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Home My Public Portal About12-0235 Krembs_2of2ESTIMATED COST OF RECONSTRUCTION / IMPROVEMENT PROPERTY ADDRESS `(� V (e \``tT� v'�t 'y Z 7 Q(sec__. Total Square Footage of the Structure (• t. 'h SF ITEM DEMOLITION & REMOVAL FOUNDATION. REPAIR & ADDITION slab 'f..31-k- llf l `t convential pier CARPENTRY MATERIAL (ROUGH) floor ceiling joisiti aTAN\Lr (Ls wall stud QUANTITY dimensions sf COST (LABOR + MATERIALS) OFFICIAL USE sf (oo !`'V�SYuz`� -s sf CARPENTRY, LABOR (ROUGH) ft%li[.. sf ROOFING INSULATION EXTERIOR FINISH lap siding vinyl siding stucco brick other DOOR WINDOW SHUTTER LUMBER FINISH base mold shoe mold chair rail other -- OC3011.- -CYLAt r� CARPENTER, LABOR, FINISH paneling /bead board Ora HARDWARE (FINISH) HARDWARE (ROUGH) CABINETS (BUILT -IN) base wall FLOOR COVERING tile vinyl carpet wood other WALL PREPARATION sheetrock paneling tile other PLUMBING (ROUGH) • • does not include sprinkler system PLUMBING FIXTURES shower tub (7 SS r I- L toilet vanity V-, ELECTRICAL (SERVICE /WIRING)•• • • does not include alarm system 4 sf�scvCes Piro') sf Vii[ t sf ea (M. n6ErzS ea ea 4 sf 3v () 1 If C'l If % L3 sy sy sy sy S '3 sy sf ��% sf sf ea ea # Sal:) ea ?ova ea 4 F J5 O -sr SC� BUZZ �C70 1 �50 CIO 0 se(3 15§ 9-s00 Iec10 (0( ace di* q0c3 `14; 4 t yti� ELECTRICAL FIXTURES outlets L �t-� ea 4 5 C.O lights ea �OC-C7 other /�.ls ea .� 4 St HVAC (UNIT & DUCT WORK INSTALLED) ••• k SC'`C� ••• does not include commercial hood system WASHER /DRYER INSTALLATION 7 SL PAINT OR SPECIAL COATINGS interior sf 44' I eCJL exterior sf OVERHEAD & PROFIT TOTAL e _ $ 4 (C�`l V S CONTRACTOR ]p i'\rs QO �%C�� M�sLYYL t--L-L PHONE aL Ci)+. �.S1c �J� t CONTRACTOR ADDRESS r O5JTRACTOR'S SIn,NATII ,3 F/ I C (40S�- Rf \/ r) DATE F • PROPERTY ADDRESS ESTIMATED COST COST OF RECONSTRUCTION / IMPROVEMENT tt Total Square Footage of the Structure :3 I.' SF ITEM QUANTITY DEMOLITION & REMOVAL FOUNDATION, REPAIR & ADDITION slab - t!, J L4 ' l ,t convential pier CARPENTRY MATERIAL (ROUGH) floor ceiling post /4 /1. t— fLS wall stud dimensions 7SC_0 s& sf sf sf CARPENTRY, LABOR (ROUGH) tote._ sf ROOFING INSULATION EXTERIOR FINISH lap siding vinyl siding stucco brick other DOOR WINDOW SHUTTER LUMBER FINISH base mold shoe mold chair rail other .- 000 ri- TrZ:tM CARPENTER, LABOR, FINISH paneling/bead board ailcE- (t -V.�K--' L HARDWARE (FINISH) HARDWARE (ROUGH) CABINETS (BUILT -IN) base wall FLOOR COVERING tile vinyl carpet wood other WALL PREPARATION sheetrock paneling tile other PLUMBING (ROUGH) ' ' does not include sprinkler system PLUMBING FIXTURES shower tub QOSS.CS.� toilet vanity .Z. ELECTRICAL (SERVICE /WIRING) " does not include alarm system ELECTRICAL FIXTURES outlets f t�jL lights other .-.. F/"•y\c. HVAC (UNIT & DUCT WORK INSTALLED) "' "' does not include commercial hood system WASHER /DRYER INSTALLATION PAINT OR SPECIAL COATINGS interior exterior OVERHEAD & PROFIT TOTAL CONTRACTOR COST (LABOR + MATERIALS) OFFICIAL USE 4-S'-co Sc t oo t -v•iveb 7I? 4.c0 Lasg sa_ sf 't' sf ea C ntE�� ea ea 4 sf t If 11 If %, t sy sy sy E sy 4 ?a sy sf sf ea ea 5 500 ea ea fi ea ea ea sf sf �3rsac� If 350 ti- , r3cU t (so 0 o 7-s--co ',Sad s t An DS LL PHONE •3 S�."� ;-�,_ '.gv.a�l,•cAa t C 3( 4o5 r CONTRACTOR ADDRESS l - 1A1 APPRAISAL OF REAL PROPERTY LOCATED AT: 1810 Chatham Ave west half of Lot 17 Ward 5 Savannah Beach Tybee Island, GA 31328 Reilly AUTO �PArnrS® CLet(:,..3 0 0,D deck ckr pHavIce,5 --,� c e or 9 cks--0_ , /ecur r4) ' SS �e re zal :,:n(1,% 1.66 it p ^l �:Gt�C= /j L �j t!a- �v 6. w c4l:.t 9 - -dt&k+ 4 .,( %c,r c.e FOR: Keller Williams Realty 329 Commercial Drive Savannah, GA 31406 AS OF: 04/03/2012 BY: ,amon L. Smith Form GA3 — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800- ALAMODE Main File No. s34961221 Page #1 Damon L. Smith Appraisal Company Uniform Residential Appraisal Report Main File No. s34961221 Page #2 File # s3496122 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 1810 Chatham Ave City Tybee Island State GA Zip Code 31328 Borrower Nancy Krembs Owner of Public Record Nancy Krembs County Chatham Legal Description west half of Lot 17 Ward 5 Savannah Beach Assessor's Parcel # 4 -9 -8 -3 Tax Year 2012 R.E. Taxes $ 2,467 f- Neighborhood Name Tybee Island Map Reference Tybee Census Tract 0111.03 W Occupant ❑ Owner ❑ Tenant Vacant Special Assessments $ 0 ❑ PUD HOA $ 0 ❑ per year ❑ per month 2 Property Rights Appraised Fee Simple ❑ Leasehold ❑ Other (describe) v' Assignment Type ❑ Purchase Transaction ❑ Refinance Transaction // Other (describe) Improvement & Land Market Value estimate Lender /Client Keller Williams Realty Address 329 Commercial Drive, #100, Savannah, GA 31406 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? /1 Yes ❑ No Report data source(s) used, offering price(s), and date(s). DOM 196;Savannah Multi-List Corporation. Chatham County Assessors office. Property was listed for sale at $165,000.00 from 06/2011 to its sale date of 03/2012. _ I ❑ did ❑ did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. I- 0 "0 Contract Price $ 0 Date of Contract Is the property seller the owner of public record? ❑ Yes ❑ No Data Source(s) Courthouse z Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? ❑ Yes ❑ No ° If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One -Unit Housing Trends One -Unit Housing Present Land Use % Location ❑ Urban ►1 Suburban ❑ Rural Property Values ❑ Increasing r/ Stable ❑ Declining PRICE AGE One -Unit 70 % o Built-Up ❑ Over 75% ►1 25 -75% ❑ Under 25% Demand /Supply ❑ Shortage ❑ In Balance /1 Over Supply $ (000) (yrs) 2 -4 Unit 5 % o Growth ❑ Rapid ■ Stable ❑ Slow Marketing Time ❑ Under 3 mths ❑ 3 -6 mths / Over 6 mths 100 Low 0 Multi- Family % § Neighborhood Boundaries The neighborhood boundaries considered were the geoghaphical boundaries of 1,000 High 100 Commercial 5 % °m the island. 400 Pred. 20 Other 20 % Neighborhood Description The subject is located on Tybee Island. Tybee is a residential /resort submarket of the east island marketing area of z Chatham Coun . The area is •redominantl corn•rised of ear round and seasonal residents. All services are available and •olice and fire protection are considered to be adequate. Schools, shopping, banking and employment centers are located on island and in Savannah. Market Conditions (including support for the above conclusions) No abnormal marketing exist in the area. The demand for housing in the area is average. No unusual sales concessions appear to be necessary. MLS data indicates an average marketing time for the "Tybee /Islands" area to be 200 days. Large amount of inventory will continue to exert pressure on price increases until supply is reduced. See 1004MC form, attached. _ Dimensions 36.2 x 25 x 69.4 x 57.9 x 78.4 Area 4486 sf Shape Irregular View N;Res; Specific Zoning Classification (R -2) Single Family Zoning Description Residential Zoning Compliance ►1 Legal ❑ Legal Nonconforming (Grandfathered Use) ❑ No Zoning ❑ Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? /1 Yes ❑ No If No, describe Utilities Public Other (describe) Public Other (describe) Off-site Improvements - Type Public Private Electricity ►1 ❑ Water /1 ❑ Street Asphalt ►1 ❑ Fii Gas ❑ .1 Propane Sanitary Sewer /1 ❑ Alley None ❑ ❑ FEMA Special Flood Hazard Area // Yes ❑ No FEMA Flood Zone AE FEMA Map # 13051 C0326F FEMA Map Date 09/26/2008 Are the utilities and off -site improvements typical for the market area? // Yes ❑ No If No, describe Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? ❑ Yes /1 No If Yes, describe Subject is identified as being in the flood hazard area (AE). Subject to survey. No apparent adverse easements or encroachments were noted that should affect market value. General Description Foundation Exterior Description materials /condition Interior materials /condition Units ►/ One ❑ One with Accessory Unit /1 Concrete Slab ❑ Crawl Space Foundation Walls Concrete /Good Floors Wood,Tile /Average # of Stories 1 ❑ Full Basement ❑ Partial Basement Exterior Walls Frame /Average Walls Drywall /Average Type // Det. ❑ Att. ❑ S -Det. /End Unit Basement Area 0 sq.ft. Roof Surface Shingles /Average Trim/Finish Wood /Average 0 Existing ❑ Proposed ❑ Under Const. Basement Finish 0 % Gutters & Downspouts Yes /Average Bath Floor Ceramic/Average Design (Style) Traditional ❑ Outside Entry/Exit ❑ Sump Pump Window Type D/H Vinyl /Good Bath Wainscot Ceramic/Average Year Built 1945 Evidence of ❑ Infestation None Note( Storm Sash/Insulated Insulated /Average Car Storage ❑ None Effective Age (Yrs) 25 ❑ Dampness ❑ Settlement Screens Typical /Average // Driveway # of Cars 2 Attic ❑ None Heating ►1 FWA t❑ HWBB 1❑ Radiant Amenities ❑ Woodstove(s) # 0 Driveway Surface Gravel ►A Drop Stair ❑ Stairs ❑ Other 1 Fuel Elec. /1 Fireplace(s) # 1 ►/ Fence Wood V1 Garage # of Cars 1 Z1 Floor ❑ Scuttle Cooling El Central Air Conditioning /1 Patio /Deck Con. xi Porch Entry,Scr. ❑ Carport # of Cars 0 L❑ Finished ❑ Heated ❑ Individual ❑ Other P1 Pool None ❑ Other None ❑ Att. /1 Det. ❑ Built-in w Appliances ■ Refrigerator ►1 Range/Oven V1 Dishwasher VA Disposal a/ Microwave ❑ Washer /Dryer ❑ Other (describe) w Finished area above grade contains: 4 Rooms 2 Bedrooms 2.0 Bath(s) 1,336 Square Feet of Gross Living Area Above Grade 'o Additional features (special energy efficient items, etc.). See attached addenda. w a - Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C5;Kitchen- updated - eleven to fifteen years ago;Bathrooms- updated - eleven to fiftee rs ago;The improvements are in average condition. A physical depreciation adjustment based on an age/life depreciation formula,(25 /107 3 %), as made for normal aging. There was no functional or external obsolesence to be considered. Wood flooring with water damage. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? ❑ Yes V1 No If Yes, describe There were no physical deficiencies nor adverse conditions noted that would have an impact on marketability, soundness of structural integrity. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? // Yes ❑ No If No, describe The property generally conforms to the surrounding neighborhood in regards to utility, style, materials and condition. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE Fannie Mae Form 1004 March 2005 Uniform Residential Appraisal Report Main File No. s34961221 Page #3 File # s3496122 There are 12 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 125,000 to $ 350,000 There are 13 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 125,000 to $ 350,000 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1810 Chatham Ave Tybee Island, GA 31328 1217 6th Ave Tybee Island, GA 31328 812 Butler Ave Tybee Island, GA 31328 1008 Lovell Ave Tybee Island, GA 31328 Proximity to Subject 0.65 miles N 1.07 miles NE 0.80 miles NE Sale Price $ 0 $ 300,000 $ 310,000 $ 225,000 Sale Price /Gross Liv. Area $ sq.ft. $ 289.86 sq.ft. $ 289.18 sq.ft. $ 219.51 sq.ft. Data Source(s) #43330;DOM 1198 #17198;DOM 2068 #83505;DOM 193 Verification Source(s) MLS /Public Records(GSCCCA) MLS /Public Records(GSCCCA) MLS /Public Records(GSCCCA) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment Sales or Financing Concessions ArmLth Conv;0 Short Conv;0 ArmLth Cash;O Date of Sale/Time s07/11;c05/11 s02/12;c01/12 s10/11;c08111 Location N;Res; N;Res; N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 4486 sf 11990 sf 0 6800 sf 0 4800 sf 0 View N;Res; N;Res; N;Res; N;Res; Design (Style) Traditional Traditional Traditional Traditional Quality of Construction Q4 Q4 Q4 Q4 Actual Age 67 62 0 55 0 41 0 Condition C5 C3 - 30,000 C3 - 31,000 C5 Above Grade Room Count Gross Living Area Total Bdrms. Baths Total Bdrms. Baths 0 Total Bdrms. Baths 0 Total Bdrms. Baths -5,000 4 2 2.0 4 2 1.0 +5,000 4 2 2.0 5 3 1.1 +2,500 1,336 sq.ft. 1,035 sq.ft. +7,525 1,072 sq.ft. +6,600 1,025 sq.ft. +7,775 Basement & Finished Rooms Below Grade Osf Osf Osf Osf = Functional Utility Good Good Good Good Heating /Cooling FWA/CAC FWA/CAC FWA/CAC FWA/CAC 4 I- Energy Efficient Items Typical Typical Typical Typical Garage /Carport 1 Garage 1 Garage,1 Cpt -1,000 OSP +2,500 OSP +2,500 Z Porch /Patio /Deck Cov.Entry Cov.Entry Cov.Entry Cov.Entry Appliances Typ.Kitchen Typ.Kitchen Typ.Kitchen Typ.Kitchen E. Exterior Living Fence,Sc.Por. Fence,Patio +500 Fence, Deck 0 Fence,Patio +500 a 0- Additional None None None None oNet Adjustment (Total) ❑ + ►1 - $ - 17,975 ❑ + ■/ - $ - 21,900 0 + ❑ - $ 8,275 (,) ai Adjusted Sale Price of Comparables Net Adj. 6.0% Gross Adj. 14.7 % $ 282,025 Net Adj. 7.1 % Gross Adj. 12.9 % $ 288,100 Net Adj. 3.7 % Gross Adj. 8.1 % $ 233,275 I ❑ did ❑ did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research // did ❑ did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) Chatham County Assessors office. /GSCCCA My research ❑ did /1 did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) Chatham County Assessors office. /GSCCCA Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer 03/07/2012 Price of Prior Sale/Transfer $175,000 Data Source(s) Courthouse(GSCCCA) Courthouse(GSCCCA) Courthouse(GSCCCA) 04/02/2012 Courthouse(GSCCCA) 04/02/2012 Effective Date of Data Source(s) 04/03/2012 04/03/2012 Analysis of prior sale or transfer history of the subject property and comparable sales The subject property and comparable sales were reviewed to determine the recent history of sales. The history identified above does not indicate any extraordinary sales transaction information that would seem to contradict recent market trends. Summary of Sales Comparison Approach All comparables taken from the subjects immediate marketing area and confirmed closed. Comparables adjusted for differences in square footage at $25 /sq.ft. Room count differences adjusted as follows: Bedroom= $5000, Bath = $5000, 1 /2bath= $2500. Site size differences were not significant and no market based adjustment was deemed to be necessary; all properties shared similar amenity and no adjustment was deemed necessary. Comparables exceeding desired 1 mile distance to subject continue to provide valuable market data as these properties are located within the boundaries of Tybee Island and would compete for buyers. No adjustments deemed necessary for year built variacnes as all properties share similar overall effective ages. Differences in condition were adjusted at 10% of sales price. Indicated Value by Sales Comparison Approach $ 240,000 _ Indicated Value by: Sales Comparison Approach $ 240,000 Cost Approach (if developed) $ 236,710 Income Approach (if developed) $ The sales comparison approach was given the most weight of consideration as it most accurately reflects the actions of buyers and sellers in the o marketplace. The cost and income approaches were given little or less consideration in this analysis as the sales comparison approach is a much more accurate indicator of value for this property type in the current market. R. This appraisal is made /1 "as is ", ❑ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been z completed, ❑ subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or ❑ subject to the o following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Assumes all systems function properly and all structural members were sound at the time of inspection with no latent defects or infestations unless noted. 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 $ 240,000 , as of 04/03/2012 , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Form 1004UAD - "WinTOTAL" appraisal software by a la mode, inc. - 1- 800 - ALAMODE Fannie Mae Form 1004 Marc (Main File No. s34961221 Page #4I Uniform Residential Aaaraisal Report File # s3496122 Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Form 1004UAD — "WjnTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE Fannie Mae Form 1004 March 2 Expanded "Scope of Work" comments: (The appraiser is permitted to expand the "Scope of Work" for clarification purposes) A "complete visual inspection of the interior and exterior areas of the subject property" was performed by the appraiser based on conditions readily observable excluding all hidden or obstructed areas and not as a "professional home inspector ". The term "complete" is not an all inclusive term relative to areas such as the entire attic and entire crawl space and other non - habitable areas as a complete detailed physical inspection of every part of the aforementioned areas is not a function of the inspection process relative to residential appraising, but more relative to the inspection process of a "professional home inspector ". The appraiser is not a professional termite /wood destroying organism inspector, professional environmental hazard inspector, professional mechanical systems inspector or professional welVseptic system inspector. Improvement ratings and /or comments regarding improvements, systems, equipment and real property do not represent any guaranty or warranty as any guaranty or warranty are not part of the scope of this appraisal. It is not part of the scope of this appraisal for the appraiser to perform duties relative to that of an attorney -at -law regarding absolute verification of all legal aspects pertaining to the subject property. It is not part of the scope of this appraisal for the appraiser to perform duties relative to that of a professional surveyor regarding absolute verification of all aspects considered and discoveries made by a professional surveyor related to site and improvements. Attempt of discovery of potential adverse influences as a result of human behavior is not part of the scope of work of this appraisal. U) F- E, F My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Georgia Real Estate Appraiser Classifications and Regulation Act and the Rules and Regulations of the Georgia Real Estate Appraiser's Board. [Real Estate Appraiser O Classification and Regulation Act paragraph 539 - 3.02(1) (m) as amended August 1, 2006] z 0 i= o a CLARIFICATION OF INTENDED USE AND INTENDED USER: The Intended User of this appraisal report is the Lender /Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, 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. I have no current or prospective interest in the subject property or the parties involved; and no services were performed by the appraiser within the 3 year period immediately preceding acceptance of this assignment, as an appraiser or in any capacity. I certify, as the appraiser, that I have completed all aspects of this valuation, including reconciling my opinion of value, free of influence from the client, client's representatives, borrower, or any other party to the transaction. The undersigned appraiser(s) responsible for preparing the above referenced appraisal report hereby certify that the report was completed and the opinion of value developed in accordance with USPAP standards; And, at no time did any employee, director, officer, or agent of the lender, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the lender, influence or attempt to influence the development, reporting, result, or review of the report. The appraiser(s) further certify that at no time were they provided with or informed of any estimate regarding the Subject Property's value including but not limited to a borrower estimate of value, proposed loan amount, or loan to value ratio (LTV), except in the case of purchase transactions where according to USPAP Standards Rule 1 -5(a) the appraiser is required to analyze all agreements of sale,options, and listings of the subject property as of the effective date of the appraisal. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender /client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Opinion of site value derived from sales of similar land sales in the subject marketing area. Estimated site value opinion based on similar property use, similar amenity and similar location. Site value is typical of properties located on Tybee Island and no negative impact on marketability is anticipated. 0 ESTIMATED ❑ REPRODUCTION OR /1 REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 9 00 oSource of cost data Marshall & Swifts DWELLING 1,336 Sq.Ft. @ $ 125.00 =$ 67, a a Quality rating from cost service Good Effective date of cost data 3/11 0 Sq.Ft. @ $ =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.) Appl.,Deck 4 15,00 v~i o Marshall & Swifts residential cost handbook was used as the data Garage/Carport 286 Sq.Ft. @ $ 20.00 =$ 5,720 source for reproduction cost new information. Total Estimate of Cost -New =$ 187,720 Less Physical Functional External Depreciation 46,010 =$( 46,010) Depreciated Cost of Improvements =$ 141,710 "As -is" Value of Site Improvements =$ 5,000 Estimated Remaining Economic Life (HUD and VA only) 40 Years INDICATED VALUE BY COST APPROACH =$ 236,710 INCOME APPROACH TO VALUE (not required by Fannie Mae) o z Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) PROJECT INFORMATION FOR PUDs (if applicable) Is the developer /builder in control of the Homeowners' Association (HOA)? ❑ Yes ❑ No Unit type(s) ❑ Detached ❑ Attached Provide the following information for PUDs ONLY if the developer /builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project o R 2 o z 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 project created by the conversion of existing building(s) into a PUD? ❑ Yes ❑ No If Yes, date of conversion. Does the project contain any multi- dwelling units? ❑ Yes ❑ No Data Source Are the units, common elements, and recreation facilities complete? ❑ Yes ❑ No If No, describe the status of completion. 0 a Are the common elements leased to or by the Homeowners' Association? ❑ Yes ❑ No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Form 1004UAD — "WjnTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE Fannie Mae Form 1004 March 2 Uniform Residential Appraisal Report 'Main File No. $34961221 Page #51 Filo it cld.QA 199 This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and /or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender /client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender /client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE Uniform Residential Appraisal Report 'Main File No. s34961221 Page #61 File. c `IAQA199 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and /or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and /or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender /client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Main File No. s34961221 Page #7 Uniform Residential Appraisal Report File # s3496122 21. The lender /client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender /client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and /or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and /or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub - contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and /or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Damon L. Smith SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature - - „ - Signature Name Damon L:"Srnit Name Company Name Damon L. Smith Appraisal Company Company Name Company Address 2305 Rowland Avenue, #107 Company Address Savannah, GA 31404 Telephone Number 912- 692 -1498 Telephone Number Email Address maildamonsmith @yahoo.com Email Address Date of Signature and Report 04/03/2012 Date of Signature Effective Date of Appraisal 04/03/2012 State Certification # State Certification # CR004240 or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State GA Expiration Date of Certification or License 11/30/2012 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property 1810 Chatham Ave ❑ Did inspect exterior of subject property from street Tybee Island, GA 31328 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ 240,000 ❑ Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name Nancy Krembs COMPARABLE SALES Company Name Keller Williams Realty Company Address 329 Commercial Drive, #100, Savannah, GA ❑ Did not inspect exterior of comparable sales from street 31406 ❑ Did inspect exterior of comparable sales from street Email Address nancykrembs @comcast.net Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Form 1004UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE Fannie Mae Form 1004 March 2005 Uniform Residential Appraisal Report Main File No. s34961221 Page #8 File # s3496122 FEATURE SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 Address 1810 Chatham Ave Tybee Island, GA 31328 1011 Lovell Ave Tybee Island, GA 31328 Proximity to Subject 0.82 miles NE Sale Price $ 0 $ 281,000 $ $ Sale Price /Gross Liv. Area $ sq.ft. $ 263.11 sq.ft. $ sq.ft. $ sq.ft. Data Source(s) #93059;DOM 10 Verification Source(s) MLS /Public Records(GSCCCA) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment Sales or Financing Concessions REO Cash;0 Date of Sale/Time s12/11;c12/11 i Location N;Res; N;Res; a Leasehold/Fee Simple Fee Simple Fee Simple cc Site 4486 sf 4791 sf 0 it View N;Res; N;Res; a z Design (Style) Traditional Traditional o in Quality of Construction Q4 Q4 a Actual Age 67 74 0 s Condition C5 C3 - 28,100 o Above Grade C/) Room Count a Gross Living Area Total Bdrms. Baths Total Bdrms. Baths 0 Total Bdrms. Baths Total Bdrms. Baths 4 2 2.0 4 2 2.0 1,336 sq.ft. 1,068 sq.ft. +6,700 sq.ft. sq.ft. N Basement & Finished Rooms Below Grade Osf Osf Functional Utility Good Good Heating /Cooling FWA/CAC FWA/CAC Energy Efficient Items Typical Typical Garage /Carport 1 Garage OSP +2,500 Porch /Patio /Deck Cov.Entry Cov.Entry Appliances Typ.Kitchen Typ.Kitchen Exterior Living Fence,Sc.Por. Fence,Deck 0 Additional None None Net Adjustment (Total) ❑ + L- $ - 18,900 ❑ + ❑ - $ ❑ + ❑ - $ Adjusted Sale Price of Comparables Net Adj. 6.7 % Gross Adj. 13.3 % $ 262,100 Net Adj. % Gross Adj. % $ Net Adj. % Gross Adj. % $ _ Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 Date of Prior Sale/Transfer 03/07/2012 >. Price of Prior Sale/Transfer $175,000 o Data Source s rn Effective Date of Data Source(s) Courthouse GSCCCA 04/03/2012 GSCCCA foreclosure 04/02/2012 w J a v) Analysis of prior sale or transfer history of the subject property and comparable sales Analysis /Comments 1– z w F z O v w II Z a Freddie Mac Form 70 March 2005 UAD Version 9/2011 Form 1004UAD.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Fannie Mae Form 1004 March 2005 Main File No. s34961221 Page #9 Market Conditions Addendum to the Appraisal Report File No. s3496122 The purpose of this addendum is to provide the lender /client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address 1810 Chatham Ave City Tybee Island State GA ZIP Code 31328 Borrower Nancy Krembs Instructions: The appraiser must use the information required on this form as the basis for his /her conclusions, and must provide housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures support for those conclusions, regarding must fill in all the information to the extent the appraiser must provide an the appraiser must include the data available figure and identify it as an be used by a prospective buyer of the etc. Inventory Analysis Prior 7 -12 Months Prior 4-6 Months Current -3 Months Overall Trend Total # of Comparable Sales (Settled) 7 3 3 t] Increasing Nj Stable ❑ Declining Absorption Rate (Total Sales /Months) 1.17 1.00 1.00 ❑ Increasing Stable ❑ Declining Total # of Comparable Active Listings n/a n/a 12 ❑ Declining ❑ Stable ❑ Increasing Months of Housing Supply (Total Listings /Ab.Rate) n/a n/a 12.0 ❑ Declining ❑ Stable ❑ Increasing Median Sale & List Price, DOM, Sale /List % Prior 7 -12 Months Prior 4-6 Months Current -3 Months Overall Trend Median Comparable Sale Price 200,000 249,900 271,500 /1 Increasing ❑ Stable ❑ Declining Median Comparable Sales Days on Market 160 193 203 ❑ Declining ❑ Stable Increasing c Median Comparable List Price 220,000 264,900 325,000 // Increasing ❑ Stable ❑ Declining Median Comparable Listings Days on Market n/a n/a n/a ❑ Declining ❑ Stable ❑ Increasing z Median Sale Price as % of List Price 91 94 84 ❑ Increasing ►1 Stable ❑ Declining Seller- (developer, builder, etc.)paid financial assistance prevalent? Yes ❑ No ❑ Declining Stable ❑ Increasing I Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5 %, increasing use of buydowns, closing costs, condo a fees, options, etc.). Seller concessions have remained stable during the past 12 month period. w cn w ce F w ce z Are foreclosure sales REO sales a factor in the market? /1 Yes ❑ No If es, explain includin' the trends in listings and sales of foreclosed sroperties There are a number of foreclosures in the subject neighborhood /marketing area. These foreclosures have placed downward pressure on typically marketed owner occupied properties. It appears that the number of foreclosure properties is stabilizing and not increasing, but the current stock of vacant bank owned foreclosed properties continues to negatively affect the overall market. The price points of the foreclosed properties currently on the market are below what would be considered typical distressed sales prices and this inventory should move through the market in a time frame well below the current marketing time. Cite data sources for above information. MLS, Public Records, Appraiser files Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and /or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. Overall trends indicate a stabilizing market value, stable marketing times remaining on average under 200 days and increased number of available units versus sold units. The above data is indicative of the most similar properties or comparable properties to the subject property. The subjects parameters may not be a reflection of the overall trend in the subject neighborhood, or idential to to the data presented on page one of the appraisal report. Noted: all "n /a" responses due to local MLS computer systems not supporting historical listing data. The amount of available inventory will continue to place pressure on price increases until supply and demand reach a more manageable level. Inventory level will keep market values from increasing until inventory is reduced. ($125,000 to $350,000 Tybee Island, excluding condos & townhouses) If the subject is a unit in a condominium or cooperative project , complete the following: Project Name: Subject Project Data Prior 7 -12 Months Prior 4-6 Months Current -3 Months Overall Trend Total # of Comparable Sales (Settled) ❑ Increasing ❑ Stable ❑ Declining Absorption Rate (Total Sales /Months) ❑ Increasing ❑ Stable ❑ Declining Total # of Active Comparable Listings ❑ Declining ❑ Stable ❑ Increasing Months of Unit Supply (Total Listings /Ab.Rate) ❑ Declining ❑ Stable ❑ Increasing v, Are foreclosure sales (REO sales) a factor in the project? ❑ Yes ❑ No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. t 0 iz a a 0 0 U 0 0 o Summarize the above trends and address the impact on the subject unit and project. U Signature Signature re Appraiser Name Damon L. Smith Supervisory Appraiser Name Company Name cn Company Name Damon L. Smith Appraisal Company z Company Address 2305 Rowland Avenue, #107[ 1 [':Thunderbolt, GA 31 Company Address ,-1 _i a State License /Certification # CR004240 State GA State License /Certification # State Email Address maildamonsmith @yahoo.com Email Address Freddie Mac Form 71 March 2009 age annie Mae Form Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Main File No. s34961221 Page #10 Plat Map Borrower/Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty Form MAP.PLAT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Main File No. s34961221 Page #11 Subject Photo Page Borrower /Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty Subject Front 1810 Chatham Ave Sales Price 0 Gross Living Area 1,336 Total Rooms 4 Total Bedrooms 2 Total Bathrooms 2.0 Location N;Res; View N;Res; Site 4486 sf Quality Q4 Age 67 Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE Subject Rear Subject Street Main File No. s34961221 Page #12 Subject Photo Page Borrower /Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty Subject Side 1810 Chatham Ave Sales Price 0 Gross Living Area 1,336 Total Rooms 4 Total Bedrooms 2 Total Bathrooms 2.0 Location N;Res; View N;Res; Site 4486 sf Quality Q4 Age 67 Form PIC3x5.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Subject Side Subject Side 'Main File No. s34961221 Page #131 Subject Photo Page Borrower /Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty Subject Misc. 1810 Chatham Ave Sales Price 0 Gross Living Area 1,336 Total Rooms 4 Total Bedrooms 2 Total Bathrooms 2.0 Location N;Res; View N;Res; Site 4486 sf Quality Q4 Age 67 Form PIC3x5.Sl — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE Garage Subject Interior Subject Interior !Main File No. s34961221 Page #141 Comparable Photo Page Borrower /Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty Comparable 1 1217 6th Ave Prox. to Subject 0.65 miles N Sale Price 300,000 Gross Living Area 1,035 Total Rooms 4 Total Bedrooms 2 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 11990 sf Quality Q4 Age 62 Comparable 2 812 Butler Ave Prox to Subject 1.07 miles NE Sale Price 310,000 Gross Living Area 1,072 Total Rooms 4 Total Bedrooms 2 Total Bathrooms 2.0 Location N;Res; View N;Res; Site 6800 sf Quality Q4 Age 55 Comparable 3 1008 Lovell Ave Prox. to Subject 0.80 miles NE Sale Price 225,000 Gross Living Area 1,025 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 1.1 Location N;Res; View N;Res; Site 4800 sf Quality Q4 Age 41 Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE • Main File No. s34961221 Page #15 Comparable Photo Page Borrower /Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty Comparable 4 1011 Lovell Ave Prox. to Subject 0.82 miles NE Sales Price 281,000 Gross Living Area 1,068 Total Rooms 4 Total Bedrooms 2 Total Bathrooms 2.0 Location N;Res; View N;Res; Site 4791 sf Quality Q4 Age 74 Comparable 5 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Supplemental Addendum Main File No. s34961221 Page #16 File No. s3496122 Borrower /Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty • URAR : Improvements - Additional Features Two bedroom, two bath frame residence. Wood fence. Detached 1- Garage. Notes on Value Reconciliation: Comparable properties weighted as follows in the value reconciliation: Comparable #1 weighted at 25% Comparable #2 weighted at 25% Comparable #3 weighted at 25% Comparable #4 weighted at 25% The typical exposure time for similar homes in this area is 3 -6 months. The definition of exposure time used was taken from the Definitions section of the 2012 -2013 version of USPAP. EXPOSURE TIME: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Comment: Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market. Notes on Property Value Contribution: The subject property is a 1,336 square foot frame residence situated on an interior 4,486 square foot homesite. The improvement value is estimated utilizing Marshall & Swifts residential cost manual coupled with local builder cost estimates. 1,336 sq.ft. residence with estimated replacement cost new building factor of $125.00 yeilding a building only cost new estimate of $167,000.00; Additional feature estimate (appliances, sc.porch, etc.) of $16,500.00; Garage cost new estimate of $5,720.00 (286sq.ft. at $20.00psf). A depreciation factor of 23% was applied to the cost new estimate yeilding and overall depreciated value of the improvements of $142,842.00. The site value is estimated utilizing recent vacant land sales in the subject's immediate marketing area. Due to the recent marketing conditions affecting the subject market area there were few recent similar building lot sales available from which comparison could be made. Two recent sales were analyzed: Lovell Avenue (44 -2 -15) is a 6,446 sq.ft. interior site sold 11/17/2011 for $100,000.00 or a $ /sq. ft. factor of $15.51. 1201 Miller Avenue (4- 7- 11 -13) is a 5,995 sq.ft. interior site sold 09/12/2011 for $150,000.00 or a $ /sq.ft. factor of $25.02. The median of these two sales, or a factor of $20.00, was applied to the subject property 4,486 sq.ft. yeilding an estimated site value of $89,720.00 or $90,000.00 rounded. Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800 - ALAMODE !Main File No. s34961221 Page #171 Building Sketch Borrower /Client Nancy Krembs AREA CALCULATIONS SUMMARY Description Net Size Net Totals GLA1 First Floor Property Address 1810 Chatham Ave 1335.8 GAR Garage City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty 2 Items (Rounded) Si 0 a ci 21.0' M Garage m 21.0' 33.0' L_ N m Bedroom Bedroom L N m Kitchen Dining Living Room 24.7' Sketch by Apex N "' 8.3' 0 Co N. Comments: Code AREA CALCULATIONS SUMMARY Description Net Size Net Totals GLA1 First Floor 1335.8 1335.8 GAR Garage 285.6 285.6 Net LIVABLE Area (Rounded) 1336 LIVING AREA BREAKDOWN Breakdown Subtotals First Floor 24.7 x 48.1 1188.1 8.3 x 17.8 147.7 2 Items (Rounded) 1336 Form SKT.BIdSkl — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Main File No. s3496122I Page #18 Location Map Borrower /Client Nancy Krembs Property Address 1810 Chatham Ave City Tybee Island County Chatham State GA Zip Code 31328 Lender Keller Williams Realty a la mode, inc. 1111• r,Yy TM ('llMf ff(1Mg10gy bind a Horse Pen Creek cd - 6th St Comparable # 2 812 Butler Ave 1.07 miles NE Itth Sr IZth tp 3rdst 4th st Monona' �d Pa.k r Sth St I 0 6th pi >th St Comparable # 1 1217 6th Ave 0.65 miles \ z Isrh St i S" 26 Subject 1810 Chatham Ave Iith pt 6" St Comparable # 4 1011 Lovell Ave 0.82 miles NE Comparable # 3 1008 Lovell Ave 0.80 miles NE vds Form MAP.LOC — "WinTOTALI' appraisal software by a la mode, inc. — 1- 800 - ALAMODE