ADDENDUM Borrower: RICHARD S KIRBY Property Address: 9081 S Hill Rd City: Boston Lender: COMMUNITY BANK, N.A.
State: NY
File No.: 3861842223 Case No.: 18-305 Zip: 14025-9788
Neighborhood Description THE SUBJECT IS LOCATED IN THE TOWN OF COLDEN, A RURAL MARKET SOUTH-EAST OF THE CITY OF BUFFALO AND IN CLOSE PROXIMITY TO THE VILLAGES OF EAST AURORA, SPRINGVILLE AND EMPLOYMENT CENTERS, PUBLIC TRANSPORTATION, AND EXPRESSWAY ROUTES. THERE ARE NO FACTORS THAT WILL NEGATIVELY AFFECT THE MARKETABILITY OF THE SUBJECT PROPERTY. Neighborhood Market Conditions BNARMLS AND ASSESSMENT RECORDS INDICATE STABLE PROPERTY VALUES, IN THE SHORT TERM, WITHIN THE SUBJECT'S EFFECTIVE MARKET. THE GENERAL PRICE TREND HAS BEEN INCREASING IN RECENT YEARS, AS INTEREST RATES REMAIN LOW AND THERE IS STRONG DEMAND. GENERALLY, EXPOSURE & MARKETING TIME ARE CONSISTENT WITH OTHER SIMILAR, COMPETING MARKETS. THIS TREND IS EXPECTED TO CONTINUE AS CONVENTIONAL FINANCING IS READILY AVAILABLE AT RATES WHICH PURCHASERS CONSIDER ATTRACTIVE. Physical Deficiencies or Adverse Conditions THE APPRAISER CONDUCTS A VISUAL OBSERVATION OF ACCESSIBLE AREAS, IN AND ON THE SUBJECT PROPERTY, WHICH MAY BE LIMITED BY LIGHTING, LANDSCAPE, FURNITURE, PERSONAL PROPERTY AND PREVAILING WEATHER CONDITIONS. THE APPRAISER OBSERVED NO ADVERSE DEFICIENCIES WHICH MAY AFFECT THE SUBJECT PROPERTY. AN APPRAISAL IS NOT A HOME INSPECTION AND SHOULD NOT BE RELIED UPON TO DISCOVER ANY DEFECTIVE CONDITIONS. THE APPRAISER MAKES THE ASSUMPTION, UNLESS OTHERWISE STATED, THAT ALL IMPROVEMENTS ON THE SUBJECT PROPERTY WERE CONSTRUCTED IN ACCORDANCE WITH LOCAL AND STATE BUILDING CODES, AT THE TIME OF CONSTRUCTION, AND WITH ALL REQUIRED BUILDING PERMITS AND INSPECTIONS, AT THE TIME OF CONSTRUCTION. Comments on Sales Comparison THE APPRAISER NOTES ALL DISTANCES FROM THE SUBJECT TO THE COMPARABLES WERE OBTAINED FROM ACI WEB MAPS. THE APPRAISER BELIEVES ALL INFORMATION OBTAINED FROM ACI WEB MAPS IS RELIABLE. THE SELECTED COMPARABLE SALES ARE LOCATED IN THE SUBJECT'S EFFECTIVE MARKET AREA AND WOULD BE DEEMED SIMILAR TO AND COMPETING WITH THE SUBJECT BY A TYPICAL PURCHASER. THE APPRAISER'S SEARCH CRITERIA CONSISTED OF SIMILAR, Q3 QUALITY, LOG HOMES AS WELL AS OTHER COMPETING STYLE HOMES, SUCH AS COTTAGES, A-FRAMES, ETC., LOCATED OUTSIDE OF SUBDIVISIONS AND IN LESS DEVELOPED PORTIONS OF THE SUBJECT MARKET. THE APPRAISER SEARCHED FOR COMPARABLES IN THE TOWNS OF AURORA, BOSTON, COLDEN, CONCORD, HOLLAND, WALES AND EDEN, ALL OF WHICH ARE LOCATED IN THE EASTERN AND SOUTH-EASTERN PORTIONS OF ERIE COUNTY, IN AN AREA WHICH WOULD BE DEEMED SIMILAR TO AND COMPETING WITH THE SUBJECT'S LOCATION BY TYPICAL PURCHASERS IN THE MARKET. DUE TO THE LESS DEVELOPED NATURE OF THE SUBJECT MARKET AND THE LIMITED VOLUME OF SIMILAR COMPARABLES, IT WAS NECESSARY TO USE COMPARABLES OVER ONE MILE FROM THE SUBJECT. EXCEPT FOR TRAFFIC VOLUME, THERE ARE NO MARKETABILITY DIFFERENCES AMONG THE LOCATIONS OF THE SUBJECT AND COMPARABLES. DUE TO THE LESS DEVELOPED NATURE OF THE SUBJECT MARKET AND THE LIMITED VOLUME OF SIMILAR COMPARABLES, IT WAS NECESSARY TO USE COMPARABLES OVER SIX MONTHS OLD. THE SUBJECT MARKET IS STABLE, THEREFORE, NO TIME ADJUSTMENT IS WARRANTED. DUE TO THE LIMITED NUMBER OF SIMILAR COMPARABLES, GIVEN THE RURAL NATURE OF THE SUBJECT'S MARKET AND OVERALL DIFFERENCES IN AMENITIES, THE LOW TO HIGH PRICE VARIANCE EXCEEDS 20%. A SITE ADJUSTMENT OF $1600 PER ACRE WAS USED FOR THE CONTRIBUTORY VALUE OF EXCESS ACREAGE, UP TO 10 ACRES AND $700 FOR OVER 10 ACRES, IF NECESSARY. THIS FIGURE IS DERIVED FROM THE APPRAISER'S ANALYSIS OF SIMILAR LAND SALES IN SIMILAR LOCATIONS. THE DIFFERENCE IS DUE TO THE PRINCIPLE OF DIMINISHING RETURNS. THERE ARE NO SIMILAR COMPARABLES TO BRACKET THE SUBJECT'S SITE AREA. ANY ADJUSTMENT FOR DIFFERENCES IN BEDROOM COUNT ARE INCORPORATED INTO THE LIVING AREA ADJUSTMENT. THERE ARE NO SIMILAR, ONE BEDROOM COMPARABLES. FOR THE COMPARABLES OBSCURED BY HEAVILY WOODED AREAS AND/OR WHICH CANNOT BE SEEN FROM THE ROAD, THE MLS PHOTOS ARE INCLUDED IN THE ADDENDUM. THE EFFECTIVE AGES OF THE SUBJECT AND COMPARABLES IS SIMILAR, THEREFORE, NO AGE ADJUSTMENT IS WARRANTED. THERE WERE NO SIMILAR COMPARABLES TO BRACKET THE SUBJECT'S AGE. FULL CONSIDERATION WAS GIVEN TO EACH OF THE SELECTED COMPARABLES. GREATER WEIGHT WAS GIVEN TO COMPARABLES #1, #2 AND #3, AS THEY ARE ALL MORE SIMILAR TO THE SUBJECT. FURTHER, DUE TO THE SUBJECT'S ONE BEDROOM COUNT, GREATER WEIGHT WAS PLACED ON THE LOWER END OF THE ADJUSTED PRICE RANGE. Final Reconciliation THE SALES COMPARISON APPROACH IS GIVEN THE MOST WEIGHT AS IT IS THE MOST RELIABLE INDICATOR OF MARKET VALUE. THE COST APPROACH IS GIVEN LITTLE WEIGHT DUE TO THE AGE OF THE SUBJECT PROPERTY. THE INCOME APPROACH WAS CONSIDERED BUT NOT DEVELOPED DUE TO THE LIMITED AVAILABILITY AND VARIED NATURE OF RENTAL DATA IN THE SUBJECT MARKET.
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