appraisal of real property appraisal of real property

Main File No. 021401E Page #1
APPRAISAL OF REAL PROPERTY
LOCATED AT
1760 Belmont Road
Exeter, CA 93221
Lot 3 of Parcel Map No. 4668, P.M. 47-73
FOR
George & Ofelia Verdugo
1760 N. Belmont Rd.
Exeter, CA 93221
OPINION OF VALUE
644,000
AS OF
02/10/2014
BY
Edward Savery
SAVERY APPRAISAL SERVICES
1485 Jeanette Street
Lindsay, CA 93247
(559) 562-0963
[email protected]
http://www.saveryappraisals.com
Form GA1V_LT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #2
File No. 021401E
George Verdugo
1760 N. Belmont Road
Exeter, CA 93221
Re: Property: 1760 N. Belmont Road
Client: George Verdugo
File No.: 021401E
Dear George,
In accordance with your request I have performed a General Purpose appraisal on 1760 N. Belmont Road Exeter, CA 93221.
The report consists of the General Purpose Residential Appraisal Summary Report Form, a three page form that uses a
combination of check lists and fill-ins supplemented by a comparable sales location map, and photographs of the subject and
comparable sales used in this analysis.
The report consists of 25 pages including this page and ending with the subject's flood map.
The Intended User of this appraisal report is the Client. The Intended use is to evaluate the property that is the subject of this
appraisal for a value estimate, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this
appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.
The purpose of this appraisal is to produce a credible opinion of the market value of the property as improved as a real
property unencumbered by liens.
This report was developed for market value only; it is not intended for insurance purposes.
The use of this report for any other purposes without the written permission of the appraiser is prohibited.
For a detailed legal description of the property and the recorded easements on record, refer to the preliminary title report.
In my opinion, the estimated value of the subject as of February 10, 2014 is $644,000.
It has been a pleasure to assist you, and if I may be of further service, please do not hesitate in calling.
Sincerely,
Edward Savery AL035413
Main File No. 021401E Page #3
VALUE
APPRAISER
DESCRIPTION OF IMPROVEMENTS
CLIENT
SALES PRICE
SUBJECT INFORMATION
SUMMARY OF SALIENT FEATURES
Subject Address
1760 Belmont Road
Legal Description
Lot 3 of Parcel Map No. 4668, P.M. 47-73
City
Exeter
County
Tulare
State
CA
Zip Code
93221
Census Tract
0001.00
Map Reference
1720-H2
Sale Price
$ $660,000
Date of Sale
N/A
Borrower/Client
George Verdugo & Ofelia Verdugo
Lender
George & Ofelia Verdugo
Size (Square Feet)
3,527
Price per Square Foot
$ 187.13
Location
Suburban/Average
Age
7 Years
Condition
Good
Total Rooms
8
Bedrooms
4
Baths
3
Appraiser
Edward Savery
Date of Appraised Value
02/10/2014
Final Estimate of Value
$ 644,000
Form SSD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #4
Privacy Policy
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
File No. 021401E
State CA
Zip Code 93221
SAVERY APPRAISAL SERVICES, like many other providers of financial services, is now required by the
Gramm-Leach-Bliley (GLB) Act to inform customers of our policies regarding the collection of nonpublic personal
information during the appraisal process.
The Federal Trade Commission (FTC) has ruled that appraisers are now considered to be financial institutions. This
stems, in part, from longstanding statements by Intra-Agency Federal Financial Regulators, Fannie Mae, Freddie Mac, and
FHA that appraisers are considered as part of the financial institution for their participation in the lending process.
State Licensed / Certified Appraisers have been and continue to be bound by the Uniform Standards of Professional
Appraisal Practice, (USPAP) and the Ethics Rule which consists of the conduct, management, confidentiality, and record
keeping sections. These rules and standards are more stringent than those required by law or regulation.
SAVERY APPRAISAL SERVICES has always been diligent about protecting information deemed to be private or
confidential in nature.
TYPES OF NONPUBLIC PERSONAL INFORMATION COLLECTED
Nonpublic and personal information about you and your property is collected during the course of developing and
completing the appraisal process. This is generally accomplished with your knowledge and approval. Nonpublic information is
normally provided to our company by you or obtained by us with your authorization. The purpose of the appraisal process is
to develop a credible value opinion for the client or customer. A credible assignment result is part of the requirement for
successful completion of a particular real estate financial transaction or business decision.
PARTIES TO WHOM WE DISCLOSE INFORMATION
This company does not disclose any nonpublic personal information obtained during the course of developing a property's
specific value opinion except as required by law or at the direction of the client to assist in the completion of a particular
financial transaction. Such nonpublic information may be disclosed to the client and any identified intended users of the
specific appraisal, review, or appraisal consulting assignment. A fiduciary agreement is automatically in effect between our
company and the identified client or customer and intended users per the Ethics Rule contained within the USPAP.
Additionally, in all such situations, the appraiser must comply with all pertinent laws, rules, and regulations regarding the
safeguarding of the analyses, conclusions, survey results, adjustments, and opinions relative to the appraisal process
relative to this specific assignment.
RECORD KEEPING REQUIREMENTS
Our agency retains work records relating to the informational services that we provide so that we are better able to assist
with your professional needs and to comply with the requirements of the Ethics Rule as contained within the USPAP. In
order to secure your nonpublic personal information, our agency maintains physical, electronic, and procedural safeguards
to comply with our professional standards of practice and provisions of the GLB Act.
CUSTOMERS RIGHT TO LIMIT PUBLIC DISCLOSURE OR SHARING OF NONPUBLIC PERSONAL INFORMATION
Clients / customers have the right to limit the reuse of their nonpublic personal information gathered during the course of
the appraisal development process. The customer must notify this agency within a reasonable time (considered to be 30
days by the FTC) that public disclosure, or reuse of such information is prohibited except as required by applicable law,
regulation, or the appraiser's Uniform Standards of Professional Appraisal Practice (USPAP).
Please feel free to call if you have any questions concerning this policy. Your privacy, our professional ethics, and the
ability to provide you with a quality product or service are very important to us.
Form SUP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #5
SAVERY APPRAISAL SERVICES
MARKET AREA DESCRIPTION
ASSIGNMENT
SUBJECT
RESIDENTIAL APPRAISAL REPORT
File No.: 021401E
City: Exeter
State: CA
Zip Code: 93221
Legal Description: Lot 3 of Parcel Map No. 4668, P.M. 47-73
Assessor's Parcel #: 138-010-088-000
Tax Year: 2014
R.E. Taxes: $ .00
Special Assessments: $ .00
Borrower (if applicable): George Verdugo & Ofelia Verdugo
Current Owner of Record:
Occupant:
Owner
Tenant
Vacant
Manufactured Housing
George Verdugo & Ofelia Verdugo
Project Type:
PUD
Condominium
Cooperative
Other (describe) Single Family Residence HOA: $ N/A
per year
per month
Market Area Name: Suburban Exeter
Map Reference: 1720-H2
Census Tract: 0001.00
The purpose of this appraisal is to develop an opinion of:
Market Value (as defined), or
other type of value (describe)
This report reflects the following value (if not Current, see comments):
Current (the Inspection Date is the Effective Date)
Retrospective
Prospective
Approaches developed for this appraisal:
Sales Comparison Approach
Cost Approach
Income Approach (See Reconciliation Comments and Scope of Work)
Property Rights Appraised:
Fee Simple
Leasehold
Leased Fee
Other (describe)
Intended Use: The intended use of this report is a value estimate.
Property Address: 1760 Belmont Road
County: Tulare
Intended User(s) (by name or type): George & Ofelia Verdugo
Client: George & Ofelia Verdugo
Address: 1760 N. Belmont Rd., Exeter, CA 93221
Appraiser: Edward Savery
Address: 1485 Jeanette Street, Lindsay, CA 93247
Location:
Urban
Suburban
Rural
Predominant
One-Unit Housing
Present Land Use
Change in Land Use
Occupancy
AGE
PRICE
One-Unit
Not Likely
Built up:
Over 75%
25-75%
Under 25%
85 %
(yrs) 2-4 Unit
$(000)
Likely *
In Process *
Growth rate:
Rapid
Stable
Slow
Owner 95
05 %
Property values:
Increasing
Stable
Declining
Tenant 5
100 Low New Multi-Unit
03 % * To:
Demand/supply:
Shortage
In Balance
Over Supply
Vacant (0-5%) 2,000+ High 100 Comm'l
02 %
Marketing time:
Under 3 Mos.
3-6 Mos.
Over 6 Mos.
Vacant (>5%)
700 Pred 20
05 %
Per Kaweah MLS, values in this
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):
market have gained some stability in the past year. At this time there is an over supply of listings in comparison with demand. Marketing time
for properties in this neighborhood are 1 to 6 months per local MLS statistics. Reasonable exposure time for properties in this neighborhood is
1 to 180 days.
DESCRIPTION OF THE IMPROVEMENTS
SITE DESCRIPTION
Dimensions: Irregular
Zoning Classification: AE
Permissible)
Are CC&Rs applicable?
Yes
Highest & Best Use as improved:
No
Unknown
Present use, or
Zoning Compliance:
Legal
Have the documents been reviewed?
Other use (explain)
Site Area:
4.84 Acres
Description: Agricultural Zone (Single Family Residences
Legal nonconforming (grandfathered)
Illegal
No zoning
Yes
No Ground Rent (if applicable) $
/
Actual Use as of Effective Date: Single Family residence
Use as appraised in this report: Single Family Residence
Summary of Highest & Best Use: The subject is a single family residence. This is the present highest and best use of the subject.
Public Other
Provider/Description
Public Private Topography Flat
Off-site Improvements Type
Electricity
Size
S.C.E.
Asphalt
4.84 Acres
Street
Gas
Shape
S.C. Gas Company Curb/Gutter None
Rectangular
Water
Drainage
Well
None
Adequate
Sidewalk
Sanitary Sewer
View
Septic
Farmland/Hills
Street Lights None
Storm Sewer
None
None
Alley
Other site elements:
Inside Lot
Corner Lot
Cul de Sac
Underground Utilities
Other (describe)
FEMA Spec'l Flood Hazard Area
Yes
No FEMA Flood Zone X
FEMA Map # 06107C0995E
FEMA Map Date 06/16/2009
Site Comments: The site is typical in size, terrain and zoning. Wells & septic systems are common for unincorporated areas of Tulare County.
No apparent adverse easements, encroachments, special assessments, or slide areas were noted or reported.
Utilities
Foundation
Basement
Heating Yes
None
Slab
Area Sq. Ft. None
Type
Yes
Forced Air
Crawl Space No
% Finished None
Fuel
Nat'l Gas
Basement None
Ceiling
Cooling Central Air
Sump Pump
Walls
None
Dampness
Floor
Central Yes
None
Settlement None Noted
Outside Entry
Other
Infestation None Noted
Attic
Appliances
Car Storage
None Amenities
None
Fireplace(s) # 2
Stairs
Refrigerator
Garage # of cars ( 4 Tot.)
Woodstove(s) # 0
Drop Stair
Range/Oven
Attach.
Patio
2 Covered
X
Scuttle
Disposal
Deck
Detach.
None
Doorway
Dishwasher
Porch Covered
Blt.-In
Floor
Fan/Hood
Fence Field
Carport
Heated
Microwave
Pool
Driveway 4
None
Finished
Washer/Dryer
Surface Concrete
Finished area above grade contains:
8 Rooms
4 Bedrooms
3 Bath(s)
3,527 Square Feet of Gross Living Area Above Grade
Additional features:
Refer to additional comments in the addendum.
General Description
# of Units
1
Acc.Unit
# of Stories 1.0
Type
Det.
Att.
Design (Style) Ranch
Existing
Proposed
Und.Cons.
Actual Age (Yrs.) 7 Years
Effective Age (Yrs.) 1
Interior Description
Floors
Crpt/Bamboo/Tile
Walls
Drywall
Trim/Finish
Paint
Bath Floor
Tile
Bath Wainscot Tile
Doors
Masonite
Exterior Description
Foundation
Concrete
Exterior Walls
Stucco
Roof Surface
Clay Tile
Gutters & Dwnspts. Metal
Window Type
DP Vinyl
Storm/Screens
Yes
Describe the condition of the property (including physical, functional and external obsolescence): The subject is a custom quality single story home in overall
good condition. No major physical, functional or external inadequacies noted during inspection. The roof appears to be in good condition with no
signs of interior leaks.
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRES2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3/2007
Main File No. 021401E Page #6
SALES COMPARISON APPROACH
TRANSFER HISTORY
RESIDENTIAL APPRAISAL REPORT
File No.: 021401E
My research
did
did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s): Data Express
Analysis of sale/transfer history and/or any current agreement of sale/listing: The subject has not been sold or
1st Prior Subject Sale/Transfer
Date:
No sales history
transferred in the past 3 years.
Price:
the subject is
Source(s): Data Express
2nd Prior Subject Sale/Transfer
Date:
Price:
Source(s):
The Sales Comparison Approach was not developed for this appraisal.
SALES COMPARISON APPROACH TO VALUE (if developed)
FEATURE
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
Address 1760 Belmont Road
43355 Sierra Dr # C
13341 Perry Ct
5932 W Hurley Ave
Exeter, CA 93221
Three Rivers, CA 93271
Visalia, CA 93292
Visalia, CA 93291
Proximity to Subject
18.20 miles NE
7.87 miles NW
11.56 miles W
Sale Price
$
$
$
$
$660,000
645,000
565,000
550,000
Sale Price/GLA
$
$
$
187.13 /sq.ft. $
194.04 /sq.ft.
160.51 /sq.ft.
165.31 /sq.ft.
Data Source(s)
Inspection
Kaweah MLS #101208
Kaweah MLS #102695
Kaweah MLS #105279
Verification Source(s)
Owner
(Realtor) D. Jules Rec #53644
(Realtor) B. Mauch Rec #70409 (Realtor) M. Mellema #77117
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) $ Adjust.
DESCRIPTION
+(-) $ Adjust.
DESCRIPTION
+(-) $ Adjust.
Sales or Financing
Conventional
Cal Vet
0 Conventional
0 Conventional
0
Concessions
N/A
None
0 None
0 None
0
Date of Sale/Time
N/A
08/23/2013
0 10/28/2013
0 12/04/2013
0
Rights Appraised
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Location
Suburban/Average Suburban/RvrFront
-45,000 Suburban/Average
Suburban/Average
Site
4.84 Acres
1.66 Acres
+9,000 2.38 Acres
+6,000 1.12 Acres
+9,000
View
Farmland/Hills
Hills
0 Farmland/Hills
Farmland/Hills
Design (Style)
Ranch
2Story/Ranch
0 Ranch
2Story/Ranch
0
Quality of Construction Custom
Custom
Custom
Custom
Age
7 Years
13 Years
0 15 Years
0 20 Years
0
Condition
Good
Good
Good
Average+
+20,000
Above Grade
Total Bdrms Baths
Total Bdrms Baths
Total Bdrms Baths
+5,000 Total Bdrms Baths
-5,000
Room Count
8
4
3
8
3
3
0 10
4
3
0 9
5
3.5
0
Gross Living Area
3,527 sq.ft.
3,324 sq.ft.
+8,100
3,520 sq.ft.
3,327 sq.ft.
+8,000
Basement & Finished
None
None
None
None
Rooms Below Grade
None
None
None
None
Functional Utility
Good
Good
Good
Good
Heating/Cooling
FAF/CAC
FAF/CAC
FAF/CAC
FAF/CAC
Energy Efficient Items
DP Windows
DP Windows
DP Windows
DP Windows
Garage/Carport
4GA/RVParking
2GA/RVParking
+6,000 2GA/RV/Storage
+5,000 2GA/RVParking
+5,000
Porch/Patio/Deck
CPorch/2CPats
C Porch/O Patio
+5,000 CPorch/2CPats
C Porch/C Patio
+3,000
Fireplace
2 Fireplaces
Fireplace
+500 Fireplace
+500 Fireplace
+500
Fence/Pool/Etc.
Solar Heating
None
+10,000 Pl/Spa/Corrls/Solar
-25,000 Pool/Spa
+10,000
Built-Ins
Built-Ins
Built-Ins
Built-Ins
Built-Ins
Net Adjustment (Total)
+
- $
+
- $
+
- $
-1,400
-13,500
50,500
Adjusted Sale Price
of Comparables
$
$
$
643,600
551,500
600,500
Summary of Sales Comparison Approach
The above listed sales represent the most applicable sales available at the time of this report. Bracketing
was accomplished with the exception of the subject's 4 car garage and extra fireplace; appropriate adjustments were made. Greatest weight
was given to comp 1 in this analysis as it's price per square foot in closer to that of the subject.
Indicated Value by Sales Comparison Approach $
644,000
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRES2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3/2007
Main File No. 021401E Page #7
RESIDENTIAL APPRAISAL REPORT
File No.: 021401E
The Cost Approach was not developed for this appraisal.
Provide adequate information for replication of the following cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value):
COST APPROACH
COST APPROACH TO VALUE (if developed)
ESTIMATED
REPRODUCTION OR
REPLACEMENT COST NEW
Source of cost data:
Quality rating from cost service:
Effective date of cost data:
Comments on Cost Approach (gross living area calculations, depreciation, etc.):
OPINION OF SITE VALUE
DWELLING
Sq.Ft. @ $
Sq.Ft. @ $
Sq.Ft. @ $
Sq.Ft. @ $
Sq.Ft. @ $
Garage/Carport
Sq.Ft. @ $
Total Estimate of Cost-New
Less
Physical
Functional
External
Depreciation
Depreciated Cost of Improvements
''As-is'' Value of Site Improvements
INCOME APPROACH
Estimated Remaining Economic Life (if required):
Years INDICATED VALUE BY COST APPROACH
The Income Approach was not developed for this appraisal.
Estimated Monthly Market Rent $
X Gross Rent Multiplier
=$
Summary of Income Approach (including support for market rent and GRM):
=$(
=$
=$
=$
=$
=$
)
INCOME APPROACH TO VALUE (if developed)
PROJECT INFORMATION FOR PUDs (if applicable)
PUD
=$
=$
=$
=$
=$
=$
=$
=$
=$
Indicated Value by Income Approach
The Subject is part of a Planned Unit Development.
Legal Name of Project:
Describe common elements and recreational facilities:
Income Approach (if developed) $
644,000 Cost Approach (if developed) $
Final Reconciliation The market analysis is considered the most applicable approach to value in this report. Income approach not calculated as
single family residences are not typically purchased for their income generation purposes.
RECONCILIATION
Indicated Value by: Sales Comparison Approach $
This appraisal is made
''as is'',
subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been
completed,
subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed,
subject to
the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is intended
for use by the client for a value estimate only. This report is not intended for any other use.
This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.
ATTACHMENTS
Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,
and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject
of this report is: $
, as of:
, which is the effective date of this appraisal.
644,000
02/10/2014
If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
A true and complete copy of this report contains 27 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be
properly understood without reference to the information contained in the complete report.
Attached Exhibits:
Scope of Work
Limiting Cond./Certifications
Narrative Addendum
Photograph Addenda
Sketch Addendum
Map Addenda
Additional Sales
Cost Addendum
Flood Addendum
Manuf. House Addendum
Hypothetical Conditions
Extraordinary Assumptions
Client Contact: George Verdugo
Client Name:
George & Ofelia Verdugo
E-Mail: [email protected]
Address: 1760 N. Belmont Rd., Exeter, CA 93221
SIGNATURES
APPRAISER
SUPERVISORY APPRAISER (if required)
or CO-APPRAISER (if applicable)
Appraiser Name: Edward Savery
Company: SAVERY APPRAISAL SERVICES
Phone: (559) 562-0963
Fax: (559) 562-1023
E-Mail: [email protected]
Date of Report (Signature): February 19, 2014
License or Certification #: AL035413
State: CA
Designation:
License Residential
Expiration Date of License or Certification:
10/19/2014
Inspection of Subject:
Interior & Exterior
Exterior Only
None
Date of Inspection: 02/10/2014
Supervisory or
Co-Appraiser Name:
Company:
Phone:
Fax:
E-Mail:
Date of Report (Signature):
License or Certification #:
Designation:
Expiration Date of License or Certification:
Inspection of Subject:
Interior & Exterior
Date of Inspection:
State:
Exterior Only
None
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRES2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3/2007
Main File No. 021401E Page #8
ADDITIONAL COMPARABLE SALES
SALES COMPARISON APPROACH
File No.: 021401E
FEATURE
SUBJECT
COMPARABLE SALE # 4
COMPARABLE SALE # 5
COMPARABLE SALE # 6
Address 1760 Belmont Road
1866 E Lindmore St
Exeter, CA 93221
Lindsay, CA 93247
Proximity to Subject
9.17 miles SE
Sale Price
$
$
$
$
$660,000
310,000
Sale Price/GLA
$
$
/sq.ft.
$
/sq.ft.
187.13 /sq.ft. $
92.15 /sq.ft.
Data Source(s)
Inspection
TCMLS #104251
Verification Source(s)
Owner
(Realtor) B. Binesh Rec #80853
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) $ Adjust.
DESCRIPTION
+(-) $ Adjust.
DESCRIPTION
+(-) $ Adjust.
Sales or Financing
Conventional
FHA/REO
+20,000
Concessions
N/A
None
0
Date of Sale/Time
N/A
12/20/2013
0
Rights Appraised
Fee Simple
Fee Simple
Location
Suburban/Average Suburban/Average
Site
4.84 Acres
7.20 Acres
-6,000
View
Farmland/Hills
Farmland/Hills
Design (Style)
Ranch
Ranch
Quality of Construction Custom
Custom
Age
7 Years
62 Years
0
Condition
Good
Average+
+20,000
Above Grade
Total Bdrms Baths
Total Bdrms Baths
Total Bdrms Baths
+5,000 Total Bdrms Baths
Room Count
8
4
3
7
3
2.5
0
Gross Living Area
sq.ft.
sq.ft.
3,527 sq.ft.
3,364 sq.ft.
+6,500
Basement & Finished
None
None
Rooms Below Grade
None
None
Functional Utility
Good
Good
Heating/Cooling
FAF/CAC
FAF/CAC
Energy Efficient Items
DP Windows
DP Windows
Garage/Carport
4GA/RVParking
None
+13,000
Porch/Patio/Deck
CPorch/2CPats
C Porch/C Patio
+3,000
Fireplace
2 Fireplaces
Fireplace
+500
Fence/Pool/Etc.
Solar Heating
Pool/Storage
+10,000
Built-Ins
Built-Ins
Built-Ins
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
Summary of Sales Comparison Approach
+
-
$
-
$
$
382,000
Comp 4 was utilized to bracket the subject's site size.
$
72,000
+
+
-
$
$
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.
Form GPRES2.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
3/2007
Main File No. 021401E Page #9
Supplemental Addendum
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
File No. 021401E
State CA
Zip Code 93221
* URAR-- 3/05: Sales Comparison Comments
The source of definition of value is Fannie Mae.
The subject is a 7 year old custom quality single family dwelling located in a average suburban location in overall good
condition.
The subject has 4 bedrooms, 3 baths, forced air furnace, central air conditioning, dual pane vinyl windows, ceiling fans,
finished 4 car attached garage with auto door openers, RV parking, covered porch, 2 covered patios with ceiling fans, 2 rock
fireplaces, field fencing, solar heating, and built-in kitchen appliances consisting of a range/oven, fan/hood, garbage disposal,
dishwasher, and microwave.
The subject boasts other amenities including; a circular drive, house alarm, 15' ceilings, coffered ceilings, recessed lighting,
art niches, entertainment niches, arched doorways, bullnose corners, crown molding, plant shelves, dual vanity sinks in second
bath, dual master bath vanity sinks, granite vanities, his & hers master bedroom walk-in closets, master bath water closet,
Jacuzzi type tub, 2 kitchen islands, one with bar seating & sink, pantry, granite counter tops, stainless steel appliances, oak
cabinets & vanities, utility room sink with granite countertops, upgraded Berber carpet, upgraded bamboo flooring, and an
upgraded electrical package.
The subject property was appraised by this appraiser in the height of the real estate boom back on 08/06/2008. At that time the
market value of the subject property was $754,000. Following the market correction in October of that same year, property
values declined sharply. As noted on page 2 of the report, the current opinion of market value of the subject is $644,000.
The adjustments given to the comparables utilized are as follows:
Sale 1 is located in a superior river front area on a smaller site with only 3 bedrooms, a smaller living area, only a 2 car
garage, no extra covered patios, only one patio, and no solar heating.
Sale 2 is located on a smaller site with only a 2 car garage, only 1 fireplace, a pool, spa, and horse corrals.
Sale 3 is located on a smaller site ii inferior condition with an extra bedroom, a smaller living area, only a 2 car garage, no
extra covered patio, only 1 fireplace, a pool, spa, and no solar heating.
Sale 4 is inferior to the subject but was utilized due to a lack of available comparables with a similar site size. It is located on a
larger site in inferior condition with only 3 bedroom a smaller living area, and no garage, RV parking, extra covered patio,
fireplace, or solar heating.
All sales are reported as being closed by MLS and realtors. All adjustments per paired sales analysis. All sales are in the
subject neighborhood.
Sites were adjusted $3,000 per acre. Living areas were adjusted $40 per square foot.
Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #10
Scope of Work
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
File No. 021401E
State CA
Zip Code 93221
Comparable sales information is obtained through the local multiple listing services, local brokers, public records, AIRD, and
other sources. All comparables are considered including those in competing areas which offer similar amenities to the
subject property with only the most similar being used.
All sales have been reported to the appraiser as being closed. All adjustments made or omitted reflect the indicated
current market trends within the subject neighborhood.
The sales comparison analysis approach is considered the most reliable indicator of value as it best reflects the actions of
buyers and sellers of similar properties in the market.
The land to improvement ratio is typical to this market area.
Homes similar to the subject are not typically purchased or designed as income producing types of properties; therefore
insufficient data exists to develop either a gross rent multiplier or a fair market rent making the income analysis inappropriate
in this report.
Items such as portable metal storage sheds, portable spas, drapes, and other such amenities are typically considered to
be personal property.
These and other items of personal property may or may not have been noted and were not considered in this appraisal nor
were they given any value in the final reconciliation of the report.
An exterior visual inspection was conducted of the roof. At the time of the inspection the roof appeared to be in good
condition. In addition, an interior inspection was conducted to determine if any evidence of possible leakage existed; none
was found.
The appraiser is not qualified to determine the roof condition. The lender's discretion is recommended as to the necessity
for a professional inspection.
No evidence of termite infestation, dry rot, or other related problems was noted by the appraiser at the time of inspection.
The appraiser is not qualified to detect such items. Again, the lender's discretion is recommended as to the necessity for a
professional inspection.
The distances between the subject and the comparables are common for properties of this type.
Form SUP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #11
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject Front
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject Rear
Subject Street
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #12
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject Front Left Side
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject Right Side View
Subject Solar Panels
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #13
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject View From the Street
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject Front Acreage
Subject Living Room
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #14
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject Living Room
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject Living Room
Subject Living Room
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #15
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject Kitchen
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject Kitchen
Subject Dining Room
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #16
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject Dining Area
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject Office
Family Room/4th Bedroom
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #17
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject Master Bedroom
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject Master Bathroom
Subject Master Bathroom
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #18
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject Master Bathroom
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject 2nd Bedroom
Subject Guest Bathroom
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #19
Subject Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Subject 3rd Bedroom
1760 Belmont Road
Sales Price
$660,000
Gross Living Area
3,527
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3
Location
Suburban/Average
View
Farmland/Hills
Site
4.84 Acres
Quality
Custom
Age
7 Years
Subject 3rd Bathroom
Subject Laundry Room
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #20
Comparable Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Comparable 1
43355 Sierra Dr # C
Prox. to Subject
18.20 miles NE
Sale Price
645,000
Gross Living Area
3,324
Total Rooms
8
Total Bedrooms
3
Total Bathrooms
3
Location
Suburban/RvrFront
View
Hills
Site
1.66 Acres
Quality
Custom
Age
13 Years
File Photo
Comparable 2
13341 Perry Ct
Prox. to Subject
Sale Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
7.87 miles NW
565,000
3,520
10
4
3
Suburban/Average
Farmland/Hills
2.38 Acres
Custom
15 Years
File Photo
Comparable 3
5932 W Hurley Ave
Prox. to Subject
11.56 miles W
Sale Price
550,000
Gross Living Area
3,327
Total Rooms
9
Total Bedrooms
5
Total Bathrooms
3.5
Location
Suburban/Average
View
Farmland/Hills
Site
1.12 Acres
Quality
Custom
Age
20 Years
File Photo
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #21
Comparable Photo Page
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
Comparable 4
1866 E Lindmore St
Prox. to Subject
9.17 miles SE
Sale Price
310,000
Gross Living Area
3,364
Total Rooms
7
Total Bedrooms
3
Total Bathrooms
2.5
Location
Suburban/Average
View
Farmland/Hills
Site
7.20 Acres
Quality
Custom
Age
62 Years
File Photo
Comparable 5
Prox. to Subject
Sale Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Comparable 6
Prox. to Subject
Sale Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #22
Building Sketch
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Zip Code 93221
20.5'
6.5'
6.5'
5'
75'
1'
11.5'
5.25'
26.25'
9.5'
13.5'
23'
12'
3'
2'
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Main File No. 021401E Page #23
Comparable Sales Map
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 93221
Main File No. 021401E Page #24
Plat Map
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Form MAP.PLAT — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 93221
Main File No. 021401E Page #25
Flood Map
Borrower/Client
Property Address
City
Lender
George Verdugo & Ofelia Verdugo
1760 Belmont Road
Exeter
George & Ofelia Verdugo
County Tulare
State CA
Form MAP.FLOOD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 93221