REALVALS

Uniform Residential Appraisal Report File # 1

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 Address City City State CA Zip Code 11111
Borrower Borrower's Name Owner of Public Record Borrower's Name County County
Legal Description Legal Description
Assessor's Parcel # APN Tax Year 2017 R.E. Taxes $ 1,000
Neighborhood Name The Neighborhood Map Reference 11244 Census Tract 1104.02
SUBJECT

Occupant Owner Tenant Vacant Special Assessments $ 0 PUD HOA $ 0 per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe)
Lender/Client The Bank Address Bank Address, City, CA
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). The subject has not been listed on the MLS in the past 12 months.

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
CONTRACT

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No
If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends Present Land Use % One-Unit Housing
Location Urban Suburban Rural Property Values Increasing Stable Declining 70 %PRICE AGE One-Unit
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000)
10 % (yrs) 2-4 Unit
NEIGHBORHOOD

Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths
410 Low 57 Over 6 mths 10 % Multi-Family
Neighborhood Boundaries Brick Road to the north, Concrete Ave to the east, Asphalt St to the south, Tile 573 High 63 5% Commercial
Dr to the west. 515 Pred. 61 5% Other
Neighborhood Description The subject property is located in the city of (Enter City Name Here). The neighborhood consists primarily of a mixture of
50's and 60's average to average+ quality homes, some condos, commercial and multi-family. Good access to schools and support facilities.

Market Conditions (including support for the above conclusions) Property values are stable in subject market area per 1004MC data. Marketing times for
the immediate neighborhood are typically under 3 months. It is not typical for loan discounts, interest buydowns, or financing concessions to
be prevalent within the market area. Other land use is vacant land.
Dimensions 60x103.65 Area 6219 sf Shape Rectangular View N;Res;
Specific Zoning Classification RS-6 Zoning Description Single Family Residential
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? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe) Off-site Improvements - Type Public Private
Electricity Water Street Asphalt
SITE

Gas Sanitary Sewer Alley None

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone X500 FEMA Map # 06059C0128J FEMA Map Date 12/03/2009
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
No apparent adverse site conditions or external factors noted.

General Description Foundation Exterior Description materials/condition Interior materials/condition

Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Concrete/Avg Floors Cpt/Tile/Avg+
# of Stories 1 Full Basement Partial Basement Exterior Walls Wood/Stucco/Avg Walls Drywall/Avg
Type Det. Att. S-Det./End Unit Basement Area 0 sq.ft. Roof Surface Comp/Avg Trim/Finish Paint/Avg
Existing Proposed Under Const. Basement Finish 0 % Gutters & Downspouts None Bath Floor Tile/Avg+
Design (Style) Traditional Outside Entry/Exit Sump Pump Window Type Vinyl/Avg+ Bath Wainscot Tile/Avg+
Year Built 1956 Evidence of Infestation Storm Sash/Insulated None Car Storage None
Effective Age (Yrs) 15 Dampness Settlement Screens Yes/Avg Driveway # of Cars 2
Attic None Heating FWA HWBB Radiant Amenities Woodstove(s) # 0 Driveway Surface Concrete
Drop Stair Stairs Other Fuel Gas Fireplace(s) # 0 Fence Block Garage # of Cars 2
Floor Scuttle Cooling Central Air Conditioning Patio/Deck Encls Porch Conc Carport # of Cars 0
Finished Heated Individual Other Pool None Other None Att. Det. Built-in
IMPROVEMENTS

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: 6 Rooms 3 Bedrooms 2.0 Bath(s) 1,192 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.). Central A/C, newer windows, updated baths, enclosed patio, newer floors.

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
C3;Kitchen-not updated;Bathrooms-updated-one to
five years ago;The subject is an average condition home that has been properly maintained and updated over the years.

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.)? Yes No If No, describe
The subject property is typical for the area and conforms to the neighborhood.

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File # 1
There are 4 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 485,000 to $ 624,900 .
There are 39 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 410,000 to $ 573,000 .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address Address Address 1 Address 2 Address 3
City, CA 11111 City, CA 11111 City, CA 11111 City, CA 11111
Proximity to Subject 0.25 miles E 0.16 miles W 0.33 miles E
Sale Price $ $ 550,000 $ 510,000 $ 510,000
Sale Price/Gross Liv. Area $ sq.ft. $ 423.08 sq.ft. $ 426.42 sq.ft. $ 435.53 sq.ft.
Data Source(s) CRMLS#1;DOM 45 CRMLS#2;DOM 20 CRMLS#3;DOM 78
Verification Source(s) Realist/Doc#1 Realist/Doc#2 Realist/Doc#3
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment
Sales or Financing ArmLth ArmLth ArmLth
Concessions Seller Fin.;0 FHA;0 Conv;1300 -1,300
Date of Sale/Time s01/17;c01/17 s08/16;c07/16 s02/17;c01/17
Location N;Res; N;Res; N;Res; N;Res;
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 6219 sf 6144 sf 0 6219 sf 6500 sf 0
View N;Res; N;Res; N;Res; N;Res;
Design (Style) DT1;Traditional DT1;Traditional DT1;Traditional DT1;Traditional
Quality of Construction Q3 Q2 -15,000 Q3 Q3
Actual Age 61 62 0 62 0 63 0
Condition C3 C2 -15,000 C3 C4 +15,000
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 6 3 2.0 6 3 2.0 6 3 2.0 6 3 2.0
Gross Living Area 1,192 sq.ft. 1,300 sq.ft. -6,500 1,196 sq.ft. 0 1,171 sq.ft. 0
Basement & Finished 0sf 0sf 0sf 0sf
Rooms Below Grade
Functional Utility Average Average Average Average
SALES COMPARISON APPROACH

Heating/Cooling FAU/Central FAU/Central FAU/Central FAU/None +2,500

Energy Efficient Items None None None None
Garage/Carport 2ga2dw 2ga2dw 2ga2dw 2ga2dw
Porch/Patio/Deck Porch/Patio Porch/Patio Porch/Patio Porch/Patio
Pool/Spa None None None None

Net Adjustment (Total) + - $ -36,500 + - $ 0 + - $ 16,200

Adjusted Sale Price Net Adj. 6.6 % Net Adj. 0.0 % Net Adj. 3.2 %
of Comparables Gross Adj. 6.6 % $ 513,500 Gross Adj. 0.0 % $ 510,000 Gross Adj. 3.7 % $ 526,200
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) MLS, Realist, Dataquick
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) MLS, Realist, Dataquick
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
Price of Prior Sale/Transfer
Data Source(s) CRMLS/Realist CRMLS/Realist CRMLS/Realist CRMLS/Realist
Effective Date of Data Source(s) 03/11/2017 03/11/2017 03/11/2017 03/11/2017
Analysis of prior sale or transfer history of the subject property and comparable sales All prior sales/transfers of subject and comparables are shown above.

Summary of Sales Comparison Approach All comparables are taken from the subject's immediate neighborhood, similar in most attributes to the
subject property, and represent the best available comparables at the time of the appraisal. All of the subject's features except age are
bracketed by the comparable market data provided. See comments page for additional comments regarding sales comparison approach.

Indicated Value by Sales Comparison Approach $ 520,000

Indicated Value by: Sales Comparison Approach $ 520,000 Cost Approach (if developed) $ 524,840 Income Approach (if developed) $
The Sales Comparison Approach is considered most reflective of buyer/seller expectations within the subject market area, therefore it is given
the most emphasis. The Cost Approach was given minimal emphasis as it does not reflect buyer motivations. The Income Approach was not
RECONCILIATION

utilized because this is not an income producing property.

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 limiting conditions
(certification).
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
$ 520,000 , as of 03/11/2017 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File # 1
FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6
Address Address Address 4 Address 5
City, CA 11111 City, CA 11111 City, CA 11111
Proximity to Subject 0.11 miles NW 0.25 miles NE
Sale Price $ $ 496,000 $ 624,900 $
Sale Price/Gross Liv. Area $ sq.ft. $ 419.27 sq.ft. $ 482.92 sq.ft. $ sq.ft.
Data Source(s) CRMLS#4;DOM 9 CRMLS#5;DOM 53
Verification Source(s) Realist/Doc#4 Realist
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment
Sales or Financing ArmLth Listing
Concessions Conv;0 Backup;0
Date of Sale/Time s09/16;c06/16 c02/17
Location N;Res; A;Comm; +15,000 N;Res;
SALES COMPARISON APPROACH

Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple

Site 6219 sf 6375 sf 0 8527 sf -20,000
View N;Res; N;Res; N;Res;
Design (Style) DT1;Traditional DT1;Traditional DT1;Traditional
Quality of Construction Q3 Q3 Q2 -15,000
Actual Age 61 62 0 62 0
Condition C3 C4 +15,000 C2 -15,000
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 6 3 2.0 6 3 2.0 6 3 2.0
Gross Living Area 1,192 sq.ft. 1,183 sq.ft. 1,294 sq.ft. -6,000 sq.ft.
Basement & Finished 0sf 0sf 0sf
Rooms Below Grade
Functional Utility Average Average Average
Heating/Cooling FAU/Central FAU/Central FAU/Central
Energy Efficient Items None None None
Garage/Carport 2ga2dw 2ga2dw 2ga2dw
Porch/Patio/Deck Porch/Patio Porch/Patio Porch/Patio
Pool/Spa None Pool -10,000 None

Net Adjustment (Total) + - $ 20,000 + - $ -56,000 + - $

Adjusted Sale Price Net Adj. 4.0 % Net Adj. 9.0 % Net Adj. %
of Comparables Gross Adj. 8.1 % $ 516,000 Gross Adj. 9.0 % $ 568,900 Gross Adj. % $
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 # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
SALE HISTORY

Data Source(s) CRMLS/Realist CRMLS/Realist CRMLS/Realist

Effective Date of Data Source(s) 03/11/2017 03/11/2017 03/11/2017
Analysis of prior sale or transfer history of the subject property and comparable sales All prior sales/transfers of subject and comparables are shown above.

Analysis/Comments
ANALYSIS / COMMENTS

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005

Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File # 1
Sales Comparison Analysis - Summary of Sales Comparison Approach
All five comparables are taken from the subject's immediate market area. Comparables 1 and 5 are superior in condition/quality and were
adjusted accordingly. Comparables 3 and 4 are inferior in condition and were adjusted accordingly. Condition/Quality adjustments are made
based on exterior inspections, MLS data, and paired sales analysis. No sale date adjustment was made for comparable 2 since the market is
stable per MC data. Comparable 4 was adjusted for inferior location since it backs to a commercial property. Comparable 5 was adjusted for
superior lot size. All other adjustments are self-explanatory. The market data utilized are the most recent relevant comparable properties
available in the market at the time of the appraisal. Primary emphasis was placed on comparables 1-4 since they are all closed comparables
that are similar in size, bed/bath count, and in close proximity to the subject property. Secondary emphasis was placed on comparable 5 since
it is a listing. MLS photo was used for comparable 3 due to people being out front that wouldn't allow a photo to be taken.

GLA adjustments are made at ~$55/sf with no adjustments for differences of less than 100 sf. Site area adjustments made at apx. $10/sf of
over 1,000 sf difference. Location adjustments were made at $15,000 and pool adjustments were made at $10,000 based on paired sales
analysis. Condition ratings based on MLS descriptions, photos and exterior inspection of the relevant comparable sales.

A reasonable exposure time for the subject property developed independently from the stated marketing time is 1-3 months. I have performed
no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period
ADDITIONAL COMMENTS

immediately preceding acceptance of this assignment.

If no viable sales available are provided within 90 days prior to the appraisal date, the sales used are the best available in the marketplace at
the time of the report. All adjustments based on matched pairs, bracketing and extensive knowledge of this marketplace. Adjustments are
applied as a percentage or lump sum.

FIRREA Certification Statement: The appraiser certifies and agrees that this appraisal report was prepared in accordance with the
requirements of Title XI of the Financial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 3331 et
seq.), and any applicable implementing regulations in effect at the time the appraiser signs the appraisal certification.

The highest and best use of the subject is as improved. It conforms to its current zoning and the improvements and conforms to any public
and private restrictions. It meets the tests of physically possible, legally permissible and financial feasible bringing the highest economic
return to owner of the site.

COST APPROACH TO VALUE (not required by Fannie Mae)

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) Land value estimated by abstraction.

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$

COST APPROACH

350,000
Source of cost data Marshall & Swift DWELLING 1,192 Sq.Ft. @ $ 150.00 =$ 178,800
Quality rating from cost service Average Effective date of cost data 2016 0 Sq.Ft. @ $ =$
Comments on Cost Approach (gross living area calculations, depreciation, etc.) =$
The calculated square footage (SF) of the gross living area (GLA) is Garage/Carport 400 Sq.Ft. @ $ 40.00 =$ 16,000
considered an approximation, with minor variations in the actual SF Total Estimate of Cost-New =$ 194,800
being insignificant to subject valuations. Land value is determined via Less Physical Functional External
land abstraction as is. Site value to market value is typical for the area. Depreciation 44,960 =$( 44,960)
Depreciated Cost of Improvements =$ 149,840
"As-is" Value of Site Improvements =$ 25,000

Estimated Remaining Economic Life (HUD and VA only) 50 Years INDICATED VALUE BY COST APPROACH =$ 524,840
INCOME APPROACH TO VALUE (not required by Fannie Mae)
INCOME

Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)

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
PUD INFORMATION

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 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE