 "as is" 0 subject to the repars, alterations, inspections or conditions listed beiow 0 subject to completion per plans and specifications. Conditions of Aprx-aisal: The oropertv has been appraised in current condition. This is for the clients use only. Final Reconciliation: The Market Data Analysis supports my estimated market value of the subiect. The Cost Approach was not deemed an aporopriate indicator of value due to the aae of the subiect and therefore was not included herein. The Income . Approach was also deemed inappropriate for this analvsis. The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions. and market value definition that are stated in the attached Freddie Mac Form 439IFannie Mae Form 1004B (Revised 6/93 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF TI-lIS REPORT, AS OF 12/11/2006 d 0 d . (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE S._ 172:;"~ . . APPRAISER~ G' <;\:~ S.UPERVI~<:RY AP\FWS (oN YIF RE"D): ODid OODid Not Signature' W X - -- O~\ -\JD SlgnaltlrQ) __.. ... . Name Stan A. Skowronek Name Steven W. Barrett, SRPA, SRA Inspect Property Date Report Signed 12/21/2006 Date Report Sianed 12/21/2006 State Certification # RL-001572-L State PA State Cer1ification # GA-000298-L State PA Or State License # State Or State License # RB-026921-A State PA Freddie Mac Fcrm 70 6-93 Certified Residential PAGE 2 OF 2 Certified General Appraiser Fannie Mae Fcrm 1004 6.93 Appraiser Produced using ACI software, 800.234,8727 www.aciweb.com S.W. Barrett Real Estate & Appraisal Services FLOORPLAN Borrower: Lee Co Morrison, Estate Pro~erty Address: 1 Clifton Terrace City: Carlisle Lender: Irwin & McKni ht ..w~ r;$f~~~~il~~ ..c <Ii 0) '" roo ~. "- .~-... Q-$' Living I Kitchen /. , .///. .//;// / , ..,/,,~::/// .//',/'/ ,//~/// ~~~:j-,/ ~:~;~~~ /' /' // ,/ ,/ ,/ / ;j.'.j;;;;:/.;>>;,;;~/;;/~: /. / / / / /. //.' / (-6t; 0:;< // ,/ /./'" /. ,/ /. / '.// //.. / ,. /j/ij,;/);::; /' / / /. /. / '/,///./~'/~;1?-;:: //Two'gar Gar>6ge//./ f;::::::;:;;m:;:;/, '/ //,:,/ /~'//~/ //; ""'~'-' , , // // // // / / '/. // // ////. /// /> / /. / ,/ ///' ,/ /// //// ///,/ /.. ,/. // /// Sketch by Apex IV Windows'" AREA CALCULATIONS SUMMARY Code Description Size Totals GLA1. First Floor 1255.00 1255.00 PIP Covered Porch 80.00 Covered Porch 171,00 251.00 GAR Two Car Garage 534,00 534.00 TOTAL LIVABLE (rounded) 1255 State: PA Bedroom Bath Bedroom File No.: 06-0557 Case No.: Zip: 17013 I LIVING AREA BREAKDOWN Breakdown Subtotals First Floor 25.0 x 7.0 x 4.0 x 51, 0 ~ 8.0 X 5 Areas Total (rounded) 30,0 21,0 23.0 18.0 13.0 750.00 147,00 92 .00 162.00 104.00 1255 i J Borrower: Lee C. Morrison, Estate Property Address: 1 Clifton Terrace City:. Carlisle Lender: Irwin & McKni ht SUBJECT PROPERTY PHOTO ADDENDUM File No.: 06-0557 Case No.: State: PA ..I i .. _Zip: 17013_ FRONT VIEW OF SUBJECT PROPERTY Appraised Date: Decem ber 11, 2006 Appraised Value: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE Borrower: Lee C. Morrison, Estate Rroperty Address: 1 Clifton Terrace City: Carlisle_ Lender: Irwin & McKni ht COMPARABL.E PROPERTY PHOTO ADDENDUM File No,: 06-0557 Case No,: State: PA II' i . <:, I I ._ ... ., 1nlll" .loJl....... ". .. -.. ... .. Zip: 17013 COMPARABLE SALE #1 6 Clifton Terrace Carlisle Sale Date: 02/06/2006 Sale Price: $ 172,000 COMPARABLE SALE #2 51 Summerfield Drive Carlisle Sale Date: 08/25/2006 Sale Price: $ 172,900 COMPARABLE SALE #3 43 Summerfield Drive Carlisle Sale Date: 06/14/2006 Sale Price: $ 172,000 Borrower: John Richard/Lucy A. ZANDER Property Address: 905 Thornwood Lane City: Garlisle . Lender: American Home Bank File No.: 06-0564 Case No.: State: PA nnZiP:J7013-4414. :--._-~_.._----.._--~ :\. ~~. ..-. --.:=:- .---- ---= ~~~~~ ~~ Vj ~ <t" ~ !!l :! 8- ~ Iro~ (. -::.; /1 FloodMap Legend f"IOOO Lones "\no~ .""IOal.d by ~1'lIr f\ogdlllSl FlOOd IIIforDl.ltlon Commuf,ity: 426:1132 - CARUSlE, BOROUGH OF Property is ~tot in a Fa.tA.special 1h)od hazard area. Mop ""mb..,.: 42~'.ln 00049 MoIp O;aQ; 0:2,oD'.l/lQ~2 Panel: 00048 FI P S: 4Al41 Altas oo5tde of tne 100- and ~nO-yttlf I\oodpIarm _ ""...s inI.IncUIl.d tly 1000yttr llcodlng _ Al...s lInunOllC.d tly 1000')'ttr ftcodlngwilh veIo<:llj hu.-.:t FtIIO<I;,~ or..:-. Zor.Q: C F~.ev ar.u well .."IOtlll.,. her4'lld AI." ohlln4tl.rmi".d W ~$~ 110oo4 hOl:4fd~ IiltlS rid 1l\llWf4 0'1 en'j ~h'd FIRM U",ithH TI'3nSamertc3 Flood HaBrd C:!rtificatior. (TFHC) nor .ACt make anlj represli!flI:atons Cf walTanties to any' part'y' ccocerring t~ corunt, accufic'l' a: i;ompl:teness: of this tiood report, inclujjno 3nv warrantV' of merctamablirv a: fitness f(T a patio:'ular purpose. Neitt.:r TFHC nor .A.Ci nor the sEHer 01 this 1100d report shall have any labilib to <FlY \"hnl pa;ty tor am..' use (f" mis~se of thi~ flO<)j report, ._-~....~~,.._---~..__._----~--~.__.~-~._._--~~._~----~-------_.__. nl LOCATION MAP Borrower: lee C. Morrison, Estate Property Address: 1 Clifton Terrace City~ Carlisle Lender: Irwin & McKni ht File No.: 06-0557 Case No.: State: PA Zip: 17013 , \ \ \ \ \ \ \ ",~ -~~ 'I ! ) f------~ I . ! IU'" '\I~0'~/j1 I I ~ ~ ~ ~--- ,/~---' 0"J !!J'l L..------------r~- :; I ' \ ,/~/1~}8<,~ il I i 01'- ~~; I~ 1\'." I ~ iy.~_ fl.,. !\~..'j0~ , . , <;~~/\~ \ \ .~. \ - ," ' \...'l\__>-' \_, .__- '\ ___\, \ _= \.,..... ",,_ /\//1:/~\ \~ It \~ r '\~~~"~ -,~--l%--1r- \ -'\~ ~/j~ vI'- '\ _\ (\ \"" ~ '" ....-~\ \ ~< ~Y:V....-//, ,}"::CJf~\ \0 \\P} .-'" .."'..... ~ A \" -- 'I ,-.c. ...\ ./"/ \ () \t-:.:..---- \ J \ \ .. ~/ \(\ \ I /) ~ _ \.''''- \ \\ \ _/ / '. '- \__/ ---- '\ \ . ROYER " ~--~..~~.,--~-_.._~---_.~--~---~-- H: ._\_"" ,,-'J.:'~~ \ ~ -c' \ ?I;.,-' V" ~~ _/- \ / /./ ~ -1--- ~~~.. .~\ I ./ .)\,""" '''' p.."~V ~ \[/ "C~,.,/~ \S~- .-.//~ T .. .. \ ... \ '" \ ,,", \ ~C J\-c~r~:J \~~'- ~,<'v"'- \~ \' '\f~~tJ ( \ @----------.. rf1 ~I " .. S"bleL1 S ~ ~\C[).LF Of( I ,c~ 3/ /~~'~~WA,( I~" ,:/ -r;-\(---L--1 \, ( \ ~ / ~/ !f: Ig I \~~ \ t'-, ,,!,"'ll/nn {r',;i' f,~ (,1- "'. ~ l~.,) I .. '@, CDIIlJ.3 ;/ ~ . , .. TODD liD ,.r"--', " \,..- ~_/ ,.\ ~- : A~~' / /' ... ~1 /- Y I / '-' \ \ , i / A'\~~\ .r{" {~'.,/ /- \ c'\.~" V ' -<,'<' ( \ I I, ~AR~r\ OR M."f'(Cl1984-2004 TELF ATLAS N~., INC IScale: 2. 00 m 11 es I Pr~.?parflfj by Steven I"n'l Garrott R.E /\ppr. Sv(: (717) 243-6646 --~~~-~- I I I I -~----~ , , I l__~_~___~_ Fie No. 06-0557 ********* QUALIFICATIONS ********* I I I I I I i i i The following checked items are SPECIFIC SPECIAL CONDITIONS that were identified by this appraiser during the inspection of the subject property, the comparables sales, and their neighborhoods and locations. Unless otherwise noted, the conditions that apply to the subject property or the comparable sales used DO NOT AFFECT THE MARKET VALUE OR THE FUTURE MARKETABILITY OF THE SUBJECT PROPERTY BEING APPRAISED. This is not a home inspection service. This is an appraisal to estimate market value. _1. The subject is located in a rural area and is less than 25% built-up. _x_2. Commercialllndustrial uses are located within the subject's neighborhood. These uses are typical of similar neighborhoods. _3. Vacant and undeveloped land uses are located within the subject's neighborhood. These uses are typical for the area. _4. The predominant value in the neighborhood is less than that of the market value of the subject property. This is due to the very wide range of value of properties in the area and superior quality of the subject property. _5. The subject property is located in a F.E.M.A. Identified Flood Zone. Flood insurance coverage is required and suggested. _6. Dampness is noted in the basement of the subject. Standing or running water was not present on basement floor. This condition is considered typical in dwellings of this style. 7. The subject property is serviced by private well and/or septic systems which is common for the area. _x_B. The subject is older than five(5) years. All mechanical systems including the heating, electrical and plumbing systems appear upon a visual exterior inspection to be in working order. No warranties are implied in this statement. _9. Repair items were noted in the comments section of the report. These comments on repair items are for descriptive purposes only and are not required repairs. The items listed are cosmetic in nature. _10. The basement floor is a dirt floor. This condition is common and typical for the area. and does not pose a health or safety hazard. _11. The subject property does contain functional obsolescence as noted in the report. This condition is considered typical and common for the area and this style dwelling. _12. The land value exceeds 30% of total value due to the high demand for vacant land in this neighborhood. This ! condition is considered common and typical for the neighborhood. _13. The land value exceeds 30"10 of total value. This is due to the large size of the site. This condition is considered to be typical and common. _14. Individual adjustments were required that exceed 15"10. These adjustments were required due to lack of more similar com parables on that individual rating. All com parables used are the best available. _15. Total adjustments exceed 25%. This is due to the lack of comparable sales that were more similar in the subject's market area. All com parables used are the best available. _x_16. One or more comparable sales are older than six(6) months. Although there are comparable properties in the subject's area, none have sold recently; therefore, sales in excess of six(6) months have to be used. All com parables used are the best available. _17. One or more comparables used were in excess of one (1) mile from the subject property. Although there are comparable properties in the immediate area, none have sold recently. Therefore, it was necessary to use comparable i sales outside of the immediate area. All com parables used are located in similar neighborhoods and within the same , marketing area. All com parables used are the best available. i _1B. The electrical system was not connected during inspection. _19. The water service was not connected during inspection. _20. The heating system was shut down during inspection. I; _21. Roofing_Plumbing_EJectrical_Heating_certification(s) is/are suggested. _22. Inground swimming pool_, out buildings_are Included_,not Included_according to lender's guidelines. _23. According to lender's guidelines a maximum Of_acres were considered for this valuation. Remaining acreage was given no value. . . . - . - - . -- --. . .- -. . - - . . File No. 06-0557 ********* QUALIFICATIONS ********* _24. The subject property is located on a private road. _25. Wood infestation inspection is suggested. _x_26. Last recorded deed transfer: Date_04/2411997_. Consideration: $_129.900_. _27. Proposed construction/renovation in accordance to plans and specifications to be completed in a workman-like manner. _28. Seller is paying part or all of closing costs. _x_29. All comparable sales are verified closed sales. _x_30. There are no special conditions or other requirements that would affect market value or future marketability in the Appraisal Report. CHECKED ITEMS ARE SPECIFIC SPECIAL CONDITIONS THAT WERE IDENTIFIED BY THIS APPRAISER DURING INSPECTION. Fie No. 06-0557 ******1:** QUALIFICATIONS ********* Confidentiality and Security Policy We consider privacy to be fundamental to our relationship with clients. We are committed to maintaining the confidentiality, integrity and security of clients' personal information. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served. We restrict access to personal information to authorized individuals who need to know this information to comply with federal standards to protect your nonpublic personal information. We do not disclose this information about you or any former consumers or customers to anyone, except as permitted by law. The law permits us to share this information with our affiliates. The law also permits us to share this information with companies that perform marketing. When we share non public information referred to above, the information is made available for limited purposes and under controlled circumstances. We require third parties to comply with our standards for security and confientiality. We do not permit use of consumer/customer information for any other purpose nor do we permit third parties to rent, sell, trade or otherwise release or disclose information to any other party. Education As of the date of this report, I and/or Steven W. Barrett, SRPA, SRA, have completed the requirements under the continuing education program of the Appraisal Institute. ~I I i i i : Fie No. 06-0557 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requiSite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions. granted by anyone associated with the sale. .Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are 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 identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions. 1. The appraiser Will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser'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 the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, 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 5. The appraiser has estimated the value of the land in the cost approach at ItS highest and best use and the Improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal research involved In performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do eXist or for any engineering or testing that might be required to dIscover whether such conditions eXIst. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or Its successors and assIgns; the mortgage insurer; consultants; profeSSional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) Without having to obtain the appraIser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 .__._---'-----_._---~-~-------------~ Fannie Mae Form 1004B 6-93 File No. 06-0557 APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to , or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, If a significant Item In a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospectIve Interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not reqUired to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section ofthis report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for It. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 1 Clifton Terrace, Carlisle, PA 17013 APPRAISER: SUPERVISORY APPRAISER (only If required) .,---- . I ,.~ . Signature: .::.:J "'7:~ '--V I 1-1-1 Name: Steven W. Barrett, SRPA, SRA Date Signed: 12/21/1001?_______ .________ State Certific.ation #: GA-000298-L or State License #: ~B1>.1~.!I~J.-~______.____.____________ _.__..____ State: PA Expiration Date of Certification or License: June 30, 2007 Signature: ~ a . ~u..\r(.~. Name Stan A. Skowronek Date Signed 1.2/21'-2006 State Certification # RL-001572-L or State License #: State: PA Expiration Date of Certification or License: June 30, 2007 -------..-------.-.-..-.-----. --.-----..-.-..----------.-...----...-.-.-- o Did (KJ Did Not Inspect Property Certified Residential Appraiser Freddie Mac Form 439 6-93 Certified General Appraiser Page 2 of 2 Fannie Mae Form 1004B 6-93