Real Estate Property Detail Online Listing

Real Estate Property Detail Online Listing
Bank Contact and Wade Robson
870-453-7300
Phone Number
Address of
Property
Property Type
Description
48 Valley View Drive
Lakeview, AR 72642
Commercial
3 bedroom 2.75 bath home with a 544 Sqft unfinished basement and a 3 car garage in a nice neighborhood in
Lakeview close to lake access. Home has mother in law quarters with separate kitchen, living room, bedroom,
bathroom and garage.
Appraised Value
189,900
List Price
159,900
Lot size
.87 Acres
Square Footage
Year Built
Residential
2,974
1980 Estimate / Addition was finished in 2009
File No. 4111 Page #2
APPRAISAL OF REAL PROPERTY
LOCATED AT:
48 Valley View Drive
Lots 26, 27 & 28, Glen Cove Subdivision, 1st Addition
Lakeview, AR 72642
FOR:
First Service Bank
P.O. Box 430
Greenbrier, AR 72058
AS OF:
March 17, 2011
BY:
Kenzie R. Parnell, CG0240
Form GA1 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Borrower/Client First Service Bank
Property Address 48 Valley View Drive
City Lakeview
Lender First Service Bank
File No. 4111
County Baxter
State AR
Zip Code
72642
TABLE OF CONTENTS
Invoice ........................................................................................................................................................................................................................................................................................
1
Cover Page ................................................................................................................................................................................................................................................................................
2
Cover Letter ...............................................................................................................................................................................................................................................................................
3
Summary of Salient Features ......................................................................................................................................................................................................................................................
4
USPAP Identification ..................................................................................................................................................................................................................................................................
5
FIRREA/USPAP Addendum .........................................................................................................................................................................................................................................................
6
URAR ........................................................................................................................................................................................................................................................................................
7
Supplemental Addendum ...........................................................................................................................................................................................................................................................
13
Subject Photos ...........................................................................................................................................................................................................................................................................
14
Photograph Addendum ..............................................................................................................................................................................................................................................................
15
Photograph Addendum ..............................................................................................................................................................................................................................................................
16
Comparable Photos 1-3 .............................................................................................................................................................................................................................................................
17
Building Sketch (Page - 1) ..........................................................................................................................................................................................................................................................
18
Location Map .............................................................................................................................................................................................................................................................................
19
Qualifications of the Appraiser ...................................................................................................................................................................................................................................................
20
Form TOCNP — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 4111 Page #3
File No. 4111
March 18, 2011
Parnell Appraisals
P.O. Box 844
Bull Shoals, AR 72619
Ms. Alllison Lane
First Service Bank
P.O. Box 430
Flippin, AR 72058
Dear Ms. Lane:
Pursuant to your request, I have prepared an appraisal report of the property captioned in the
"Summary of Salient Features" which follows. The purpose of this report is to estimate market
value as of March 17, 2011 (in terms of cash or terms equivalent to cash) of the fee simple interest
in the subject property.
The accompanying report is based on a site inspection of improvements, investigation of the subject
neighborhood area of influence, and review of sales data, cost data and income data (where
applicable) for similar properties.
This appraisal has been made with particular attention paid to applicable value-influencing
economic conditions and has been processed in accordance with nationally recognized appraisal
guidelines.
The value conclusions stated herein are as of the effective date as stated in the body of the
appraisal, and contingent upon the certification and limited conditions attached.
Please do not hesitate to contact me if I can be of additional service to you.
Respectfully submitted,
Kenzie R. Parnell, CG0240
Form DCVR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 4111 Page #4
VALUE
APPRAISER
DESCRIPTION OF IMPROVEMENTS
CLIENT
SALES PRICE
SUBJECT INFORMATION
SUMMARY OF SALIENT FEATURES
Subject Address
48 Valley View Drive
Legal Description
Lots 26, 27 & 28, Glen Cove Subdivision, 1st Addition
City
Lakeview
County
Baxter
State
AR
Zip Code
72642
Census Tract
005 9508
Map Reference
Grover Township
Sale Price
$ N/A
Date of Sale
Borrower / Client
First Service Bank
Lender
First Service Bank
Size (Square Feet)
2,974
$
Price per Square Foot
Location
Average
Age
Eff Age-16
Condition
Average
Total Rooms
9
Bedrooms
3
Baths
2.75
Appraiser
Kenzie R. Parnell, CG0240
Date of Appraised Value
March 17, 2011
Final Estimate of Value
$ 189,900
Form SSD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 4111 Page #5
Parnell Appraisal, Inc.
Borrower
Property Address
City
Lender/Client
First Service Bank
48 Valley View Drive
Lakeview
First Service Bank
File No. 4111
County Baxter
State AR
Zip Code 72642
February 27, 2008
APPRAISAL AND REPORT IDENTIFICATION
This Appraisal Report is one of the following types:
Self Contained
(A written report prepared under Standards Rule 2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Summary
(A written report prepared under Standards Rule 2-2(b) , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Restricted Use
(A written report prepared under Standards Rule 2-2(c) , pursuant to the Scope of Work, as disclosed elsewhere in this report,
restricted to the stated intended use by the specified client or intended user.)
Comments on Standards Rule 2-3
I certify that, to the best of my knowledge and belief:
•The statements of fact contained in this report are true and correct.
•The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional
analyses, opinions, and conclusions.
•I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties
involved.
•I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.
•My engagement in this assignment was not contingent upon developing or reporting predetermined results.
•My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause
of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
•My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
•I have (or have not) made a personal inspection of the property that is the subject of this report.
•No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant
real property appraisal assistance is stated elsewhere in this report.)
Comments on Appraisal and Report Identification
Note any USPAP related issues requiring disclosure and any State mandated requirements:
SCOPE OF WORK: The appraisal is based on the information gathered by the appraiser from public records, other identified sources,
inspection of the subject property and neighborhood and selection of comparable sales within the subject market area. The original source of
the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source
is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable
has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The reproduction
cost is based on Marshall & Swift Valuation Service, supplemented by the appraiser's knowledge of the local market. Physical depreciation is
based on the estimated effective age of the property. Functional and/or external depreciation, if present, is specifically addressed in the
appraisal report or other addenda. The cost approach is utilized when felt meaninful and useful by the appraiser and is so noted in the body of
the report. In estimating the site value, the appraiser has relied upon personal knowledge of the local market. This knowledge is based on
prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. The subject property is located in
an area of primarily owner-occupied single family residences and the Income Approach is not considered to be meaningful and was not used.
Also, the cost approach was not utilized in this report, although a site value was developed.
The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible
assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the
appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by
the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work,
Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical
Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties
assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions.
APPRAISER:
SUPERVISORY APPRAISER (only if required):
Signature:
Name: Kenzie R. Parnell, CG0240
Date Signed: March 18, 2011
State Certification #: CG0240
or State License #:
State: AR
Expiration Date of Certification or License: 6/30/2011
Signature:
Effective Date of Appraisal:
March 17, 2011
Name:
Date Signed:
State Certification #:
or State License #:
State:
Expiration Date of Certification or License:
Supervisory Appraiser inspection of Subject Property:
Did Not
Exterior-only from street
Form ID06 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior and Exterior
File No. 4111 Page #6
Parnell Appraisal, Inc.
FIRREA / USPAP ADDENDUM
Borrower First Service Bank
Property Address 48 Valley View Drive
City Lakeview
County Baxter
State AR
Lender/Client First Service Bank
Purpose
The purpose of the appraisal is to estimate the market value of the subject property as defined herein.
Zip Code 72642
Scope
The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood and selection of
comparable sales within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if
available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used.
Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The reproduction cost is based on Marshall & Swift Valuation Service,
supplemented by the appraiser's knowledge of the local market. Physical depreciation is based on the estimated effective age of the property. Functional and/or external depreciation, if
present, is specifically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied upon personal knowledge of the local market. This knowledge
is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. The subject property is located in an area of primarily
owner-occupied single family residences and the Income Approach is not considered to be meaningful and was not used.
Intended Use / Intended User
The function and use of this appraisal is for information purposes of the above-named client. The client is the intended user of the report and client
of this appraiser in this assignment. This appraisal is not for the use of any other party.
History of Property
Current listing information: The subject property is currently listed for $174,900.
Prior sale: The subject property has not sold in the 36 month period proceeding the inspection of the subject property.
Exposure Time / Marketing Time
3-6 months is considered to be a reasonable marketing period for the subject property based on the appraiser's knowledge of the market and
market evidence supported by MLS data.
Personal (non-realty) Transfers
There was no personal property included in the final value estimate.
Additional Comments
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional
analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
I have made a personal inspection of the property that is the subject of this report.
ADDITIONAL ENVIRONMENTAL LIMITING CONDITIONS
The value estimate is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless
otherwise stated in the report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine
inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental
conditions which would affect the property negatively unless otherwise stated in the report. It is possible that tests and inspections made by a qualified hazardous substance and
environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its' value.
Certification Supplement
1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan.
2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value
estimate, the attainment of a stipulated result or the occurrence of a subsequent event.
Appraiser(s): Kenzie R. Parnell, CG0240
March 17, 2011
Effective date / Report date:
Supervisory Appraiser(s):
Effective date / Report date:
Form FUA — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 4111 Page #7
Parnell Appraisal, Inc.
SUBJECT
Summary Appraisal Report
File # 4111
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.
Property Address 48 Valley View Drive
City Lakeview
State AR
Zip Code 72642
Borrower First Service Bank
Owner of Public Record First Service Realty Inc.
County Baxter
Legal Description Lots 26, 27 & 28, Glen Cove Subdivision, 1st Addition
Assessor's Parcel # 006-00254-000
Tax Year 2007
R.E. Taxes $
Neighborhood Name N off Hwy 178 in Lakeview
Map Reference Grover Township
Census Tract 005 9508
Occupant
Owner
Tenant
Vacant
Special Assessments $
PUD HOA $ N/A
per year
per month
Property Rights Appraised
Fee Simple
Leasehold
Other (describe)
Assignment Type
Purchase Transaction
Refinance Transaction
Other (describe) Refinance/Construction
Lender/Client First Service Bank
Address P.O. Box 430, Greenbrier, AR 72058
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
No
Report data source(s) used, offering price(s), and date(s). 03/17/11. MLS/Owner. Subject is listed for $174,900. It was originally listed at $199,500.
I
did
performed.
CONTRACT
Uniform Residential Appraisal Report
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
Contract Price $ N/A
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 downpayment 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.
NEIGHBORHOOD
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
One- Unit Housing Trends
Location
Urban
Built-Up
Over 75%
Growth
Rapid
Neighborhood Boundaries
Property Values
Increasing
Suburban
Rural
Shortage
25-75%
Under 25% Demand/Supply
Marketing Time
Under 3 mths
Stable
Slow
See Neighborhood Comments Section of Addendum
Neighborhood Description
See Neighborhood Comments Section of Addendum
Market Conditions (including support for the above conclusions)
Stable
In Balance
3-6 mths
One- Unit Housing
Declining
Over Supply
Over 6 mths
SITE
PRICE
AGE
$ (000)
(yrs)
50K Low New
400K High
45
120K Pred.
30
No
Present Land Use %
One-Unit
2-4 Unit
Multi-Family
Commercial
Other
100 %
%
%
%
%
See Neighborhood Comments Section of Addendum
Dimensions Irregular
Area 0.87 Acre (M/L)
Shape Irregular
Specific Zoning Classification R-1 Residential
Zoning Description Residential - Single Family
Zoning Compliance
Legal
Legal Nonconforming (Grandfathered Use)
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?
View Average
Yes
No If No, describe
Utilities
Public Other (describe)
Public Other (describe)
Off- site Improvements - Type
Public
Private
Street Asphalt
Electricity
Water
Alley N/A
Gas
Sanitary Sewer
Septic
FEMA Special Flood Hazard Area
Yes
No FEMA Flood Zone X
FEMA Map # 050580 0045 C
FEMA Map Date 04/16/90
Are the utilities and off-site improvements typical for the market area?
Yes
No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
Yes
No If Yes, describe
There were no adverse easements, encroachments, slide areas, etc. noted. The septic system appears to be in normal working order, however,
only an expert in that field can make that determination. Subject's site is typical of the area. Subject's site is comprised of 3 lots. No unfavorable
factors noted.
General Description
IMPROVEMENTS
Yes
Foundation
Exterior Description
materials/condition Interior
materials/condition
Foundation Walls
Concrete Slab
Crawl Space
Units
One
One with Accessory Unit
Pour & Block/Avg-Gd Floors
Crpt,Vin,WdLam/a-g
Walls
Full Basement
Partial Basement Exterior Walls
# of Stories
One
Brick/Avg-Gd
Drywall/Avg-Gd
Trim/Finish Avg-Good
Type
Det.
Att.
S-Det./End Unit Basement Area
544 sq.ft. Roof Surface
Fbrgls Shingle/Gd
Bath Floor
% Gutters & Downspouts Aluminum/Avg-Gd
Existing
Proposed
Under Const. Basement Finish
-0Cpt,Vin/Avg-Gd
Window Type
Outside Entry/Exit
Sump Pump
Design (Style)
Ranch
Thermopane/Avg-Gd Bath Wainscot Fbrgls,Cer/Gd-Avg
Infestation NoneNoted Storm Sash/Insulated
Year Built
Car Storage
None
1980 Est/2007-08 Evidence of
Screens
Dampness
Settlement
Effective Age (Yrs) 15-17
Driveway # of Cars
Screens/Avg-Gd
Heating
FWA
Attic
None
Driveway Surface
Woodstove(s) #
HWBB
Radiant Amenities
Chat
Drop Stair
Stairs
Garage
# of Cars
Fence
Other
Fireplace(s) # 1
Fuel Electric
3
Floor
Scuttle
Carport
# of Cars
Porch Cov'd
Patio/Deck Conc.
Cooling
Central Air Conditioning
Finished
Heated
Att.
Det.
Built-in
Other
Pool
Individual
Other
Appliances P Refrigerator
Range/Oven
Dishwasher
Disposal
Microwave P Washer/Dryer
Other (describe) Fan/Hood
Finished area above grade contains:
9 Rooms
3 Bedrooms
2.75 Bath(s)
2,974 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.). Whirlpool and shower in one bath. No personal property included in the final value.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Subject is an older, average to good quality home. It
has been relatively well maintained and is in better than average condition for its' age. There were no physical, functional or external inadequacies
noted. It is assumed that all mechanical equipment, including electrical and plumbing, are in normal working order. The owners are in the process
of making a substantial addition to the home. The addition is 1,360sf with 1,094sf being living area and the remainder a 1-car garage. Currently it is
framed and roughed in. It is a condition to the report that this be completed in a workmanlike manner.
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?
Yes
No If Yes, describe
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?
Freddie Mac Form 70 March 2005
Yes
No If No, describe
Page 1 of 6
Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
File No. 4111 Page #8
SALES COMPARISON APPROACH
Uniform Residential Appraisal Report
File # 4111
There are
comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 144,500
to $ 215,500
.
21
There are
comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 143,500
to $ 229,900
.
8
FEATURE
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
Address 48 Valley View Drive
146 Lakeview Drive
1074 Edgewood Bay Drive
8118 Hwy 5 North
Lakeview, AR 72642
Lakeview
Lakeview
Midway
Proximity to Subject
2 Blocks
6 Blocks
6 Miles
Sale Price
$
$
$
$
N/A
220,000
220,000
185,000
Sale Price/Gross Liv. Area
$
sq.ft. $
$
$
106.59 sq.ft.
109.07 sq.ft.
55.06 sq.ft.
Data Source(s)
MLS/BROKER
MLS/BROKER
MLS/BROKER
Verification Source(s)
Public Records
Public Records
Public Records
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
Sales or Financing
Conventional
Conventional
Conventional
Concessions
Date of Sale/Time
06/03/10
06/30/10
03/15/11
Location
Average
Average
Average
Average
Leasehold/Fee Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Site
0.87 Acre (M/L) 0.37 Acre
0.66 Acre
1.90 Acres
View
Average
Good-Lake
-35,000 Good-Lake
-35,000 Average
Design (Style)
Ranch
Ranch
Ranch
1.5 Story Ranch
Quality of Construction
Brick
Brick
Brick/Metal
Wood
Actual Age
Eff Age-16
Eff Age-20
13 Years
3 Years
-6,500
Condition
Average
Average
Average
Good
Above Grade
Total Bdrms. Baths Total Bdrms. Baths
Total Bdrms. Baths
Total Bdrms. Baths
Room Count
9
3 2.75 7
2
2
+750 7
33 2.50
+500 10
5
3
Gross Living Area
2,974 sq.ft.
2,064 sq.ft.
+27,300
2,017 sq.ft.
+28,710
3,360 sq.ft.
-11,580
Basement & Finished
544 Sq.Ft.
1,380sf Pt. Fin.
1,062sf Pt. Fin.
None
+4,080
Rooms Below Grade
Unfin. Bsmt.
Bsmt: 3-1-1
-16,620 Bsmt: 2-0-0
-11,850
Functional Utility
Average
Average
Average
Average
Heating/Cooling
CHA
CHA
CHA
CHA
Energy Efficient Items
None
None
None
None
Garage/Carport
3-Car Garage 2-Car Garage
+2,500 2-Car Garage
+2,500 None
+7,500
Porch/Patio/Deck
CovPorch/Patio CvPor/Deck/Pat
CvPor/Deck/Pat
Porch/Deck
Kitchen Appliances
DW,DSP,FH
RO,DW,DS,MW
-800 RO,DW,DSP,FH
-500 RO,DW,MW
-800
Amenities
FP/Whirlpool
FP/Whirlpool
None
+3,000 None/Whirlpool
+2,000
Large Shop
-10,000
Net Adjustment (Total)
+
- $
+
- $
+
- $
21,870
12,640
15,300
Adjusted Sale Price
Net Adj.
Net Adj.
Net Adj.
9.9 %
5.7 %
8.3 %
of Comparables
Gross Adj. 37.7 % $
198,130 Gross Adj. 37.3 % $
207,360 Gross Adj. 23.0 % $
169,700
I
did
did not research the sale or transfer history of the subject property and comparable sales. If not, explain
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) Public Records.
My research
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) 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
Date of Prior Sale/Transfer
10/19/09
N/A: No Previous Sales
N/A: No Previous Sales
N/A: No Previous Sales
Price of Prior Sale/Transfer
No Stamps - Not a Sale
within the past 12 months. within the past 12 months. within the past 12 months.
Data Source(s)
Public Records
Public Records
Public Records
Public Records
Effective Date of Data Source(s)
03/17/11
03/18/11
03/18/11
03/18/11
Analysis of prior sale or transfer history of the subject property and comparable sales
Subject transferred in Oct. of '09. It appears to be a deed in lieu of
foreclosure and not a sale. Otherwise, subject has not sold in the past 36 months. The comps, except as listed above, have not sold in the past 12
months. I recognize that the subject dwelling has been on the market for right at a year and, it would appear that the asking price(s) have been fair
and reasonable, particularly based on the available sales data. My guess is that this is more a matter of a slow real estate market than anything
else
Summary of Sales Comparison Approach Comps 1 and 2 were considered to be the most similar to the subject property and were, therefore, given the
greatest weight. Comp 3 is considered to be a reliable indicator of value but was given slightly less consideration. Comps 1 and 2 are slightly older
sales than is typically desired. However, values have remained relatively stable over this time period and the time difference is not considered
signficant.
RECONCILIATION
(See Sales Comparison Comments Section of Addendum for Additional Comments)
Indicated Value by Sales Comparison Approach $ 189,900
Indicated Value by: Sales Comparison Approach $ 189,900
Cost Approach (if developed) $ N/A
Income Approach (if developed) $ N/A
The final value estimate is based entirely on the sales comparison approach. All above sales are indicative of current market values. The cost and
income approaches were not considered applicable to this appraisal and were, therefore, not used.
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, or
subject to the
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: (See Attached Addendum)
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
$
, as of
, which is the date of inspection and the effective date of this appraisal.
189,900
March 17, 2011
Freddie Mac Form 70 March 2005
Page 2 of 6
Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
File No. 4111 Page #9
Uniform Residential Appraisal Report
File # 4111
ADDITIONAL COMMENTS
Subject is an older, average to good quality home. The exterior of the home is brick. There is a covered porch at the front of the home and a patio
at the rear. The interior of the original part of the home has a living room, dining room, family room, kitchen, 2 bedrooms, 1 and 3/4 baths and a
utility room. Also, there is an unfinished basement area as well. It is accessible only from the outside and serves best for storage and/or a
workshop. There is, also, a 2-car garage attached to the home. The previous owners made a substantial addtion to the home. It has a 1-car
garage, living area, kitchen, bedroom and bath. This area could serve equally well for additional living area or for a mother-in-law type area of the
home. This area of the home has a brick exterior, like the original part. It has its' own HVAC system. The bath in this area has a whirlpool tub. At
the time of the addition, the current kitchen was enlarged and an additional mud/utility room added towards the rear of the current 2-car garage.
COST APPROACH TO VALUE (not required by Fannie Mae)
COST APPROACH
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
similar sites in subject's market area.
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.)
Due to the age of the home the cost approach was not utilized in this
report and is not felt to be applicable or meaningful to the analysis.
INCOME
Estimated Remaining Economic Life (HUD and VA only)
Subject's site value was derived from sales of
OPINION OF SITE VALUE
DWELLING
2,974 Sq.Ft. @ $
544 Sq.Ft. @ $
Garage/Carport
818 Sq.Ft. @ $
Total Estimate of Cost-New
Less
Physical
Functional
External
Depreciation
Depreciated Cost of Improvements
"As-is" Value of Site Improvements
35 Years INDICATED VALUE BY COST APPROACH
=$
=$
=$
=$
=$
=$
15,000
=$(
=$
=$
)
=$
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $
X Gross Rent Multiplier
Summary of Income Approach (including support for market rent and GRM)
=$
N/A
Indicated Value by Income Approach
PUD INFORMATION
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners’Association (HOA)?
Yes
No
Unit type(s)
Detached
Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases
Total number of units
Total number of units sold
Total number of units rented
Total number of units for sale
Data source(s)
Was the project created by the conversion of existing building(s) into a PUD?
Yes
No If Yes, date of conversion.
Does the project contain any multi-dwelling units?
Yes
No Data Source
Are the units, common elements, and recreation facilities complete?
Yes
No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners’Association?
Yes
No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Freddie Mac Form 70 March 2005
Page 3 of 6
Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
File No. 4111 Page #10
Uniform Residential Appraisal Report
File # 4111
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a 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 condominium or 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 property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) 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 the 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 70 March 2005
Page 4 of 6
Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
File No. 4111 Page #11
Uniform Residential Appraisal Report
File # 4111
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 70 March 2005
Page 5 of 6
Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
File No. 4111 Page #12
Uniform Residential Appraisal Report
File # 4111
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 Kenzie R. Parnell, CG0240
Company Name Parnell Appraisals
Company Address
Signature
Name
Company Name
Company Address
P. O. Box 844, Bull Shoals, AR 72619
Telephone Number (870) 424-4881
Email Address [email protected]
Date of Signature and Report March 18, 2011
Effective Date of Appraisal March 17, 2011
State Certification # CG0240
or State License #
or Other (describe)
State #
State AR
6/30/2011
Expiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
48 Valley View Drive
Lakeview, AR 72642
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
189,900
Name Jill Patton
Company Name First Service Bank
Company Address P.O. Box 430, Greenbrier, AR 72058
Email Address
[email protected]
Freddie Mac Form 70 March 2005
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
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
Page 6 of 6
Form 1004 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Supplemental Addendum
Borrower/Client First Service Bank
Property Address 48 Valley View Drive
City Lakeview
Lender First Service Bank
County Baxter
File No. 4111 Page #13
File No.
State AR
4111
Zip Code 72642
NEIGHBORHOOD COMMENTS (CONT.)
Subject is located in an average to good quality subdivision in Lakeview. Subject's market area would be considered to be an area
approximately 4 miles in radius around the subject property. Subject's immediate area is made up of a mixture of good quality, new to newer
homes and average quality, mid-sized, middle aged to older homes. There is, however, a wide range of property values, ages and sizes in the
general vacinity of the subject property, all the way from a few mobile homes to some very nice, large, custom built homes-some of which have
lake views. The homes in the area have been well maintained. There is some commercial property in the area, but it is located along Hwy 178,
primarily, and does not negatively affect the subject property. Subject's area is located near access to Bull Shoals Lake and not too far from
access to the White River. This is a positive influence on values in the area. Subject's area is located approximately 15 minutes from Mtn.
Home, which is where the majority of shopping and employment opportunties are. There are, also, quite a few employment opportunities in the
MIdway area, which is only 10 minutes away. These distances are not considered to be negative factors for the area. There is a reasonably
good amount of employment opportunities in the Mtn. Home area, even though the area is considered to be a retirement area by many.
Property values have remained fairly stable over the past year. The predominant marketing time for the area is 3-6 months, assuming the
properties are reasonably priced. There seems to be an adequate number of properties for sale in the area. Based on past sales and new
construction activity, there appears to be adequate demand in the area. Seller concessions are not common in the area. There is a good
selection of mortgage financing opportunities and loan types in the area. There were no unfavorable factors noted about subject's area.
SALES COMPARISON ANALYSIS (CONT.)
There was a very limited amount of sales data of homes similar to subject in subject's immediate area. Comps 1 and 2 are located right in
subject's immediate area, while comp 3 is located a bit further away, but still in an area that would be considered subject's market area. I had a
most difficult time finding any sales data of homes remotely similar to the subject property in terms of size that had sold in the past year.
Actually, that is exactly why I used comp 3 because it was the only sale I found of a home in subject's size range - although, when you look at
comps 1 and 2 and figure in their basement areas, they are fairly similar in size as well. When you look at the top of page 2 of the URAR, you
will note 8 sales of comparable properties in subject's market area. Of those, only 4 were in Lakeview. I included 2 of them in the report and
the other two were not nearly as similar as comps 1 and 2, so they were not included. Comps 1 and 2 are fairly good comparables except for
the fact that both have good lake views. I really would have preferred to have had stronger, more similar sales data in subject's market area,
but it simply was not there. These comparable sales are not as similar as I would like to see, but do appear to give a reasonably good indication
of value for the subject property. The comps used were felt to be the best from what was available and were about all that was available.
Comp 1 sits on a superior site to subject's. It is superior because it has a good lake view. The adjustment was made for the site value
difference. It is a smaller home than subject. It has a larger basement than subject's. It only has a 2-car garage. Comp 2, likewise, sits on a
superior site to subject's because of a good lake view. The adjustment was made for the site value difference. It is a smaller home than
subject. It has a larger basement than subject's. It only has a 2-car garage. It has no fireplace or whirlpool tub. Comp 3 is a newer, larger
home than subject. It has no basement area or garage. It has no fireplace. It does have a large shop. The remaining adjustments were typical
and all adjustments were fairly made to make the comps as similar as possible to the subject property. The resulting value indication is
believed to be a reliable indicator of the market value of the subject property.
COMMENTS AND CONDITIONS (CONT.)
This appraisal report has been prepared for the exclusive use and benefit of the above stated client. It may not be used or relied upon by any
other party. Any other party who uses or relies upon any information contained in this appraisal without the prior written permission of this
appraiser, does so at his/her own risk. This is a summary appraisal report. There are no conditions to the report.
Form TADD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 4111 Page #14
Subject Photo Page
Borrower/Client First Service Bank
Property Address 48 Valley View Drive
City Lakeview
Lender First Service Bank
County Baxter
State AR
Zip Code 72642
Subject Front
48 Valley View Drive
Sales Price
N/A
Gross Living Area 2,974
Total Rooms
9
Total Bedrooms
3
Total Bathrooms
2.75
Location
Average
View
Average
Site
0.87 Acre (M/L)
Quality
Brick
Age
Eff Age-16
Subject Rear
Subject Street
Form PIC3x5.SR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 4111 Page #15
Parnell Appraisal, Inc.
Photograph Addendum
First Service Bank
Borrower/Client
48 Valley View Drive
Property Address
Lakeview
City
First Service Bank
Lender
County Baxter
State
Family Room - Original Home
Comments:
Kitchen - Original Home
Comments:
Bath - Orginial Home
Comments:
Zip Code
AR
Bath - Original Home
Comments:
Form PICFOUR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
72642
File No. 4111 Page #16
Parnell Appraisal, Inc.
Photograph Addendum
First Service Bank
Borrower/Client
48 Valley View Drive
Property Address
Lakeview
City
First Service Bank
Lender
County Baxter
State
Bedroom - Addition
Comments:
Bath - Addition
Comments:
Kitchen - Addition
Comments:
Zip Code
AR
Living Room - Addition
Comments:
Form PICFOUR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
72642
File No. 4111 Page #17
Comparable Photo Page
Borrower/Client First Service Bank
Property Address 48 Valley View Drive
City Lakeview
Lender First Service Bank
County Baxter
State AR
Zip Code 72642
Comparable 1
146 Lakeview Drive
Prox. to Subject
2 Blocks
Sale Price
220,000
Gross Living Area 2,064
Total Rooms
7
Total Bedrooms
2
Total Bathrooms
2
Location
Average
View
Good-Lake
Site
0.37 Acre
Quality
Brick
Age
Eff Age-20
Comparable 2
1074 Edgewood Bay Drive
Prox. to Subject
6 Blocks
Sale Price
220,000
Gross Living Area 2,017
Total Rooms
7
Total Bedrooms
33
Total Bathrooms
2.50
Location
Average
View
Good-Lake
Site
0.66 Acre
Quality
Brick/Metal
Age
13 Years
Comparable 3
8118 Hwy 5 North
Prox. to Subject
6 Miles
Sale Price
185,000
Gross Living Area 3,360
Total Rooms
10
Total Bedrooms
5
Total Bathrooms
3
Location
Average
View
Average
Site
1.90 Acres
Quality
Wood
Age
3 Years
Form PIC3x5.CR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No. 4111 Page #18
Building Sketch (Page - 1)
Borrower/Client First Service Bank
Property Address 48 Valley View Drive
City Lakeview
Lender First Service Bank
County Baxter
State AR
Zip Code 72642
Ground Level GLA
15.00'
116.00'
34.00'
15.67'
24.00'
26.00'
14.00'
2-Car
Garage
9.67'
1-Car
Garage
16.00'
12.33'
25.00'
19.00'
19.00'
14.00'
9.67'
3.00'
8.00'
36.33'
34.00'
34.00'
16.00'
16.00'
Unfinished Basement
Sketch by Apex IV™
Comments:
AREA CALCULATIONS SUMMARY
Code
Description
Net Size
GLA1
BSMT
GAR
First Floor
Basement
Garage
Carport
Net LIVABLE Area
2974.47
544.00
552.00
266.00
(Rounded)
LIVING AREA BREAKDOWN
Net Totals
2974.47
544.00
818.00
2974
Breakdown
First Floor
12.00
9.00
12.33
25.00
9.67
14.00
6 Items
x
x
x
x
x
x
Subtotals
68.00
34.00
52.00
26.00
36.33
15.00
(Rounded)
Form SKT.BldSkI — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
816.00
306.00
641.16
650.00
351.31
210.00
2974
File No. 4111 Page #19
Location Map
Borrower/Client First Service Bank
Property Address 48 Valley View Drive
City Lakeview
Lender First Service Bank
County Baxter
State AR
Form MAP.LOC — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE
Zip Code 72642
Qualifications of the Appraiser
Borrower/Client First Service Bank
Property Address 48 Valley View Drive
City Lakeview
Lender First Service Bank
County Baxter
File No. 4111 Page #20
File No.
State AR
Zip Code 72642
QUALIFICATIONS OF THE APPRAISER
KENZIE R. PARNELL
EDUCATION BACKGROUND
Graduate, University of Arkansas, Fayetteville, AR
American Institute of Real Estate Appraisers,
Course 8-1, Real Estate Appraisal Principles
American Institute of Real Estate Appraisers,
Course 8-2, Residential Valuation
American Institute of Real Estate Appraisers,
Course 2-3, Standards of Professional Practice
The Appraisal Institute, Principles of Capitalization
The Appraisal Institute, Basic Valuation Procedures
Course 1A2
4111
1985
1988
1988
1989
1991
1991
APPRAISAL EXPERIENCE/CLIENTS
Staff Appraiser, First Federal Bank
1985-3/92
Harrison, AR
Owner/Operator of Parnell Appraisals from 3/1992 to Present
with the following current clients:
First Security Bank, Mountain Home, AR
First National Bank & Trust, Mountain Home, AR
Bank of America, Mountain Home, AR
Arvest Bank, Yellville, AR
US Bank, Flippin, AR
Bank of America Mortgage Corp., Mountain Home, AR
Liberty Bank, Mountain Home, AR
Simmons First Bank, Jonesboro, AR
Nosari Home Mortgage, Mountain Home, AR
Bank of the Ozarks, Mountain Home, AR
Community 1st National Bank, Mountain Home, AR
First Federal Bank, Mountain Home, AR
Midwest Mortgage Corporation, Piggott, AR
Compass Mortgage Group, Mountain Home, AR
Twin Lakes Community Bank, Flippin, AR
First National Banking Company, Mountain Home, AR
First Service Bank, Yellville, AR
PROFESSIONAL MEMBERSHIPS/DESIGNATIONS
State Certified General Appraiser, #CG0240
Member, North Central Board of Realtors
Instructor, Camp Real Estate School-"Modern Real Estate
Practice"-Appraisal Section
Form TADD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1-800-ALAMODE