syed appraisal

8/8/2019 Syed Appraisal

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File No.

APPRAISAL OF

LOCATED AT:

FOR:

BORROWER:

AS OF:

BY:

79091FHA Case#137-6102575

Certified Residential AppraiserThomas P. Rosinsky

November 5, 2010

Syed, Elleya

Chicago, IL 606133940 N. Ravenswood

Guaranteed Rate

West Chicago, IL 60185-51411420 Prairie Crossing Drive



Uniform Residential Appraisal Report File No.

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject properProperty Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs 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 NoReport data source(s) used, offering price(s), and date(s).

S U B J E C T

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 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 NoIf Yes, report the total dollar amount and describe the items to be paid. C

O N T R A C T

Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %

Note: Race and the racial compositio n of the neighborhoo d are not appraisal factors.

Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %Neighborhood Boundaries High Commercial %

Pred. Other %Neighborhood Description

Market Conditions (including support for the above conclusions)

N E I G H B O R H O O D

Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe.

Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private

Electricity Water StreetGas Sanitary Sewer AlleyFEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the uti li ties 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.

S I T E

GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condUnits One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors# of Stories Full Basement Partial Basement Exterior Walls WallsType Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish

Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath FloorDesign (Style) Outside Entry/Exit Sump Pump Window Type Bath WainscotYear Built Evidence of Infestation Storm Sash/Insulated Car Storage NoneEffective Age (Yrs) Dampness Settlement Screens Driveway # of CarsAttic None Heating FWA HWBB Radiant Amenities WoodStove(s) # Driveway Surface

Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of CarsFloor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of CarsFinished Heated Individual Other Pool Other Att. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished areaabove grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

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.

I M P R O V E M E N T S

Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com

1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.

MLS# 07426689, from 1/26/2010 to the present for $308,950, $294,950 3/24/2010, $281,9504/21/2010, $272,950 7/2/2010, $246,950 8/31/2010, $237,950 10/14/2010.

X3940 N. Ravenswood, Chicago, IL 60613Guaranteed Rate

XX

NoneNoneX8413.05MSA-16974Prairie Meadows9,510.00200801-34-112-027

Lot Number 119, Section NW34, Township 40N, Range 9E in Prairie Meadows...Du PageHSBC Bank USa, N.A.Syed, Elleya

60185-5141ILWest Chicago1420 Prairie Crossing Drive

XAssessorX10/21/2010238,000

See Attached AddendumX

Residential market is average with over supply. Property values have declined but arestabilizing. Present marketing conditions are favorable. Financing at the present time is readily available from a variety of sources,which benefits both potential buyers and sellers. Seller concessions such as buydowns, discounts ect are not prevalent.

Prairie Crossing Dr. is a quiet residential street. North Ave. , a local traffic artery is within 1/2 mile and offersaccess to shopping, schools, employment centers, and freeways. Improvements do conform to the surrounding homes. Theneighborhood has no apparent adverse factors affecting the subject's marketability.

5Vacant555

80

45100+New

207620

45City Limits to the north, Ancient Oaks Road to the east, Geneva Rd. to

the south, and Atlantic Drive to the west.

XXX

XX

X

Improvements face East. The lawn is average. Typical easements have been considered to estimate the market value.

XX

12/16/200417043C0108HXXNone

XBituminiousXX

X200 AMP CBX

XX

Single Family Residential DistrictR2Avg Resid. Prairie PathRectangular10596 Sq.Ft. +/-76X121X97X124 Subject to Survey

The property has noobserved functional obsolescence. X

The subjecthas been observed for physical deficiencies or adverse conditions. There were no readily observable items that were considered to bephysical deficiencies.

X

See Attached Addendum

See Attached Addendum2,4112.148 XXXP

XX

2XAsphalt

2X

Ct, Fiber-AvgCt,HW-AvgOak,Painted-AvgDw-AvgCrp,Ct,HW-Avg

Encl PrchXDeckX1X

Yes-AvgYes-AvgDH-AvgAluminum-AvgAsphalt Shing-AvgAluminum-AvgConcrete-Avg

XGas

X

X82

918X

X

7 to 101996

2 StoriesX

X2 Story

X




There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT

AddressProximity to SubjectSale Price $

Sale Price/Gross Liv. Area $ sq. ft.Data Source(s)Verification Source(s)VALUE A DJUSTMENTS DESCRIPTIONSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of Construction

Actual AgeConditionAbove Grade Total Bdrms. Baths

Room CountGross Living Area sq. ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck

Net Adjustment (Total)Adjusted Sale Priceof Comparables

COMPARABLE SALE NO. 1

$

$ sq. ft.

DESCRIPTION +(-) $ Adjustment

Total Bdrms. Baths

sq. ft.

+ - $Net Adj. %Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.



$

$ sq. ft.


Total Bdrms. Baths

sq. ft.


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)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)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

Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)

COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach.

Indicated Value by Sales Comparison Approach $

S A L E S C O M P A R I S O N A P P R O A C H

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

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:

Based on a complete visual inspection of th e interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limit ing

conditions, and appraiser ’s certification, my (our) opini on of the market value, as defined, of the real property that is th e subject of this report i s $

as of , which is the date of inspection and the effective date of this appraisal.

R E C O N C I L I A T I O N


1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.

400,000220,00032310,000265,0005

1 F/PFireplaceDeck,Porch2 Car GarageAverageFWA C/AirAverage Utility3 Rm, 1 BathFull/918 Sq.Ft.

2,41125.002.148

Average Cond.14+/- Years

Frame /Avg2 StoriesAvg Resid. Prairie Path

10596 Sq.Ft. +/-Fee SimpleSuburban10/21/2010

98.71

238,000

West Chicago1420 Prairie Crossing Drive

250,10016.66.4

15,100X

-5,0002 F/P4,000Patio

2 Car GarageAverageFWA C/AirEqual Utility

15,000UnfinishedFull

-1,9002,4873,0002.137

Equal Cond.12 Years

-5,000Brick,Frame/Avg2 Story

5,000Avg Res. Pwr Ln11685 Sq. Ft.Fee SimpleEqual Neigh.Clsd. 5/16/2010by SellerConv / 0 Points

44 Day(s) on MarketMLS# 07460736 /Assessor

94.49

235,0000.76 miles WSWWest Chicago221 Marcella Lane

250,20011.2-0.7

1,800X

1 F/P4,000Patio

-5,0003 Car GarageAverageFWA C/AirEqual Utility

9,0001 Rm, .1 BathFull

2002,4042.148

Equal Cond.19 Years

Frame /Avg2 StoryAverage Resid.

-10,00017110 Sq. Ft.Fee SimpleEqual NeighClsd. 6/29/2010by SellerConv / 0 Points


104.83

252,0000.48 miles SWWest Chicago130 Hill Court

312,60015.9-5.3

17,400X

1 F/P4,000Patio

-5,0003 Car GarageAverageFWA C/AirEqual Utility

6,0001 Rm, 1 BathFull

7,6002,1082.148

-25,000Superior Cond.10 Years

-5,000Brick,Frame/Avg2 StoryAverage Resid.7840 Sq. Ft.Fee SimpleEqual NeighClsd. 5/14/2010by SellerConv / 0 Points


156.55

330,0000.27 miles EWest Chicago1505 Fieldcrest Drive

Assessor, MLSX

Assessor, MLSX

X

11/2010Assessor / MLSDeed. Foreclosure2/2010

11/2010Assessor / MLSForeclosure $335,00010/2009 4/2005

11/2010Assessor / MLS$388,5005/2007

11/2010Assessor / MLS$368,5003/2006

286,000


The subject was foreclosed on 2/2010, there were no sales or transfersof the the Comparables within the time limits outlined above.

November 5, 2010286,000


X

The sales comparison approach best reflects the actions of the typical buyer. The cost approach was not considered to be a reliableindicator of value and was not used. The income approach was considered but not used due to limited market data.

N/D70,000286,000

Tom Rosinsky Appraisal




A D D I T I O N A L C O M M E N T S

COST APPROACH TO VALUE (not requi red by Fann ie 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)

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)

Estimated Remaining Economic Life (HUD and VA only) Years

OPINION OF SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

Dwelling Sq. Ft. @ $ . . . . . . . . . . . . = $Sq. Ft. @ $ . . . . . . . . . . . . = $

Garage/Carport Sq. Ft. @ $ . . . . . . . . . . . . = $Total Estimate of Cost-New . . . . . . . . . . . . = $Less Physical Functional ExternalDepreciation = $ ( )Deprec iated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $"As-is" Value of Si te Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

INDICATED VALUE BY COST APPROACH. . . . . . . . . . . . . . . . . . . . . . = $

C O S T A P P R O A

C H

INCOME APPROACH TO VALUE (not requi red by Fannie Mae)Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

Summary of Income Approach (including support for market rent and GRM) I N C O M E

PROJECT INFORMATION FOR PUDs (if appl icabl e)Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached AttachedProvide 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 projectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of an 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(s)Are the units, common elements, and recreation facil it ies 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.

P U D I N F O R M A T I O N


1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.

See attached addendum for additional comments and certification.

Subject has not been inspected by the appraiser in the past three years.

This appraisal was ordered in compliance with HVCC and mortgagee letter 2009-28.

The subject was inspected after the subject's county was designated as a flood disaster zone, however, there was no standing water or

any apparent, or obvious damage due to flooding that was observed by this appraiser. This viewing does not constitute a "homeinspection". This report Can Not be relied upon to disclose adverse conditions and/or defects in the subject property that are not readilyapparent (i.e., readily observable surface area conditions; no intrusive "inspection" is conducted). If the client requires a guarantee, orwarranty, regarding any component of the subject property, the appropriate expert should be employed.

The subjects estimated value exceeds the predominant value for the subjects market area due to the diverse nature of the subjectsneighborhood which includes older smaller homes and newer larger and higher quality homes.

70,000

00

7000420

0Bsmt: 91802,411

70,000

60 to 63

The cost approach was not considered to be a reliable indicator ofvalue, As a result the development of the cost approach wasfound to be inapplicable for this assignment and was not used inthis report. The land to value ratio is 24%, this is typical for thearea.

N/AN/A

The site value as vacant is based on market trendsand using the sales comparison approach.

Income approach is not considered a reliable indicator of value therefore it wasnot used in this report.

N/DN/DN/D




This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including aunit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unitin 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 ofassumptions 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 workto include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications ordeletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterationsto this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in anappraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement of assumptionsand limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of theinterior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from atleast 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 ofthis 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 marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price isnot affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing oftitle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informedor well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed forexposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangementscomparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creativefinancing 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 arenecessary 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 bemade to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not alreadyinvolved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of thefinancing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing orconcessions based on the appraiser's judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to thefollowing 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 titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser 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. Thesketch 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 (orother data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified SpecialFlood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding thisdetermination.

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 ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has noknowledge 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.) thatwould 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 ortesting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field ofenvironmental 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 satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will beperformed in a professional manner.


1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.




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 thisappraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition ofthe 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 Practicethat were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at thetime 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 comparisonapproach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisalassignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwiseindicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for saleof the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject propertyfor 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 thedate 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 homethat 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 subjectproperty 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 inthe 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 listingservices, 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 fromreliable 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, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I havenoted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject propertyor that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions inmy analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subjectproperty.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements 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 aresubject 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 prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis 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 oroccupants 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 conditionedon any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predeterminedspecific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or theattainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loanapplication).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied onsignificant real property appraisal assistance from any individual or individuals in the performance of this appraisal or thepreparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisalreport. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change toany 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 orderedand will receive this appraisal report.

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 marketparticipants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentalityof the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s orsupervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed ordistributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or othermedia).


1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.




22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain lawsand regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice thatpertain 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 anymortgage 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 aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper 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 criminalpenalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section1001, 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’sanalysis, 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 theappraisal 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 andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.

5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SignatureNameCompany NameCompany Address

Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #

or State License #or Other (describe) State #StateExpiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENTName

Company NameCompany Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

SignatureNameCompany NameCompany Address

Telephone NumberEmail AddressDate of SignatureState Certification #or State License #

StateExpiration Date of Certification or License

SUBJECT PROPERTYDid not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection


1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.

Chicago, IL 606133940 N. RavenswoodGuaranteed Rate

Jason Jesudoss

286,000

West Chicago, IL 60185-51411420 Prairie Crossing Drive

09/30/2011IL

556.003532November 5, 2010

November 8, [email protected]

630-377-8900East Dundee, IL 60118

1141 East Main Street, Suite 210Act Appraisal, Inc

Thomas P. Rosinsky

Tom Rosinsky Appraisal




FEATURE SUBJECT

AddressProximity to SubjectSale Price $Sale Price/Gross Liv. Area $ sq. ft.Data Source(s)

Verification Source(s)VALUE A DJUSTMENTS DESCRIPTIONSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeCondition

Above GradeTotal Bdrms. Baths




$$ sq. ft.


Total Bdrms. Baths

sq. ft.



$$ sq. ft.


Total Bdrms. Baths

sq. ft.



$$ sq. ft.


Total Bdrms. Baths

sq. ft.


ITEM SUBJECTDate of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)


Summary of Sales Comparison Approach

S A L E S C O M P A R I S O N A P P R O A

C H

Fannie Mae Form 1004 March 2005Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.


2,41125.002.148

Average Cond.14+/- YearsFrame /Avg2 StoriesAvg Resid. Prairie Path


98.71238,000


321,30014.9-5.5

18,700X

1 F/P4,000Patio


12,0001 RmFull

-6,7002,679-3,0002.149

-25,000Superior Cond.12 YearsFrame /Avg2 StoryAverage Resid.12920 Sq. Ft.Fee SimpleEqual Neigh.Clsd. 4/30/2010by SellerConv / 0 Points

9 Days on Market

MLS# 07469639 /Assessor126.91

340,0000.08 miles SEWest Chicago1378 Prairie Court

311,40012.1-9.7

33,600X

1 F/P4,000Deck

2 Car GarageAverageFWA C/AirEqual Utility3 Rm, 1 BathFull

-4,6002,594-3,0002.149

-25,000Superior Cond.11 Years

-5,000Brick,Frame/Avg2 StoryAverage Resid.10000 Sq. Ft.Fee SimpleEqual Neigh.Clsd. 6/4/2010By SellerConv / 0 Points

37 Days on Market

MLS# 07477576 /Assessor133.00

345,0000.05 miles EWest Chicago1401 Prairie Court

280,20026.2-4.7

13,800X

5,000None4,000Deck


15,000UnfinishedFull

7,6002,1082.148

-25,000Superior Cond.10 YearsFrame /Avg2 StoryAverage Resid.9000 Sq. Ft.Fee SimpleEqual Neigh.

-20,400Active ListingBy SellerConv / 0 Points

84 Days on Market

MLS#07607666 /Assessor139.47

294,0000.13 miles NWest Chicago1530 Prairie Crossing Drive


11/2010Assessor / MLSDeed1/2003

11/2010Assessor / MLS$460,0006/2007





FEATURE SUBJECT

AddressProximity to SubjectSale Price $Sale Price/Gross Liv. Area $ sq. ft.Data Source(s)

Verification Source(s)VALUE A DJUSTMENTS DESCRIPTIONSale or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeCondition

Above GradeTotal Bdrms. Baths




$$ sq. ft.


Total Bdrms. Baths

sq. ft.



$$ sq. ft.


Total Bdrms. Baths

sq. ft.



$$ sq. ft.


Total Bdrms. Baths

sq. ft.


ITEM SUBJECTDate of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)


Summary of Sales Comparison Approach

S A L E S C O M P A R I S O N A P P R O A

C H

Fannie Mae Form 1004 March 2005Freddie Mac Form 70 March 2005 Produced using ACI software, 800.234.8727 www.aciweb.com1004_05 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.


2,41125.002.148

Average Cond.14+/- YearsFrame /Avg2 StoriesAvg Resid. Prairie Path


98.71238,000


278,20026.2-10.2

31,700X

1 F/P4,000Deck


12,0001 RmFull

8,8002,0602.148

-25,000Superior Cond.13 YearsFrame /Avg2 StoriesAvg Resid

-10,00020625 Sq.Ft.Fee SimpleEqual Neigh.

-21,500Pending Saleby SellerConv / 0 Points

200 Days on Market

MLS# 07505677 / Assessor150.44

309,9000.21 miles NEWest Chicago585 Fieldcrest Drive

264,77525.5-11.7

35,225X

1 F/P-4,000Deck,Patio,Porch


15,000Unfinished5,000Partial

5752,388-3,000349 -3,000

-25,000Superior Cond.13 YearsFrame /Avg2 StoriesAvg Resid6413 Sq. Ft.Fee SimpleEqual Neigh.

-20,800Active Listingby SellerConv / 0 Points

56 Days on Market

MLS# 07630447 / Assessor125.63

300,0000.18 miles NWest Chicago1560 Prairie Crossing Drive


11/2010Assessor / MLS$213,00011/1998




ADDENDUMBorrower: Syed, Elleya File No.: 79091Property Address: 1420 Prairie Crossing Drive Case No.: FHA Case#137-6102575

City: West Chicago State: IL Zip: 60185-5141

Lender: Guaranteed Rate

Addendum Page 1 of 5

Analysis of the Sales ContractThe purchase Agreement is for $238,000 Dated 10/21/2010 and is subject to the seller's counter addendum that outlinesthe purchase price agreed to and states the ernest money of $3,000. The contract includes a lead paint, and molddisclosure and an addendum regarding property inspections which allows the buyer to have inspections on the property.The interested parties have signed the agreement.

Additional FeaturesThe Subject has an average efficiency heating system and windows. Exterior wall are Aluminum. Additional featuresinclude: basement bathroom, ceiling fans, central air, ceramic tile flooring, deck, 1 fireplace, garage, garage door opener,gutters, hardwood flooring, humidifier, water softener, master bath with double vanity and separate shower and whirlpooltub, enclosed porch with hot tub, six panel doors, vaulted ceilings, granite counter tops.

Condition of the PropertyThe subject is an average quality 4 bedroom 2 story. The interior decor has average appeal. The basement is 82%finished. The subject is in average condition, the roof appears to meet FHA minimum standards, the Water was not on atthe time of this appraisal and the pressure was not tested the water heater was not tested either. A head and shoulder

inspection of the attic and crawl space was performed and the appear to meet FHA minimum standards. The furnace wasoperating properly the central air was not tested due to cool weather. A representative number of electrical outlets weretested and all were operating properly. There is some minor peeling paint on the exterior window sill outside the familyroom. The windows on the first floor are painted shut and could not be opened, however there are doors that open to theexterior, there are at least one window per 2nd floor bedroom that opened however the remaining windows are painted shut.

Comments on Sales ComparisonComparable #3 is the most similar to the subject due to Room, bedroom and bathroom count and proximity. Comparable' s#1, #2, #4, #5, #6, #7, and #8 add meaningful support due to the following similarities, comparable #1's bathroom countand appeal. Comparable #2's room, bedroom and bathroom count, Comparable #4's and #5's bedroom and bathroomcount and proximity, and comparable #6 and #7's room, bedroom and bathroom count and proximity, cnd #8's bedroomand proximity.Due to these similarities, weight was given to all comparables and a blending of the adjusted sales price was warranted todetermine market value. Gross living area adjustments were made using $25 per square foot. Total room countadjustments are based on $3,000 per room. Bathroom adjustments are based on $6,000 per bath and $3,000 per half bath.Comparable #1 was given an inferior view adjustment for backing to high voltage transmission lines.Comparable #1, #3 and #5 were given superior quality adjustments for being of brick and frame construction and not allframe like the subject.Comparable #2 and #7 were given a superior site adjustments for having a larger lots, these adjustments are based on theexcess lands contribution to value and not on a per square foot basis.Comparable #3, #4, #5, #6, #7 and #8 were given superior condition adjustments for not being sold in "as is" condition.Comparable #6, #7 and #8 was given a date of sale adjustment for being an active listing and not a closed sale, thisadjustment is based on the list price to sales price ratio for the subjects market area.No adjustment for prairie path view was deemed necessary.It was necessary to exceed the Gross adjustment in order to provide meaningful market data and make the requiredadjustments.All other adjustments should be self explanatory.

Conditions of AppraisalThis appraisal is being made "as is"excluding personal property and the value found is contingent uponinformation,furnished by others, being correct. No liability is assumed for the structural or mechanical elements of theproperty.

Extra Comments

SUBJECT PROPERTY IDENTIFICATION:The exterior and interior observation assumes structural integrity of the subject, but it must be noted that the appraiser isnot a qualified inspector with regard to determining any structural or integral problems. The reader/user is expected to havequalified inspections take place if there arises any areas of concerns. Therefore, the lender/client, intended user and anyreader of this report SHOULD KEEP THE RELIABILITY OF THIS REPORT TO AN ABSOLUTE MINIMUM! If thelender/client, intended user or any reader desires additional information regarding structural, environmental or possiblecode violations of the subject, it is strongly recommended that they retain the services of qualified persons.The viewing of the subject property by this appraiser and the subsequent grading of the amenities and the structure, DOESNOT constitute a "home inspection" as the term is understood being developed and communicated by an individualidentified as a "home inspector". This report CAN NOT be relied upon to disclose adverse conditions and/or defects in thesubject property that are not readily apparent (surface area conditions only, no intrusive means of inspection is performed)This appraisal is NOT INTENDED for use by the borrower or others in place of a "Home Inspection". It the client requires aguarantee, or warranty, regarding any component of the subject property, the appropriate expert should be employed. Thisappraiser reserves the right to revise the value estimate(s) reported herein should additional information regarding anystructural or integral areas become available.

The appraiser also assumes that there are no structural defects hidden by floor or wall coverings or any other hidden orunapparent conditions of the property; that all mechanical equipment and appliances are in good working order, and that allelectrical components and the roofing are in average to good condition, unless otherwise stated in this report. It is theclient's responsibility to order appropriate inspections by qualified experts as the appraiser is not an expert in these







specialized fields. The appraiser assumes no responsibility for these items.

HIGHEST AND BEST USE COMMENTThe analysis of the subject highest and best use was based on the site being legally permissible, financially feasible,physically possible and maximally productive for the current use. The data in this report has been completed by theappraiser from research of the following sources:1. The subject property to identify property dimensions, nature of construction, physical condition and any physical,functional or external factors.2. Research of municipal offices and registry of deeds to identify assessments, transfer activity, site parameters and otherpertinent market value factors.3. Contact with appropriate real estate brokers, developers, managers, appraisers and/or other knowledgeable sources toidentify market data. This includes active listings, pending sales, closed comparable sales, vacancy rates, depreciationrates, operating costs, development, costs and trends that would have an impact or influence the market ability of thesubject property.In conclusion, the subject's current use as improved enjoys the Highest and Best Use as stated. The current use is thehighest net return to the land, economically viable and feasible, legally permissible and physically possible. Therepresentation of the market's reaction to the physical, functional and external condition of the residence currently existing

on the site is the effective age and it is less than the actual age. Surrounding land use conforms to the use of the subjectas improved.

SITE COMMENTSWhile no readily apparent adverse site conditions or external factors were noted, many site-related issues are beyond thescope of this assignment. Statements regarding zoning compliance are intended only in the most general sense. Zoningand building ordinances vary significantly from one municipality to another and can be extremely detailed. The scope ofthis assignment does not include a comparison of every potentially significant characteristic of the subject property's siteand improvements relative to zoning and building ordinances. Unless otherwise noted, standard utility and right-of-wayeasements are insignificant to value. However, a current locational or boundary survey, which was unavailable to theappraiser, may reveal encroachments, easements, zoning violations or other matters of interest that could warrantmodification of the appraised value.

SOURCES OF INFORMATION:The appraisal based on the information gathered from public records: Viewing of the subject property, neighborhood andcomparable properties: and other sources specifically identified in this report. When conflicting information has beendiscovered, the sources deemed most reliable has been used.

COMPARABLE SALES DATES OVER SIX MONTHS OLD:It was necessary to exceed the desired six months time due to the lack of sales of comparable properties in close proximityto the subject. Due to similar market conditions, no time adjustment was deemed necessary.

DISTANCE FROM SUBJECT BEYOND ONE MILE:In this appraisal this guideline was met.

LINE ADJUSTMENT ABOVE 10%, GROSS ADJUSTMENT ABOVE 25%, NET ADJUSTMENT ABOVE 15%:

It was necessary to exceed the Gross adjustment guideline in order to provide meaningful market data and make theappropriate adjustments.

IMPACTING PAID POINTS:There were no impacting seller paid points.

TRANSMITTAL LETTER AND FIRREA CHECKLIST:The subject was appraised on November 5, 2010. The estimated market value as of November 5, 2010 (effective date), is$286,000.

The property was appraised by Thomas P. Rosinsky, Appraiser.

I certify that, to the best of my knowledge and belief, the report analysis, opinions, and conclusions were developed, andthis report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the UniformStandards of Professional Appraisal Practice.

This appraisal report is a "Summary Appraisal Report" as defined by the revised Uniform Standards of ProfessionalAppraisal Practice effective January 1, 2010.

No responsibility has been assumed for matters which are legal in nature, nor has any opinion on them been rendered,other than assuming marketable title. Liens and encumbrances, if any, have been disregarded and the property wasappraised as though free of indebtedness.

CONDITIONS OF APPRAISALThis is a summary report of a complete appraisal per Standards 2-2B of the Uniform Standards of Professional AppraisalPractice of the Appraisal Foundation (USPAP). Personal property items are not included in our market value estimate. Theappraiser's scope of work: In order to make a determination as to the reasonableness of the appraised value, the appraiserhas, at a minimum, inspected and identified the subject property and analyzed the comparable sales described in the







appraisal report, inspected the neighborhood in which the subject is located, researched the physical and economic factorsthat affect the subject property; verified the data in the appraisal report using all reliable sources, and presented data thathas been researched and analyzed to produce a credible opinion of value in accordance with the applicable section ofSection1 of USPAP. This report is intended for the sole use of the lender/client noted in our report. Use of this report byothers is not intended by the appraiser. This report is intended only for use in estimating market value. This report is notintended for any other use. Password protected digital signatures have been imbedded in the appraisal report. Thesesignatures are to be considered original.

COMMENTS ON CLOSED SALES AND ACTIVE LISTINGSMany active listings and sales were considered in this report. The appraiser's experience and previous appraisal work inthe local market are a consideration in the market value estimate. A quantitative number of listings and sales have beenestimated from the working history. The comparable sales utilized in the report were considered the most similar to thesubject.

PRECEDENCE OF COMMENTS AND CONDITIONSThis report contains comments, conditions and/or certifications added by the signing appraiser, including but not limited tothe supplemental addendum. These items shall supersede and take precedence over all other language, requirements orconditions contained in any preprinted and/or third party forms or documents included herein, or incorporated by referenceinto this appraisal report.

Please feel free to call us if you have a question.

1. This report is intended for use only by HUD and the lender/client stated for the intended use of supportingunderwriting requirements for the FHA-insured mortgage only and is not intended for the use by any other partyfor any other purpose. Use of this report by others is not intended by the appraiser. Other parties cited in thecertification of this report who choose to rely on this appraisal may only do so within the reported scope of workagreed upon between the client and the appraiser, for the intended use stated herein. Questions concerningHUD Guidelines, repairs, appraisals, ect. please contact the U> S. Department of Housing and UrbanDevelopment.

2. The reasonable marketing period for the subject property is 90 to 120 days.

3. According to the county and the homeowner, the subject property has not been listed or transferred in the past 3 years.

All prior sales which have occurred in the past 3 years are listed below:

Date:2/2010 - deed foreclosure

The subject has been transferred in the past 3 years. It is currently under contract for $238,000. If concessions orincentives exist on the comparable sales, appropriate adjustments were made. The final value conclusion is in compliancewith the market value defined herein.

4. The subject property was appraised on November 5, 2010. The report was prepared on November 8, 2010. Theeffective date of the appraisal is November 5, 2010.

5. The subject is an existing Structure. This appraisal is made "as is".

6. Personal property was not included in the appraised value.

7. We have considered all three approaches to value. The Income approach and the cost approach are not considered tobe reliable indicators of value. As a result, it has not been included in the written report.

8. The subject is a single family residential property, It is not currently rented. Revenues, expenses, and/or vacancies donot apply.

9. The photos included in this appraisal are digital/electronic, they have not been enlarged, enhanced, of altered in anyway.Digital photographs for comparable sales may have been taken from the MRED system if absolutely necessary. Thissource is deemed reliable in cases where the neighborhood activity prevents the appraiser from taking a photograph of thecomparable(s), then the photo will be taken from the MLS or from public records.

10. This appraisal, if transmitted by electronic means, meets applicable USPAP reporting requirements as adopted by theAppraisal Standards Board using computer software which identifies any transmission errors during the transmissionprocess, confirms date, time and quantity of data transmitted/received, and protects signature integrity (only theappraiser(s) maintained control of the signature by means of passwords and/or hardware devices). Electronically affixing asignature to a report carries the same level of authenticity and responsibility as an ink signature on the paper copy report (apaper copy report transmitted by facsimile with a hand written mark for the signature does not constitute electronictransmission).Appraiser certifies that this appraisal includes an electronic/digital signature that is maintained and controlled by theappraiser.

11. Confidentiality and Security Policy - in compliance with the Gramm-Leach-Bliley Act.

We consider privacy to be fundamental to our relationship with clients. We are committed to maintaining theconfidentiality, integrity and security of clients' personal information. Internal policies have been developed to protect this







confidentiality, while allowing client needs to be served.

We restrict access to personal information to authorized individuals who need to know this information to provide serviceand products for you. We maintain physical, electronic, and procedural safeguards that comply with federal standards toprotect your nonpublic personal information. We do not disclose this information about you or any former consumers orcustomers to anyone, except as permitted by law.

Valuation Condition Commentary:

The subject's lot did not appear to have any conditions that would affect the health, safety or welfare of the residents. Thesubject is in average condition, the roof appears to meet FHA minimum standards, the Water was not on at the time of thisappraisal and the pressure was not tested the water heater was not tested either. A head and shoulder inspection of theattic and crawl space was performed and the appear to meet FHA minimum standards. The furnace was operating properlythe central air was not tested due to cool weather. A representative number of electrical outlets were tested and operatedproperly. There is some minor peeling paint on the exterior window sill outside the family room. The windows on the first

floor are painted shut and could not be opened, however there are doors that open to the exterior, there are at least onewindow per 2nd floor bedroom that opened however the remaining windows are painted shut.The subject has city water and sewer.

The subject property meets HUD minimum property standards as set forth in handbook 4150.2 and meets local buildingcode requirements. See attached building sketch. Remaining economic life is 60 to 63 +/- years.

The subject's monthly taxes are $694.50 per month: Insurance is estimated to be $45 per month. The use of this appraisalreport is for FHA mortgage of the subject property and done per the clients request.







Thomas P. RosinskyCertified Residential Real Estate AppraiserLicense NO. 556.003532PO Box 87312Carol Stream, IL 60188Phone: (630) 205-2928E-mail: [email protected]

E & O Insurance

Provided through General Star, Policy# NJA988315E, Limit $1,000,000 per claim, ExpirationDate: 11/24/2010

License:



Market Conditions Addendum to the Appraisal Report File No.

The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a requaddendum for all appraisal reports with an effective date on or after April 1, 2009.Property Address City State Zip CodeBorrowerInstructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends aoverall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must panalysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be abl

provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of tmedian, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the critethat would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.Inventory AnalysisTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Comparable Active ListingsMonths of Housing Supply (Total Listings/Ab.Rate)Median Sale & List Price, DOM, Sale/List %Median Comparable Sale PriceMedian Comparable Sales Days on MarketMedian Comparable List PriceMedian Comparable Listings Days on MarketMedian Sale Price as % of List PriceSeller-(developer, builder, etc.)paid financial assistance prevalent?

IncreasingIncreasingDecliningDeclining

IncreasingDecliningIncreasingDecliningIncreasingDeclining

StableStableStableStable

StableStableStableStableStableStable

DecliningDecliningIncreasingIncreasing

DecliningIncreasingDecliningIncreasingDecliningIncreasingYes No

Prior 7–12 Months

Prior 7–12 Months

Prior 4–6 Months

Prior 4–6 Months

Current – 3 Months

Current – 3 Months

Overall Trend

Overall Trend

Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, e

Are foreclosure sales (REO sales) a factor in the market? Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).

Cite data sources for above information.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analyspending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

M A R K E T R E S E A R C H & A N A L Y S I S

If the subject is a unit in a condominium or cooperative project , complete the following: Project Name:Subject Project DataTotal # of Comparable Sales (Settled)Absorption Rate (Total Sales/Months)Total # of Active Comparable ListingsMonths of Unit Supply (Total Listings/Ab. Rate)

IncreasingIncreasingDecliningDeclining

StableStableStableStable

DecliningDecliningIncreasingIncreasing

Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend

Are foreclosure sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properti

Summarize the above trends and address the impact on the subject unit and project. C O N

D O

/ C O - O

P P R O J E C T S

APPRAISER

SignatureName


State License/Certification # StateEmail Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

SignatureName


State License/Certification # StateEmail Address

A P P R A I S E R

Page 1 of 1Freddie Mac Form 71 March 2009 Fannie Mae Form 1004MC March 2009Produced using ACI software, 800.234.8727 www.aciweb.com

1004MC_2009 090909

79091FHA Case#137-6102575

ACT Appraisal, Inc.

Syed, Elleya60185-5141ILWest Chicago1420 Prairie Crossing Drive

XX X

XX

XX

XXX

X

93.07%

248319,900

354334,000

20.0040

2.006

94.90%

192339,900

123345,000

11.4442

3.6711

95.15%

203349,450

164295,000

15.6039

2.5015

Residential market is average with over supply. Property values have decreased in the past and have recently stabilized. The subjectsmarket is affected by seasonal fluctuation.This information is contingent upon information taken from the MRED multiple listing system being correct.

MRED MLS and neighborhood observation.

Foreclosure and short sales are a factor in the subjects market area consisting of 29% of the prior 12 months sales and 35% of thecurrent active and pending listings.

X

Seller concession have not significantly changed in the subjects market area in the past 12 months.

[email protected]

East Dundee, IL 601181141 East Main Street, Suite 210Act Appraisal, Inc

Thomas P. Rosinsky



SUBJECT PROPERTY PHOTO ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

FRONT VIEW OF

SUBJECT PROPERTYAppraised Date:Appraised Value: $

REAR VIEW OFSUBJECT PROPERTY

STREET SCENE

Guaranteed Rate60185-5141ILWest Chicago

FHA Case#137-61025751420 Prairie Crossing Drive79091Syed, Elleya

286,000November 5, 2010



COMPARABLE PROPERTY PHOTO ADDENDUMBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

COMPARABLE SALE #1

Sale Date:Sale Price: $

COMPARABLE SALE #2


COMPARABLE SALE #3




235,000Clsd. 5/16/2010

West Chicago221 Marcella Lane

252,000Clsd. 6/29/2010

West Chicago130 Hill Court

330,000Clsd. 5/14/2010

West Chicago1505 Fieldcrest Drive




COMPARABLE SALE #4


COMPARABLE SALE #5


COMPARABLE SALE #6




340,000Clsd. 4/30/2010

West Chicago1378 Prairie Court

345,000Clsd. 6/4/2010

West Chicago1401 Prairie Court

294,000Active Listing





COMPARABLE SALE #7


COMPARABLE SALE #8


COMPARABLE SALE #9




309,900Pending Sale

West Chicago585 Fieldcrest Drive

300,000Active Listing




FLOORPLANBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:Guaranteed Rate

60185-5141ILWest ChicagoFHA Case#137-61025751420 Prairie Crossing Drive79091Syed, Elleya

Comments:

AREA CALCULATIONS SUMMARYCode Description Size Net Totals

GLA1 First Floor 1162.00

GLA2

1162.00

Second Floor 1249.00

P/P

1249.00

Porch 200.00GAR

200.00Garage 420.00 420.00

TOTAL LIVABLE (rounded) 2411

Breakdown SubtotalsLIVING AREA BREAKDOWN

First Floor

1.0 x 10.0 10.00

12.0 x 31.0 372.0018.0 x 29.0 522.00

9.0 x 26.0 234.00

2.0 x 12.0 24.00

Second Floor

7.0 x 20.0 140.007.0 x 17.0 119.00

30.0 x 33.0 990.00

8 Calculations Total (rounded) 2411

SketchbyApexIV™

12.0'

2 . 0

'

6.0' 2 . 0

'

12.0'

3 1

. 0 '

4.0'

9 . 0

'

13.0' 1

. 0 ' 10.0' 1

. 0 ' 3.0'

4 0

. 0 '

20.0'

2 1

. 0 '

20.0'

1 0

. 0 '

20.0'

1 0

. 0 '

30.0'

1 3

. 0 '

20.0'

7 . 0

'

3.0'

7 . 0

'

17.0'

6 . 0

'

30.0'

3 3

. 0 '

Bedroom

Bedroom

Bedroom

Bedroom

Bath

Bath

Master

Master

Closet

Closet

Closet

1/2 Bath

Living Room

Family Room

Foyer

FP

Garage

Kitchen

Dining Room

Pantry

Eating Area

Screened Porch



Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:

Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 10182010



Street North Aspect

Left Side of Subject

Right Side Of Subject







Hot Tub

Peeling paint on FR Window

Living Room







Dining Room

1/2 Bath

Family Room







Kitchen

Family Room Fireplace

Master Bath







Master Bathroom

Hall Bathroom

Hall Bathroom







Attic

Crawl

Basement Bathroom



LOCATION MAPBorrower: File No.:Property Address: Case No.:City: State: Zip:Lender:Guaranteed Rate




Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:Guaranteed Rate


syed appraisal

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