restricted appraisal report restricted appraisal report
FHA/VA Case No. 5000827900 Page #1
JCB Appraisals, Inc.
160319 File No.: 5000827900 Property Address: 2323 Hutchison Rd City: Flossmoor State: IL Zip Code: 60422 County: Cook Legal Description: SOUTH33 FT BLK9 W2 SW4 SEC09 SE4SW4 S09 T35N R14E 3P Assessor's Parcel #: 32-06-300-005-0000 Tax Year: 2014 R.E. Taxes: $ 8,630 Special Assessments: $ 0 Borrower (if applicable): Arpan Patel Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured Housing Deutsche Bank Na 2007-He1 Property Type: SFR 2-4 Family # of Units: 1 Ownership Restriction: None PUD Condo Coop Market Area Name: Subdivision- Flossmoor Park Map Reference: 16974 Census Tract: 8288.01 Flood Hazard The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach Other: Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Market Value for the Subject Under USPAP Standards Rule 2-2(b), this is a Restricted Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. Client: Address: 85 East 10th St, Suite 1N, New York, NY 10003 Fund That Flip, Inc. Appraiser: Address: 5121 Margaret Curtis Lane, Midlothian, IL 60445 Michelle R Byrnes FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 2323 Hutchison Rd 2222 MacDonald Ln 2423 Brookwood Dr 2223 Hutchison Rd Flossmoor, IL 60422 Flossmoor, IL 60422 Flossmoor, IL 60422 Flossmoor, IL 60422 Proximity to Subject 0.23 miles SE 1.26 miles S 0.12 miles E Sale Price $ $ $ $ 283,000 305,000 245,000 Sale Price/GLA $ /sq.ft. $ $ $ 199.44 /sq.ft. 155.37 /sq.ft. 108.70 /sq.ft. Data Source(s) MLS/Tax Records MRED#08986143;DOM 88 MRED#08873263;DOM 113 MRED#08894123;DOM 36 Verification Source(s) CCRD/Assessor CCRD/Assessor CCRD/Assessor CCRD/Assessor VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing ArmLth-VA ArmLth-FHA ArmLth-Conv Concessions 8490 -8,490 None Noted None Noted Date of Sale/Time s11/15;c10/15 s08/15;c07/15 s06/15;c05/15 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location Suburban Suburban Suburban Suburban Site 9000 sf 9989 sf 26500 sf -8,750 15300 sf -3,150 View Residential Residential Residential Residential Design (Style) Georgian Split Level Ranch Ranch Quality of Construction Brick-Avg Frame/Brick-Avg 0 Frame/Brick-Avg Brick-Avg Age 71 55 0 39 -5,000 58 0 Condition Good Good Good Good Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 3 1.1 6 3 3.0 -7,500 7 3 2.1 -5,000 7 3 2.0 -2,500 Gross Living Area 2,062 sq.ft. 1,419 sq.ft. +13,000 1,963 sq.ft. 0 2,254 sq.ft. -4,000 Basement & Finished Full/Finished Full/Finished Partial/Finished Full/Finished Rooms Below Grade Rec Room Rec Room Bedroom 0rr0br0.0ba2o Functional Utility Typical Typical Typical Typical Heating/Cooling GFA/CAC GFA/CAC GFA/CAC GFA/CAC Energy Efficient Items Typical Typical Typical Typical Garage/Carport 1 Car Garage 2 Car Garage -7,500 2 Car Garage -7,500 2 Car Garage -7,500 Porch/Patio/Deck Deck Balcony/Patio -1,500 Deck/Screened Prch -1,500 Deck
SALES COMPARISON APPROACH
ASSIGNMENT
SUBJECT
RESTRICTED APPRAISAL REPORT
Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach
+
-
$
-11,990
$
271,010
+
-
$
-27,750
$
277,250
+
-
$
-17,150
$
227,850
See Text Addendum
Copyright© 2013 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRTD2_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
12/2013
FHA/VA Case No. 5000827900 Page #2
160319 File No.: 5000827900 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): MLS/Assessor/Recorder Analysis of sale/transfer history and/or any current agreement of sale/listing: 1st Prior Subject Sale/Transfer The subject has a recent MRED MLS Date: 11/09/2015 Listing. MRED#09135379 LP$72,800, Dates 02/09/2016 - 03/03/2016 DOM 24. Status-PEND. See Price: 0 Attached for MLS Listing. Per sales contract obtained from client, the subject is under contract for sale for Source(s): Judicial Deed $72,800 with a contract date of 03/03/2016 2nd Prior Subject Sale/Transfer Date: 01/03/2005 Price: 242,000 Source(s): MRED Tax Records Subject Market Area and Marketability: 183rd Street to the North, Dixie Highway to the East, Vollmer Road to the South, and Crawford Ave to the West. The subject is located in Flossmoor, a SW suburb of Chicago, Illinois. The neighborhood is mostly residential comprised of detached single family homes. The subject is close to local shopping, houses of worship and expressways. There are commercial properties on the main streets throughout the market area. See Text Site Area: 9000 sf Site View: Residential Topography: Typical for Area Drainage: Typical for Area Zoning Classification: R-5 Description: Single Family Residential Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Highest & Best Use: Present use, or Other use (explain) Actual Use as of Effective Date: Single Family Use as appraised in this report: Single Family Opinion of Highest & Best Use: Single Family FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 17031C0741J FEMA Map Date 08/19/2008 Site Comments: Typical parcel size for immediate market area. The subject is located on a typical residential street and does not represent an adverse location when compared to homes located on similar residential streets Improvements Comments: See Attached Scope of Work
MARKET / SITE / IMPROVEMENTS
TRANSFER HISTORY
RESTRICTED APPRAISAL REPORT
Indicated Value by: Sales Comparison Approach $ 255,000 Indicated Value by: Cost Approach (if developed) $
Indicated Value by: Income Approach (if developed) $
ATTACHMENTS
RECONCILIATION
Final Reconciliation See addendum.
This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $ , as of: , which is the effective date of this appraisal. 255,000 03/18/2016 If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 21 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Client Contact: Client Name: Fund That Flip, Inc. E-Mail: Address: 85 East 10th St, Suite 1N, New York, NY 10003
SIGNATURES
APPRAISER
SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable)
Appraiser Name: Michelle R Byrnes Company: JCB Appraisals, Inc Phone: 708-764-7016 Fax: E-Mail: [email protected] Date of Report (Signature): March 19, 2016 License or Certification #: 556.004693 State: IL Designation: Expiration Date of License or Certification: 09/30/2017 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 03/18/2016
Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date of Report (Signature): License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection:
State:
Exterior Only
None
Copyright© 2013 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRTD2_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
12/2013
FHA/VA Case No. 5000827900 Page #3
160319 File No.: 5000827900 COMPARABLE SALE # 6
SALES COMPARISON APPROACH
AS IS VALUATION COMPARABLES FEATURE SUBJECT COMPARABLE SALE # 4 Address 2323 Hutchison Rd 807 Latimer Ln Flossmoor, IL 60422 Flossmoor, IL 60422 Proximity to Subject 0.42 miles E Sale Price $ $ 72,500 Sale Price/GLA $ /sq.ft. $ 45.14 /sq.ft. Data Source(s) MLS/Tax Records MRED#08852580;DOM 328 Verification Source(s) CCRD/Assessor CCRD/Assessor VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. Sales or Financing REO Concessions None Noted Date of Sale/Time s03/16;c01/16 Rights Appraised Fee Simple Fee Simple Location Suburban Suburban Site 9000 sf 7279 sf 0 View Residential Residential Design (Style) Georgian Georgian Quality of Construction Brick-Avg Frame-Avg Age 71 68 Condition Good Average/Fair Above Grade Total Bdrms Baths Total Bdrms Baths Room Count 7 3 1.1 7 3 1.1 Gross Living Area 2,062 sq.ft. 1,606 sq.ft. +9,000 Basement & Finished Full/Finished Full/Unfinished Rooms Below Grade Rec Room None +2,500 Functional Utility Typical Typical Heating/Cooling GFA/CAC GFA/CAC Energy Efficient Items Typical Typical Garage/Carport 1 Car Garage 1 Car Garage Porch/Patio/Deck Deck Deck
COMPARABLE SALE # 5 1264 Oakmont Ave Flossmoor, IL 60422 0.99 miles SW $ 95,000 $ $ 54.29 /sq.ft. MRED#09026275;DOM 26 CCRD/Assessor DESCRIPTION +(-) $ Adjust. SS-Listing-PEND None Noted c09/15 (5% LP/SP) -4,750 Fee Simple Suburban 12658 sf -1,850 Residential Ranch Brick-Avg 59 0 Average/Fair Total Bdrms
6
3
Baths
2.1 1,750 sq.ft. Full/Finished Rec Room Typical GFA/CAC Typical 1 Car Garage Patio
$ /sq.ft.
DESCRIPTION
Total Bdrms
-5,000 +6,000
+(-) $ Adjust.
Baths
sq.ft.
Net Adjustment (Total) + - $ + - $ + - $ 11,500 -5,600 Adjusted Sale Price of Comparables $ $ $ 84,000 89,400 Summary of Sales Comparison Approach The client, the intended use, the intended user, and scope of work has not changed as stated in the assumptions and limiting conditions. The subject property in its current AS IS state is: $80,000 as of 03/18/2016.
Copyright© 2013 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRTD2_LT.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
12/2013
FHA/VA Case No. 5000827900 Page #4
General Text Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
File No. 5000827900
State IL
Zip Code 60422
Intended User: The intended user of the appraisal report is the identified client. Intended Use: The intended use of the report is to establish fair market value for non-federally related lending purposes. • GP Restricted: Neighborhood - Market Conditions The median sales price within the defined market area has fluctuated over the prior 3 fiscal years. The typical marketing time for the area is 5-7 months with 8-10 months of inventory--over supply. •URAR: Summary of Sales Comparison Search The comparable sale search focused on 3 bedroom homes in above average to good condition with a GLA total of 1400-2600 and located within the City of Flossmoor. The appraiser focused on bracketing the bedroom count, condition, GLA total, and location of the subject. Due to a lack of sales with a comparable condition level as the subject and the current seasonal market, all comps have closing dates that exceed a 90 days closing date from the effective date of this appraisal. Trends are stable-no time adjustment is necessary. Comp 1 is the most recent sale and has a similar bedroom count as the subject. It has been adjusted for concessions, bathroom count, GLA, and garage size. This sales has numerous recent updates to have a similar condition level as the subject Comp 2 is located over a 1 mile radius from the subject. Comp 2 was selected for having a similar bedroom count and GLA total as the subject. It has been adjusted for lot size, age, bathroom count, and garage size. This sales has numerous recent updates to have a similar condition level as the subject Comp 3 is located the closest to the subject and has a similar bedroom count and GLA as the subject. It has been adjusted for lot size, bathroom count, GLA, and garage size. This sale is a flip from a prior foreclosure and has a renovation level similar to the subject •URAR: Date Verification Sources Sources for data verification include Midwest Real Estate Data (MRED) MLS Service and the County Assessor and or MLS room dimensions. Additionally, the photos in the report are original and were taken by the appraiser as of the effective date of the report. Also, the appraiser has inspected each of the comparable sales from the street. • GP Restricted: Reconciliation - Reconciliation and Final Value Conclusion Sole emphasis is given to the Sales Comparison Approach as it best displays typical buyer/seller attitudes in the marketplace. The Cost Approach was not requested. The Income Approach is not considered applicable since most homes in the subject area are owner occupied with limited rental data available to the appraiser. Additional Comments on Subject The opinion of value is based on the finishing of the subject to the specs and plans outlined in the improvement breakdown. See attachment of improvement contract work order.
FHA/VA Case No. 5000827900 Page #5
Supplemental Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
File No. 5000827900
State IL
Zip Code 60422
ADDITIONAL SCOPE OF WORK & DISCLAIMER •URAR: Environmental Disclaimer The value estimate in this report is based on the assumption that the property is not negatively affected by detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property and surrounding neighborhood did not yield any information that indicated any apparent hazardous substances or detrimental environmental conditions which would negatively effect the property. The appraiser is not qualified, and is not an expert, in the identification of hazardous substances or detrimental environmental conditions that may include, but are not limited to: Radon; Toxic Mold; Asbestos; Lead Based Paint; Brown Site Contamination; Leaking Underground Storage Tanks; Ground water; Air and Soil Contamination; or Indoor Air Quality Concerns. Therefore, the presence of any adverse environmental condition cannot be confirmed or discounted by the appraiser. If additional information is needed or an environmental assessment is required, a professional in this field should be contacted. • URAR: Home Inspection Disclaimer The appraiser is not a home inspector and the appraisal report is not a home inspection. The appraiser only performed a visual observation of accessible areas and the appraisal report cannot be relied upon to disclose conditions and/or defects in the property. • URAR: Highest and Best Use Per the Appraisal Institute’s Dictionary of Real Estate Appraisal, Fifth Edition, the highest and best use of a property is defined as: “The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.” Based on an analysis of these four factors, the highest and best use of the subject property was concluded to be its present use. •URAR: Predominant Value Comment It is noted that the final opinion of market value is higher than the predominant home value stated under the Neighborhood Section of this report. It would be indeed rare for a final opinion of value to be the same as the predominant value. The predominant value is simply a statistic. A statistic is a single number that describes a characteristic of a set of numbers. In this case, the set of numbers is made up of current selling prices of homes in a defined market area. Therefore, the predominant value is nothing more than the middle sales price within that range. This is a value measurement based on one of the three common measures of central tendency, which are mean, mode and median. In the case of a predominant value, it would be the Median. An appraiser draws no relationship between the final opinion of value for a specific property in comparison to the predominant selling price of a home in a subject neighborhood. There is, however, a relationship between the final opinion of value and the LOW and HIGH price ranges. Fannie Mae and Freddie Mac require the appraiser to comment whenever the final opinion of value falls outside this reported range. FHA's updated Appendix D states the following for one-unit housing price and age fields in the Neighborhood Section: "Indicate the low and high neighborhood prices and ages as well as the predominant value and age. The high and low for both price and age should include the extreme". No other reporting is required. The final opinion of market value falls within the indicated price range and therefore does not suggest any negative marketability or market value issues for the subject property.
APPRAISER INDEPENDENCE No employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Seller has influenced or attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. This report is completed in accordance with Appraiser Independence Requirements. I represent and warrant that, as of the date of this Report, the only individuals with whom I have had any contact regarding my preparation of this Report have been limited to representatives of LRES Corporation and the designated individual required for entry into the subject property for purposes of inspection. No agent or representative of lender/client whose name appears on the first page of this Report has contacted me directly and I am obligated to and would report any such unauthorized contact, whether in person, by phone, or electronically, to LRES Corporation immediately.
FHA/VA Case No. 5000827900 Page #6
Subject Photo Page Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Subject Front 2323 Hutchison Rd Sales Price G.L.A. 2,062 Tot. Rooms 7 Tot. Bedrms. 3 Tot. Bathrms. 1.1 Location Suburban View Residential Site 9000 sf Quality Brick-Avg Age 71
Subject Rear
Subject Street
Form PIC4x6.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #7
Photograph Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Side View
Side View
Street View
Living Room
.1 Bathroom
Dining Room
Family Room
Kitchen
Garage Interior
2nd Floor- Bedroom
2nd Floor- Bedroom
2nd Floor- Bedroom
2nd Floor- Full Bathroom
Basement- Rec Room
Basement- Laundry / Utility
Form PIC15 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #8
Photograph Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Mechanicals
Tarp on Roof
Damaged Soffit
Damaged Ceiling
Damaged above Bay Window
Damaged Ceiling
Peeling Paint
Peeling Paint
Water Stain
Damaged Wall
Damaged Bathroom Wall
Water Stain
Form PIC12_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #9
Building Sketch Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
24'
6. 02 '
30' WIC
10'
10'
Bedroom
Deck Shed
29'
Bath
Bedroom
2nd Floor
19' Family 10' Bedroom
5' Dining
Kitchen
1 Car
24'
Garage
24'
.1 Bath
Laundry
10' Living
Basement
Utility
24' Rec
1st Floor
24'
Area Calculations Summary
TOTAL Sketch by a la mode, inc.
Living Area 1st Floor
1106 Sq ft
Calculation Details 29 × 10 34 × 24
= 290 = 816
Second Floor
956 Sq ft
14 × 10 24 × 34
= 140 = 816
Total Living Area (Rounded): Non-living Area 1 Car Attached
2062 Sq ft 220 Sq ft
22 × 10
= 220
Wood Deck
338 Sq ft
5 × 10 10.5 × 24 4.5 × 6 0.5 × 4.5 × 4
= 50 = 252 = 27 = 9
Rear Porch
60 Sq ft
10 × 6
=
Basement
816 Sq ft
34 × 24
= 816
Form SKT_LT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
60
FHA/VA Case No. 5000827900 Page #10
Comparable Photo Page Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Comparable 1 2222 MacDonald Ln Prox. to Subject 0.23 miles SE Sale Price 283,000 Gross Living Area 1,419 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 3.0 Location Suburban View Residential Site 9989 sf Quality Frame/Brick-Avg Age 55
Comparable 2 2423 Brookwood Dr Prox. to Subject 1.26 miles S Sale Price 305,000 Gross Living Area 1,963 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Location Suburban View Residential Site 26500 sf Quality Frame/Brick-Avg Age 39
Comparable 3 2223 Hutchison Rd Prox. to Subject 0.12 miles E Sale Price 245,000 Gross Living Area 2,254 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location Suburban View Residential Site 15300 sf Quality Brick-Avg Age 58
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #11
Comparable Photo Page Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Comparable 4 807 Latimer Ln Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age
0.42 miles E 72,500 1,606 7 3 1.1 Suburban Residential 7279 sf Frame-Avg 68
Comparable 5 1264 Oakmont Ave Prox. to Subject 0.99 miles SW Sales Price 95,000 Gross Living Area 1,750 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.1 Location Suburban View Residential Site 12658 sf Quality Brick-Avg Age 59
Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #12
Location Map Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Form MAP_LT.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 60422
FHA/VA Case No. 5000827900 Page #13
Aerial Map Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Form MAP_LT.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 60422
FHA/VA Case No. 5000827900 Page #14
Plat Map
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FHA/VA Case No. 5000827900 Page #15
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FHA/VA Case No. 5000827900 Page #16
Scope of Work
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FHA/VA Case No. 5000827900 Page #17
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FHA/VA Case No. 5000827900 Page #18
Subject's Draw
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FHA/VA Case No. 5000827900 Page #19
Borrower/Client Property Address City Lender
File No. 5000827900
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: Appraisal Report
(A written report prepared under Standards Rule
Restricted Appraisal Report
(A written report prepared under Standards Rule 2-2(b) , pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.)
2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — I have not performed a services as an appraiser regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment. — I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).
Reasonable Exposure Time
(USPAP defines Exposure Time as the 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.)
My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is:
45-150 days
Comments on Appraisal and Report Identification
Note any USPAP related issues requiring disclosure and any State mandated requirements:
APPRAISER:
SUPERVISORY or CO-APPRAISER (if applicable):
Signature: Name: Michelle R Byrnes
Signature: Name:
State Certification #: 556.004693 or State License #: State: IL Expiration Date of Certification or License: 09/30/2017 Date of Signature and Report: March 19, 2016 Effective Date of Appraisal: 03/18/2016 Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable): 03/18/2016
State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature: Inspection of Subject: None Date of Inspection (if applicable):
Form ID14E_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior and Exterior
Exterior-Only
FHA/VA Case No. 5000827900 Page #20
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #21
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
JCB Appraisals, Inc.
160319 File No.: 5000827900 Property Address: 2323 Hutchison Rd City: Flossmoor State: IL Zip Code: 60422 County: Cook Legal Description: SOUTH33 FT BLK9 W2 SW4 SEC09 SE4SW4 S09 T35N R14E 3P Assessor's Parcel #: 32-06-300-005-0000 Tax Year: 2014 R.E. Taxes: $ 8,630 Special Assessments: $ 0 Borrower (if applicable): Arpan Patel Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured Housing Deutsche Bank Na 2007-He1 Property Type: SFR 2-4 Family # of Units: 1 Ownership Restriction: None PUD Condo Coop Market Area Name: Subdivision- Flossmoor Park Map Reference: 16974 Census Tract: 8288.01 Flood Hazard The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach Other: Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Market Value for the Subject Under USPAP Standards Rule 2-2(b), this is a Restricted Appraisal Report, and is intended only for the sole use of the named client. There are no other intended users. The client must clearly understand that the appraiser's opinions and conclusions may not be understood properly without additional information in the appraiser's work file. Client: Address: 85 East 10th St, Suite 1N, New York, NY 10003 Fund That Flip, Inc. Appraiser: Address: 5121 Margaret Curtis Lane, Midlothian, IL 60445 Michelle R Byrnes FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 2323 Hutchison Rd 2222 MacDonald Ln 2423 Brookwood Dr 2223 Hutchison Rd Flossmoor, IL 60422 Flossmoor, IL 60422 Flossmoor, IL 60422 Flossmoor, IL 60422 Proximity to Subject 0.23 miles SE 1.26 miles S 0.12 miles E Sale Price $ $ $ $ 283,000 305,000 245,000 Sale Price/GLA $ /sq.ft. $ $ $ 199.44 /sq.ft. 155.37 /sq.ft. 108.70 /sq.ft. Data Source(s) MLS/Tax Records MRED#08986143;DOM 88 MRED#08873263;DOM 113 MRED#08894123;DOM 36 Verification Source(s) CCRD/Assessor CCRD/Assessor CCRD/Assessor CCRD/Assessor VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing ArmLth-VA ArmLth-FHA ArmLth-Conv Concessions 8490 -8,490 None Noted None Noted Date of Sale/Time s11/15;c10/15 s08/15;c07/15 s06/15;c05/15 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location Suburban Suburban Suburban Suburban Site 9000 sf 9989 sf 26500 sf -8,750 15300 sf -3,150 View Residential Residential Residential Residential Design (Style) Georgian Split Level Ranch Ranch Quality of Construction Brick-Avg Frame/Brick-Avg 0 Frame/Brick-Avg Brick-Avg Age 71 55 0 39 -5,000 58 0 Condition Good Good Good Good Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 3 1.1 6 3 3.0 -7,500 7 3 2.1 -5,000 7 3 2.0 -2,500 Gross Living Area 2,062 sq.ft. 1,419 sq.ft. +13,000 1,963 sq.ft. 0 2,254 sq.ft. -4,000 Basement & Finished Full/Finished Full/Finished Partial/Finished Full/Finished Rooms Below Grade Rec Room Rec Room Bedroom 0rr0br0.0ba2o Functional Utility Typical Typical Typical Typical Heating/Cooling GFA/CAC GFA/CAC GFA/CAC GFA/CAC Energy Efficient Items Typical Typical Typical Typical Garage/Carport 1 Car Garage 2 Car Garage -7,500 2 Car Garage -7,500 2 Car Garage -7,500 Porch/Patio/Deck Deck Balcony/Patio -1,500 Deck/Screened Prch -1,500 Deck
SALES COMPARISON APPROACH
ASSIGNMENT
SUBJECT
RESTRICTED APPRAISAL REPORT
Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach
+
-
$
-11,990
$
271,010
+
-
$
-27,750
$
277,250
+
-
$
-17,150
$
227,850
See Text Addendum
Copyright© 2013 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRTD2_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
12/2013
FHA/VA Case No. 5000827900 Page #2
160319 File No.: 5000827900 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): MLS/Assessor/Recorder Analysis of sale/transfer history and/or any current agreement of sale/listing: 1st Prior Subject Sale/Transfer The subject has a recent MRED MLS Date: 11/09/2015 Listing. MRED#09135379 LP$72,800, Dates 02/09/2016 - 03/03/2016 DOM 24. Status-PEND. See Price: 0 Attached for MLS Listing. Per sales contract obtained from client, the subject is under contract for sale for Source(s): Judicial Deed $72,800 with a contract date of 03/03/2016 2nd Prior Subject Sale/Transfer Date: 01/03/2005 Price: 242,000 Source(s): MRED Tax Records Subject Market Area and Marketability: 183rd Street to the North, Dixie Highway to the East, Vollmer Road to the South, and Crawford Ave to the West. The subject is located in Flossmoor, a SW suburb of Chicago, Illinois. The neighborhood is mostly residential comprised of detached single family homes. The subject is close to local shopping, houses of worship and expressways. There are commercial properties on the main streets throughout the market area. See Text Site Area: 9000 sf Site View: Residential Topography: Typical for Area Drainage: Typical for Area Zoning Classification: R-5 Description: Single Family Residential Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Highest & Best Use: Present use, or Other use (explain) Actual Use as of Effective Date: Single Family Use as appraised in this report: Single Family Opinion of Highest & Best Use: Single Family FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 17031C0741J FEMA Map Date 08/19/2008 Site Comments: Typical parcel size for immediate market area. The subject is located on a typical residential street and does not represent an adverse location when compared to homes located on similar residential streets Improvements Comments: See Attached Scope of Work
MARKET / SITE / IMPROVEMENTS
TRANSFER HISTORY
RESTRICTED APPRAISAL REPORT
Indicated Value by: Sales Comparison Approach $ 255,000 Indicated Value by: Cost Approach (if developed) $
Indicated Value by: Income Approach (if developed) $
ATTACHMENTS
RECONCILIATION
Final Reconciliation See addendum.
This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $ , as of: , which is the effective date of this appraisal. 255,000 03/18/2016 If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 21 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Client Contact: Client Name: Fund That Flip, Inc. E-Mail: Address: 85 East 10th St, Suite 1N, New York, NY 10003
SIGNATURES
APPRAISER
SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable)
Appraiser Name: Michelle R Byrnes Company: JCB Appraisals, Inc Phone: 708-764-7016 Fax: E-Mail: [email protected] Date of Report (Signature): March 19, 2016 License or Certification #: 556.004693 State: IL Designation: Expiration Date of License or Certification: 09/30/2017 Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 03/18/2016
Supervisory or Co-Appraiser Name: Company: Phone: Fax: E-Mail: Date of Report (Signature): License or Certification #: Designation: Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Date of Inspection:
State:
Exterior Only
None
Copyright© 2013 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRTD2_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
12/2013
FHA/VA Case No. 5000827900 Page #3
160319 File No.: 5000827900 COMPARABLE SALE # 6
SALES COMPARISON APPROACH
AS IS VALUATION COMPARABLES FEATURE SUBJECT COMPARABLE SALE # 4 Address 2323 Hutchison Rd 807 Latimer Ln Flossmoor, IL 60422 Flossmoor, IL 60422 Proximity to Subject 0.42 miles E Sale Price $ $ 72,500 Sale Price/GLA $ /sq.ft. $ 45.14 /sq.ft. Data Source(s) MLS/Tax Records MRED#08852580;DOM 328 Verification Source(s) CCRD/Assessor CCRD/Assessor VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. Sales or Financing REO Concessions None Noted Date of Sale/Time s03/16;c01/16 Rights Appraised Fee Simple Fee Simple Location Suburban Suburban Site 9000 sf 7279 sf 0 View Residential Residential Design (Style) Georgian Georgian Quality of Construction Brick-Avg Frame-Avg Age 71 68 Condition Good Average/Fair Above Grade Total Bdrms Baths Total Bdrms Baths Room Count 7 3 1.1 7 3 1.1 Gross Living Area 2,062 sq.ft. 1,606 sq.ft. +9,000 Basement & Finished Full/Finished Full/Unfinished Rooms Below Grade Rec Room None +2,500 Functional Utility Typical Typical Heating/Cooling GFA/CAC GFA/CAC Energy Efficient Items Typical Typical Garage/Carport 1 Car Garage 1 Car Garage Porch/Patio/Deck Deck Deck
COMPARABLE SALE # 5 1264 Oakmont Ave Flossmoor, IL 60422 0.99 miles SW $ 95,000 $ $ 54.29 /sq.ft. MRED#09026275;DOM 26 CCRD/Assessor DESCRIPTION +(-) $ Adjust. SS-Listing-PEND None Noted c09/15 (5% LP/SP) -4,750 Fee Simple Suburban 12658 sf -1,850 Residential Ranch Brick-Avg 59 0 Average/Fair Total Bdrms
6
3
Baths
2.1 1,750 sq.ft. Full/Finished Rec Room Typical GFA/CAC Typical 1 Car Garage Patio
$ /sq.ft.
DESCRIPTION
Total Bdrms
-5,000 +6,000
+(-) $ Adjust.
Baths
sq.ft.
Net Adjustment (Total) + - $ + - $ + - $ 11,500 -5,600 Adjusted Sale Price of Comparables $ $ $ 84,000 89,400 Summary of Sales Comparison Approach The client, the intended use, the intended user, and scope of work has not changed as stated in the assumptions and limiting conditions. The subject property in its current AS IS state is: $80,000 as of 03/18/2016.
Copyright© 2013 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRTD2_LT.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
12/2013
FHA/VA Case No. 5000827900 Page #4
General Text Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
File No. 5000827900
State IL
Zip Code 60422
Intended User: The intended user of the appraisal report is the identified client. Intended Use: The intended use of the report is to establish fair market value for non-federally related lending purposes. • GP Restricted: Neighborhood - Market Conditions The median sales price within the defined market area has fluctuated over the prior 3 fiscal years. The typical marketing time for the area is 5-7 months with 8-10 months of inventory--over supply. •URAR: Summary of Sales Comparison Search The comparable sale search focused on 3 bedroom homes in above average to good condition with a GLA total of 1400-2600 and located within the City of Flossmoor. The appraiser focused on bracketing the bedroom count, condition, GLA total, and location of the subject. Due to a lack of sales with a comparable condition level as the subject and the current seasonal market, all comps have closing dates that exceed a 90 days closing date from the effective date of this appraisal. Trends are stable-no time adjustment is necessary. Comp 1 is the most recent sale and has a similar bedroom count as the subject. It has been adjusted for concessions, bathroom count, GLA, and garage size. This sales has numerous recent updates to have a similar condition level as the subject Comp 2 is located over a 1 mile radius from the subject. Comp 2 was selected for having a similar bedroom count and GLA total as the subject. It has been adjusted for lot size, age, bathroom count, and garage size. This sales has numerous recent updates to have a similar condition level as the subject Comp 3 is located the closest to the subject and has a similar bedroom count and GLA as the subject. It has been adjusted for lot size, bathroom count, GLA, and garage size. This sale is a flip from a prior foreclosure and has a renovation level similar to the subject •URAR: Date Verification Sources Sources for data verification include Midwest Real Estate Data (MRED) MLS Service and the County Assessor and or MLS room dimensions. Additionally, the photos in the report are original and were taken by the appraiser as of the effective date of the report. Also, the appraiser has inspected each of the comparable sales from the street. • GP Restricted: Reconciliation - Reconciliation and Final Value Conclusion Sole emphasis is given to the Sales Comparison Approach as it best displays typical buyer/seller attitudes in the marketplace. The Cost Approach was not requested. The Income Approach is not considered applicable since most homes in the subject area are owner occupied with limited rental data available to the appraiser. Additional Comments on Subject The opinion of value is based on the finishing of the subject to the specs and plans outlined in the improvement breakdown. See attachment of improvement contract work order.
FHA/VA Case No. 5000827900 Page #5
Supplemental Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
File No. 5000827900
State IL
Zip Code 60422
ADDITIONAL SCOPE OF WORK & DISCLAIMER •URAR: Environmental Disclaimer The value estimate in this report is based on the assumption that the property is not negatively affected by detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property and surrounding neighborhood did not yield any information that indicated any apparent hazardous substances or detrimental environmental conditions which would negatively effect the property. The appraiser is not qualified, and is not an expert, in the identification of hazardous substances or detrimental environmental conditions that may include, but are not limited to: Radon; Toxic Mold; Asbestos; Lead Based Paint; Brown Site Contamination; Leaking Underground Storage Tanks; Ground water; Air and Soil Contamination; or Indoor Air Quality Concerns. Therefore, the presence of any adverse environmental condition cannot be confirmed or discounted by the appraiser. If additional information is needed or an environmental assessment is required, a professional in this field should be contacted. • URAR: Home Inspection Disclaimer The appraiser is not a home inspector and the appraisal report is not a home inspection. The appraiser only performed a visual observation of accessible areas and the appraisal report cannot be relied upon to disclose conditions and/or defects in the property. • URAR: Highest and Best Use Per the Appraisal Institute’s Dictionary of Real Estate Appraisal, Fifth Edition, the highest and best use of a property is defined as: “The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.” Based on an analysis of these four factors, the highest and best use of the subject property was concluded to be its present use. •URAR: Predominant Value Comment It is noted that the final opinion of market value is higher than the predominant home value stated under the Neighborhood Section of this report. It would be indeed rare for a final opinion of value to be the same as the predominant value. The predominant value is simply a statistic. A statistic is a single number that describes a characteristic of a set of numbers. In this case, the set of numbers is made up of current selling prices of homes in a defined market area. Therefore, the predominant value is nothing more than the middle sales price within that range. This is a value measurement based on one of the three common measures of central tendency, which are mean, mode and median. In the case of a predominant value, it would be the Median. An appraiser draws no relationship between the final opinion of value for a specific property in comparison to the predominant selling price of a home in a subject neighborhood. There is, however, a relationship between the final opinion of value and the LOW and HIGH price ranges. Fannie Mae and Freddie Mac require the appraiser to comment whenever the final opinion of value falls outside this reported range. FHA's updated Appendix D states the following for one-unit housing price and age fields in the Neighborhood Section: "Indicate the low and high neighborhood prices and ages as well as the predominant value and age. The high and low for both price and age should include the extreme". No other reporting is required. The final opinion of market value falls within the indicated price range and therefore does not suggest any negative marketability or market value issues for the subject property.
APPRAISER INDEPENDENCE No employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Seller has influenced or attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. This report is completed in accordance with Appraiser Independence Requirements. I represent and warrant that, as of the date of this Report, the only individuals with whom I have had any contact regarding my preparation of this Report have been limited to representatives of LRES Corporation and the designated individual required for entry into the subject property for purposes of inspection. No agent or representative of lender/client whose name appears on the first page of this Report has contacted me directly and I am obligated to and would report any such unauthorized contact, whether in person, by phone, or electronically, to LRES Corporation immediately.
FHA/VA Case No. 5000827900 Page #6
Subject Photo Page Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Subject Front 2323 Hutchison Rd Sales Price G.L.A. 2,062 Tot. Rooms 7 Tot. Bedrms. 3 Tot. Bathrms. 1.1 Location Suburban View Residential Site 9000 sf Quality Brick-Avg Age 71
Subject Rear
Subject Street
Form PIC4x6.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #7
Photograph Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Side View
Side View
Street View
Living Room
.1 Bathroom
Dining Room
Family Room
Kitchen
Garage Interior
2nd Floor- Bedroom
2nd Floor- Bedroom
2nd Floor- Bedroom
2nd Floor- Full Bathroom
Basement- Rec Room
Basement- Laundry / Utility
Form PIC15 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #8
Photograph Addendum Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Mechanicals
Tarp on Roof
Damaged Soffit
Damaged Ceiling
Damaged above Bay Window
Damaged Ceiling
Peeling Paint
Peeling Paint
Water Stain
Damaged Wall
Damaged Bathroom Wall
Water Stain
Form PIC12_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #9
Building Sketch Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
24'
6. 02 '
30' WIC
10'
10'
Bedroom
Deck Shed
29'
Bath
Bedroom
2nd Floor
19' Family 10' Bedroom
5' Dining
Kitchen
1 Car
24'
Garage
24'
.1 Bath
Laundry
10' Living
Basement
Utility
24' Rec
1st Floor
24'
Area Calculations Summary
TOTAL Sketch by a la mode, inc.
Living Area 1st Floor
1106 Sq ft
Calculation Details 29 × 10 34 × 24
= 290 = 816
Second Floor
956 Sq ft
14 × 10 24 × 34
= 140 = 816
Total Living Area (Rounded): Non-living Area 1 Car Attached
2062 Sq ft 220 Sq ft
22 × 10
= 220
Wood Deck
338 Sq ft
5 × 10 10.5 × 24 4.5 × 6 0.5 × 4.5 × 4
= 50 = 252 = 27 = 9
Rear Porch
60 Sq ft
10 × 6
=
Basement
816 Sq ft
34 × 24
= 816
Form SKT_LT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
60
FHA/VA Case No. 5000827900 Page #10
Comparable Photo Page Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Comparable 1 2222 MacDonald Ln Prox. to Subject 0.23 miles SE Sale Price 283,000 Gross Living Area 1,419 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 3.0 Location Suburban View Residential Site 9989 sf Quality Frame/Brick-Avg Age 55
Comparable 2 2423 Brookwood Dr Prox. to Subject 1.26 miles S Sale Price 305,000 Gross Living Area 1,963 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Location Suburban View Residential Site 26500 sf Quality Frame/Brick-Avg Age 39
Comparable 3 2223 Hutchison Rd Prox. to Subject 0.12 miles E Sale Price 245,000 Gross Living Area 2,254 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.0 Location Suburban View Residential Site 15300 sf Quality Brick-Avg Age 58
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #11
Comparable Photo Page Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
Comparable 4 807 Latimer Ln Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age
0.42 miles E 72,500 1,606 7 3 1.1 Suburban Residential 7279 sf Frame-Avg 68
Comparable 5 1264 Oakmont Ave Prox. to Subject 0.99 miles SW Sales Price 95,000 Gross Living Area 1,750 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 2.1 Location Suburban View Residential Site 12658 sf Quality Brick-Avg Age 59
Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #12
Location Map Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Form MAP_LT.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 60422
FHA/VA Case No. 5000827900 Page #13
Aerial Map Borrower/Client Property Address City Lender
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Form MAP_LT.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 60422
FHA/VA Case No. 5000827900 Page #14
Plat Map
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #15
Form SC1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #16
Scope of Work
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #17
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #18
Subject's Draw
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #19
Borrower/Client Property Address City Lender
File No. 5000827900
Arpan Patel 2323 Hutchison Rd Flossmoor Fund That Flip, Inc.
County Cook
State IL
Zip Code 60422
APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: Appraisal Report
(A written report prepared under Standards Rule
Restricted Appraisal Report
(A written report prepared under Standards Rule 2-2(b) , pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.)
2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — I have not performed a services as an appraiser regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment. — I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).
Reasonable Exposure Time
(USPAP defines Exposure Time as the 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.)
My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is:
45-150 days
Comments on Appraisal and Report Identification
Note any USPAP related issues requiring disclosure and any State mandated requirements:
APPRAISER:
SUPERVISORY or CO-APPRAISER (if applicable):
Signature: Name: Michelle R Byrnes
Signature: Name:
State Certification #: 556.004693 or State License #: State: IL Expiration Date of Certification or License: 09/30/2017 Date of Signature and Report: March 19, 2016 Effective Date of Appraisal: 03/18/2016 Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable): 03/18/2016
State Certification #: or State License #: State: Expiration Date of Certification or License: Date of Signature: Inspection of Subject: None Date of Inspection (if applicable):
Form ID14E_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior and Exterior
Exterior-Only
FHA/VA Case No. 5000827900 Page #20
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FHA/VA Case No. 5000827900 Page #21
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
