Appraisal - McCarter Auction Inc.
Transcription
Appraisal - McCarter Auction Inc.
Order Form CLIENT ORDER INFORMATION General File No.: 646 Harbor Pointe Drive Loan Type: Case No: Job Type: Client File No.: Property Type: Tracking No.: Form Type: Filename: C:\PROGRAM FILES (X86)\ACI32\REPORTS\646 n/a full appraisal single family GPAR 2009 HARBOR POINTE DRIVE.ACI Property Information Address: City: Location: Legal: Sale Price: Rooms: 640 Harbor Pointe Drive Silver Point Silver Point Deed BK 319 parcel 891 County: Dekalb Map No:030 parcel 01.30 St: TN Zip: 38582-7998 Census: 9203.00 Refinance Loan Amt.: Date of Sale: 6 Bedrooms: 2 Baths: 2.10 Appraised Value: $310,000 Borrower First: Sharon Last: Clifton Owner: Sharon Clifton Client Information X Ordered By x Bill To x Send To Client: Sharon Clifton Branch: Address: 640 Harbor Pointe Drive City: Silver Point State: TN Zip: 38582 Phone: Fax: Contact: Misc: Client Information Bill To Send To Client: Branch: Address: City: State: Zip: Phone: Fax: Contact: Misc: Status: Dates Ordered: Due: Assigned: Inspected: Reviewed: Signed: Fax/EDI: Delivered: Invoiced: User Defined: Cancelled: Paid: 07/02/2014 July 8, 2014 07/25/2014 July 24, 2014 Billing Information Invoice No.: Fee: Tax: Total Amount: Payment 1: Check #: Payment 2: Check #: Due: $450.00 $0.00 $450.00 $450.00 Date: Date: $0.00 NAME Appraiser/Broker Information Name: Cert #: License #: Exp. Date: Michael L. Duncan/1025 1025 Supervisor: State: Cert #: State: TN License #: Exp. Date: Primary Contact Information Primary Contact: Best time to call: Home Phone: Work Phone: Secondary Contact Information Secondary Contact: Best time to call: Home Phone: Work Phone: INSTRUCTIONS/CONTACTS Special Instructions COMMENTS Comments Produced using ACI software, 800.234.8727 www.aciweb.com State: State: File No. 646 Harbor Pointe Drive ********* INVOICE ********* File Number: 646 Harbor Pointe Drive July 24, 2014 Sharon Clifton 640 Harbor Pointe Drive Silver Point, TN 38582 Invoice # : Order Date : Reference/Case # : PO Number : 07/02/2014 640 Harbor Pointe Drive Silver Point, TN 38582-7998 450.00 $ $ -------------- Invoice Total State Sales Tax @ Deposit Deposit Amount Due Terms: due upon receipt Please Make Check Payable To: Real Estate Concepts 106 Obed Pines Road Crossville, TN 38571 Fed. I.D. #: 62-1409214 450.00 $ 0.00 $ 450.00 ) ($ ($ ) -------------0.00 $ File No. 646 Harbor Pointe Drive APPRAISAL OF LOCATED AT: 640 Harbor Pointe Drive Silver Point, TN 38582-7998 CLIENT: Sharon Clifton 640 Harbor Pointe Drive Silver Point, TN 38582 AS OF: July 8, 2014 BY: Michael L. Duncan/1025 106 Obed Pines Road File No. 646 Harbor Pointe Drive July 24, 2014 Sharon Clifton 640 Harbor Pointe Drive Silver Point, TN 38582 File Number: 646 Harbor Pointe Drive In accordance with your request, I have appraised the real property at: 640 Harbor Pointe Drive Silver Point, TN 38582-7998 The purpose of this appraisal is to develop an opinion of the defined value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the defined value of the property as of July 8, 2014 is: $310,000 Three Hundred Ten Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, assignment conditions and appropriate certifications. Michael L. Duncan/1025 106 Obed Pines Road Crossville, TN 38571 PURPOSE Summary Residential Appraisal Report File No. 646 Harbor Pointe Drive The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal. Client Name/Intended User Sharon Clifton E-mail Client Address 640 Harbor Pointe Drive Additional Intended User(s) IRS City Silver Point State TN Zip 38582 SUBJECT Intended Use To assist client in determining market value for IRS purposes Property Address 640 Harbor Pointe Drive Owner of Public Record Sharon Clifton Legal Description Deed BK 319 parcel 891 Assessor's Parcel # 001.30 Neighborhood Name Silver Point/Harbor Pointe City Silver Point State TN Zip 38582-7998 County Dekalb Tax Year 2014 Map Reference 030 parcel 01.30 R.E. Taxes $ 1,049.00 Census Tract 9203.00 SALES HISTORY Property Rights Appraised x Fee Simple Leasehold Other (describe) My research did X did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Prior Sale/Transfer: Date 08/19/2010 Price $258,700 Source(s) crs Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable) The subject property has not sold within the past 36 months but has sold within the past 47 months. The sales used have not sold within the previous 12 month period. Offerings, options and contracts as of the effective date of the appraisal NEIGHBORHOOD Neighborhood Characteristics Location Urban Suburban x Rural Property Values Built-Up Over 75% x 25-75% Under 25% Demand/Supply Growth Rapid x Stable Slow Marketing Time Neighborhood Boundaries North by I-40; South by Hwy 70; east One-Unit Housing Trends One-Unit Housing Increasing Shortage Under 3 mths PRICE $(000) x Stable Declining In Balance Over Supply 3-6 mths x Over 6 mths Present Land Use % AGE (yrs) One-Unit 2-4 Unit 2 Multi-Family 70 Commercial 20 Other vacant 40 % % 65 Low % by Hwy 135; and west by Hwy 196. 600 High % 300 Pred. 60 % Neighborhood Description The subject is located in an area of primarily single family dwellings that vary as to age, style and size. The area is in close proximity to employment, shopping and public schools. The area has above average appeal in the market. No adverse factors were noted. Market Conditions (including support for the above conclusions) Conventional and FHA/VA financing is available at competitive interest rates. Supply an Demand relationships are satisfactory with no inordinate financing concessions noted. Typical marketing times are 90-180 days. Estimate exposure time is 60-150 days Dimensions Irregular Area 1 acre Shape rectangular Specific Zoning Classification R-10 Zoning Description residential Zoning Compliance x Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? x Yes View lake No If No, describe. See Attached SITE Addendum Utilities Electricity Gas Site Comments Public Other (describe) Public Water Sanitary Sewer X Other (describe) Off-site Improvements—Type Street asphalt Alley none x Public Private x IMPROVEMENTS none There are no adverse easements, encroachments, or environmental conditions observed. However, it would require a survey, title opinion and environmental assessment to ascertain such conditions. The appraiser is not a qualified environmental professional. GENERAL DESCRIPTION Units X One One w/Acc. unit # of Stories 1 Type x Det. Att. S-Det./End Unit x Existing Proposed Under Const. Design (Style) log FOUNDATION Concrete Slab Crawl Space X Full Basement Partial Basement Basement Area 1120 sq. ft. Basement Finish 100 % x Outside Entry/Exit Sump Pump Year Built 2007 Effective Age (Yrs) 2 Attic Drop Stair Floor Finished Storm Sash/Insulated no/no Car Storage None Screens yes x Driveway # of Cars 3 Heating x FWA HW Radiant Amenities WoodStove(s) # Driveway Surface concrete Other Fuel electric x Fireplace(s) # 1 Fence Garage # of Cars Cooling x Central Air Conditioning x Patio/Deck 2 dks x Porch covered Carport # of Cars Individual Other Pool none Other scrn prch Att. Det. x None Stairs Scuttle Heated Appliances X Refrigerator X Range/Oven Finished area above grade contains: Additional Features 1488 deck/porch area Dishwasher 6 Rooms Disposal EXTERIOR DESCRIPTION materials Foundation Walls conc blk/good Exterior Walls log/stn/good Roof Surface metal/good Gutters & Downspouts alum/good Window Type vinyl/good X Microwave 2 Bedrooms X Washer/Dryer 2.1 Bath(s) INTERIOR Floors Walls Trim/Finish Bath Floor Bath Wainscot materials hdwd/good wood/good wood/good hdwd/good f.glass/good Built-in Other (describe) 1,946 Square Feet of Gross Living Area Above Grade Comments on the Improvements The subject appears to be in good condition and of average construction. Physical depreciation appears to be minimal. No necessary repairs noted. The subject has good lake view and 2 heat and air units and is plumbed for 2 wet bars and wired surround sound. The following improvements have been made since the property was purchased: Retaining wall; improved driveway; screened in porch; to new sets of doors; appliances; all blinds, closet and bath hardware; stained and treated and caulked. No functional or external obsolescence. Produced using ACI software, 800.234.8727 www.aciweb.com Page 1 of 2 This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gPAR™) General Purpose Appraisal Report 12/2008 GPARSUM_08 12222008 Summary Residential Appraisal Report FEATURE SUBJECT COMPARABLE SALE NO. 1 640 Harbor Pointe Drive Address Silver Point, TN 38582 Proximity to Subject Sale Price Sale Price/Gross Liv. Area Data Source(s) $ $ SALES COMPARISON APPROACH Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area 20.00 Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck File No. 646 Harbor Pointe Drive COMPARABLE SALE NO. 2 180 Fawn Place Smithville, TN 37166 8.44 miles SW COMPARABLE SALE NO. 3 200 Deerwood Court Smithville, TN 37166 8.44 miles SW 137 Bayside Drive Lancaster, TN 38569 4.65 miles NW $ 300,000 $ 287,000 $ 270,000 0.00 sq. ft. $ 162.16 sq. ft. $ 165.90 sq. ft. $ 93.10 sq. ft. MTRMLS#1254347;DOM 382 MTRMLS#1478662;DOM 161 MTRMLS#1416196;DOM 244 crs crs crs DESCRIPTION DESCRIPTION DESCRIPTION +(-) $ Adjustment Conv. Rural Fee Simple 1 acre lake log Good 7+/- Years Good 09/13/2013 rural fee simple .81 acres Lake wood Good 5 Good Total Bdrms. Total Bdrms. 6 Baths 2 2.1 1,946 sq. ft. Full/1120 Sq.Ft. 100% Finished average FWA C/Air none 3 Car Driveway Deck,Porch 1 F/P Net Adjustment (Total) Adjusted Sale Price of Comparables Summary of Sales Comparison Approach 5 2 Baths Total Bdrms. 2.1 1,850 sq. ft. - $ 09/13/2013 rural fee simple 0 .96 acres gated community log good 8 good Baths 0 8 3 2 0 1,730 sq. ft. 0sf 10,000 average fwa c/air none 3 car driveway deck,porch 1 f/p X + $ Net Adj. 10.2% 310,000 Gross Adj. 10.2% $ 10,000 3.3% 3.3% $ See Attached Addendum +(-) $ Adjustment Cash 02/27/2014 rural fee simple 0 .66 acres lake wood log siding good 6 Good Full 520 sf finished average fwa c/air none 3 car driveway deck,porch 1 f/p X + Net Adj. Gross Adj. DESCRIPTION +(-) $ Adjustment Conv. Total Bdrms. 30,000 Baths 0 14 3 2.2 4,320 2,900 sq. ft. 25,000 1,352 sf 350 sf fin. average fwa c/air none 2 car in bsmt deck,porch 1 f/p -1,000 -19,080 10,000 0 X + $ Net Adj. 7.4% 316,320 Gross Adj. 22.3% $ 29,320 19,920 289,920 COST APPROACH TO VALUE COST APPROACH Site Value Comments The site value estimate is based on similar lot sales and the appraisers knowledge of the general market area. ESTIMATED REPRODUCTION OR Source of cost data local builders X REPLACEMENT COST NEW OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ Dwelling 1,946 Sq. Ft. @ $ 80.00. . . . . . . . . . . . = $ Quality rating from cost service avg Effective date of cost data 4/2014 Comments on Cost Approach (gross living area calculations, depreciation, etc.) Bsmt: 1120 Sq.Ft. porches and decks Sq. Ft. @ $ Cost estimates obtained from the following: CK Construction, 3860 Airport Road, Rockwood, TN 37854 Keith Stedam Builders, Petros, TN ACC Construction, P.O. Box 10409, Knoxville, TN 37930 Garage/Carport Sq. Ft. @ $ .. .. .. .. .. .. = Total Estimate of Cost-New . .. .. .. .. .. . = Less 50 Physical Functional External Depreciation $8,995 = Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = "As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 35.00. . . . . . . . . . . . = $ INCOME INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . RECONCILIATION 75,000 155,680 39,200 30,000 $ $ 224,880 $( $ $ 8,995 ) 215,885 87,000 = $ 377,900 INCOME APPROACH TO VALUE Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) The income approach was not used in the development of this report because it is the least reliable method of estimating value for residential properties and because of the lack of reliable and verifiable data. Methods and techniques employed: X Sales Comparison Approach X Cost Approach Income Approach Other: Discussion of methods and techniques employed, including reason for excluding an approach to value: See Attached Addendum Reconciliation comments: See Attached Addendum Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property that is the subject of this report as of X Single point $ 310,000 This appraisal is made X "as is," 07/08/2014 Range $ , which is the effective date of this appraisal, is: to $ Greater than Less than $ 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: See Attached Addendum Produced using ACI software, 800.234.8727 www.aciweb.com Page 2 of 2 Real Estate Concepts This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gPAR™) General Purpose Appraisal Report 12/2008 GPARSUM_08 12222008 ADDENDUM Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 Highest and Best Use After analyzing the subject property and the most probable use of land or improved property that is legally possible, physically possible, financially feasible (and appropriately supportable) from the market, and which results in maximum profitability, and based on a study of market data the highest and best use of the subject is residential. Comments on Sales Comparison The sales used in the development of this appraisal were obtained from the Nashville MLS service. The sales are all within the past 12 months or less and are considered to be the best available for use in comparing to the subject property. All sales are from the same general market area however, when necessary the appraiser may expand the comparable search area. No percentages exceed desired limits. All sales are as similar to the subject in age, condition, appeal and size as could be found. Adjustments have been made when the market indicates such adjustments are necessary to bring the comparable sales into conformity to the subject. Adjustments for square footage differences were made on comparables when the square foot difference is 125 square feet or more. Site adjustments were made for difference in market value only when a value difference exists which is determined by many factors including but not limited to size of tract. The appraiser has given consideration to the adjusted values of all comparables in the sales analysis. The site adjustment differences were based on the estimate of market value as the subject compared to the comparables. If no adjustment was made it was determined that the value of the comparable and subject were equal. Condition adjustments were made based on not only the exterior condition but also the interior condition when the interior condition of the comparables used was able to be determined. Even though some of the comparables were of similar age and some may even be older homes, because of renovations, updates and/or remodeling the condition was considered either equal or superior to the subject and appropriate adjustments were made to show any difference. The condition adjustment is based on the premise that it would take at least the amount of the adjustment to bring the subject into conformity to the comparable sales used. No age adjustment was made because the adjustment for difference was best reflected in the condition adjustment. Reasons for non-development of a value approach The sales comparison approach to value is the most reliable method of evaluation for which to determine market value. The cost approach to value can be an effective means of determining market value when accurate cost estimates and depreciation is applied. The cost approach was used in the development of this report however in the case of the subject it does not reflect the market because of the excessive cost of the retaining wall.The income approach was considered but not used in the development of this report because of limited and verifiable data. Final Reconciliation Market actions of buyers and sellers are best analyzed by the Sales Comparison Approach. That approach is given greatest weight in the reconciliation. The Cost Approach provides support of the Sales Comparison Approach. Income approach was considered, however it was not used because of the lack of reliable and verifiable data and also the income approach is the least effective method of estimating market value when determining market value for residential properties. When the income approach was used the data available was retained in files. Conditions of Appraisal All observations were visual observations only. No guaranty or warranty of the subject property is given or implied. No liability is assumed for the mechanical or structural elements of the subject property. For further assurance of the mechanical and/or the structural elements of the subject property, a home inspection is recommended. This report contains coded, secure, digital signatures and are true representations of the same. Note to the reader: The pre-printed appraisal forms used for this appraisal report express terminology such as inspect or inspection. The reader this report should replace these words with observe and observation. This change in terminology is to clarify the job performed by the appraiser. The appraiser is completing an observation of the subject property. This report is not to be confused with a home inspection. EXTRAORDINARY ASSUMPTIONS 1) Deed data, legal description, site dimensions, surveys (if applicable), 2) and other data from outside sources is accurate as available to appraiser. If any of these items are proven to be untrue, it would alter my opinions and conclusion. Addendum Page 1 of 2 ADDENDUM Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 The appraiser has not performed any service regarding the subject property within a 3 year period. Extra Comments MARKETING TIME AND EXPOSURE TIME Marketing Time An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of the appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of the appraisal. Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions" address the determination of reasonable exposure and marketing time. Exposure Time 1. The time a property remains on the market. 2. The estimated length of time 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; a retrospective estimate based on an analysis of past events assuming a competitive and open market. Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010). REASONABLE EXPOSURE TIME "Reasonable Exposure Time" Exposure time is deemed to expire as of the effective date the appraisal - it examines the time frame leading up to the date of valuation, linking the value estimate to how long the property would have required exposure in order to sell at the estimated market value. The reasonable exposure time for this property would be approximately 6-18 months. Also, the final conclusion of value stated within this report is based on a exposure time of 6-18 months. Addendum Page 2 of 2 File No. 646 Harbor Pointe Drive Scope of Work, Assumptions and Limiting Conditions Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions. The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report. The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results. 1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey of the property. 3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto. 4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser. 5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice. 6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser. 7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such. 8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar expert, unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested. This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected. Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order. Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property. 9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed. 10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use. 11. The ACI General Purpose Appraisal Report (GPAR™) is not intended for use in transactions that require a Fannie Mae 1004/Freddie Mac 70 form, also known as the Uniform Residential Appraisal Report (URAR). Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions Produced using ACI software, 800.234.8727 www.aciweb.com Page 1 of 2 This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gPAR™) General Purpose Appraisal Report 12/2005 GPARLIM_05 08112008 File No. 646 Harbor Pointe Drive Appraiser's Certification The appraiser(s) certifies that, to the best of the appraiser's knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved. 4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. The appraiser's 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. 7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report. 9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by: Additional Certifications: Definition of Value: Market Value Other Value: Source of Definition: ADDRESS OF THE PROPERTY APPRAISED: 640 Harbor Pointe Drive Silver Point, TN 38582-7998 EFFECTIVE DATE OF THE APPRAISAL: July 8, 2014 APPRAISED VALUE OF THE SUBJECT PROPERTY $ 310,000 APPRAISER SUPERVISORY APPRAISER Signature: Name: Michael L. Duncan/1025 State Certification # or License # 1025 or Other (describe): Signature: Name: State Certification # or License # State: State #: State: TN Expiration Date of Certification or License: Date of Signature and Report: 07/25/2014 Date of Property Viewing: 07/08/2014 Degree of property viewing: Interior and Exterior Exterior Only Expiration Date of Certification or License: Date of Signature: Date of Property Viewing: Degree of property viewing: Interior and Exterior Exterior Only Did not personally view Did not personally view Produced using ACI software, 800.234.8727 www.aciweb.com Page 2 of 2 Real Estate Concepts This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved. (gPAR™) General Purpose Appraisal Report 12/2005 GPARLIM_05 08112008 SUBJECT PROPERTY PHOTO ADDENDUM Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: July 8, 2014 Appraised Value: $ 310,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN Produced using ACI software, 800.234.8727 www.aciweb.com File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 PHT3 05212013 Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN Produced using ACI software, 800.234.8727 www.aciweb.com File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 PHT3 05212013 Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN Produced using ACI software, 800.234.8727 www.aciweb.com File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 PHT3 05212013 Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN Produced using ACI software, 800.234.8727 www.aciweb.com File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 PHT12 COMPARABLE PROPERTY PHOTO ADDENDUM Client: Sharon Clifton File No.: 646 Harbor Pointe Drive Property Address: 640 Harbor Pointe Drive Case No.: City: Silver Point State: TN Zip: 38582-7998 COMPARABLE SALE #1 180 Fawn Place Smithville, TN 37166 Sale Date: 09/13/2013 Sale Price: $ 300,000 COMPARABLE SALE #2 200 Deerwood Court Smithville, TN 37166 Sale Date: 02/27/2014 Sale Price: $ 287,000 COMPARABLE SALE #3 137 Bayside Drive Lancaster, TN 38569 Sale Date: 09/13/2013 Sale Price: $ 270,000 FLOORPLAN SKETCH Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 PLAT MAP Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 LOCATION MAP Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 FLOOD MAP Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 Client: Sharon Clifton Property Address: 640 Harbor Pointe Drive City: Silver Point State: TN File No.: 646 Harbor Pointe Drive Case No.: Zip: 38582-7998 Thumbnails Subject Front View Title File No. Subject Rear View Subject Street Scene Extra Photo 1 Extra Photo 2 Extra Photo 3 Extra Photo 1 Extra Photo 2 Extra Photo 3 Extra Photo 1 Extra Photo 2 Extra Photo 3 Extra Photo 1 Extra Photo 2 Extra Photo 3 Extra Photo 4 Extra Photo 5 646 Harbor Pointe Drive Thumbnails Extra Photo 6 Extra Photo 7 File No. Extra Photo 8 Extra Photo 9 Extra Photo 10 Extra Photo 11 Extra Photo 12 Sales Comp. 1 Sales Comp. 2 Sales Comp. 3 Sales Comp. 4 Sales Comp. 5 Sales Comp. 6 Plat Map Location Map Flood Map Extra Image Extra Image 646 Harbor Pointe Drive