- Federal Trust Deed Investments

Tebbetts Appraisal Service, Inc.
NEIGHBORHOOD
CONTRACT
SUBJECT
Individual Condominium Unit Appraisal Report
File No. 140023
Case No.
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Unit #
State CA Zip Code
130 City
Chula Vista
91911
Property Address 765 Paso de Luz
Owner of Public Record
County
Irasema A. Perez
Irasema A. Perez
San Diego
Borrower
Legal Description Unit 130 per Doc. 06-519341, Tract 15378, City of Chula Vista, County of San Diego, State of California
Tax Year
R.E. Taxes $ 2,414
2012
Assessor's Parcel No. 640-070-43-13
Project Name Sunbow Villas
1
1330-J1
0133.10
Phase #
Map Reference
Census Tract
Vacant
HOA $
56
251
Occupant
Owner X Tenant
Special Assessments $
per year X per month
Property Rights Appraised X Fee Simple
Leasehold
Other (describe)
Purchase Transaction X Refinance Transaction
Assignment Type
Other (describe)
Lender/Client Federal Home Loans Corp.
Address 5540 Ruffin Rd., San Diego, CA 92123
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?
Yes X No
Report data source(s) used, offerings price(s), and date(s). Sandicor MLS
I
did
did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed. The subject is not in escrow at this time.
Contract Price $
Date of Contract
Is the property seller the owner of public record?
Yes
No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf of the borrower?
If Yes, report the total dollar amount and describe the items to be paid. ;;0
Yes
No
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
Condominium Unit Housing Trends
Condominium Housing Present Land Use %
X Suburban
Urban
Rural
Stable
AGE One-Unit
50 %
Location
Property Values X Increasing
Declining PRICE
X In Balance
Built-Up X Over 75%
Shortage
(yrs) 2-4 Unit
5 %
25-75%
Under 25% Demand/Supply
Over Supply $ (000)
X Stable
Growth
Rapid
Slow
3-6 mths
Multi-Family
10
30 %
Marketing Time X Under 3 mths
Over 6 mths 135 Low
Commercial
35
15 %
Neighborhood Boundaries Telegraph Canyon Rd. to the north, Olympic Pkwy. to the south, Herigtage Rd. 365 High
Other
to the east and Interstate 805 to the west.
225 Pred. 33
%
Neighborhood Description The subject has good accessibility to schools, employment, religious facilities and shopping. It is located in the Sunbow Villas
Condominium complex in the Chula Vista 91911 zip code area. The subject has good access to Interstate 805.
PROJECT INFORMATION
PROJECT SITE
Market Conditions (including support for the above conclusions) Please see comment addendum.
Topography
Size
Density
Level
12.46 ac
16.2 units per acre View
N;Res;
Zoning Description City of Chula Vista - Multiple Residential
R3P12
Specific Zoning Classification
Zoning Compliance X Legal
Legal Nonconforming - Do the zoning regulations permit rebuilding to current density? X Yes
No
No Zoning
Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? X Yes
No If No, describe.
Utilities Public Other (describe)
Public Other (describe)
Off-site Improvements--Type
Public Private
X
X
Electricity X
Water
Street 2 lane asphalt
X
X
Gas
Sanitary Sewer
Alley None
X
060295-1639-H FEMA Map Date
05/16/2012
FEMA Special Flood Hazard Area
Yes X No FEMA Flood Zone
FEMA Map #
Are the utilities and/or off-site improvements typical for the market area? X Yes
No If No, describe.
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
Yes X No If Yes, describe.
No adverse site conditions or external factors were noted as of the inspection on 3/15/14.
Data source(s) for project information MLS, public records
Project Description
Detached
Row or Townhouse X Garden
Mid-Rise
High-Rise
Other (describe) Flat
General Description
General Description
Subject Phase
If Project Completed
If Project Incomplete
# of Stories 2.00
Exterior Walls Stucco
# of Units
# of Planned Phases
202 # of Phases
1
N/A
# of Elevators 0
Roof Surface Clay Tile
# of Units Completed
202 # of Units
202 # o f Planned Units
# of Units For Sale
# of Units for Sale
X Existing
0 # of Units for Sale
0
Proposed Total # Parking 450
Under Construction
Ratio (spaces/units) 2.23
# of Units Sold
202 # of Units Sold
202 # of Units Sold
Year Built
Type open and carport
# of Units Rented
2000
129 # of Units Rented
129 # of Units Rented
Effective Age 10
Guest Parking 46
73 # of Owner Occupied Units 73 # of Owner Occupied Units
# of Owner Occupied Units
Project Primary Occupancy
Second Home or Recreational X Tenant
Principal Residence
Yes X No
Is the developer/builder in control of the Homeowners' Association (HOA)?
Homeowners' Association
Developer X Management Agent - Provide name of management company. Cannon Management Co @
Management Group 951-354-5365
No If Yes, describe Sunbow
Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project? X Yes
Villas owns more than 10% of the units in the project.
Was the project created by the conversion of an existing building(s) into a condominium?
The project was originally built as condominiums in 2000.
Yes X No If Yes, describe the original use and the date of conversion.
Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)? X Yes
N/A
Is there any commercial space in the project?
No If No, describe
Yes X No If Yes, describe and indicate the overall percentage of the commercial space.
Freddie Mac Form 465 March 2005
Fannie Mae Form 1073 March 2005
Page 1 of 30
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Tebbetts Appraisal Service, Inc.
Individual Condominium Unit Appraisal Report
File No. 140023
Case No.
PROJECT INFORMATION
Describe the condition of the project and quality of construction. The complex appeared to be well maintained and in average condition. The construction
quality appeared to be average for the area.
Describe the common elements and recreational facilities. The complex has typical association common area maintenance and limited insurance.
Are any common elements leased to or by the Homeowners' Association?
Is the project subject to ground rent?
Yes X No If Yes, $
Are the parking facilities adequate for the project size and type? X Yes
Yes X No If Yes, describe the rental terms and options.
per year (describe terms and conditions)
No If No, describe and comment on the effect on value and marketability.
PROJECT ANALYSIS
I
did X did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why
the analysis was not performed. Information regarding the budget was not obtainable in a timely manner.
Are there any other fees (other than regular HOA charges) for the use of the project facilities?
Yes X No If Yes, report the charges and describe.
Compared to other competitive projects of similar quality and design, the subject unit charge appears
High X Average
Low If High or Low, describe
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
Yes X No If Yes, describe and explain the effect on value and marketability.
UNIT DESCRIPTION
per year. Annual assessment charge per year per square feet of gross living area = $
251
3,012
3
Unit Charge $
per month X 12 = $
Utilities included in the unit monthly assessment X None
Heat
Air Conditioning
Electricity
Gas
Water
Sewer
Cable
Other (describe)
General Description
Interior materials/condition
Amenities
Appliances
Car Storage
Floor #
Floors Tile/Carpet/Average
Refrigerator
None
1
Fireplace(s) #
X Range/Oven
# of Levels 1
Walls Drywall/Average
Garage X Covered X Open
Woodstove(s) #
X Disp X Microwave
Heating Type wall Fuel Elec. Trim/Finish Baseboard/Average X Deck/Patio open
# of Cars 2
X Dishwasher
Individual AC Bath Wainscot Fiberglass/Avg.
Porch/Balcony
Owned
X Assigned
Central AC
Doors Hollow Panel/Average
Other
Washer/Dryer
Parking Space # N/A
X Other (describe) None
Rooms
Bedrooms
Bath(s)
Square Feet of Gross Living Area Above Grade
4
2
2.0
908
Finished area above grade contains:
Are the heating and cooling for the individual units separately metered? X Yes
No If No, describe and comment on compatibility to other projects in the market area.
N/A
Additional features (special energy efficient items, etc.) There was no CO detector installed at the time of inspection. California law requires that a CO
detector be installed.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C3;Kitchen-updated-one to five years
ago;Bathrooms-updated-one to five years ago;The subject property is in average condition and has been well maintained. Please see comment
addendum regarding upgrades and features. Please note: The assessor reports the subject floor plan to be 1,050 square feet. Upon measuring
it was found to be 908 square feet. The measured area will be considered most accurate.
Yes X No If Yes, describe
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?
There were no physical deficiencies or adverse conditions noted that would affect the livability, soundness or structural integrity of the property.
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes
property conforms to the neighborhood.
PRIOR SALE HISTORY
I
X did
No If No, describe The subject
did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research X 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, Public records
My research X did
did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data source(s) MLS, Public records
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
02/15/2012
07/28/2011
06/17/2009
09/27/2012
Date of Prior Sale/Transfer
$155,000
$145,000
$190,000
$372,015
Price of Prior Sale/Transfer
Public records/Realist
Public records/Realist
Public records/Realist
Public records/Realist
Data Source(s)
03/15/2014
03/15/2014
03/15/2014
03/15/2014
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales The subject was most recently purchased on 2/15/12 for $155,000.
Otherwise, the property has not been listed or sold during the last 3 years.
Freddie Mac Form 465 March 2005
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Fannie Mae Form 1073 March 2005
Page
2 of 30
Tebbetts Appraisal Service, Inc.
SALES COMPARISON ANALYSIS
Individual Condominium Unit Appraisal Report
File No. 140023
Case No.
2
269,000
325,000
.
There are
comparable properties currently offered for sale in the subject neighborhood ranging in price from $
to $
25 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $
159,000
245,000
.
There are
to $
FEATURE
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
765 Paso de Luz
765 Paso de Luz
711 Camnito Valiente
775 Caminito Valiente
Address
132, Chula Vista, CA 91911
0, Chula Vista, CA 91911
0, Chula Vista, CA 91911
and Unit # 130, Chula Vista, CA 91911
Sunbow Villas
Sunbow Villas
Tivoli Villas
Tivoli Villas
Project Name and
1
1
1
1
Phase
Proximity to Subject
0.00 miles
0.46 miles S
0.46 miles S
Sale Price
$
$
$
$
217,500
235,000
230,000
sq. ft. $
sq. ft.
$
sq. ft.
$
sq. ft.
0.00
239.54
227.27
192.63
Sale Price/Gross Liv. Area $
Data Source(s)
SDMLS #130065631;DOM 30
SDMLS #130049438;DOM 12
SDMLS #130021777;DOM 72
Verification Source(s)
Doc#055161
Doc#606493
Doc#517179
DESCRIPTION
DESCRIPTION
DESCRIPTION
DESCRIPTION
VALUE ADJUSTMENTS
+(-) $ Adjustment
+(-) $ Adjustment
+(-) $ Adjustment
Sale or Financing
ArmLth
ArmLth
REO
Concessions
Cash;0
Cash;0
Conv;0
Date of Sale/Time
s02/14;c01/14
s10/13;c09/13
s08/13;c08/13
Location
N;Res;
N;Res;
N;Res;
N;Res;
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Leasehold/Fee Simple
HOA Mo. Assessment
251
251
180
0
180
0
Common Elements
Common area
Common area
Common Area
Common area
and Rec. Facilities
None
None
None
None
Floor Location
1
1
2
0
1
View
N;Res;
N;Res;
N;Res;
N;Res;
Design (Style)
GR1L;Flat
GR1L;Flat
GR1L;Flat
GR2L;Townhouse
0
Quality of Construction
Q4
Q4
Q4
Q4
14
14
11
-1,500
10
-2,000
Actual Age
Condition
C3
C3
C3
C4
+10,000
Above Grade
Total Bdrms. Baths Total Bdrms. Baths
Total Bdrms. Baths
Total Bdrms. Baths
Room Count
4
2
2.0
4
2
2.0
5
2
2.0
0 5
2
2.1
-2,500
Gross Living Area
sq. ft.
sq. ft.
sq. ft.
sq. ft.
908
908
1,034
-4,410
1,194
-10,010
Basement & Finished
0sf
0sf
0sf
0sf
Rooms Below Grade
Functional Utility
Average
Average
Average
Average
Heating/Cooling
wall/None
wall/None
FAU/Central
-2,500
FAU/none
0
Energy Efficient Items
N/A
N/A
N/A
N/A
Garage/Carport
1cv1op;1a
1cv1op;1a
1g1op
0
1g1op
0
Porch/Patio/Deck
Patio
Patio
Balcony
0
patio
Fireplaces
0
0
1
-1,500
0
+
$
+ X $
+ X $
0
-9,910
-4,510
Net Adjustment (Total)
Adjusted Sale Price
Net Adj: 0%
Net Adj: -4%
Net Adj: -2%
of Comparables
$ 217,500 Gross Adj: 4%
$ 225,090 Gross Adj: 11%
$ 225,490
Gross Adj : 0%
Summary of Sales Comparison Analysis. The subject was most recently purchased on 2/15/12 for $155,000. Otherwise it has not been listed,
transferred or sold in the past 36 months.
218,000
INCOME APPROACH TO VALUE (not required by Fannie Mae)
0
Estimated monthly Market Rent $
X Gross Rent Multiplier
=$
Summary of Income Approach (including support for market rent and GRM). N/A
RECONCILIATION
INCOME
Indicated Value by Sales Comparison Approach $
Indicated Value by Income Approach (optional)
218,000
0
Indicated Value by: Sales Comparison Approach $
Income Approach (if developed) $
There have been 25 attached and townhome condominium sales with 800-1,300 square feet located within the subjects neighborhood that have sold
over the past year. Adjustments are explained in the comment addendum. I have reconciled at a value near the upper end of the range of closed
sales 1-4 giving most weight to sale 1 which is a model match located next door to the subject. Sales 5 and 6 are pending and contingent listings
that have been included for support.
This appraisal is made X "as is,"
subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
subject to
completed,
subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or
the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair. N/A
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
218,000
03/15/2014
$
as of
, which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 465 March 2005
Fannie Mae Form 1073 March 2005
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
3 of 30
Tebbetts Appraisal Service, Inc.
EXTRA COMPARABLES 4-5-6
File No. 140023
Case No.
SALES COMPARISON ANALYSIS
Borrower Irasema A. Perez
Property Address 765 Paso de Luz
City
Chula Vista
County
Lender/Client
Federal Home Loans Corp.
Zip Code
San Diego
State
CA
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
FEATURE
SUBJECT
765 Paso de Luz
Address
130, Chula Vista, CA 91911
and Unit #
Sunbow Villas
Project Name and
1
Phase
Proximity to Subject
Sale Price
$
sq. ft.
0.00
Sale Price/Gross Liv. Area $
Data Source(s)
Verification Source(s)
DESCRIPTION
VALUE ADJUSTMENTS
Sale or Financing
Concessions
Date of Sale/Time
Location
N;Res;
Fee Simple
Leasehold/Fee Simple
HOA Mo. Assessment
251
Common Elements
Common area
and Rec. Facilities
None
Floor Location
1
View
N;Res;
Design (Style)
GR1L;Flat
Quality of Construction
Q4
14
Actual Age
Condition
C3
Above Grade
Total Bdrms. Baths
Room Count
4
2
2.0
Gross Living Area
sq. ft.
908
Basement & Finished
0sf
Rooms Below Grade
Functional Utility
Average
Heating/Cooling
wall/None
Energy Efficient Items
N/A
Garage/Carport
1cv1op;1a
Porch/Patio/Deck
Patio
Fireplaces
0
COMPARABLE SALE # 4
COMPARABLE SALE # 5
COMPARABLE SALE # 6
1344 Callecita Aquilla Norte
725 Paso de Luz
1360 Caminito de la Luna
0, Chula Vista, CA 91911
213, Chula Vista, CA 91911
0, Chula Vista, CA 91911
Tivoili Villas
Subow Villas
Tivoli Villas
N/A
N/A
N/A
0.46 miles S
0.00 miles
0.46 miles S
$
$
$
195,000
159,000
229,000
$
sq. ft.
$
sq. ft.
$
sq. ft.
163.32
175.11
221.47
SDMLS #120035202;DOM 148 SDMLS #130032132;DOM 239
SDMLS #140005495;DOM 44
Doc#434785
Pending
Contingent
DESCRIPTION
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
+(-) $ Adjustment
+(-) $ Adjustment
ArmLth
Short
Short
Cash;0
None;0
None;0
s07/13;c07/13
c02/14
c02/14
N;Res;
N;Res;
N;Res;
Fee Simple
Fee Simple
Fee Simple
180
0
241
0
184
0
Common area
Common area
Common area
None
None
None
1
2
0
1
N;Res;
N;Res;
N;Res;
GR2L;Townhouse
0
GR1L;Flat
GR1L;Flat
Q4
Q4
Q4
10
-2,000
14
12
-1,000
C4
+10,000
C3
C3
Total Bdrms. Baths
Total Bdrms. Baths
Total Bdrms. Baths
4
2
2.1
-2,500 4
2
2.0
4
2
2.0
sq. ft.
sq. ft.
sq. ft.
1,194
-10,010
908
1,034
-4,410
0sf
0sf
0sf
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
+ X Net Adj: -4%
Gross Adj : 14%
Average
FAU/Central
N/A
1g1op
patio
0
-2,500
0
$
-7,010
$
187,990
Average
wall/None
N/A
1cv1op;1a
Balcony
0
+
Net Adj: 0%
Gross Adj: 0%
Average
FAU/Central
N/A
1g1op
patio
0
0
$
0
$
159,000
+ X Net Adj: -3%
Gross Adj: 3%
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales
ITEM
SUBJECT
COMPARABLE SALE # 4
COMPARABLE SALE # 5
02/15/2012
03/01/2007
12/22/2006
Date of Prior Sale/Transfer
$155,000
$367,000
$330,000
Price of Prior Sale/Transfer
Public records/Realist
Public records/Realist
Public records/Realist
Data Source(s)
03/15/2014
03/15/2014
03/15/2014
Effective Date of Data Source(s)
Summary of Sales Comparison Analysis.
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
-2,500
0
$
-7,910
$
221,090
COMPARABLE SALE # 6
10/18/2002
$251,000
Public records/Realist
03/15/2014
Page
4
of
30
Tebbetts Appraisal Service, Inc.
File No. 140023
Case No.
The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject
neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.
Property Address
City
State
ZIP Code
765 Paso de Luz
Chula Vista
CA
91911
Borrower
Irasema A. Perez
Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions and must provide support for those conclusions, regarding
housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent
it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an
explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include that data
in the analysis. If data sources provide all the required information as an average instead of the median, the appraiser should report the available figure and identify it as an
average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the
subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.
Prior 7-12 Months Prior 4-6 Months Current - 3 Months
Overall Trend
Inventory Analysis
Total # of Comparable Sales (Settled)
Increasing
Stable
15
8
5
X Declining
Absorption Rate (Total Sales/Months)
Increasing
Stable
2.50
2.67
1.67
X Declining
Total # of Comparable Active Listings
Declining X Stable
Increasing
12
9
9
Months of Housing Supply (Total Listings/Ab. Rate)
Declining
Stable
4.80
3.37
5.39
X Increasing
Prior 7-12 Months Prior 4-6 Months Current - 3 Months
Overall Trend
Median Sales & List Price, DOM, Sale/List %
Median Comparable Sales Price
Increasing X Stable
Declining
215,000
241,500
217,500
Median Comparable Sales Days on Market
Stable
Increasing
76
59
45
X Declining
Median Comparable List Price
Stable
Declining
229,900
214,950
297,000
X Increasing
Median Comparable Listings Days on Market
Declining X Stable
Increasing
87
73
71
Median Sale Price as % of List Price
Increasing X Stable
Declining
99%
101%
101%
Seller-(developer, builder, etc,) paid financial assistance prevalent?
Yes
Declining X Stable
Increasing
X No
Explain in detail seller concessions trends for the past 12 months (e.g. seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs
condo fees, options, etc.)
There are typically no concessions offered in this neighborhood as noted in the MLS listing pages.
MARKET RESEARCH & ANALYSIS
Market Conditions Addendum to the Appraisal Report
Are foreclosure sales (REO sales) a factor in the market?
Yes X No If yes, explain (including the trends in listings and sales of foreclosed properties).
Very few condos in the subject neighborhood are bank owned or in short sale. As of the date of the inspection, there was 2 comparable active
listings available. Please see the comment addendum for more details regarding area market conditions.
Cite data sources for above information.
Sandicor Multiple Listing Service provided the information used in this addendum.
CONDO/CO.OP PROJECTS
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as
an analysis of pending sales, and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
There were a total of 28 Comparable Settled Sales in the past 12 months.
The Median Sales Price for the prior 7-12 months was $215,000 and for the current to prior 3 months is $217,500.
The Months Supply for the prior 7-12 months was 5 and 5 for the current to prior 3 month period.
The Median Days on Market for the prior 7-12 months was 76 and 45 for the current to prior 3 month period.
The statistics above were generated from an exported MLS market search. Details regarding the calculations and process can be found online at
http://bradfordsoftware.com/1004mc/calc.shtml.
If the subject is a unit in a condominium or cooperative project, complete the following:
Project Name:
Sunbow Villas
Subject Project Data
Prior 7-12 Months Prior 4-6 Months Current - 3 Months
Overall Trend
Total # of Comparable Sales (Settled)
Increasing X Stable
Declining
1
0
1
Absorption Rate (Total Sales/Months)
Increasing X Stable
Declining
0.17
0.00
0.33
Total # of Active Comparable Listings
Declining X Stable
Increasing
1
0
1
Months of Unit Supply (Total Listings/Ab. Rate)
Declining X Stable
Increasing
5.88
0.00
3.03
Are foreclosures sales (REO sales) a factor in the project?
Yes X No If yes, indicate the number of REO listings and explain the trends in listings and sales
of foreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.
APPRAISER
Signature
Signature
Appraiser Name
Supervisor Name
Ronald E. Tebbetts, CREA
Company Name
Company Name
Tebbetts Appraisal Service, Inc.
Company Address
Company Address
7097 Heron Cir., Carlsbad, CA 92011
State License/Certification #
State
State License/Certification #
State
AG002672
CA
Email Address
Email Address
[email protected]
Freddie Mac Form 71 March 2009
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 Fannie Mae Form 1004MC March 2009
Page
5 of 30
Tebbetts Appraisal Service, Inc.
COMMENT ADDENDUM
File No. 140023
Case No.
Borrower Irasema A. Perez
Property Address 765 Paso de Luz
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
State
San Diego
CA
Address 5540 Ruffin Rd., San Diego, CA 92123
Zip Code
91911
COMMENT REGARDING NEIGHBORHOOD MARKET CONDITIONS:
The attached market in the Cula Vista 91911 zip code area appears to be increasing with 53 sales from 3/15/13-9/15/13
ranging in price from $87,000-$280,000 with a median price of $170,500 to 65 sales from 9/16/13 to present ranging from
$95,000-$365,000 with a median price of $220,000. This shows that the price of the average attached unit increased $8,250
or 4+% upward per month over the past 6 months. There are currently 13 active listings in this area with prices ranging from
$120,000-$394,500 with a median list price of $245,000 which is a 1+ month supply of inventory.
Conventional financing is typical for the area although all types of financing are available. Exposure time is estimated to be
approximately 0 to 3 months. Marketing time is now typically under 3 months based on marketing times for similar properties
in the area with some properties taking up to 12 months. The area consists of average to good quality condominium homes.
COMMENT REGARDING THE SUBJECT FEATURES:
The subject is an attached 1 story flat condominium unit with 2 bedrooms, 2.0 baths and 1 car carport. The subject is located
in the Sunbow Villas Condominiums which consists of 1 story attached units. Overall the subject is in average condition for
the area, most units have been upgraded throughout or remodeled.
COMMENT REGARDING SALES COMPARISON ADJUSTMENTS:
There have been 25 sales of attached and townhome condominium units with 800-1,300 square feet located within the
subjects neighborhood that have sold over the past year. All adjustments were made in looking at paired sales from within
the area. All other adjustments should be considered typical with living area at $35/sf, age at $500/year, bathrooms at $5,000,
bedrooms at $5,000, central air at $2,500, fireplaces at $1,500 and garage spaces at $2,500/car. All the sales are relatively
current with no adjustments made for market conditions. The listings were not adjusted since homes are selling very near the
asking prices as shown in the 1004MC..
Here is the MLS data for each comparable sale:
Sale 1 listed at $210,000 increased to $215,000 and sold in 30 days at $217,500.
Sale 2 listed at $229,900 and sold in 12 days at $235,000.
Sale 3 listed at $298,500 reduced to $269,900 and sold in 72 days at $230,000.
Sale 4 listed at $170,000 and sold in 148 days at $195,000.
Sale 5 is a pending listing at $159,000 with 239 days on the market.
Sale 6 is a contingent listing at $229,000 with 44 days on the market.
The utilities were on and functional at the time of appraisal.
PREDOMINANT VALUE
The subject has a value slightly near the predominant value of the neighborhood.
Please note that none of the sales required more than 15% net adjustments or 25% gross adjustments.
SAFETY ISSUES
A CO detector is not installed. California law requires that a CO detector be installed.
INTENDED USE AND USER
The appraisal was prepared for and the intended user is Federal Home Loans, its officers, administrators, employees, lending
co-partipants (if any), assignees, and appropriate regulatory agencies. The intended use of the appraisal report is for loan
analysis and/or underwriting purposes.
PRIOR RELATIONSHIPS TO SUBJECT
The appraiser has had no relationship with the subject property during the past three years.
MARKETING TIME/EXPOSURE TIME
The sales (1-4) used in the analysis had marketing times ranging from 12 to 148 days. The median marketing times for the
last two periods in the 1004MC form ranged from 45 to 59 days.
The estimated marketing time for the value estimated in this report is from 0 to 3 months. The current market conditions
suggest a similar 0 to 3 month exposure time also be applied.
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
6
of
30
Tebbetts Appraisal Service, Inc.
Individual Condominium Unit Appraisal Report
File No. 140023
Case No.
This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned
unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a
cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK:
The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject unit, (2) inspect and analyze the condominium project, (3) inspect
the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data
from reliable public and/or private sources, and (6) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE:
The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:
The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 465 March 2005
Fannie Mae Form 1073 March 2005
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
7 of 30
Tebbetts Appraisal Service, Inc.
Individual Condominium Unit Appraisal Report
File No. 140023
Case No.
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned
on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific
value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a
specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on
significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the
preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report.
I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item
in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 465 March 2005
Fannie Mae Form 1073 March 2005
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page 8 of 30
Tebbetts Appraisal Service, Inc.
Individual Condominium Unit Appraisal Report
File No. 140023
Case No.
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION:
The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Ronald E. Tebbetts, CREA
Company Name
Tebbetts Appraisal Service, Inc.
Company Address 7097 Heron Cir.
Carlsbad, CA 92011
Telephone Number 760-918-0830
Email Address
[email protected]
Date of Signature and Report 03/16/2014
Effective Date of Appraisal
03/15/2014
State Certification # AG002672
or State License #
or Other (describe)
State #
State
CA
Expiration Date of Certification or License 01/26/2016
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED
765 Paso de Luz
130, Chula Vista, CA 91911
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
Name
No AMC
Company Name Federal Home Loans Corp.
Company Address 5540 Ruffin Rd.
San Diego, CA 92123
Email Address
Freddie Mac Form 465 March 2005
218,000
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Fannie Mae Form 1073 March 2005
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
9 of 30
Appraiser Qualifications
Borrower Irasema A. Perez
Property Address 765 Paso de Luz
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
File No. 140023
Case No.
San Diego
State
CA
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
QUALIFICATIONS OF THE APPRAISER
Ronald E. Tebbetts
Appraisal Certification
AG002672
State of California "Certified General Real Estate Appraiser"
qualified to appraise all real estate transactions without regard to transaction value
or complexity. License expires 1/26/16
Membership
National Association of Real Estate Appraisers
Certified Real Estate Appraiser (CREA) Designation
Appraisal Institute
Associate Member
Appraisal Experience
1994-Present
Owner, Tebbetts Appraisal Service, Inc.
1992-1994
Anderson & Brabant, Inc.
Appraiser responsible for the appraisal of income property within San Diego, Imperial and
southern Riverside Counties. All reports are full narrative with values ranging from $500,000.
1968-1992
Bank of America National Trust & Savings Association
1987-1992 - Senior Appraiser responsible for the appraisal of income property within San
Diego, Imperial and southern Riverside Counties. All reports are full narrative with values
ranging from $500,000.
1985-1987 - Senior Construction Analyst responsible for monitoring construction and land
development activity on approximately 40 projects ranging in size to $30 million including
related cost estimating and analysis of plans, specifications and construction documents to
determine project feasibility and desirability prior to loan closing. Also including onsite
progress monitoring during the construction phase to ensure that contractor pay applications
do not exceed the value of work in place and that loan proceeds are distributed according to
the loan documents.
Education
Whittier College - Bachelor of Arts degree with a major in Business Administration
Real estate and related courses include:
Real Estate Principles
Business Law
Statistics
Real Estate Finance
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
10
of
30
Appraiser Qualifications
Borrower Irasema A. Perez
Property Address 765 Paso de Luz
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
File No. 140023
Case No.
San Diego
State
CA
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
Appraisal Institute
Professional courses completed:
Introduction to Appraising Real Property
Applied Residential Property Valuation
Capitalization Theory & Techniques, Part A
Capitalization Theory & Techniques, Part B
Standards of Professional Practice, Part A
Standards of Professional Practice, Part B
Standards of Professional Practice, Part C
Case Studies in Real Estate Valuation
Narrative Report Writing
Highest and Best Use Market Analysis
Seminars attended:
Appraisal of Income Properties
Apartment Analysis
Residential Subdivision Analysis
Impact of Changing Demographics and Economic Influences
Federal & State Laws and Regulations Workshop
Condemnation Appraising Principles & Application
California Litigation Valuation
Apartment Seminar (Update)
Attacking & Defending an Appraisal in Litigation
Case Update & Courtroom Strategies
Reappraising, Readdressing, Reassigning Appraisals
Fannie Mae Residential Appraisal Presentation
San Diego Apartment & Housing Seminar
FHA Update
Effective Appraisal Communication
New Technology for Real Estate Appraisers
REO Appraisal
Supporting Capitalization Rates
Business Practices & Ethics
Appraising for the IRS
USPAP Workshop
Applying Economic Forecast-Update
Separating Real Property, Personal Property and Intangible Assets
1988
1989
1990
1990
1991
1991
2002
1992
1994
2002
1989
1993
1993
1993
1999
1998
1999
1998
1999
2002
2005
2005
2007
2007
2006
2007
2009
2011
2010
2011
2013
2012
2012
Types of Appraisals
Single Family Dwellings
Apartments
Commercial Land
Industrial Property
Leasehold & Leased Fee Estates
Mobile Home Parks
Office Buildings
Subdivisions
Eminent Domain
2-4 Units
R & D Property
Residential Land
Self Storage Property
Shopping Centers
Special Use Properties
Fractional Interest
Trailer Parks
Expert Witness Testimony
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
11
of
30
File No. 140023
Case No.
Borrower Irasema A. Perez
Property Address 765 Paso de Luz
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
San Diego
State
CA
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
91911
12
of
30
File No. 140023
Case No.
Borrower Irasema A. Perez
Property Address 765 Paso de Luz
City Chula Vista
Lender/Client Federal Home Loans Corp.
County
San Diego
State CA
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
91911
13
of
30
Tebbetts Appraisal Service, Inc.
SKETCH ADDENDUM
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
File No. 140023
Case No.
State
Zip Code
San Diego
CA
Address 5540 Ruffin Rd., San Diego, CA 92123
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
91911
14
of
30
Tebbetts Appraisal Service, Inc.
LOCATION MAP ADDENDUM
File No.
140023
Case No.
Irasema A. Perez
Borrower
765 Paso de Luz
Property Address
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
San Diego
CA
State
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
91911
15 of
30
Tebbetts Appraisal Service, Inc.
PLAT MAP
File No.
140023
Case No.
Irasema A. Perez
Borrower
765 Paso de Luz
Property Address
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
San Diego
CA
State
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
91911
16 of
30
Tebbetts Appraisal Service, Inc.
SUBJECT PHOTO ADDENDUM
File No.
140023
Case No.
Irasema A. Perez
Borrower
765 Paso de Luz
Property Address
City Chula Vista
County
Federal Home Loans Corp.
Lender/Client
San Diego
Address
CA
State
Zip Code
5540 Ruffin Rd., San Diego, CA 92123
91911
FRONT OF
SUBJECT PROPERTY
765 Paso de Luz
Chula Vista, CA 91911
REAR OF
SUBJECT PROPERTY
STREET SCENE
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
17 of
30
Tebbetts Appraisal Service, Inc.
SUBJECT PHOTO ADDENDUM
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client
Federal Home Loans Corp.
San Diego
Address
File No. 140023
Case No.
State
Zip Code
CA
5540 Ruffin Rd., San Diego, CA 92123
91911
Kitchen
Living Room
Master Bedroom
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
18
of
30
Tebbetts Appraisal Service, Inc.
SUBJECT PHOTO ADDENDUM
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client
Federal Home Loans Corp.
San Diego
Address
File No. 140023
Case No.
State
Zip Code
CA
5540 Ruffin Rd., San Diego, CA 92123
91911
Master Bath
Bedroom
Bath
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
19
of
30
Tebbetts Appraisal Service, Inc.
SUBJECT PHOTO ADDENDUM
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client
Federal Home Loans Corp.
San Diego
Address
File No. 140023
Case No.
State
Zip Code
CA
5540 Ruffin Rd., San Diego, CA 92123
91911
Water Heater
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
20
of
30
Tebbetts Appraisal Service, Inc.
COMPARABLES 1-2-3
File No.
140023
Case No.
Irasema A. Perez
Borrower
765 Paso de Luz
Property Address
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
San Diego
CA
State
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
1
COMPARABLE SALE #
765 Paso de Luz
132, Chula Vista, CA 91911
COMPARABLE SALE #
711 Camnito Valiente
0, Chula Vista, CA 91911
2
COMPARABLE SALE #
775 Caminito Valiente
0, Chula Vista, CA 91911
3
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
21 of
30
Tebbetts Appraisal Service, Inc.
COMPARABLES 4-5-6
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client Federal Home Loans Corp.
File No. 140023
Case No.
State
Zip Code
San Diego
CA
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
COMPARABLE SALE #
4
1344 Callecita Aquilla Norte
0, Chula Vista, CA 91911
COMPARABLE SALE #
5
725 Paso de Luz
213, Chula Vista, CA 91911
COMPARABLE SALE #
6
1360 Caminito de la Luna
0, Chula Vista, CA 91911
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
22
of
30
Tebbetts Appraisal Service, Inc.
File No.
ENVIRONMENTAL ADDENDUM
Borrower Irasema A. Perez
Property Address 765 Paso de Luz
City Chula Vista
County
Lender Federal Home Loans Corp.
140023
Case No.
San Diego
CA
State
Zip Code
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
APPARENT* HAZARDOUS SUBSTANCES AND/OR DETRIMENTAL ENVIRONMENTAL CONDITIONS
* APPARENT is defined as that which is visible, obvious, evident or manifest to the appraiser.
This universal Environmental Addendum is for use with any real estate appraisal. Only the
statements which have been checked by the appraiser apply to the property being appraised.
This addendum reports the results of the appraiser's routine inspection of and inquiries about the subject property and
its surrounding area. It also states what assumptions were made about the existence (or nonexistence) of any hazardous
substances and/or detrimental environmental conditions. THE APPRAISER IS NOT AN ENVIRONMENTAL INSPECTOR
and therefor might be unaware of existing hazardous substances and/or detrimental environmental conditions which may
have a negative effect on the safety and value of the property. It is possible that tests and inspections made by a qualified
environmental inspector would reveal the existence of hazardous materials and/or detrimental environmental conditions
on or around the property that would negatively affect its safety and value.
DRINKING WATER
X
Drinking Water is supplied to the subject from a municipal water supply which is considered safe. However the only
way to be absolutely certain that the water meets published standards is to have it tested at all discharge points.
Drinking Water is supplied by a well or other non-municipal source. It is recommended that tests be made to be
certain that the property is supplied with adequate pure water.
Lead can get into drinking water from its source, the pipes, at all discharge points, plumbing fixtures and/or
appliances. The only way to be certain that water does not contain an unacceptable lead level is to have it tested
at all discharge points.
X
The value estimated in this appraisal is based on the assumption that there is an adequate supply of safe,
lead-free Drinking Water.
Comments
SANITARY WASTE DISPOSAL
Sanitary Waste is removed from the property by a municipal sewer system.
Sanitary Waste is disposed of by a septic system or other sanitary on-site waste disposal system. The only way
to determine that the disposal system is adequate and in good working condition is to have it inspected by a
qualified inspector.
X
The value estimated in this appraisal is based on the assumption that the Sanitary Waste is disposed of by a
municipal sewer or an adequate properly permitted alternate treatment system in good condition.
Comments
X
SOIL CONTAMINANTS
There are no apparent signs of Soil Contaminants on or near the the subject property (except as reported in
Comments below). It is possible that research, inspection and testing by a qualified environmental inspector would
reveal existing and/or potential hazardous substances and/or detrimental environmental conditions on or
around the property that would negatively affect its safety and value.
X
The value estimated in this appraisal is based on the assumption that the subject property is free of Soil
Contaminants.
Comments
X
ASBESTOS
All or part of the improvements were constructed before 1979 when Asbestos was a common building material.
The only way to be certain that the property is free of friable and non-friable Asbestos is to have it inspected
and tested by a qualified asbestos inspector.
X
The improvements were constructed after 1979. No apparent friable Asbestos was observed (except as
reported in Comments below).
X
The value estimated in this appraisal is based on the assumption that there in no uncontained friable Asbestos
or other hazardous Asbestos material on the property.
Comments
PCBs (POLYCHLORINATED BIPHENYLS)
There were no apparent leaking fluorescent light ballasts, capacitors or transformers anywhere on or nearby
the property (except as reported in Comments below).
X
There was no apparent visible or documented evidence known to the appraiser of soil or groundwater contamination
from PCBs anywhere on the property (except as reported in Comments below).
X
The value estimated in this appraisal is based on the assumption that there are no uncontained PCBs on or
nearby the property.
Comments
X
RADON
The appraiser is not aware of any Radon tests made on the subject property within the past 12 months (except
as reported in Comments below).
X
The appraiser is not aware of any indication that the local water supplies have been found to have elevated
levels of Radon or Radium.
X
The appraiser is not aware of any nearby properties (except as reported in Comments below) that were or
currently are used for uranium, thorium or radium extraction or phosphate processing.
X
The value estimated in this appraisal is based on the assumption that the Radon level is at or below EPA
recommended levels
Comments
X
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Environmental Addendum Page 1 of 2
Page 23 of 30
File No.
140023
Case No.
USTs (UNDERGROUND STORAGE TANKS)
There is no apparent visible or documented evidence known to the appraiser of any USTs on the property nor
any know historical use of the property that would likely have had USTs.
X There are no apparent petroleum storage and/or delivery facilities (including gasoline stations or chemical
manufacturing plants) located on adjacent properties (except as reported in Comments below).
There are apparent signs of USTs existing now or in the past on the subject property. It is recommended that an
inspection by a qualified UST inspector be obtained to determine the location of any USTs together with their
condition an proper registration if they are active, and if they are inactive, to determine whether they were
deactivated in accordance with sound industry practices.
X The value estimated in this appraisal is based on the assumption that any functioning USTs are not leaking and
are properly registered and that any abandoned USTs are free from contamination and were properly
drained, filled and sealed.
Comments
X
NEARBY HAZARDOUS WASTE SITES
There are no apparent Hazardous Waste Sites on the subject property or nearby the subject property (except as
reported in Comments below). Hazardous Waste Site search by a trained environmental engineer may determine that there is one or more Hazardous Waste Sites on or in the area of the subject property.
X The value estimated in this appraisal is based on the assumption there there are no Hazardous Waste Sites on or
nearby the subject property that negatively affect the value or safety of the property.
Comments
X
UREA FORMALDEHYDE (UFFI) INSULATION
All or part of the improvements were constructed before 1982 when UREA foam insulation was a common
building material. The only way to be certain that the property is free of UREA formaldehyde is to have it
inspected by a qualified UREA formaldehyde inspector.
X The improvements were constructed after 1982. No apparent UREA formaldehyde materials were observed
(except as reported in Comments below).
X The value estimated in this appraisal is based on the assumption there there is no significant UFFI insulation or
other UREA formaldehyde material on the property.
Comments
LEAD PAINT
All or part of of the improvements were constructed before 1980 when Lead Paint was a common building
material. There is no apparent visible or known documented evidence of peeling or flaking Lead Paint on the
floors, walls or ceilings (except as reported in Comments below). The only way to be certain that the property
is free of surface or subsurface Lead Paint is to have it inspected by a qualified inspector.
X The improvements were constructed after 1980. No apparent Lead Paint was observed (except as reported in
Comments below).
X The value estimated in this appraisal is based on the assumption that there is no flaking or peeling Lead Paint
on the property.
Comments
AIR POLLUTION
There are no apparent signs of Air Pollution at the time of the inspection nor were any reported (except as
reported in Comments below). The only way to be certain that the air is free of pollution is to have it tested.
X The value estimated in this appraisal is based on the assumption that the property is free of Air Pollution.
Comments
X
WETLANDS/FLOOD PLAINS
The site does not contain any apparent Wetlands/Flood Plains (except as reported in Comments below). The
only way to be certain that the site is free of Wetlands/Flood Plains is to have it inspected by a qualified
environmental professional.
X The value estimated in this appraisal is based on the assumption that there are no Wetlands/Flood Plains on the
property (except as report in Comments below).
Comments
X
X
X
MISCELLANEOUS ENVIRONMENTAL HAZARDS
There are no other apparent miscellaneous hazardous substances and/or detrimental environmental
conditions on or in the area of the site except as indicated below.
Excess Noise
Radiation/Electromagnetic Radiation
Light Pollution
Waste Heat
Acid Mine Drainage
Agricultural Pollution
Geological Hazards
Nearby Hazardous Property
Infectious Medical Wastes
Pesticides
Others (Chemical Storage/Storage Drums, Pipelines, etc.)
The value estimated in this appraisal is based on the assumption that there are no Miscellaneous environmental
Hazards (except those reported above) that would negatively affect the value of the property.
When any of the environmental assumptions made in this addendum
are not correct, the estimate value in this appraisal may not be valid.
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Environmental Addendum Page 2 of 2
Page 24 of 30
Tebbetts Appraisal Service, Inc.
UNIFORM APPRAISAL DATASET (UAD)
Property Condition and Quality Rating Definitions
File No.
Case No.
140023
Requirements - Condition and Quality Ratings Usage
Appraisers must utilize the following standardized conditions and quality ratings within the appraisal report.
Condition Ratings and Definitions
C1
The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features
no physical depreciation.
Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling
is placed on a 100 percent new foundation and recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements
that have not been previously occupied are not considered "new" if they have significant physical depreciation (that is, newly constructed dwellings that have been vacant for an
extended period of time without adequate maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently
repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this
category either almost new or have been recently completely renovated and are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property
that has been recently completely renovated.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component,
may be updated or recently rehabilitated. The structure has been well maintained.
Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated
effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of
complete renovation.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and
requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are
functionally adequate.
Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced,
and some short-lived components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on
an ongoing basis resulting in an adequately maintained property.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating.
The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.
Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building
components are at the end of or have exceeded their physical life expectancy but remain functional.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity
of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with condition severe enough
to affect the safety, soundness, or structural integrity of the improvements.
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page 25 of 30
Tebbetts Appraisal Service, Inc.
UNIFORM APPRAISAL DATASET (UAD)
Property Condition and Quality Rating Definitions
File No.
Case No.
140023
Quality Ratings and Definitions
Q1
Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed
from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and
exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The
workmanship, materials, and finishes throughout the dwelling are exceptionally high quality.
Q2
Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found
in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality
exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high-quality.
Q3
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments
or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable
standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards.
Q4
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes
adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature
some upgrades.
Q5
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available
or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes
and are constructed with inexpensive, stock materials with limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or
without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal
construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard
non-conforming additions to the original structure.
Requirements - Definition of Not Updated, Updated and Remodeled
Not Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over
fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominately dated. An area that is 'Not Updated' may still be well
maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
Updated
The area of the home has been modified to meet current market expectation. These modifications are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing meet
existing market expectations. Updates do not include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major
component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition
of square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and
half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to
the right of the period.
Example:
3.2 indicates three full baths and two half baths.
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page 26 of 30
Tebbetts Appraisal Service, Inc.
UNIFORM APPRAISAL DATASET (UAD)
Property Description Abbreviations Used in This Report
Abbreviation
A
ac
AdjPrk
AdjPwr
ArmLth
AT
B
ba
br
BsyRd
c
Cash
Comm
Conv
cp
CrtOrd
CtySky
CtyStr
cv
DOM
DT
dw
e
Estate
FHA
g
ga
gbi
gd
GlfCse
Glfvw
GR
HR
in
Ind
Listing
Lndfl
LtdSght
MR
Mtn
N
NonArm
o
O
op
Prk
Pstrl
PwrLn
PubTrn
Relo
REO
Res
RH
rr
RT
s
SD
Short
sf
sqm
Unk
VA
w
wo
Woods
Wtr
WtrFr
wu
Full Name
Adverse
Acres
Adjacent to Park
Adjacent to Power Lines
Arms Length Sale
Attached Structure
Beneficial
Bathroom(s)
Bedroom
Busy Road
Contracted Date
Cash
Commercial Influence
Conventional
Carport
Court Ordered Sale
City View Skyline View
City Street View
Covered
Days On Market
Detached Structure
Driveway
Expiration Date
Estate Sale
Federal Housing Administration
Garage
Attached Garage
Built-In Garages
Detached Garage
Golf Course
Golf Course View
Garden
High Rise
Interior Only Stairs
Industrial
Listing
Landfill
Limited Sight
Mid Rise
Mountain View
Neutral
Non-Arms Length Sale
Other
Other
Open
Park View
Pastoral View
Power Lines
Public Transportation
Relocation Sale
REO Sale
Residential
USDA - Rural Housing
Recreational (Rec) Room
Row or Townhouse
Settlement Date
Semi-detached Structure
Short Sale
Square Feet
Square Meters
Unknown
Veterans Administration
Withdrawn Date
Walk Out Basement
Woods View
Water View
Water Frontage
Walk Up Basement
File No.
Case No.
140023
May Appear in These Fields
Location & View
Area, Site
Location
Location
Sales or Financing Concessions
Design (Style)
Location & View
Basement & Finished Rooms Below Grade
Basement & Finished Rooms Below Grade
Location
Date of Sale/Time
Sale or Financing Concessions
Location
Sale or Financing Concessions
Garage/Carport
Sale or Financing Concessions
View
View
Garage/Carport
Data Sources
Design (Style)
Garage/Carport
Date of Sale/Time
Sale or Financing Concessions
Sale or Financing Concessions
Garage/Carport
Garage/Carport
Garage/Carport
Garage/Carport
Location
View
Desing (Style)
Design (Style)
Basement & Finished Rooms Below Grade
Location & View
Sales or Financing Concessions
Location
View
Design (Style)
View
Location & View
Sale or Financing Concessions
Basement & Finished Rooms Below Grade
Design (Style)
Garage/Carport
View
View
View
Location
Sale or Financing Concessions
Sale or Financing Concessions
Location & View
Sale or Financing Concessions
Basement & Finished Rooms Below Grade
Design (Style)
Date of Sale/Time
Design (Style)
Sale or Financing Concessions
Area, Site, Basement
Area, Site
Date of Sale/Time
Sale or Financing Concessions
Date of Sale/Time
Basement & Finished Rooms Below Grade
View
View
Location
Basement & Finished Rooms Below Grade
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
27 of 30
Tebbetts Appraisal Service, Inc.
MARKET ANALYSIS CHARTS
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client
Federal Home Loans Corp.
San Diego
Address
File No. 140023
Case No.
State
Zip Code
CA
5540 Ruffin Rd., San Diego, CA 92123
91911
TOTAL SALES AND LISTINGS
There were 3 sales twelve months ago and
0 sales last month. There were 5 listings
twelve months ago and 9 listings last month.
MEDIAN SALES PRICE
The median price trends shown here may
differ from the 1004MC due to the
difference in reported time periods. Twelve
months ago the median was $193,000. Two
months ago the median was $213,750.
SALES PRICE AS PCT. OF LIST PRICE
Twelve months ago the median was 98%.
Two months ago the median was 100%.
DAYS ON MARKET (SALES)
The median was 76 days twelve months
ago and 58 two months ago.
MONTHS-SUPPLY-OF-INVENTORY (MSI)
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
28
of
30
Tebbetts Appraisal Service, Inc.
MEDIAN PRICE - BROKEN DOWN
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client
Federal Home Loans Corp.
File No. 140023
Case No.
State
Zip Code
San Diego
CA
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
MEDIAN PRICE BROKEN INTO MARKETING TIME (DAYS ON MARKET)
Days On Market
Median Price
351+ Days
301-350 Days
251-300 Days
201-250 Days
151-200 Days
101-150 Days
51-100 Days
0-50 Days
$0
$0
$180,000
$155,000
$234,700
$165,000
$245,000
$228,000
The table displays the market's change in median sales price on a monthly basis.
This chart shows the relationship between marketing time (how long a property is left on the market) and sales price.
This chart is especially useful for determining typical marketing times and how long it will take to sell for a given price.
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
29 of 30
Tebbetts Appraisal Service, Inc.
TIME ADJUSTMENT FACTOR
Borrower
Irasema A. Perez
Property Address
765 Paso de Luz
City Chula Vista
County
Lender/Client
Federal Home Loans Corp.
File No. 140023
Case No.
State
Zip Code
San Diego
CA
Address 5540 Ruffin Rd., San Diego, CA 92123
91911
TIME ADJUSTMENT FACTOR BY MONTH FOR THE LAST 12 MONTHS
Time Period
Median Sales Price
Current Month's Median
Time Adjustment Factor
12 months ago
11 months ago
10 months ago
9 months ago
8 months ago
7 months ago
6 months ago
5 months ago
4 months ago
3 months ago
2 months ago
Current month
$193,000
N/A *
$180,000
$220,000
$222,500
$232,500
$231,500
$273,000
$245,000
$219,900
$213,750
N/A *
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
$216,825****
12%
N/A*
20%
-1%
-3%
-7%
-6%
-21%
-12%
-1%
1%
0%
The table displays the market's change in median sales price on a monthly basis.
TIME ADJUSTMENT FACTOR BY MONTH FOR THE LAST 12 MONTHS
Notes:
(*) Data is not available for this period. The time adjustment factor of the previous month will be applied.
(**) When the time adjustment factor is greater than 100%, the value on the graph is limited at 100%.
(***) When the time adjustment factor is less than -100%, the value on the graph is limited at -100%.
(****) The Current Month's Median has been derived from 2 and 3 current months.
UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727
Page
30 of 30