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SUMMARY APPRAISAL REPORT <br />Uniform Residential Appraisal Report <br />File # 45110 <br />This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit; <br />including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a <br />manufactured home or a unit in a condominium or cooperative project. <br />This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, <br />statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended <br />use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may <br />expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal <br />assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do <br />not constitute material alterations to this appraisal report, such as those required by law or those related to the appraisers <br />continuing education or membership in an appraisal organization, are permitted. <br />SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the <br />reporting requirements of this appraisal report form, including the following definition of market value, statement of <br />assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual <br />inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the <br />comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, <br />and (5) report his or her analysis, opinions, and conclusions in this appraisal report. <br />INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the <br />subject of this appraisal for a mortgage finance transaction. <br />INTENDED USER: The intended user of this appraisal report is the lender/client. <br />DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open <br />market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming <br />the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and <br />the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both <br />parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a <br />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 <br />of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold <br />unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. <br />`Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are <br />necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are <br />readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing <br />adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional <br />lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical <br />dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's <br />reaction to the financing or concessions based on the appraiser's judgment. <br />STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraisers certification in this report is <br />subject to the following assumptions and limiting conditions: <br />1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title <br />to it, except for information that he or she became aware of during the research involved in performing this appraisal. The <br />appraiser assumes that the title is good and marketable and will not render any opinions about the title. <br />2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. <br />The sketch is included only to assist the reader in visualizing the property and understanding the appraisers determination <br />of its size. <br />3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency <br />(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an <br />identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or. <br />implied, regarding this determination. <br />4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, <br />unless specific arrangements to do so have been made beforehand, or as otherwise required by law. <br />5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the <br />presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or <br />she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal <br />report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the <br />property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, <br />adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such <br />conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such <br />conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. <br />Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as <br />an environmental assessment of the property. <br />6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory <br />completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will <br />be performed in a professional manner. <br />Freddie Mac Form 70 March 2005 <br />UAD Version 9/2011 <br />Page 4 of 6 <br />ARMFIELD & WAGNER <br />Fannie Mae Form 1 0SMarch 2005 <br />Page 7 of 21 <br />