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Home My WebLink About05-05-08 I> \ --.J 15056041147 REV-1500 EX (06-05) PA Department of Revenue Bureau of Individual Taxes PO BOX.280601 Harrisburg, PA 17128-0601 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death OFFICIAL USE ONLY '. County Code Year INHERITANCE TAX RETURN 21 07 RESIDENT DECEDENT File Number 00146 Date of Birth 188141298 02052007 09271921 Decedent's Last Name Suffix Decedent's First Name MARGARET MI BRENNAN (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW I8l 1. Original Return 0 2. Supplemental Return 0 3. Remainder Return (date of death prior to 12-13-82) 0 4. Limited Estate 0 4a. Future Interest Compromise 0 5. Federal Estate Tax Return Required (date of death after 12-12-82) I8l 6. Decedent Died Testate 0 7. Decedent Maintained a Living Trust 0 8. Total Number of Safe Deposit Boxes (At1ach Copy of Will) (Mach Copy ofTrust) 0 9. Litigation Proceeds Received 0 10 Spousal Poverty Credit (date of death 0 11.Election to tax under Sec. 9113(A) . between 12-31-91 and 1-1-95) (Attach Sch. 0) ~ORRESPONDENT . THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: ame Daytime Telephone Number CRAIG A. DIEHL, ESQUIRE 7177637613 Firm Name (If Applicable) LAW OFFICES OF CRAIG City or Post Office CAMP HILL State PA ZIP Code 17011-4436 = REGISTER (Jf)WILLS US~L Y Co ::It ~::D ):1>0 ~:Eo -< :Q~r;; I ~:z;:o U1 7' (/) 7"- GOO (")O-n p~ DA T!i::fT[1:D ~:r) 1'-;-1 B~ 7:; (;~ -n ("C",,) i~'-r: A. DIEHL First line of address 3464 TRINDLE ROAD Second line of address -u 3: W .. (1'1 Correspondent's e-mail address: Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge. ' SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN DATE ~/V' ~ Megan Brennan 5= 5-tJ V ADORES cdieh1@cadiehllaw.com , PA 17055 DATE Craig A. Diehl, Esquire 3464 Trindle Road, Camp Hill, PA 17011-4436 L Side 1 15056041147 15056041147 --.J ~ --.J 15056042148 REV-1500 EX Decedent's Name: BRENNAN, MARGARET RECAPITULATION 1. Real Estate (Schedule A)....................................................................................... 1. 2. Stocks and Bonds (Schedule B)............................................................................. 2. 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C)......... 3. 4. Mortgages & Notes Receivable (Schedule D)........................................................ 4. 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E)............... 5. 6. Jointly Owned Property (Schedule F) 0 Separate Billing Requested............ 6. 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) 0 Separate Billing Requested............ 7. 8. Total Gross Assets (total Lines 1-7)..................................................................... 9. Funeral Expenses & Administrative Costs (Schedule H)....................................... 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I).............................. 10. 11. Total Deductions (total Lines 9 & 10)................................................................... 11. 12. Net Value of Estate (Line 8 minus Line 11 )........................................................... 12. 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J)............................................... 13. 14. Net Value Subject to Tax (Line 12 minus Line 13)............................................... 14. - --".----.,-..-----.. .----. ._-----_.__..__._~,---- '.-----...---. .----- .-- TAX COMPUTATION - SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, of transfers under Sec. 9116 (a)(1.2) X .00 16. Amount of Line 14 taxable at lineal rate X .045 17. Amount of Line 14 taxable at sibling rate X .12 18. Amount of Line 14 taxable at collateral rate X .15 15. 1,304,090.96 16. 17. 18. 19. Tax Due.................................................................................................................. 19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. L Side 2 15056042148 Decedent's Social Security Number 188141298 863,900.00 209,010.35 118,892.11 8. 215,563.00 1,407,365.46 -- --- -_.-._-_..__._-----~._----..- 11,004.96 92,269.54 103,274.50 1,304,090.96 9. 1,304,090.96 58,684.09 58,684.09 o 15056042148 --.J REV-1500 EX Page 3 Decedent's Complete Address: E D N AM Brennan, Margaret ___..n'.._ __ _. . ___.. ___ STREET ADDRESS 1922 High Street File Number 21 - 07 - 00 1 46 CITY I ' STATE PA . -, Zip..' I 17011 Camp Hill Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit 8. Prior Payments C. Discount (1) 58,684.09 61,899.33 2,934.20 3. Interest/Penalty if applicable D. Interest E. Penalty Total Credits (A + 8 + C) (2) 64,833.53 Total Interest/Penalty (D + E) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 1 Line 20 to request a refund 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. A. Enter the interest on the tax due. (3) (4) (5) (5A) (58) 8. Enter the total of Line 5 + 5A. This is the BALANCE DUE. Make Check Payable to: REGISTER OF WILLS, AGENT 0.00 6,149.44 0.00 PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: a. retain the use or income of the property transferred;................................................................................ b. retain the right to designate who shall use the property transferred or its income;.................................. c. retain a reversionary interest; or............................................................................................................... d. receive the promise for life of either payments, benefits or care?............................................................ 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration?.. .................. .................. .......... ....... ............ ............ .................................... Yes No [xl [xJ [x] [xl [)(J ~'I c.l<.J 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?........ 0 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which .. contains a beneficiary designation?.................................................................................................................. 1_.1 x IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is three (3) percent [72 P.S. 99116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent [72 P.S. 99116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. 99116 (a) (1.2)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in 72 P.S. 99116 1.2) [72 P.S. 99116 (a) (1 )]. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. 99116 (a) (1.3)]. A sibling is defined under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. '. SCHEDULE A REAL ESTATE COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret - --- -------- .------.. ----------..----.-------..- _._---~-- ----.---------. ----- All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. Real property which is jointly-owned with right of survivorship must be disclosed on schedule F. ITEM NUMBER 1 2130 Market Street Camp Hill, PA 17011 (See Attached Appraisal) DESCRIPTION VALUE AT DATE OF DEATH 115,000.00 2 1932 Market Street Camp Hill, PA 17011 (See Attached Appraisal) 260,000.00 3 228 South High Street Mechanicsburg, PA 17055 (See Attached Appraisal) 160,000.00 4 23 West Simpson Street Mechanicsburg, PA 17055 (See Attached Appraisal) 130,000.00 5 1922 High Street Camp HiI/, PA 17011 (See Attached Appraisal) 198,900.00 TOTAL (Also enter on Line 1, Recapitulation) 863,900.00 SCHEDULE B STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT FILE NUMBER ESTATE OF Brennan, Margaret 21 _ 07 _ 00146 All property jointly-owned with right of survivorship must be disclosed on Schedule F. --------- -----,----- ITEM DESCRIPTION UNIT VALUE VALUE AT DATE NUMBER OF DEATH 1 US Savings Bonds 30.385.64 2 Wachovia Securities MFS Govt. Sec. Div. Inc Fd. C 40.777.00 3 Merrill Lynch Account No. 747-32540 19.464.46 4 Met Life Stock - Margaret Brennan 10.712.00 5 Met Life Stock - Thomas Brennan 8.412.25 6 Met Life Total Control Account #4043912162 22,035.00 7 Met Life Total Control Account #40432860401 66,307.00 8 Federated Funds for US Govt. Sees. #7001896132 10.462.00 9 Wachovia Securities GNMA Pass Thru Pool 455.00 TOTAL (Also enter on line 2, Recapitulation) 209,010.35 . SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret FILE NUMBER 21 - 07 - 00146 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of survivorshIp must be disclosed on schedule F. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 7,600.00 1954 Lincoln 2 1966 Buick Special 4,200.00 3 1958 Cadillac 6,600.00 4 1947 Ford 8,000.00 5 1974 Pontiac 6 Household Goods and Personal Property 7 Sovereign Bank Checking Account #2331031797 8 Sovereign Bank Checking Account #0571106099 9 Sovereign Bank Checking Account #0571107354 10 Sovereign Bank Checking Account #051084946 11 Sovereign Bank Checking Account #0571110053 12 Sovereign Bank Savings Account #2334016769 13 Wachovia Securities Money Market #5270-8046 14 AARP Refund 3,200.00 10,000.00 15,930.00 9,242.00 17,691.00 9,315.00 6,144.00 3,368.00 869.00 175.15 15 Valleybrook Organization, Inc. - Refund of Sr. Home Health Care 430.80 16 Genworth Financial - Refund Long Term Care Ins. 3,527.70 TOTAL (Also enter on Line 5, Recapitulation) 118,892.11 . SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY continued COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret FILE NUMBER 21 - 07 - 00146 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of survivorship must be disclosed on schedule F. ITEM NUMBER 17 DESCRIPTION VALUE AT DATE OF DEATH ----.. ___m._ ------... ----. __ _ _ .~____'_ __.'____ -----.--_____._n_ ______ 12.594.00 Security Federal Bank - Account # 0403015836 18 Discover Refund 5.46 Page 2 of Schedule E '. SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret FILE NUMBER 21 - 07 - 00146 This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes. - . - - -- --- '-~----- ------.-------"- ..'------------ ----.._-----~---,--- -'--------"'._--_._-_._--_...--_--_....._----.._~_.. -------..-----..- ITEM DESCRIPTION OF PROPERTY DATE OF DEATH '10 OF EXCLUSION TAXABLE VALUE NUMBER Include the name of the transferee, their relationship to decedent VALUE OF ASSET DECD'S (IF APPLICABLE) and the date of transfer. Attach a copy of the deed for real estate. INTEREST - _._...___n ..____ ___un. _____~ --- -------.-- ..-----.---------------.------ 1 LCBA Annuity #A435596 12,697.00 100% 12,697.00 2 LCBA Annuity #A446365 188,253.00 100% 188,253.00 3 LCBA Annuity #A447004 11,046.00 100% 11,046.00 4 LCBA Annuity #A439578 3,567.00 100% 3,567.00 TOTAL (Also enter on line 7, Recapitulation) 215,563.00 . SCHEDULEH RJNERALEXPENSES& ADMINISTRAllVE COSTS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret ---- ... ---- ~._._.._.-.-~--- Debts of decedent must be reported on Schedule I. - ~-_._.._---- ITEM NUMBER FILE NUMBER 21 - 07 - 00146 A. 1 FUNERAL EXPENSES: -- - Cremation Expense DESCRIPTION AMOUNT 1,375.00 2 Funeral Luncheon 546.00 B. 1. ADMINISTRATIVE COSTS: Personal Representative's Commissions Social Security Number(s) I EIN Number of Personal Representative(s): Street Address City State Zip 2. Year(s) Commission paid Attorney's Fees Skarlatos & Zonarich LLP/Law Offices of CA Diehl 7,902.71 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City Relationship of Claimant to Decedent State Zip 4. Probate Fees Register of Wills, Cumberland County 780.00 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. Other Administrative Costs 1 Cumberland Law Journal -- Estate Advertisement 75.00 TOTAL (Also enter on line 9, Recapitulation) 11,004.96 '. Schedule H Funeral Expenses & AdninisIrative Cosls continued COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret 2 i The Sentinel -- Estate Advertisement I 3 Department of Vital Statistics -- Extra Copies of Death Certificate 4 Register of Wills - Three Additional Short Certificates 5 US Postmaster -- Postage 6 Register of Wills -- Filing Fee For Inheritance Tax , FILE NUMBER L~1 - 07 - 00146 Page 2 of Schedule H 195.11 56.45 12.00 47.69 15.00 '. SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret Include unreimbursed medical expenses. ITEM NUMBER DESCRIPTION Susan Hough -- Security Deposit Return 2 Brian Hartless -- Security Deposit Return 3 Nikolas Seitz -- Security Deposit Return 4 Tim's Handyman Service -- Repairs 1932 Market St. 5 United Water -- 202 W Keller St. 6 The Travelers Indemnity Co. -- 932/2130 Market St. -- Insurance Expense 7 Beth Garland -- Property Management Fee Jan/Feb/March 8 Tim's Handyman Services -- Repairs 1932 Market St. 9 Milton Carter -- 1922 High St. Repairs 10 Rittera True Value Hardware -- Windows 228 S High St. 11 Auto Owner Insurance -- 440 Banks Mill Aiken SC Insurance Bill 12 Janet Miller, Tax Collector -- Taxes for 1932 & 2130 Market 13 Barry Heckard Sr. Taxes for 23 W Simpson St. and 202 W Keller/High St. 14 Mechanicsburg Boro -- Sewer/Trash Keller and Simpson St. 15 Lowes -- Materials for Repairs on Rentals 16 PP&L -- 1922 and 228 High St. FILE NUMBER 21 - 07 - 00146 TOTAL (Also enter on Line 10, Recapitulation) AMOUNT 415.51 400.00 176.22 2.037.00 511.86 5.398.00 479.70 1,837.00 155.00 280.14 574.93 9,647.13 4.840.66 643.40 419.47 485.35 92,269.54 SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS continued COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret FILE NUMBER 21 - 07 - 00146 Include unreimbursed medical expenses. -. .- --------------- ._~~-_.._._._._---- ITEM DESCRIPTION NUMBER AMOUNT 17 David Leroy -- Plumbing -- 2130 Market St. 310.46 18 Ron Deer Landscaper -- 228 S High St. 90.00 19 David Leroy -- Plumbing -- 2130 Market St. 1,750.00 20 David Leroy -- Plumbing -- 2130 Market St. 1,250.00 21 Casey Johnson -- 1932 Market St. - Yard Work 50.00 22 Ohio Casualty Group Insurance -- Insurance Bill 121.75 23 Boro of Camp Hill -- 32 Market Street Sewer 255.00 24 Ohio Casualty Ins -- Home Ins. 23 W Simpson St. 520.25 25 Casey Johnson -- 2130 Market St. Yard Work 50.00 26 Boro of Camp Hill-- 2130 Market St. 85.00 27 Chris Fromm -- Security Deposit Return 170.00 28 VNB Mortgage -- 1922 High St. 1.791.00 29 Casey Johnson -- 1932 Market St. Yard Work 100.00 30 Mechanicsburg Boro -- Sewer & Trash Keller St. 239.24 31 Terminex -- Keller & High Pest Spray 94.64 Page 2 of Schedule I . SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS continued COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Brennan, Margaret Include unreimbursed medical expenses. ITEM NUMBER 32 Comcast Cable -- Cable Bill DESCRIPTION 33 Verizon -- Telephone Bill 34 Griswold Special Care -- Nursing Care Bill 35 Boro of Camp Hill -- Sewer/Refuse 36 Discover Card -- Credit Card Balance 37 Fletcher's Services -- Replace Boiler 1932 Market St. 38 Trinsic -- Telephone Bill 39 UGI -- Gas Bill 40 Pennsylvania American Water Co. -- Water Bill 41 Penn Waste Inc. -- Refuse Bill 42 West Shore Anesthesia -- Medical Bill 43 Camp Hill Emergency Physicians -- Medical Bill 44 Nick Chelap -- 2006 Tax Return Preparation Fee 45 US Treasury -- 2006 Federal Tax Liability 46 Ohio Casualty Group Insurance Co. -- Automobile Insurance FILE NUMBER 21 - 07 - 00146 AMOUNT 53.67 29.92 696.00 412.50 8.90 3,500.00 73.89 3,083.39 1,020.45 267.66 15.97 27.34 525.00 430.00 723.02 Page 3 of Schedule I SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS continued COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIOENT DECEDENT ESTATE OF Brennan, Margaret -- -- -------- .. ------ - --------.. -- --.----.-_____.____m.__ ___.. __--.._ ___.. ___0___ ____ Include unreimbursed medical expenses. ITEM NUMBER 47 DESCRIPTION Chapman Fuel Oil Services -- Oil Bill 48 Borough of Mechaniscsburg -- 23 W Simpson S1. 49 Megan Brennan -- Repairs to Apartments 50 VNB Mortgage Service -- Mortgage Payments 51 VNB Mortgage -- 1922 High Street Payoff I FILE NUMBER 21 - 07 - 00146 - --..------.---,--.-----------.-.-------------- - AMOUNT 5,176.75 505.20 157.50 4.296.00 36.087.67 Page 4 of Schedule I REV-1513 EX+ (9-00) '. SCHEDULE J BENEFICIARIES COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY ~- RELATIONSHIP TO DECEDENT Do Not List Trustee(s) ----_.___________________n. FILE NUMBER 21 - 07 - 00146 --_._..~------_..._--_._._----_..._-_._--- - .--- -- --.- SHARE OF ESTATE AMOUNT OF ESTATE (Words) ($$$) Brennan, Margaret I. TAXABLE DISTRIBUTIONS[include outright spousal aistributions, and transfers under Sec. 9116 (a) (1.2)] 1/3 of Estate Residue 1 Megan A. Brennan 1922 High Street Camp Hill, PA 17011 2 Timothea J. Brennan 980 E. Hollywood Avenue Salt Lake City, UT 84105 1/3 of Estate Residue 3 Thomas A. Brennan, Jr. Son 1/3 of Estate Residue I Enter dollar amounts for distributions shown above on lines 15 through 18, as appropriate. on Rev 1500 cover sheet II !NON-TAXABLE DISTRIBUTIONS: . A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS I NOT BEING MADE i I I lB. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS i I I ! TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEE 0.00 . . WOOF APPRAISAL GROUP File No. PVT8673 APPRAISAL OF A SINGLE FAMilY RESIDENTIAL HOME LOCATED AT: 1922 HIGH STREET CAMP Hill, PA 17011 FOR: ESTATE OF MARGARET BRENNAN 23 W SIMPSON STREET MECHANICSBURG, PA 17055 AS OF: FEBRUARY 5, 2007 APPRAISED VALUE: $198,900 BY: REYNOLD R. WOOF, JR. IFAS PA CERTIFIED GENERAL REAL ESTATE APPRAISER I I I J , . WOOF APPRAISAL GROUP Uniform Residential Appraisal Report File No. PVT8673 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. Propertv Address 1922 HIGH STREET City CAMP HILL State PA Zip Code 17011 Borrower Owner of Public Record ESTATE OF MARGARET BRENNAN County CUMBERLAND Leaal Description UNKNOWN Assessor's Parcel # 01-21-0269-120 Tax Year 2007/2008 Neighborhood Name CAMP HILL BOROUGH Map Reference N/A Occuoant I 1 Owner X Tenant r lvacant Special Assessments $ NONE .. Propertv Riahts APpraised X 1 Fee Simple r Leasehold r l Other (describe) AssianmentType r 1 Purchase Transaction r Refinance Transaction X Other (describe) MARKET VALUE Lender/Client ESTATE OF MARGARET BRENNAN Address 23 W SIMPSON STREET, MECHANICSBURG, PA 17055 Is the subiect property currentlv offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? I I Yes I X I No Report data source(s) used, offering price(s), and date(s). MULTI-LIST VERIFIED. r PUD R.E. Taxes $ 3,111.82 Census Tract 3240-105 HOA $ N/ A I ~er vear [ ] per month I U did U 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 not performed. N/A : Contract Price $ Date of Contract Is the Ofooertv seller the owner of Dublic record? 1 Yes r l 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? 0 Yes 0 No If Yes, report the total dollar amount and describe the items to be paid. $ Note: Race and the racial comoosition of the neiohborhood are not aooraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban X Suburban Rural Propertv Values X Increasina Stable Declinina PRICE AGE One-Unit 80 % . Built-Up X Over 75% 25-75% Under 25% Demand/Supply Shortaae X In Balance Over Supplv $(000) (vrs) 2-4 Unit 5 % : Growth Raoid X Stable Slow Marketing Time X Under 3 mths 3-6 mths Over 6 mths 95 Low NEW Multi-Familv 5 % . Neighborhood Boundaries THE NEIGHBORHOOD BOUNDARIES CONSIST OF HOMES IN THE AREA 1,250 Hiah 200+ Commercial 10 % ~ COMMONLY KNOWN AS THE BOROUGH OF CAMP HILL. 190 Pred. 55 Other % Neighborhood Description THE SUBJECT PROPERTY IS LOCATED IN AN ESTABLISHED RESIDENTIAL NEIGHBORHOOD COMPRISED PREDOMINANTLY OF SINGLE FAMILY HOUSES. COMMERCIAL USES LOCATED IN THE SUBJECTS' NEIGHBORHOOD, DO NOT HAVE AN ADVERSE EFFECT ON MARKETABILITY. NEW CONSTRUCTION IS ON GOING IN THE NEIGHBORHOOD. EASY ACCESS TO EMPLOYMENT CENTERS, SCHOOLS, SHOPPING, AND TRANSPORTATION. Market Conditions (including support for the above conclusions) AREA REAL ESTATE MARKET IS CONSIDERED TO BE MODERATELY ACTIVE. LOAN DISCOUNTS, INTEREST BUYDOWNS, AND OTHER CONCESSIONS ARE NOT TYPICAL IN THIS MARKET.CONVENTIONAL FINANCING IS READILY AVAILABLE. Dimensions NOT PROVIDED Area 0.23 ACRES Shaoe RECTANGULAR View TYPICAL Specific Zoning Classification LDR Zoning Description LOW DENSITY RESI DENTIAL Zonina Campliance Ix Leaal I I Leaal Nonconforming (Grandfathered Use) r l No Zonina I lllleaalldescribe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? [x]Yes 0 No If No, describe. Utilities Public Other (describe) Public Other Idescribel Electricitv Ix l I 1 Water rX] I I Gas Ix 1 I I Sanitary Sewer Ix I I I FEMA Soecial Flood Hazard Area I I Yes I X I No FEMA Flood Zone C FEMA Map # Are the utilities and off-site improvements tvoical for the market area? IX I Yes r l No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? 0 Yes [2S] No Off-site Improvements-Tyoe Public Street MACADAM Ix I Allev NONE I I 420357 0001 B FEMA Map Date 12/11/1981 Private I I I ) If Yes, describe. GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units X One r lOne with Accessorv Unit lConcreteSlab r lCrawlSpace Foundation Walls CONC. BLK/AVE Floors HARDWOOD/AVE # of Stories 2 lFulIBasement rXlPartialBasement Exterior Walls VINYUGOOD Walls PLASTER/AVE. Type X Det. rlAtt. I l S-Det./End Unit Basement Area 720 sa. ft. Roof Surface FIBERGL,SH.lA VE Trim/Finish PINE/AVERAGE X Existing r 1 Proposed I l Under Const. Basement Finish 0 % Gutters & Downspouts ALUMINUM/A VE Bath Floor CERAMIC/A VE, Design (Style) 2 STORY X I Outside Entry/Exit I I Sump Pump Window Tvpe WOOD D,H.lA VE Bath Wainscot CERAMIC/AVE. Year Built 1927 Evidence of I I Infestation Storm Sashllnsulated STORMS/AVERAGE Car Storaae I I None Effective Aae (Yrs) 20 1 Damoness I I Settlement Screens YES Drivewav # of Cars Attic None Heatina [] FWA If 1 HWBB I I I Radiant Amenities WoodStove(s) # Drivewav Surface CONCRETE I Drap Stair X Stairs xl Other STEAM I Fuel GAS X FireDlacels) # 1 Fence X Garaae # of Cars 1 X Floor Scuttle Coolina I 1 Central Air Conditionina Patio/Deck X Porch CarDart # af Cars Finished Heated If Jlndividual If 1 Other Paol X Other SHED Att. Ix IDet. I I Buill-in i APDliances I I Refriaerator IXIRanae/Oven IxlDishwasher r ] DisDosal I 1 Microwave r ]Washer/Drver [ lOther{describe) Finished area above arade contains: 7 Rooms 3 Bedraams 2 Bath(s) 1,752 Square Feet of Gross Livina Area Above Grade Additional features (special energy efficient items, etc.). NONE . . . Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). THE APPRAISED PROPERTY IS IN AVERAGE CONDITION FOR IT'S AGE AND HAS BEEN FAIRLY MAINTAINED. THE ROLL SHINGLE ROOFING ON THE FAMILY ROOM ADDITION HAS BEEN REPAIRED. HOWEVER THE INTERIOR CEILING DAMAGE HAS NOT BEEN REPAIRED. NO FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? 0 Yes l20 No If Yes, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? l20Yes UNo If No, describe. Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aclweb.com Page 1 of6 Fanme Mae Form 1004 March 2005 1004_05062906 , . WOOF APPRAISAL GROUP There are N/A comparable properties currently offered for sale in the subiect neighborhood ranging in price from $ N/A to $ N/A There are 6 comparable sales in the subiect neiahborhood within the pastlwelve months ran ina in sale price from $ 153 900 to $ 220 000 FEATURE SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 1922 HIGH STREET 36 S 27TH STREET 2327 HARVARD AVENUE 2312 CHESTNUT STREET Address CAMP HILL CAMP HILL CAMP HILL CAMP HILL ProximilY to Subject 0.61 MILES WSW 0.55 MILES SW 0.44 MILES SW Sale Price $ $ 209,900 1$ 220,000 $ 199,900 Sale Price/Gross Liv. fllea $ 0.00 sq. fl. $ 141.25 SQ. fl. $ 119.70 sQ. ft. I $ 117.73 sQ. ft. Data Source(s) MULTI-LIST SERVICE MULTI-LIST SERVICE MULTI-LIST SERVICE Verification Source(s) COUNTY DATABANK COUNTY DATABANK COUNTY DATABANK VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment Sale or Financing CONVENTIONAL CONVENTIONAL CONVENTIONAL Concessions 93 DOM 205 DOM 22 DOM Date of SalelTime 02/24/2006 +8,400 07/10/2006 +4,400 11/20/2006 Location SUBURBAN SUBURBAN SUBURBAN SUBURBAN Leasehold/Fee Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 0.23 ACRES 0.10 ACRES +8 000 0.15 ACRES +3 000 0.20 ACRES View TYPICAL TYPICAL TYPICAL TYPICAL Desian (SMe) 2 STORY 2 STORY 2 STORY 2 STORY Quality of Construction AVERAGE AVERAGE AVERAGE AVERAGE Actual Age 81 66 80 84 Condition AVERAGE GOOD -20.000 ABOVE AVE. -10000 ABOVE AVE. -10000 Above Grade Total I Bams.! Baths Total I Bams.! Baths Total IBdrms.! Baths T olal I Bdrms.! Baths Room Count 7 131 2 6 I 3 I 1.5 +2,000 6 I 3 I 1.5 +2,000 7 I 3 I 1.5 +2,000 Gross Livina fllea50.00 1,752 sq. ft. 1,486 sq. ft. +13,300 1,838 SQ. ft. -4,300 1,698 Sq. ft. +2,700 Basement & Finished PART BASEMENT FULL BASEMENT FULL BASEMENT FULL BASEMENT Rooms Below Grade UNFINISHED REC RM & BATH -7,000 REC ROOM -4 000 UNFINISHED Functional Utility AVERAGE AVERAGE AVERAGE AVERAGE . Heating/Cooling STEAM/NONE STEAM/NONE STEAM/NONE FHAlCA -6,000 . Energy Eflicientltems NONE NONE NONE THERMOPANES -6,000 . . Garage/Carport 1 CAR GARAGE 1 CAR GARAGE 1 CAR GARAGE 2 CAR GARAGE -5,000 . Porch/Patio/Deck PORCH PORCH PORCH PORCH, DECK -2,000 . FIREPLACE 1 FIREPLACE 1 FIREPLACE 1 FIREPLACE 1 FIREPLACE . EXTRA'S SHED FENCE 2 BED ATTIC -10,000 2 BED ATTIC -10,000 . . . Net Adiustment (Total) IXI+ r l- $ 4,700 I 1+ [X]- $ 18900 [ ]+ Ixl- $ 34,300 Adjusted Sale Price Net Adj. 2.2% Net Adj. -8.6% Net Adj. -17.2% . of Comparables GrossAdi. 28.0% $ 214600 GrossAdi. 17.1 % $ 201 100 Gross Adj. 21.9% $ 165 600 I lXJ did U did not research the sale or transfer history of the subject properly and comparable sales. If not, explain My research L ] did I xl did not reveal any prior sales or transfers of the subject properlY for the three vears prior to the effective date of this appraisal. Data source(s) COUNTY DATA BASE. My research lx] did I I did not reveal any prior sales or transfers of the comparable sales for the vear prior to the date of sale of the comparable sale. Data source(s) COUNTY DATA BASE. Report the results of the research and analYSis of the prior sale or transfer history of the subiect properlY and com arable sales (report additional prior sales on paae 3). ITEM SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 Date of Prior SalelTransfer N/A 08/16/2005 N/A N/A Price of Prior SalelTransfer $195,000 Data Source(s) COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK Effective Date of Data Source(s) NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED Analysis of prior sale or transfer history of the subject properly and comparable sales THERE HAS BEEN NO TRANSFERS OF THE SUBJECT IN THE LAST THREE YEARS. Summary of Sales Comparison Approach. MARKET DATA OF CLOSED SALES WAS SUFFICIENT TO ARRIVE AT AN OPINION OF VALUE. CONDITION ADJUSTMENTS BASED ON MULTI-LIST DESCRIPTIONS OF UPGRADES ON COMPARABLE SALES. ALL SALES WERE CLOSED AND CONSIDERED EQUALLY WHEN ARRIVING AT MARKET VALUE. Indicated Value by Sales Comoarison Acoroach $ 198 900 Indicated Value by: Sales ComDarison Approach $ 198 900 Cost Approach (if develoDedl $ 198 900 Income ADDroach (If develooedl $ N/A ALL THREE APPROACHES TO VALUE WERE CONSIDERED. HOWEVER MARKET AREA LACKS AN ADEQUATE NUMBER OF RENTAL SALES TO USE THE INCOME APPROACH. MOST WEIGHT WAS PLACED ON THE MARKET DATA APPROACH DUE · TO THE AGE OF THE SUBJECT. . This appraisal is made 1KJ "as is," U subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, o subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 0 subject to the following required · inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: APPRAISED "AS-IS". INSPECTED ON . DECEMBER 26,2007 FOR AN ESTATE VALUE DATE OF FEBRUARY 5,2007. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, 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 $ 198,900 as of 02/05/2007 , which is the date of inspection and the effective date of this aDDraisal. Uniform Residential Appraisal Report File No. PVT8673 Freddl' Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com Page 2 of6 Fannie Mae Form 1004 March 2005 1004_05 062906 Woof Appraisal Group , . WOOF APPRAISAL GROUP STATEMENT OF ADDITIONAL LIMITING CONDITIONS AND ASSUMPTIONS: THIS APPRAISAL REPORT HAS BEEN PERFORMED FOR THE CLIENT INDICATED IN THE PRECEDING, WITH WHOM PROFESSIONAL STANDARDS REQUIRES ME TO MAINTAIN A STRICT REQUIREMENT OF CONFIDENTIALITY. THE APPRAISER IS NOT A HOME INSPECTOR THE APPRAISER ONLY PERFORMED A VISUAL INSPECTION OF THE ACCESSIBLE AREAS AND THE APPRAISAL CANNOT BE RELIED UPON TO DISCLOSE CONDITIONS AND/OR DEFECTS IN THE PROPERTY. I, BY REASON OF THIS REPORT. AM NOT REQUIRED TO GIVE TESTIMONY IN COURT WITH REFERENCE TO THIS APPRAISAL. IF ANYONE WISHES MY APPEARANCE, IT CAN BE ARRANGED ONLY BY PRIOR ARRANGEMENT BEING MADE WITH ME. SUCH APPEARANCES SHALL BE MADE AS AN EXPERT WITNESS AND THE FEE FOR SUCH APPEARANCES SHALL BE AT THE RATE OF $125/HOUR PORTAL TO PORTAL, PLUS ANY REASONABLE COST INCURRED BY ME. PURPOSE: THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE TITLE OF THE PROPERTY. THE VALUE IS AS OF THE DATE OF THE APPRAISAL WHICH IS THE DAY THE PROPERTY WAS LAST VIEWED IN ITS ENTIRETY AND PHOTOGRAPHED. . . SIGNATURE: . I!! THE ELECTRONIC SIGNATURE USED IN THIS REPORT ARE PROTECTED BY THE APPRAISER AND ONLY THE APPRAISER ~ HAS COMPLETE CONTROL OF THE SIGNATURE. ADDITIONAL CERTIFICATION: THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USER IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR AN ESTATE SETTLEMENT, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL. REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost fioures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) DUE TO THE 100% BUILT UP NATURE OF THE NEIGHBORHOOD THE ABSTRACTION METHOD WAS USED TO VALUE THE SITE. ESTIMATED I X 1 REPRODUCTION OR I I REPlACEMENT COST NEW OPINION OF SITE VALUE. . . . . . . . . . . . . . ......................... = $ 80,000 . Source of cost data MARSHALL & SWIFT DwellinQ 1,752 SQ. Ft. /1i) $ 98.00............= $ 171,696 . . Qualitv rating worn cost service AVERAGE Effective date of cost data 12/2006 BSMT: 720 SQ.FT. SQ. Ft. /1i) $ 14.00............= $ 10,080 . . Comments on Cost Acoroach I Qross livinQ area calculations, deoreciation, etc. \ PORCH,SHED 2,156 SEE SKETCH ADDENDUM FOR BUILDING DIMENSIONS. GaraQe/Carport 220 SQ. Ft. /1i) $ 22.00. .. .. '" .. .. = $ 4,840 . COST DATA OBTAINED FROM MARSHALL VALUATION Total Estimate of Cast-New ....... = $ 188.772 .... SERVICE AND VERIFIED WITH LOCAL BUILDERS. Less 50 Phvsical I Functional T External Depreciation $75,509 I T = $ I 75,509 Depreciated Cost of Imorovements. . . . . ............ .. .. .. .. .. . . . = $ 113,263 "As-is" Value of Site Imorovements . . . . . . . . . . . . . .,..............,. = $ 5,600 Estimated Remainino Economic Life IHUD and VA onlv\ 30 Vears INDICATED VALUE BV COST APPROACH. . . . . . . . . . . . . . .. . .. . . . = $ 198.900 INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthlv Market Rent $ N/ A X Gross Rent Multiplier N/A = $ N/ A Indicated Value bv Income Approach . Summary of Income Approach (including support for market rent and GRM) PROJECT INFORMATION FOR PUDs (If applicable) Is the develooerlbuilder in control of the Homeowners' Association IHOA)? r lVes r lNo Unit tvoels\ 11 Detached r TAttached Provide the followinQ information for PUDs ONL V if the develooerlbuilder is in control of the HOA and the subiect orooertv is an attached dwellino unit. LeQal name of proiect Total number of phases Total number of units Total number of units sold . Total number of units rented Total number of units for sale Data sourcels\ . Was the oroject created bv the conversion of an existinQ buildinnls\ into a PUD? r l Ves r l No If Ves, date of conversion. , Does the oroiect contain anv multi-dwellinQ units? r lVes r lNo Data sourcels\ . Are the units, common elements, and recreation facilities complete? DVes UNo If No, describe the status of completion. . . Are the common elements leased to or by the Homeowners' Association? DVes DNo If Ves, describe the rental terms and options. Describe common elements and recreational facilities. Uniform Residential Appraisal Report File No PVT8673 Freddie Mac Form 70 March 2005 Produced USing ACI software, 800.234.8727 www.aClweb.com Page 3 of 6 Fannie Mae Form 1004 March 2005 1004~05062906 WOOF APPRAISAL GROUP File No. PVT8672 APPRAISAL OF ---- , ---..- '-"- . --'.-- -'.'.'~.... ..... "'. --......:-.- --"-'-- _.,~-._- ""'"'''''''' "-'- . .. ,.-------- . . '.. . '-. ._--:-- A TWO UNIT LOCATED AT: 228 SHIGH STREET MECHANICSBURG, PA 17055 FOR: ESTATE OF MARGARET BRENNAN 23 W SIMPSON STREET MECHANICSBURG, PA 17055 AS OF: FEBRUARY 5, 2007 APPRAISED VALUE: $160,000 BY: REYNOLD R. WOOF, JR. IFAS PA CERTIFIED GENERAL REAL ESTATE APPRAISER WOOF APPRAISAL GROUP 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 228 S HIGH STREET City MECHANICSBURG State PA Zip Code 17055 Borrower Owner of Public Record EST A TE OF MARGARET BRENNAN County CUMBERLAND Legal Description DEED BOOK 27L, PAGE 577 Assessor's Parcel # 20-23-0567-150 Tax Year 2007/2008 R.E. Taxes $ 2,546.74 Neighborhood Name BOROUGH OF MECHANICSBURG Map Reference N/A Census Tract 3240-109 Occupant I I Owner Tenant Ix I Vacant Special Assessments $ NONE r]PUD HOA $ N/A I I per vear [ J per month .. Properly Rights Appraised X I Fee Simple r I Leasehold L J Other (describe) Assignment Type I J Purchase Transaction I Refinance Transaction x] Other (describe) MARKET VALUE Lender/Client ESTATE OF MARGARET BRENNAN Address 23 W SIMPSON STREET, MECHANICSBURG PA 17055 Is the subiect property currentlv offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Ix I Yes INo Report data source(s) used, offering price(s), and date(s). THE HARRISBURG MLS SERVICE INDICATES THAT THIS PROPERTY IS CURRENTLY BEING OFFERED FOR SALE WITH AN ASKING PRICE OF $219 900. I U did U 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 not performed. N/A . Contract Price $ Date of Contract Is the property seller the owner of public record? IYes L JNo 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? UYes DNo If Yes, report the total dollar amount and describe the items to be paid. $ , Note: Race and the racial comDOsition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban X Suburban Rural Properly Values X Increasing Stable Declining PRICE AGE One-Unit 80 % Built-Up X Over 75% 25-75% Under 25% Demand/Supplv Shortage X In Balance Over Supplv $(000) (yrs) 2-4 Unit 5% . . Growth Rapid X Stable Slow Marketing Time X Under 3 mths 3-6 mths Over 6 mths 70 Low NEW Multi-Family 2% . . Neighborhood Boundaries THE NEIGHBORHOOD BOUNDARIES CONSIST OF HOMES IN THE 825 High 200+ Commercial 13 % . AREA COMMONLY KNOWN AS THE BOROUGH OF MECHANICSBURG. 180 Pred. 50 Other % .. Neighborhood Description THE SUBJECT PROPERTY IS LOCATED IN AN ESTABLISHED RESIDENTIAL NEIGHBORHOOD COMPRISED PREDOMINANTLY OF SINGLE FAMILY HOUSES. COMMERCIAL USES LOCATED IN THE SUBJECTS' NEIGHBORHOOD, DO NOT HAVE AN ADVERSE EFFECT ON MARKETABILITY. NEW CONSTRUCTION IS ON GOING IN THE NEIGHBORHOOD. EASY ACCESS TO EMPLOYMENT CENTERS, SCHOOLS, SHOPPING, AND TRANSPORTATION. Market Conditions (including support for the above conclusions) AREA REAL ESTATE MARKET IS CONSIDERED TO BE MODERA TEL Y ACTIVE. LOAN DISCOUNTS, INTEREST BUYDOWNS AND OTHER CONCESSIONS ARE NOT TYPICAL IN THIS MARKET.CONVENTIONAL FINANCING IS READILY AVAILABLE. Dimensions 44 X 137 X 31 X 137 !vea 0.12 ACRES Shape IRREGULAR View TYPICAL Specific Zoning Classification RM Zoning Description MEDIUM DENSITY RESIDENTIAL Zoning Compliance Lx Legal I I Legal Nonconforming (Grandfathered Use) I I No Zoning I I Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? [KjYes UNo If No, describe. Utilities Public Other (describe) Public Other (describe) Off.site Improvements-Type Public Private Electricity IxJ I Water Ixl l J Street MACADAM Ix] l J Gas lxJ I Sanitary Sewer Ixl l J Allev MACADAM Ixl l J FEMA Special Flood Hazard !vea I IYes IxlNo FEMA Flood Zone X FEMA Map # 420362 0005 D FEMA Map Date 03/03/1992 !ve the utilities and off-site improvements typical for the market area? Ix Yes I INo If No, describe. !ve there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? UYes lXjNo If Yes, describe. GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units I One LX One with Accessory Unit J Concrete Slab I lerawl Spa ce Foundation Walls STONE/A VERAGE Floors PINE & CPT/AVE # of Stories 2 J Full Basement I X I Partial Basement Exterior Walls BRICK/A VE Walls PLASTER/AVE. Tvpe Ix Del. L Att. I ] S-Del./End Unit Basement !vea 872 SQ. ft. Roof Surface FIBERGL.SH.lA VE Trim/Finish PINE/AVERAGE X Existing I ] Proposed r l Under Consl. Basement Finish 0% Gutters & Downspouts GALVANIZED/AVE Bath Floor VINYUAVERAGE Design (Style) 2 STORY J Outside Entry/Exit r l Sump Pump Window Type WOOD D.H.lAVE Bath Wainscot PLASTIC/AVE Year Built 1900 Evidimce of L J Infestation Storm Sashllnsulated STORMS/AVERAGE Car Storage I INone Effective Age (Yrs) 25 I Dampness I I Settlement Screens YES Drivewav # of Cars Attic None Heatingl JFWAllxlHWBBl1 I Radiant Amenities WoodStove(s) # Drivewav Surface GRASS Drop Stair X Stairs I Other I Fuel GAS Fireplace(s) # Fence X Garage # of Cars 2 X Floor Scuttle Cooling I I Central Air Conditioning Patio/Deck X Porch Carport # of Cars Finished Heated J Individual I[ 1 Other Pool X Other SHED Att. IX 1 Del. I I Built-in Appliances 12 I Refrigerator 12 1 Rance/Oven I J Dishwasher I I Disposal I I Microwave I !Washer/Dryer I I Other (describe) Finished area above grade contains: 9 Rooms 4 Bedrooms 2 Bath(s) 2,348 Square Feet of Gross Living !vea Above Grade Additional features (special energy efficient items, etc.). NONE . . . Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). THE APPRAISED PROPERTY IS IN AVERAGE CONDITION FOR IT'S AGE AND HAS BEEN WELL MAINTAINED. THE ESTATE HAS COMPLETED ABOUT $2 400 IN REPAIRS SINCE FEBRUARY 2007. NO FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED. !ve there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? UYes lXjNo If Yes, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? ~Yes UNo If No, describe. Uniform Residential Appraisal Report File No. PVT8672 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com Page 1 of6 Fanme Mae Form 1004 March 2005 1004_05062906 WOOF APPRAISAL GROUP There are N/A comparable properties currently offered for sale in the subiect neiahborhood rangino in price from $ N/ A to $ N/A There are 7 comparable sales in the subiect neiohborhood within the past twelve months ranaina in sale price from $ 108 000 to $ 225,000 FEATURE SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 228 S HIGH STREET 316 W SIMPSON STREET 425 - 427 S ARCH STREET 20 E COOVER STREET Address MECHANICSBURG MECHANICSBURG MECHANICSBURG MECHANICSBURG Proximity to Subiect 0.16 MILES W 0.40 MILES E 0.33 MILES E Sa Ie Price $ $ 133 500 $ 138,000 $ 125,000 Sale PrioelGross Liv. /Jrea $ 0.00 sq. ft. $ 85.85 sq. ft. $ 58.38 SQ. ft. $ 63.97 sq. ft. Data Source(s) MULTI-LIST SERVICE MULTI-LIST SERVICE MULTI-LIST SERVICE Verification Souroe(s) COUNTY DATABANK COUNTY DATABANK COUNTY DATABANK VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment Sale or Financing CONVENTIONAL CONVENTIONAL CONVENTIONAL Concessions 19 DOM 6DOM 20DOM Date of SalelTime 08/29/2006 +2 000 06/09/2006 +2,800 03/27/2006 +3,800 Location SUBURBAN SUBURBAN SUBURBAN SUBURBAN Leasehold/Fee Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 0.12 ACRES 0.23 ACRES -4 000 0.18 ACRES 0.12 ACRES View TYPICAL TYPICAL TYPICAL TYPICAL Desian (SMe) 2 STORY 3 STORY 2 STORY 2 STORY Quality of Construction ABOVE AVE. AVERAGE +8,000 AVERAGE +8,000 AVERAGE +8,000 Actual Aae 107 107 107 107 Condition AVERAGE AVERAGE AVERAGE AVERAGE Above Grade T oIal I Bermsl Baths ToIal IBerms.! Baths Total I Berms.1 Baths Total I Berms.! Baths Room Count 914/ 2 9 I 3 1 2 121 6 I 2 6121 2 Gross Living Area 25.00 2,348 SQ. ft. 1,555 SQ. ft. +19,800 2,364 SQ. ft. 1,954 sa. ft. +9,900 Basement & Finished PART BASEMENT FULL BASEMENT PART BASEMENT FULL BASEMENT Rooms Below Grade UNFINISHED UNFINISHED UNFINISHED UNFINISHED Functional Utility AVERAGE AVERAGE AVERAGE AVERAGE . Heatina/Coolina HWBB/NONE HWBB/NONE EBB/NONE STEAM/NONE . Energy Efficient Items NONE NONE THERMOPANES -6,000 NONE . . Garaae/Carport 2 CAR GARAGE 2 CAR GARAGE OFF STREET +8,000 OFF STREET . +8,000 . Porch/Patio/Deck PORCHES PORCHES +3 000 PORCHES +3,000 PORCHES +3,000 . FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE . EXTRA'S SHED SHED NONE +200 NONE +200 . . . Net Adjustment (Total) Ixl+ I 1- $ 28 800 Ix)+ I 1- $ 16,000 Ixl+ I 1- $ 32 900 Adjusted Sale Price Net Adj. 21.6% Net Adj. 11.6% Net Adj. 26.3% of Comparables GrossAdi. 27.6% $ 162 300 Gross Adj. 20.3% $ 154 000 Gross Adj. 26.3% $ 157900 I lXJ did U did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research l J did lx did not reveal anv prior sales or transfers of the subiect property for the three years prior to the effective date of this appraisal. Data source(s) COUNTY DATA BASE. My research I I did Ix did not reveal anv prior sales or transfers of the comparable sales for the vear prior to the date of sale of the comparable sale. Data source(s) COUNTY DATA BASE. Report the results of the research and analysis of the prior sale or transfer history of the subject property and com arable sales (report additional prior sales on paae 3). ITEM SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 Date of Prior SalelTransfer N/A N/A N/A N/A Price of Prior SalelTransfer Data Source(s) COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK Effective Date of Data Source(s) NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED Analysis of prior sale or transfer history of the subject property and comparable sales THERE HAS BEEN NO TRANSFERS OF THE SUBJECT IN THE LAST THREE YEARS. Summary of Sales Comparison Approach. MARKET DATA OF CLOSED SALES WAS SUFFICIENT TO ARRIVE AT AN OPINION OF VALUE. CONDITION ADJUSTMENTS BASED ON MULTI-LIST DESCRIPTIONS OF UPGRADES ON COMPARABLE SALES. ALL SALES WERE CLOSED AND CONSIDERED EQUALLY WHEN ARRIVING AT MARKET VALUE. Indicated Value bv Sales Comoarison Aoproach $ 160 000 Indicated Value by: Sales Comparison Approach $ 160 000 Cost Approach IIf developed) $ 163,700 Income Approach (if developed) $ N/A ALL THREE APPROACHES TO VALUE WERE CONSIDERED. HOWEVER MARKET AREA LACKS AN ADEQUATE NUMBER OF RENTAL SALES TO USE THE INCOME APPROACH. MOST WEIGHT WAS PLACED ON THE MARKET DATA APPROACH DUE · TO THE AGE OF THE SUBJECT. . This appraisal is made lXJ "as is," U subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, o subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 0 subject to the following required · inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: APPRAISED "AS-IS". INSPECTED ON . DECEMBER 26,2007 FOR AN ESTATE VALUE DATE OF FEBRUARY 5,2007. Based on a complete visual inspection of the Interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, 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 $ 160,000 as of 02/05/2007 , which Is the date of inspection and the effective date of this appraisal. Uniform Residential Appraisal Report File No. PVT8672 FreddIe Mac Form 70 March 2005 Produced using ACI software. 600.234.6727 www.aciweb.com Page 2 of 6 Fannie Mae Form 1004 March 2005 1004_05 062906 Woof Appraisal Group STATEMENT OF ADDITIONAL LIMITING CONDITIONS AND ASSUMPTIONS: THIS APPRAISAL REPORT HAS BEEN PERFORMED FOR THE CLIENT INDICATED IN THE PRECEDING, WITH WHOM PROFESSIONAL STANDARDS REQUIRES ME TO MAINTAIN A STRICT REQUIREMENT OF CONFIDENTIALITY. THE APPRAISER IS NOT A HOME INSPECTOR, THE APPRAISER ONLY PERFORMED A VISUAL INSPECTION OF THE ACCESSIBLE AREAS AND THE APPRAISAL CANNOT BE RELIED UPON TO DISCLOSE CONDITIONS AND/OR DEFECTS IN THE PROPERTY. I BY REASON OF THIS REPORT, AM NOT REQUIRED TO GIVE TESTIMONY IN COURT WITH REFERENCE TO THIS APPRAISAL. IF ANYONE WISHES MY APPEARANCE IT CAN BE ARRANGED ONLY BY PRIOR ARRANGEMENT BEING MADE WITH ME. SUCH APPEARANCES SHALL BE MADE AS AN EXPERT WITNESS AND THE FEE FOR SUCH APPEARANCES SHALL BE AT THE RATE OF $125/HOUR PORTAL TO PORTAL PLUS ANY REASONABLE COST INCURRED BY ME. PURPOSE: THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE TITLE OF THE PROPERTY. THE VALUE IS AS OF THE DATE OF THE APPRAISAL. WHICH IS THE DAY THE PROPERTY WAS LAST . VIEWED IN ITS ENTIRETY AND PHOTOGRAPHED. . SIGNATURE: . . THE ELECTRONIC SIGNATURE USED IN THIS REPORT ARE PROTECTED BY THE APPRAISER AND ONLY THE APPRAISER . HAS COMPLETE CONTROL OF THE SIGNATURE. . ADDITIONAL CERTIFICATION: THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USER IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR AN ESTATE SEITLEMENT, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adeauate information for the lender/client to reolicate the below cost fiaures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) DUE TO THE 100% BUILT UP NATURE OF THE NEIGHBORHOOD THE ABSTRACTION METHOD WAS USED TO VALUE THE SITE. ESTIMATED r xl REPRODUCTION OR r 1 REPLACEMENT COST NEW OPINION OF SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 40,000 . Source of cost data MARSHALL & SWI FT Dwellina 2,348 Sa. Ft.lill $ 86.00.. .. .. .. .. .. = $ 201,928 . . Quality rating from cost service AVERAGE Effective date of cost data 12/2006 BSMT: 872 SQ.FT. Sa. Ft.lill $ 14.00.... . = $ 12,208 . ..... . Comments on Cost Accroach I aross livina area calculations, depreciation, etc. \ PORCHES 14,580 . SEE SKETCH ADDENDUM FOR BUILDING QIMENSIONS. Garaae/Caroort 680 Sa. Ft. (iil $ 18.00... ...... .. = $ 12,240 . COST DATA OBTAINED FROM MARSHALL VALUATION .. = $ 240,956 Total Estimate of Cost-New ..... ... SERVICE AND VERIFIED WITH LOCAL BUILDERS. Less 50 Physical I Functional I External Depreciation $120478 I I = $ I 120,478 Depreciated Cost of Imorovements . . . . . . . . . . . . .. . .. . . .. . . . . . . . . . . . = $ 120,478 "As-is" Value of Site Improvements. . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . = $ 3,200 Estimated Remainina Economic Life IHUD and VA onlv\ 25 Vears INDICATED VALUE BV COST APPROACH. . .. . . . . . . . . . . . . . . .. = $ 163700 INCOME APPROACH TO VALUE (not required by Fannie Mae) . Estimated Monthlv Market Rent $ N/ A X Gross Rent Multiplier N/A = $ N/ A Indicated Value bv Income Approach Summary of Income Approach (including support for market rent and GRM) PROJECT INFORMATION FOR PUDs (If applicable) Is the developerlbuilder in control of the Homeowners' Association IHOA)? r lVes I INo Unit typels) r 1 Detached r 1 Attached Provide the followina information for PUDs ONL V if the developerlbuilder is in control of the HOA and the subiect oroperty is an attached dwellina unit. Leaal name of proiect Total number of phases Total number of units Total number of units sold . Total number of units rented Total number of units for sale Data sourcels) . Was the proiect created by the conversion of an existina buildinals) into a PUD? r 1 Ves r I No If Ves, date of conversion. ~ Does the proiect contain anv multi-dwellina units? r lVes r lNo Data sourcels\ he the units, common elements, and recreation facilities complete? UVes UNo If No, describe the status of completion. . . Are the common elements leased to or by the Homeowners' Association? DVes UNo If Ves, describe the rental terms and options. Describe common elements and recreational facilities. WOOF APPRAISAL GROUP Uniform Residential Appraisal Report File No. PVT8672 Freddie Mac Form 70 March 2005 Produced using ACt software, 600.234.8727 www.aciweb.com Page 3 of 6 Fannie Mae Form 1004 March 2005 1004_05062906 WOOF APPRAISAL GROUP File No. PVT8675 APPRAISAL OF A SINGLE FAMilY RESIDENTIAL HOME LOCATED AT: 2130 MARKET STREET CAMP Hill, PA 17011 FOR: ESTATE OF MARGARET BRENNAN 23 W SIMPSON STREET MECHANICSBURG, PA 17055 AS OF: FEBRUARY 5, 2007 APPRAISED VALUE: $115,000 BY: REYNOLD R. WOOF, JR. IFAS PA CERTIFIED GENERAL REAL ESTATE APPRAISER 302 SOUTH FRONT STREET, WORMlEYSBURG, PA 17043 WOOF APPRAISAL GROUP 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. Propertv Address 2130 MARKET STREET City CAMP HILL State PA Zip Code 17011 Borrower Owner of Public Record ESTATE OF MARGARET BRENNAN County CUMBERLAND Leoal Description DEED BOOK 28R, PAGE 636 Assessor's Parcel # 01-21-1027-369 Tax Year 2007/2008 R.E. Taxes $ 2,013.76 Neighborhood Name CAMP HILL BOROUGH Mao Reference N/A Census Tract 3240-104 Occuoant r lOwner Tenant I X I Vacant Soecial Assessments $ NONE r l PUD HOA$ N/A I l oer vear r l oer month .. Propertv Riohts APpraised r X l Fee Simole r Leasehold r 10ther I describe) Assignment Tvpe r 1 Purchase Transaction r l Refinance Transaction X Otherldescribe\ MARKET VALUE Lender/Client ESTATE OF MARGARET BRENNAN Address 23 W SIMPSON STREET, MECHANICSBURG PA 17055 Is the subiect orooertv currentlv offered for sale or has it been offered for sale in the twelve months prior to the effective date of this aooraisal? Ix l Yes I TNo Report data source(s)used,offering price(s),anddate(s). AS INDICATED IN THE HARRISBURG MLS, THE PROPERTY IS CURRENTLY ON THE MARKET WITH AN ASKING PRICE OF $136 500. I U did U 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 not performed. N/A . Contract Price $ Date of Contract Is the orooertv seller the owner of public record? 1Yes T 1No Data Sourcels) . . Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf of the borrower? DYes UNo If Yes, report the total dollar amount and describe the items to be paid. $ Note: Race and the racial comoosition of the neiahborhood are not aooralsal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban X Suburban Rural Prooertv Values X Increasino Stable Declinino PRICE AGE One-Unit 80 % Built-Up X Over 75% 25-75% Under 25% Demand/Suoolv Shortaoe X In Balance Over Suoolv $1000\ Ivrs\ 2-4 Unit 5% . . Growth Raoid X Stable Slow Marketino Time X Under 3 mths 3-6 mths Over 6 mths 95 Low NEW Multi-Familv 5% . . Neighborhood Boundaries THE NEIGHBORHOOD BOUNDARIES CONSIST OF HOMES IN THE 1.250 High 200+ Commercial 10 % . AREA COMMONLY KNOWN AS THE BOROUGH OF CAMP HILL. 190 Pred. 55 Other % .. Neighborhood Description THE SUBJECT PROPERTY IS LOCATED IN AN ESTABLISHED RESIDENTIAL NEIGHBORHOOD COMPRISED PREDOMINANTLY OF SINGLE FAMILY HOUSES. COMMERCIAL USES LOCATED IN THE SUBJECTS' NEIGHBORHOOD, DO NOT HAVE AN ADVERSE EFFECT ON MARKETABILITY. NEW CONSTRUCTION IS ON GOING IN THE NEIGHBORHOOD. EASY ACCESS TO EMPLOYMENT CENTERS, SCHOOLS, SHOPPING, AND TRANSPORTATION. Market Conditions (including support for the above conclusions) AREA REAL ESTATE MARKET I S CO NSI DERED TO BE MODERA TEL Y ACTIVE. LOAN DISCOUNTS, INTEREST BUYDOWNS, AND OTHER CONCESSIONS ARE NOT TYPICAL IN THIS MARKET.CONVENTIONAl FINANCING IS READILY AVAILABLE. Dimensions NOT PROVIDED Area 0.11 ACRES Shape RECTANGULAR View BUSY STREET Specific Zonino Classification CN Zonino Description NEIGHBORHOOD COMMERCIAL Zoning Compliance rX Leoal I 1 Leoal Nonconformino IGrandfathered Use) I I No Zoning r lllleoal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? [XJYes UNo If No, describe. Utilities Public Other (describel Public Other (describe) Off-site Improvements-Tv"" Public Pr ivate Electricitv Ixl l Water lxT I 1 Street MACADAM Ixl r l Gas Ixl 1 Sanitary Sewer TxT I I Allev MACADAM Ix] [ J FEMA Special Flood Hazard Area I JYes Tx lNo FEMA Flood Zone C FEMA Mao # 420357 0001 B FEMA Mao Date 12/11/1981 Are the utilities and off-site imorovements tvoical for the market area? IXlYes I INo If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? DYes [R) No If Yes, describe. GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units X One -r One with Accessorv Unit I Concrete Slab r l Crawl Space Foundation Walls STONE/A VERAGE Floors CPT&PINE/AB.A VE # of Stories 2 I Full Basement r xl Partial Basement Exterior Walls ALUM & INSUL BR/AVE Walls PLASTER/GOOD Tvpe Det. r lAtt. r xl S-Det./End Unit Basement Area 448 so. ft. Roof Surface TIN/AVERAGE Trim/Finish PINE/AB. AVE X Existing r l Proposed r ] Under Const. Basement Finish 0% Gutters & Downspouts GALVANIZED/AVE Bath Floor VINYL TILE/AVE Desion IStvle\ SEMI-DET X I Outside Entrv/Exit r I Sump Pump Window Tvpe WOOD D.H./AVE Bath Wainscot PLASTIC/AVE Year Built 1897 Evidence of 1 llnfestation Storm Sashllnsulated STORMS/AVERAGE Car Storaoe 11 None Effective Aoe (Yrs) 20 l Damoness r l Settlement Screens YES l Drivewav # of Cars Attic None Heatino rXlFWA II lHWBB I r lRadiant Amenities WoodStovels) # Drivewav Surface GRASS Droo Stair X Stairs l Other I Fuel Oil Fireplacels\ # Fence X Garaoe # of Cars 1 X Floor Scuttle Coolino T TCentral Air Conditionino X Patio/Deck X Porch Caroert # of Cars Finished Heated llndividual " lOther Pool Other Att. IXlDet. I I Built-in Appliances r xl Refrioerator I xl Ranoe/Oven l Dishwasher I l Disposal 11 Microwave I 1 Washer/Drver I l Other I describe) Finished area above orade contains: 6 Rooms 3 Bedrooms 1 Bathls) 1,328 Souare Feet of Gross Livino Area Above Grade Additional features (special energy efficient items, etc.). . . . Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). SINCE 02/05/2007 THE ESTATE HAS INSTALLED A NEW WATER HEATER AND COMPLETED SOME INTERIOR REMODELING. THE APPRAISED PROPERTY IS IN ABOVE AVERAGE CONDITION FOR IT'S AGE AND HAS BEEN WELL MAINTAINED. NO FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? DYes [R)No If Yes, describe. Does the property generally conform to the neighborhood (functio~al utility, style, condition, use, construction, etc.)? lXJYes UNo If No, describe. THE CURRENT ZONING WOULD ALLOW A NON-RESIDENTIAL USE OF THE PROPERTY. Uniform Residential Appraisal Report File No PVT8675 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234,8727 www.8ciweb.com Pagel 016 Fannie Mae Form 1004 March 2005 1004_05 062906 . WOOF APPRAISAL GROUP There are N/A comparable prooerties currentlv offered for sale in the subiect neiahborhood ranaina in price from $ N/A to $ N/A There are 4 comparable sales in the subiect neiahborhood within the oast twelve months ranaina in sale price from $ 114 000 to $ 129 975 FEATURE SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 2130 MARKET STREET 2501 MARKET STREET 116 N 21ST STREET 109 S 18TH STREET Address CAMP HILL CAMP HILL CAMP HILL CAMP HILL Proximitv to Subiect 0.24 MILES W 0.11 MILES NNE 0.47 MILES ESE Sale Price $ $ 114 000 $ 115000 $ 129975 Sale Price/Gross Liv. flJea $ 0.00 sa. ft. $ 85.33 sa. ft. $ 86.60 sa. ft. $ 104.82 sa. ft. Data Source(s) MULTI-LIST SERVICE MULTI-LIST SERVICE MULTI-LIST SERVICE Verification Source(s) COUNTY DATABANK COUNTY DATABANK COUNTY DATABANK VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION i{.) $ Adjustment DESCRIPTION i{.) $ Adjustment DESCRIPTION i{.) $ Adjustment Sale or Financing CONVENTIONAL CONV W/HELP -3,500 CONVENTIONAL Concessions 298 DOM 165 DOM 49 DOM Date of Salemme 08/03/2007 -2,300 02/22/2006 +4,600 12/29/2006 Location SUBURBAN SUBURBAN SUBURBAN SUBURBAN Leasehold/Fee Simole FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 0.11 ACRES 0.12 ACRES 0.07 ACRES 0.12 ACRES View BUSY STREET BUSY STREET BUSY STREET TYPICAL -1 0 000 Design (Style) SEMI-DET SEMI-DET SEMI-DET SEMI-DET Qualitv of Construction AVERAGE AVERAGE AVERAGE AVERAGE Actual Age 111 77 112 54 Condition ABOVE AVE. ABOVE AVE. ABOVE AVE. ABOVE AVE. Above Grade Total 1 Bams.l Baths Total 1 Bams.l Baths Total I B<tms.l Baths Total I B<tms.l Baths Room Count 6 I 3 I 1 6 1 3 I 1.5 -2,000 6131 1 6131 1.5 -2,000 Gross Livina flJea 1,328 sa. ft. 1 336 sa. ft. 1 328 sa. ft. 1,240 sa. ft. Basement & Finished PART BASEMENT PART BASEMENT PART BASEMENT FULL BASEMENT -1,000 Rooms Below Grade UNFINISHED UNFINISHED UNFINISHED . UNFINISHED Functional Utilitv AVERAGE AVERAGE AVERAGE AVERAGE . Heatina/Coolina FHA/NONE BBHW/NONE FHA/CA -2,000 FHA/NONE . Energy Efficient Items NONE THERMOPANES -4,000 NONE THERMOPANES -4,000 . . Garage/Carport 1 CAR GARAGE OFF STREET +4,000 OFF STREET +4,000 OFF STREET +4,000 . . PORCHES PORCHES PORCHES PORCHES Porch/Patio/Deck . FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE . EXTRA'S COV'D PATIO NONE +1 000 PATIO +500 NONE +1 000 . . ZONING CN MDRO MDR MDR · Net Adiustment (Total) I 1+ Ixl- $ 3,300 IXI+ 11- $ 3,600 r 1+ Ix]- $ 12,000 Adjusted Sale Price Net Adj. -2.9% Net Adj. 3.1% Net Adj. -9.2% " of Comparables Gross Adi. 11.7% $ 11 0 700 Gross Adi. 12.7% $ 118600 GrossAdi. 16.9% $ 117,975 I ~ did U did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research I 1 did Ix l did not reveal any prior sales or transfers of the subiect property for the three years prior to the effective date of this appraisal. Data source(s) COUNTY DATA BASE. My research 1 I did fx l did not reveal any prior sales or transfers of the comoarable sales for the year prior to the date of sale of the comoarable sale. Data source(s) COUNTY DATA BASE. Report the results of the research and analysis of the prior sale or transfer historY of the subiect property and com arable sales (report additional prior sales on paae 3). ITEM SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 Date of Prior SalefTransfer N/A N/A N/A N/A Price of Prior SalefTransfer Data Source(s) COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK Effective Date of Data Source(s) NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED Analysis of prior sale or transfer history of the subject property and comparable sales THERE HAS BEEN NO TRANSFERS OF THE SUBJECT IN THE LAST THREE YEARS. Summary of Sales Comparison Approach. MARKET DATA OF CLOSED SALES WAS SUFFICIENT TO ARRIVE AT AN OPINION OF VALUE. CONDITION ADJUSTMENTS BASED ON MULTI-LIST DESCRIPTIONS OF UPGRADES ON COMPARABLE SALES. ALL SALES WERE CLOSED AND CONSIDERED EQUALLY WHEN ARRIVING AT MARKET VALUE. Indicated Value bv Sales Comoarison Aooroach $ 115 000 Indicated Value bv: Sales ComDarison ADoroach $ 115 000 Cost ADDroach (If develooedl $ 116 100 Income ADDrOach /if develoDedl $ N/ A ALL THREE APPROACHES TO VALUE WERE CONSIDERED. HOWEVER MARKET AREA LACKS AN ADEQUATE NUMBER OF RENTAL SALES TO USE THE INCOME APPROACH. MOST WEIGHT WAS PLACED ON THE MARKET DATA APPROACH, DUE · TO THE AGE OF THE SUBJECT. . This appraisal is made [K) "as is." 0 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed. o subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed. or 0 subject to the following required · inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: APPRAISED "AS-IS". INSPECTED ON . DECEMBER 26,2007 FOR AN ESTATE VALUE DATE OF FEBRUARY 5,2007. Based on a complete visual inspection of the Interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, 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 $ 115,000 as of 02/05/2007 , which Is the date of Insoection and the effective date of this aDDralsal. Uniform Residential Appraisal Report File No. PVT8675 Freddie Mac Form 70 March 2005 Produced using ACt software, 800.234.8727 www.aciweb.oom Page 2 of 6 Fannie Mae Form 1004 March 2005 1004_05062906 Woof Appraisal Group ~ WOOF APPRAISAL GROUP STATEMENT OF ADDITIONAL LIMITING CONDITIONS AND ASSUMPTIONS: THIS APPRAISAL REPORT HAS BEEN PERFORMED FOR THE CLIENT INDICATED IN THE PRECEDING, WITH WHOM PROFESSIONAL STANDARDS REQUIRES ME TO MAINTAIN A STRICT REQUIREMENT OF CONFIDENTIALITY. THE APPRAISER IS NOT A HOME INSPECTOR THE APPRAISER ONLY PERFORMED A VISUAL INSPECTION OF THE ACCESSIBLE AREAS AND THE APPRAISAL CANNOT BE RELIED UPON TO DISCLOSE CONDITIONS AND/OR DEFECTS IN THE PROPERTY. I, BY REASON OF THIS REPORT, AM NOT REQUIRED TO GIVE TESTIMONY IN COURT WITH REFERENCE TO THIS APPRAISAL. IF ANYONE WISHES MY APPEARANCE, IT CAN BE ARRANGED ONLY BY PRIOR ARRANGEMENT BEING MADE WITH ME. SUCH APPEARANCES SHALL BE MADE AS AN EXPERT WITNESS AND THE FEE FOR SUCH APPEARANCES SHALL BE AT THE RATE OF $125/HOUR PORTAL TO PORTAL, PLUS ANY REASONABLE COST INCURRED BY ME. PURPOSE: THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE TITLE OF THE PROPERTY. THE VALUE IS AS OF THE DATE OF THE APPRAISAL WHICH IS THE DAY THE PROPERTY WAS LAST VIEWED IN ITS ENTIRETY AND PHOTOGRAPHED. . . SIGNATURE: . . THE ELECTRONIC SIGNATURE USED IN THIS REPORT ARE PROTECTED BY THE APPRAISER AND ONLY THE APPRAISER . HAS COMPLETE CONTROL OF THE SIGNATURE. . ADDITIONAL CERTIFICATION: THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USER IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR AN ESTATE SETTLEMENT, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adeQuate information for the lender/client to reolicate the below cost fiQures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) DUE TO THE 100% BUILT UP NATURE OF THE NEIGHBORHOOD THE ABSTRACTION METHOD WAS USED TO VALUE THE SITE. ESTIMATED Ix] REPRODUCTION OR I I REPLACEMENT COST NEW OPINION OF SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 30,000 . Souree of cost data MARSHALL & SWIFT DwellinQ 1,328 SQ. Ft. @ $ 89.00............ = $ 118,192 . . Quality ratinQ from cost serviee AVERAGE Effective date of cost data 12/2006 BSMT: 448 SQ. FT. So. Ft. @. $ 14.00... .. . .... .. = $ 6,272 . . Comments on Cost Approach (aross livinQ area calculations, depreciation, etc.) PORCHES, PATIO 9,654 . SEE SKETCH ADDENDUM FOR BUILDING DIMENSIONS. GaraQe/Carport 288 SQ. Ft. @ $ 20.00............ = $ 5,760 . COST DATA OBTAINED FROM MARSHALL VALUATION Total Estimate of Cost-New ............ = $ 139,878 SERVICE AND VERIFIED WITH LOCAL BUILDERS. Less 50 Phvsical I Functional I External Depreciation $55,951 I I = $ ( 55,951 Depreciated Cost of ImDrovements.. .............................. = $ 83,927 "As-is" Value of Site Improvements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 2,200 Estimated RemaininQ Economic Life (HUD and VA onlvl 30 Years INDICATED VALUE BY COST APPROACH. . . . . .. . . .. . . . . . . . . . . . = $ 116100 INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent $ N/ A X Gross Rent Multiplier N/A = $ N/ A Indicated Value by Income Approach . Summary of Income Approach (including support for market rent and GRM) PROJECT INFORMATION FOR PUDs (If applicable) Is the developerlbuilder in control of the Homeowners' Association (HOA)? r lYes r ]No Unitlype(s) I I Detached [ I Attached Provide the followinQ information for PUDs ONLY if the developer/builder is in control of the HOA and the subiect DrODertv is an attached dwellinQ unit. LeQal name of project Total number of Dhases Total number of units Total number of units sold . Total number of units rented Total number of units for sale Data source(s) . Was the oroiect created by the conversion of an existinQ buildinQ(s) into a PUD? I ] Yes [ I No If Yes, date of conversion. . Does the proiect contain anv multi-dwellinQ units? r lYes r ]No Data souree(s) . ATe the units, common elements, and recreation facilities complete? UYes UNo If No, describe the status of completion. . . ATe the common elements leased to or by the Homeowners' Association? UYes UNo If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Uniform Residential Appraisal Report File No. PVT8675 Freddie Mac Form 70 March 2005 ProouC8d uSing ACI software, 800234.8727 www.aClweb.com Page 3 of 6 Fannie Mae Form 1004 March 2005 1004_05062906 . WOOF APPRAISAL GROUP File No. PVT8671 APPRAISAL OF A TWO UNIT LOCATED AT: 23 W SIMPSON STREET MECHANICSBURG, PA 17055 FOR: ESTATE OF MARGARET BRENNAN 23 W SIMPSON STREET MECHANICSBURG, PA 17055 AS OF: FEBRUARY 5,2007 APPRAISED VALUE: $130,000 BY: REYNOLD R. WOOF, JR. IFAS PA CERTIFIED GENERAL REAL ESTATE APPRAISER .. WOOF APPRAISAL GROUP 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 23 W SIMPSON STREET City MECHANICSBURG State PA Zip Code 17055 Borrower Owner of Public Record ESTATE OF MARGARET BRENNAN County CUMBERLAND Le!:!al Description DEED BOOK 260 PAGE 197 Assessor's Parcel # 16-23-0565-103 Tax Year 2007/2008 R.E. Taxes $ 1,617.57 Neiohborhood Name BOROUGH OF MECHANICSBURG Map Reference N/A Census Tract 3240-115 Occuoant I I Owner X Tenant [-J Vacant Special Assessments $ NONE I lPUD HOA $ N/A r l per vear I I per month .. Property Ri!:!hts Appraised X I Fee Simple l Leasehold I l Other (describe) Assi!:!nment Type I I Purchase Transaction I Refinance Transaction X 1 Other (describe\ MARKET VALUE Lender/Client ESTATE OF MARGARET BRENNAN Address 23 W SIMPSON STREET, MECHANICSBURG, PA 17055 Is the subject property currentlv offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? I l Yes xl No Report data source(s) used, offering price(s), and date(s). MULTI-LIST VERIFIED. I U did U 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 not performed. N/A . Contract Price $ Date of Contract Is the property seller the owner of public record? IYes I INo Data Source/s\ . . Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf of the borrower? UYes UNo If Yes, report the total dollar amount and describe the items to be paid. $ Note: Race and the racial comoosition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban X Suburban Rural Property Values X Increasina Stable Declinina PRICE AGE One-Unit 80 % Built-Up X Over 75% 25-75% Under 25% Demand/Supply Shorta!:!e X In Balance Over Supply $(000) (yrs) 2-4 Unit 5% . . Growth Rapid Stable X Slow Marketina Time X Under 3 mths 3-6 mths Over 6 mths 70 Low NEW Multi-Familv 2% . . Neighborhood Boundaries THE NEIGHBORHOOD BOUNDARIES CONSIST OF HOMES IN THE AREA 825 Hiah 200+ Commercial 13 % . COMMONLY KNOWN AS THE BOROUGH OF MECHANICSBURG. 180 Pred. 50 Other % .. Neighborhood Description THE SUBJECT PROPERTY IS LOCATED IN AN ESTABLISHED RESIDENTIAL NEIGHBORHOOD COMPRISED PREDOMINANTLY OF SINGLE FAMILY HOUSES. COMMERCIAL USES LOCATED IN THE SUBJECTS' NEIGHBORHOOD, DO NOT HAVE AN ADVERSE EFFECT ON MARKETABILITY. NEW CONSTRUCTION IS ON GOING IN THE NEIGHBORHOOD. EASY ACCESS TO EMPLOYMENT CENTERS, SCHOOLS, SHOPPING, AND TRANSPORTATION. Market Conditions (including support for the above conclusions) AREA REAL ESTATE MARKET IS CONSIDERED TO BE MODERA TEL Y ACTIVE. LOAN DISCOUNTS, INTEREST BUYDOWNS, AND OTHER CONCESSIONS ARE NOT TYPICAL IN THIS MARKET.CONVENTIONAL FINANCING IS READILY AVAILABLE. Dimensions NOT PROVIDED Area 0.10 ACRES Shape RECTANGULAR View TYPICAL Specific Zonina Classification RH Zonina Description HIGH DENSITY RESIDENTIAL Zonin!:! Compliance Ix Le!:!al I I Le!:!al Nonconformin!:! /Grandfathered Use) I I No Zonina I 1 Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? lxJYes UNo If No, describe. Utilities Public Other (describe) Public other (describe) Off-site Improvements-Type Public Private Electricity Ixl l Water Ixl r Street MACADAM rxl I I Gas [xl r 1 Sanitarv Sewer Ixl r Allev MACADAM Ixl L J FEMA Special Flood Hazard Area I ]yes [xJ No FEMA Flood Zone X FEMA Map # 420362 0005 0 FEMA Map Date 03/03/1992 Are the utilities and off-site improvements typical for the market area? IXIYes I INo If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? DYes l.6J No If Yes. describe. GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units lOne I X lOne with Accessorv Unit I[ I Concrete Slab I I Crawl Space Foundation Walls STONE/A VERAGE Floors PINE/AVERAGE # of Stories 2 I[ I Full Basement I I Partial Basement Exterior Walls ABOS. SHIN.lAVE Walls PLASTERlA VE. Type X Del. I I Alt. r l S-Del./End Unit Basement Area 320 SQ. ft. Roof Surface TIN & SHAKE/AVE Trim/Finish PINE/AVERAGE [X Existin!:! I I Proposed I l Under Consl. Basement Finish 0% Gutters & Downspouts VINYL&ALUMINUM/AVE Bath Floor VINYL TilE/GOOD Design (Style) 2 STORY X I Outside Entrv/Exit [ J Sump Pump Window Type VINYL D.H.lGOOD Bath Wainscot PLASTIC/AVE Year Built 1900 Evidence of I I Infestation Storm Sashllnsulated INSULATED Car StoraQe I I None Effective Aae (Yrs) 20 I Dampness I I Settlement Screens YES Drivewav # of Cars Attic None Heatina I I FWA II I HWBB I L J Radiant Amenities WoodStove(s) # Drivewav Surface GRASS Drop Stair X Sla irs X I Other STEAM I Fuel GAS Fireplace(s) # X Fence X GaraQe # of Cars 3 X Floor Scuttle Coolin!:! I I Central Air ConditioninQ Patio/Deck X Porch Carport # of Cars Finished Heated 1 Individual II I Other Pool other Att. Ix 1 Del. I I Built-in APpliances 12 I Refriaerator r 21 Ranae/Oven 1 Dishwasher 1 I Disposal I 1 Microwave 1 1 Washer/Dryer I I Other / describe) Finished area above arade contains: 6 Rooms 2 Bedrooms 2 Bath(s) 1,360 SQuare Feet of Gross Livina Area Above Grade Additional features (special energy efficient items, etc.). REPLACEMENT THERMOPANE WINDOWS. . . . Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). THE APPRAISED PROPERTY IS IN AVERAGE CONDITION FOR IT'S AGE AND HAS BEEN FAIRLY MAINTAINED. NO FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, o~ structural integrity of the property? DYes l.6JNo If Yes, describe. , Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? lxJYes UNo If No, describe. Uniform Residential Appraisal Report File No. PVT8671 Freddie Mac Form 70 March 2005 Produced uSing ACI software, 800.234.8727 www.aciweb.com Page 1 016 Fannie Mae Form 1004 March 2005 1004_05 062906 .. WOOF APPRAISAL GROUP There are N/A comoarable properties currentlv offered for sale in the subiect neiahborhood ranaina in orice from $ N/ A to $ N/A There are 7 comoarable sales in the subiect neiahborhood within the oast twelve months ranaina in sale price from $ 1 08 000 to $ 225 000 FEATURE I SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 23 W SIMPSON STREET 20 E COOVER STREET 425 - 427 S ARCH STREET 316 W SIMPSON STREET Address MECHANICSBURG MECHANICSBURG MECHANICSBURG MECHANICSBURG Proximilv to Subiect 0.19 MILES ESE 0.27 MILES ESE 0.33 MILES W Sale Price $ $ 125 000 $ 138.000 $ 133 500 Sale PrioelGrass Liv. Area $ 0.00 sa. fl. $ 63.97 sa. fl./ $ 58.38 sa. fl. $ 85.85 sa. fl. Data Source(s\ MULTI-LIST SERVICE MULTI-LIST SERVICE MULTI-LIST SERVICE Verification Sourcels\ COUNTY DATABANK COUNTY DATABANK COUNTY DATABANK VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing CONVENTIONAL CONVENTIONAL CONVENTIONAL Concessions 20 DOM 6DOM 19 DOM Date of Salemme 03/27/2006 +3 800 06/09/2006 +2 800 08/29/2006 +2 000 Location SUBURBAN SUBURBAN SUBURBAN SUBURBAN Leasehold/Fee Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 0.10 ACRES 0.12 ACRES 0.18 ACRES -3 000 0.23 ACRES -4 000 View TYPICAL TYPICAL TYPICAL TYPICAL Desian (Slvle) 2 STORY 2 STORY 2 STORY 3 STORY Qualitv of Construction AVERAGE AVERAGE AVERAGE AVERAGE Actual Aoe 107 107 107 107 Condition AVERAGE AVERAGE AVERAGE AVERAGE Above Grade Total I Bams.! Baths Total 1 Bms.! Baths Total I BamJ Baths Total Bams.! Baths Room Count 612/ 2 6 121 2 121 61 2 9 31 2 Gross Living Area 30.00 1,360 so. fl. 1.954 SQ. fl. -17,800 2,364 so. fl. -30,100 1,555 SQ. fl. -5,900 Basement & Finished PART BASEMENT FULL BASEMENT PART BASEMENT FULL BASEMENT Rooms Below Grade UNFINISHED UNFINISHED UNFINISHED UNFINISHED Functional Utilitv AVERAGE AVERAGE AVERAGE AVERAGE . Heating/Coolina STEAM/NONE STEAM/NONE EBB/NONE HWBB/NONE . Energv Efficient Items THERMOPANES NONE +6,000 THERMOPANES NONE +6,000 . . Garaae/Carport 3 CAR GARAGE OFF STREET +10,000 OFF STREET +10,000 2 CAR GARAGE +2,000 . . PORCHES PORCHES PORCHES PORCHES Porch/Patio/Deck . FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE . . . · Net Adjustment IT otaf) fxl+ f l- $ 2,000 f l+ fxl- $ 20,300 fx + r l- $ 100 Adjusted Sale Price Net Adj. 1.6% Net Adj. -14.7% Net Adj. 0.1% . of Comoarables Gross Adi. 30.1 % $ 127 000 GrossAdi. 33.3% $ 117 700 Gross Adj. 14.9% $ 133 600 I lxJ did U did not research the sale or transfer history of the subject property and comparable sales. If not, explain Mv research I I did r X did not reveal anv orior sales or transfers of the subiect Prooertv for the three vears orior to the effective date of this aooraisa!. Data source(s) COUNTY DATA BASE. Mv research f l did r X did not reveal anv orior sales or transfers of the comoarable sales for the vear orior to the date of sale of the comoarable sale. Data soureels) COUNTY DATA BASE. Reoort the results of the research and analvsis of the orior sale or transfer history of the subiect oropertv and com arable sales (report additional Prior sales on page 3). ITEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 Date of Prior SalefTransfer N/A N/A N/A N/A Price of Prior SalefTransfer Data Source(s\ COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK Effective Date of Data Source(s) NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED Analysis of prior sale or transfer history of the subject property and comparable sales THERE HAS BEEN NO TRANSFERS OF THE SUBJECT IN THE LAST THREE YEARS. Summary of Sales Comparison Approach. MARKET DATA OF CLOSED SALES WAS SUFFICIENT TO ARRIVE AT AN OPINION OF VALUE. CONDITION ADJUSTMENTS BASED ON MULTI-LIST DESCRIPTIONS OF UPGRADES ON COMPARABLE SALES. ALL SALES WERE CLOSED AND CONSIDERED EQUALLY WHEN ARRIVING AT MARKET VALUE. Indicated Value bv Sales Comparison Annroach $ 130 000 Indicated Value by: Sales Comparison Approach $ 130 000 Cost Aooroach lif developed) $ 137 100 Income Aooroach (If develoDedl $ N/A ALL THREE APPROACHES TO VALUE WERE CONSIDERED. HOWEVER MARKET AREA LACKS AN ADEQUATE NUMBER OF RENTAL SALES TO USE THE INCOME APPROACH. MOST WEIGHT WAS PLACED ON THE MARKET DATA APPROACH, DUE · TO THE AGE OF THE SUBJECT. . This appraisal is made [R) "as is," 0 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, o subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 0 subject to the following required · inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: APPRAISED "AS-IS". INSPECTED ON . DECEMBER 26,2007 FOR AN ESTATE VALUE DATE OF FEBRUARY 5,2007. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, 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 $ 130,000 as of 02/05/2007 , which is the date of insDection and the effective date of this aDoraisa!. Uniform Residential Appraisal Report File No. PVT8671 Freddie Mac Form 70 March 2005 Produced using ACI software, 600.234.8727 www.aciweb.com Page 2 016 Fannie Mae Form 1004 March 2005 1004_05 062906 Woof Appraisal Group ~ or WOOF APPRAISAL GROUP Uniform Residential Appraisal Report STATEMENT OF ADDITIONAL LIMITING CONDITIONS AND ASSUMPTIONS: File No. PVT8671 THIS APPRAISAL REPORT HAS BEEN PERFORMED FOR THE CLIENT INDICATED IN THE PRECEDING, WITH WHOM PROFESSIONAL STANDARDS REQUIRES ME TO MAINTAIN A STRICT REQUIREMENT OF CONFIDENTIALITY. THE APPRAISER IS NOT A HOME INSPECTOR THE APPRAISER ONLY PERFORMED A VISUAL INSPECTION OF THE ACCESSIBLE AREAS AND THE APPRAISAL CANNOT BE RELIED UPON TO DISCLOSE CONDITIONS AND/OR DEFECTS IN THE PROPERTY. I BY REASON OF THIS REPORT AM NOT REQUIRED TO GIVE TESTIMONY IN COURT WITH REFERENCE TO THIS APPRAISAL. IF ANYONE WISHES MY APPEARANCE, IT CAN BE ARRANGED ONLY BY PRIOR ARRANGEMENT BEING MADE WITH ME. SUCH APPEARANCES SHALL BE MADE AS AN EXPERT WITNESS AND THE FEE FOR SUCH APPEARANCES SHALL BE AT THE RATE OF $12S/HOUR PORTAL TO PORTAL, PLUS ANY REASONABLE COST INCURRED BY ME. PURPOSE: THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE TITLE OF THE PROPERTY. THE VALUE IS AS OF THE DATE OF THE APPRAISAL WHICH IS THE DAY THE PROPERTY WAS LAST VIEWED IN ITS ENTIRETY AND PHOTOGRAPHED. I SIGNATURE: . . THE ELECTRONIC SIGNATURE USED IN THIS REPORT ARE PROTECTED BY THE APPRAISER AND ONLY THE APPRAISER ~ HAS COMPLETE CONTROL OF THE SIGNATURE. ADDITIONAL CERTIFICATION: THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USER IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR AN ESTATE SETTLEMENT SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OFTHIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost fiaures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) DUE TO THE 100% BUILT UP NATURE OF THE NEIGHBORHOOD THE ABSTRACTION METHOD WAS USED TO VALUE THE SITE. ESTIMATED IXJ REPRODUCTION OR [J REPLACEMENT COST NEW ; Source of cost data MARSHALL & SWI FT . Quality rating from cost service AVERAGE Effective date of cost data 12/2006 : Comments on Cost Approach (oross livino area calculations, depreciation, etc.) SEE SKETCH ADDENDUM FOR BUILDING DIMENSIONS. · COST DATA OBTAINED FROM MARSHALL VALUATION SERVICE AND VERIFIED WITH LOCAL BUILDERS. OPINION OF SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ Dwelling 1,360 Sa. Ft. t1l! $ 88.00.. .. .... .. .. = $ BSMT:320SQ.FT. SQ.Ft.@$ ............= $ PORCHES Garaae/Carport 1,680 Total Estimate of Cost-New Less SO Physical I Functional I External Depreciation $62,S84 I I = $ ( Depreciated Cost oflmorovements . . . . . . .. ........ .............. = $ "As-is" Value of Site Improvements. . . . . . . . . . . . . . .. ... ............ = $ Sa. Ft. t1l! $ 18.00.. .. . . . .. .. . = $ . .. . .. .. .. .. = $ 40,000 119,680 o 6,S40 30,240 156 460 62,S84 93,876 3,200 Estimated Remaining Economic Life (HUD and VA only) 30 Years INDICATED VALUE BY COST APPROACH. . . . . . . . . . . . .. .. . . . . . . = $ INCOME APPROACH TO VALUE (not required by Fannie Mee) . Estimated Monthly Market Rent $ N/A X Gross Rent Multiplier N/A = $ N/A Indicated Value by Income Aporoach Summary of Income Approach (including support for market rent and GRM) 137100 PROJECT INFORMATION FOR PUDs (if applicable) Is the developerlbuilder in control of the Homeowners' Association (HOA)? I I Yes I I No Unit type(s) I I Detached I I Attached Provide the following information for PUDs ONLY if the developerlbuilder is in control of the HOA and the subject prooertv is an attached dwelling unit. Legal name of proiect Total number of phases Total number of units . Total number of units rented Total number of units for sale . Was the project created by the conversion of an existing building(s) into a PUD? [ ] Yes [ No ~ Does the project contain any multi-dwelling units? [ ] Yes I J No Data source(s) Are the units, common elements, and recreation facilities complete? U Yes U No If No, describe the status of completion. Total number of units sold Data source(s) If Yes, date of conversion. Are the common elements leased to or by the Homeowners' Association? 0 Yes U No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 Produced uSing Acr software, 600.234.8727 www.8crweb.com Page 3 of 6 Fanme Mae Form 1004 March 2005 1004_05062906 " . WOOF APPRAISAL GROUP File No. PVT8674 APPRAISAL OF f r f Ii'."'. -:>-/. ~. ,/). ./F;, . . ." iJ . >~. :' J.-' " " . I ~ / A COMMERCIAL PROPERTY LOCATED AT: 1932 MARKET STREET CAMP HILL, PA 17011 FOR: ESTATE OF MARGARET BRENNAN 23 WSIMPSON STREET MECHANICSBURG. PA 17055 AS OF: FEBRUARY 5, 2007 APPRAISED VALUE: $260,000 BY: REYNOLD R. WOOF, JR. IFAS PA CERTIFIED GENERAL REAL ESTATE APPRAISER .. . WOOF APPRAISAL GROUP 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 1932 MARKET STREET City CAMP HILL State PA ZiD Code 17011 Borrower Owner of Public Record ESTATE OF MARGARET BRENNAN County CUMBERLAND Legal Description DEED BOOK 32V PAGE 368 Assessor's Parcel # 01-21-0269-203 Tax Year 2007/2008 R.E. Taxes $ 5,433.44 Neighborhood Name CAMP HILL BOROUGH MaD Reference N/ A Census Tract 3240-105 Occuoant I I Owner lTenant Ix JVacant Special Assessments $ NONE I jPUD HOA$ N/A I I per vear [ I per month .. Property Rights Aopraised X I Fee Simple [ Leasehold r l Other (describe) Assignment Type I I Purchase Transaction I Refinance Transaction Ix Other (describe) MARKET VALUE Lender/Client ESTATE OF MARGARET BRENNAN Address 23 W SIMPSON STREET, MECHANICSBURG, PA 17055 Is the subiect property currentlv offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? I X I Yes INo Report data source(s) used, offering price(s), and date(s). THE HARRISBURG MLS SERVICE INDICATES THAT THIS PROPERTY IS CURRENTLY BEING OFFERED FOR SALE WITH AN ASKING PRICE OF $369 500. I U did U 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 not performed. N/A . Contract Price $ Date of Contract Is the property seller the owner of Dublic record? lYes I INo 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? DYes UNo If Yes, report the total dollar amount and describe the items to be paid. $ Note: Race and the racial comDOsltlon of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban X Suburban Rural Propertv Values X Increasing Stable Declining PRICE AGE One-Unit 80 % Built-Up X Over 75% 25-75% Under 25% Demand/SuDDlv Shortage X In Balance Over SUDDlv $1000) (yrs) 2-4 Unit 5% . . Growth Rapid X Stable Slow Marketing Time X Under 3 mths 3-6 mths Over 6 mths 95 Low NEW Multi-Familv 5% . . Neighborhood Boundaries THE NEIGHBORHOOD BOUNDARIES CONSIST OF HOMES IN THE AREA 1 250 High 200+ Commercial 10 % · COMMONLY KNOWN AS THE BOROUGH OF CAMP HILL. 190 Pred. 55 Other % .. Neighborhood Description THE SUBJECT PROPERTY IS LOCATED IN AN ESTABLISHED RESIDENTIAL NEIGHBORHOOD COMPRISED PREDOMINANTLY OF SINGLE FAMILY HOUSES. COMMERCIAL USES LOCATED IN THE SUBJECTS' NEIGHBORHOOD, DO NOT HAVE AN ADVERSE EFFECT ON MARKETABILITY. NEW CONSTRUCTION IS ON GOING IN THE NEIGHBORHOOD. EASY ACCESS TO EMPLOYMENT CENTERS, SCHOOLS, SHOPPING, AND TRANSPORTATION. Market Conditions (including support for the above conclusions) AREA REAL ESTATE MARKET IS CONSIDERED TO BE MODERA TEL Y ACTIVE. LOAN DISCOUNTS, INTEREST BUYDOWNS, AND OTHER CONCESSIONS ARE NOT TYPICAL IN THIS MARKET. CONVENTIONAL FINANCING IS READILY AVAILABLE. Dimensions 66 X 225 Area 0.34 ACRES Shape RECTANGULAR View BUSY STREET Specific Zoning Classification CN Zoning Description NEIGHBORHOOD COMMERCIAL Zoning Compliance Ix Legal r 1 Legal Nonconforming (Grandfathered Use) [1 No Zonina I ) Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? UYes lxlNo If No, describe. THE HIGHEST AND BEST USE FOR THIS PROPERTY WOULD BE OFFICE SPACE. Utilities Public Other (describe) Public Other (describe) Off-site Improvements-Type Public Private Electricitv Ixl 1 Water Ixl 1 Street MACADAM [xl r 1 Gas I J 1 Sanitary Sewer IXI 1 AIIev MACADAM rxl L ] FEMA Special Flood Hazard Area I ) Yes I X I No FEMA Flood Zone C FEMA Map # 420357 0001 B FEMA Map Date 12/11/1981 Are the utilities and off-site improvements tvDical for the market area? Ix Yes I INo If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? DYes lxlNo If Yes, describe. GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units lOne Ix lOne with Accessorv Unit I Concrete Slab I I Crawl Space Foundation Walls POURED CONC Floors PINE&HDWD/AB.AVE # of Stories 2 X I Full Basement I I Partial Basement Exterior Walls BRICK/A VE Walls PLASTER/AB. AVE. TVDe X I Del. I I All. r l S-Del./End Unit Basement Area 1169 sa. ft. Roof Surface FIBERGL.SH.lGOOD Trim/Finish PINE/AVERAGE [X Existing I I Proposed I I Under Consl. Basement Finish 70% Gullers & Downspouts ALUMINUM/GOOD Bath Floor CERAMIC/A VE. Design (Stvle) 2 STORY II I Outside Entrv/Exit I I Sump Pump Window Tvpe WOOD D.H.lAVE Bath Wainscot CERAMIC/AVE. Year Built 1927 Evidence of r llnfestation Storm Sash/Insulated STORMS/AVERAGE Car Storaae I l None Effective Age (Yrs) 20 I[ I Dampness I 1 Settlement Screens YES X Drivewav # of Cars 2 Allic None Heatina r I FWA II HWBB I L J Radiant Amenities WoodStove(s) # Drivewav Surface PAVERS&GRAVEL Drop Sta ir X Stairs X lather STEAM 1 Fuel OIL Fireplace(s) # Fence X Garage # of Cars 2 X Floor Scullle Cooling r 1 Central Air Conditioning Patio/Deck X Porch 3 Carport # of Cars X Finished X Heated I Individual If l Other Pool Other All. IXlDel. I 1 Built-in I Aopliances 12 I Refrigerator 12 I Range/Oven 1 I Dishwasher I I Disposal I I Microwave [ IWasher/Drver I IOtherCdescribe) Finished area above grade contains: 8 Rooms 3 Bedrooms 1.5.3 Bath(s) 2,162 Sauare Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.). NONE. . . . Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). SINCE THE ESTATE DATE, THE ESTATE HAS INVESTED $15,000 INTO THE PROPERTY, NEW BOILER, UPDATED FLOORING, PAINTED, AND ROOF REPAIR. THE APPRAISED PROPERTY IS IN ABOVE AVERAGE CONDITION FOR IT'S AGE AND HAS BEEN WELL MAINTAINED. THE PROPERTY IS CURRENTLY SET UP AS A TWO UNIT. HOWEVER, THE FIRST FLOOR DOES NOT HAVE A BATH ROOM, IT HAS A POWDER ROOM WITH A SHOWER AND A SINK IN ANOTHER ROOM. NO FUNCTIONAL OR EXTERNAL INADEQUACIES NOTED IF THE PROPERTY WAS USED AS AN OFFICE OR CONVERTED BACK INTO A SINGLE FAMILY HOME. THE ATTIC FINISHED AREA WAS NOT INCLUDED IN THE GLA. THERE IS AN ATTIC POWDER ROOM IN THE EVE. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? DYes [R)No If Yes, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction. etc.)? LXJYes DNo If No, describe. Uniform Residential Appraisal Report File No. PVT8674 Freddie Mac Form 70 March 2005 Produced u51ng ACI software, 800.234.8727 www.acrweb.com Page 1 of6 Fannie Mae Form 1004 March 2005 1004_05062906 .. . It WOOF APPRAISAL GROUP There are N/A comoarable oroperties currently offered for sale in the subiect neiahborhood ranging in price from $ N/ A to $ N/A There are 5 comoarable sales in the subiect neiahborhood within the cast twelve months rangina in sale orice from $ 200 000 to $ 399 000 FEATURE I SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 1932 MARKET STREET 2605 MARKET STREET 2159 - 2161 MARKET STREET 2214 MARKET STREET Address CAMP HILL CAMP HILL CAMP HILL CAMP HILL Proximity to Subject 0.49 MILES W 0.24 MILES W 0.30 MILES W Sale Price $ $ 260 000 $ 270 000 $ 399,000 Sale PricelGross Liv. kea $ 0.00 sa. ft. $ 108.15 sa. ft. $ 100.45 SQ. ft. $ 113.84 sa. ft. Data Source(s) MULTI-LIST SERVICE MULTI-LIST SERVICE MULTI-LIST SERVICE Verification Sourcelsl COUNTY DATABANK COUNTY DATABANK COUNTY DATABANK VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adiustment DESCRIPTION +(-) $ Adiustment DESCRIPTION +( -) $ Adjustment Sale Dr Financing CONV W/HELP -7,800 CONVENTIONAL CONVENTIONAL Concessions 53 DOM 25DOM 7DOM Date of Salemme OS/25/2007 -2 600 06/02/2006 +5 400 11/29/2006 Location SUBURBAN SUBURBAN SUBURBAN SUBURBAN Leasehold/Fee Simole FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 0.34 ACRES 0.19 ACRES +15000 0.18 ACRES +15000 0.24 ACRES +10000 View BUSY STREET BUSY STREET BUSY STREET BUSY STREET Design (Style) 2 STORY 2 STORY 2 STORY 2 STORY Quality of Construction ABOVE AVE. ABOVE AVE. AVERAGE +10,000 ABOVE AVE. Actual Aae 81 99 86 126 Condition ABOVE AVE. ABOVE AVE. ABOVE AVE. ABOVE AVE. Above Grade Total I Bdrms.l Baths Total I Bdrms.! Baths Total"TBdrms.! Baths Total IBdrms.! Baths Room Count 8 1 3 1 1.5.3 9141 1.5 +1 000 121 2 1 2.5.5 -8,000 141 6 I 2.5.5 -8,000 Gross Livina kea60. 00 2,162 sa. ft. 2,404 sa. ft. -14500 2,688 sa. ft. -31,600 3,505 sa. ft. -80,600 Basement & Finished FULL BASEMENT FULL BASEMENT FULL BASEMENT FULL BASEMENT Rooms Below Grade 70% FINISHED UNFINISHED +4,000 UNFINISHED +4,000 UNFINISHED +4,000 Functional Utility AVERAGE AVERAGE AVERAGE AVERAGE . Heating/Cooling STEAM/NONE STEAM/NONE FHNCA -12,000 STEAM/NONE . Enerav Efficient Items NONE NONE NONE NONE . . Garaae/Caroort 2 CAR GARAGE OFF STREET +10,000 PARKING LOT OFF STREET +10,000 . . PORCHES PORCHES PORCHES PORCHES Porch/Patio/Deck . FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE NO FIREPLACE . EXTRA'S FINISHED ATTIC FINISHED ATTIC FINISHED ATTIC NONE +6,000 . . · Net Adiustment !Total) Ixl+ 1 1- $ 5,100 I 1+ Ixl- $ 17,200 1 )+ Ixl- $ 58,600 Adjusted Sale Price Net Adj. 2.0% Net Adj. -6.4% Net Adj. -14.7% . of Comoarables GrossPdi. 21.1 % $ 265 1 00 GrossAdi. 31.9% $ 252 800 GrossAdi. 29.7% $ 340 400 I l20 did U did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research 1 I did 1 X did not reveal any prior sales or transfers of the subiect oroperty for the three years orior to the effective date of this appraisal. Data source(s) COUNTY DATA BASE. Mv research r xl did r did not reveal any orior sales or transfers of the comoarable sales for the vear prior to the date of sale of the comoarable sale. Data source(s) COUNTY DATA BASE. RepOrt the results of the research and analysis of the prior sale or transfer history of the subiect property and com arable sales (report additional prior sales on paQe 3). ITEM SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 Date of Prior SalelTransfer N/A 05/09/2006 N/A N/A Price of Prior SalelTransfer $200,000 Data Source(s) COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK COUNTY DATA BANK Effective Date of Data Sourcels) NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED NO DATE INDICATED Analysis of prior sale or transfer history of the subject property and comparable sales THERE HAS BEEN NO TRANSFERS OF THE SUBJECT IN THE LAST THREE YEARS. Summary of Sales Comparison Approach. MARKET DATA OF CLOSED SALES WAS SUFFICIENT TO ARRIVE AT AN OPINION OF VALUE. CONDITION ADJUSTMENTS BASED ON MULTI-LIST DESCRIPTIONS OF UPGRADES ON COMPARABLE SALES. ALL SALES WERE CLOSED AND CONSIDERED EQUALLY WHEN ARRIVING AT MARKET VALUE. Indicated Value bv Sales Comoarison Aooroach $ 260 000 Indicated Value bv: Sales ComDarlson ADcroach $ 260 000 Cost ADcroach lif develooedl $ 262 600 Income ADcroach {if develooedl $ N/ A ALL THREE APPROACHES TO VALUE WERE CONSIDERED. HOWEVER. MARKET AREA LACKS AN ADEQUATE NUMBER OF RENTAL SALES TO USE THE INCOME APPROACH. MOST WEIGHT WAS PLACED ON THE MARKET DATA APPROACH DUE · TO THE AGE OF THE SUBJECT. . This appraisal is made l20 "as is," U subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, o subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 0 subject to the following required · inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: APPRAISED "AS-IS". INSPECTED ON . DECEMBER 26 2007 FOR AN ESTATE VALUE DATE OF FEBRUARY 5,2007. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, 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 $ 260,000 as of 02/05/2007 , which is the date of insoectlon and the effective date of this aDDraisal. Uniform Residential Appraisal Report File No. PVT86? 4 Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com Page 2 of 6 Fannie Mae Form 1004 March 2005 1004_05 062906 Woof Appraisal Group " . WOOF APPRAISAL GROUP Uniform Residential Appraisal Report STATEMENT OF ADDITIONAL LIMITING CONDITIONS AND ASSUMPTIONS: File No. PVT8674 THIS APPRAISAL REPORT HAS BEEN PERFORMED FOR THE CLIENT INDICATED IN THE PRECEDING, WITH WHOM PROFESSIONAL STANDARDS REQUIRES ME TO MAINTAIN A STRICT REQUIREMENT OF CONFIDENTIALITY. THE APPRAISER IS NOT A HOME INSPECTOR, THE APPRAISER ONLY PERFORMED A VISUAL INSPECTION OF THE ACCESSIBLE AREAS AND THE APPRAISAL CANNOT BE RELIED UPON TO DISCLOSE CONDITIONS AND/OR DEFECTS IN THE PROPERTY. I, BY REASON OF THIS REPORT, AM NOT REQUIRED TO GIVE TESTIMONY IN COURT WITH REFERENCE TO THIS APPRAISAL. IF ANYONE WISHES MY APPEARANCE, IT CAN BE ARRANGED ONLY BY PRIOR ARRANGEMENT BEING MADE WITH ME. SUCH APPEARANCES SHALL BE MADE AS AN EXPERT WITNESS AND THE FEE FOR SUCH APPEARANCES SHALL BE AT THE RATE OF $125/HOUR PORTAL TO PORTAL, PLUS ANY REASONABLE COST INCURRED BY ME. PURPOSE: THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE TITLE OF THE PROPERTY. THE VALUE IS AS OF THE DATE OF THE APPRAISAL WHICH IS THE DAY THE PROPERTY WAS LAST VIEWED IN ITS ENTIRETY AND PHOTOGRAPHED. . . SIGNATURE: . . THE ELECTRONIC SIGNATURE USED IN THIS REPORT ARE PROTECTED BY THE APPRAISER AND ONLY THE APPRAISER ~ HAS COMPLETE CONTROL OF THE SIGNATURE. ADDITIONAL CERTIFICATION: THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USER IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR AN ESTATE SETTLEMENT, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE APPRAISER. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adeQuate information for the lender/client to replicate the below cost fioures and calculations. Supportfor the opinion of site value (summary of comparable land sales or other methods for estimating site value) DUE TO THE 1 00% BUILT UP NATURE OF THE NEIGHBORHOOD THE ABSTRACTION METHOD WAS USED TO VALUE THE SITE. ESTIMATED I X I REPRODUCTION OR r 1 REPLACEMENT COST NEW . Source of cost data MARSHALL & SWIFT : Quality rating from cost service AVERAGE Effective date of cost data 12/2006 : Comments on Cost APcroach (Qross Iivina area calculations, depreciation, etc.) . SEE SKETCH ADDENDUM FOR BUILDING DIMENSIONS. · COST DATA OBTAINED FROM MARSHALL VALUATION SERVICE AND VERIFIED WITH LOCAL BUILDERS. OPINION OF SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . , . , . . . . . . . . . . . . = $ Dwellina 2,162 Sa. Ft.1iil $ 115.00............ = $ BSMT: 1169 SQ.FT. Sa. Ft.1iil $ 22.00.......... = $ PORCHES GaraQe/Carport 400 Total Estimate of Cost-New Less 50 Physical I Functional I External Depreciation $118,715 I $20,000 I = $ ( Depreciated Cost of ImDrovements . . . . . . . . . . .. .,................. = $ "As-is" Value of Site Improvements. . . . . . . . .. .. ,.................. = $ SQ. Ft. @ $ 26.00.. ... ...... = $ .... .... .. = $ 100,000 248,630 25,718 12,040 10,400 296,788 138,715 158,073 4,500 Estimated Remainino Economic Life (HUD and VA onlv) 30 Years INDICATED VALUE BY COST APPROACH.. . . . . . . . . ... . INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated MonthlY Market Rent $ N/A X Gross Rent Multiplier N/A = $ N/A Indicated Value by Income Approach . Summary of Income Approach (including support for market rent and GRM) = $ 262 600 PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowners' Association (HOA)? r l Yes rl No Unit type(s) r] Detached . r lAttached Provide the followina information for PUDs ONLY if the developerlbuilder is in control of the HOA and the subject procertv is an attached dwellina unit. Leaal name of project Total number of phases Total number of units Total number of units sold · Total number of units rented Total number of units for sale Data source(s) Was the proiect created by the conyersion of an existina buildina(s) into a PUD? I l Yes I 1 ND If Yes, date of conversion. ~ Does the project contain any multi-dwellina units? I I Yes I ] No Data source(s) he the units, common elements, and recreation facilities complete? U Yes U No If No, describe the status of completion. Freddie Mac Form 70 March 2005 Produced uSIng ACl software, 800.234.8727 www.aClweb.com Page 3 of 6 Fan",e Mae Form 1004 March 2005 1004_05 062906 he the common elements leased to or by the Homeowners' Association? U Yes U No If Yes, describe the rental terms and options. Describe common elements and recreational facilities.