2055 sample

APPRAISAL OF REAL PROPERTY

LOCATED AT 2055 Sample for Website Smyrna, DE 19977 Cottage Dale Acres Sec 2 Lot 62

FOR Sample Lender 555 Banking Blvd Dover, DE 19901

OPINION OF VALUE 310,000

AS OF 04/13/2017

BY Scott Z Brown S Brown & Company

302-672-0694 szbrownappraisals@hotmail.com

Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

USPAP ADDENDUM Borrower

Property Address

City

Lender

Your Client 2055 Sample for Website Smyrna Sample Lender

County

File No.

State

Kent

12345 24681357

DE

Zip Code

19977

This report was prepared under the following USPAP reporting option: Appraisal Report

This report was prepared in accordance with USPAP Standards Rule 2-2(a).

Restricted Appraisal Report

This report was prepared in accordance with USPAP Standards Rule 2-2(b).

Reasonable Exposure Time My opinion of a reasonable exposure time for the subject property at the market value stated in this report is:

Additional Certifications I certify that, to the best of my knowledge and belief: I have NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below.

- 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.

- Unless otherwise indicated, 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 that were in effect at the time this report was prepared.

- Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.

- Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).

Additional Comments

APPRAISER:

SUPERVISORY APPRAISER: (only if required)

Signature:

Signature:

Name:

Scott Z Brown Date Signed: 04/21/2017 State Certification #: X2-0000331

Name:

or State License #:

or State License #:

State:

Date Signed:

State Certification #:

State:

DE

Expiration Date of Certification or License:

Effective Date of Appraisal:

04/13/2017

10/31/2017

Expiration Date of Certification or License:

Supervisory Appraiser Inspection of Subject Property: Did Not

Exterior-only from Street

Form ID14AP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Interior and Exterior

Scott Brown (302) 943-1621

Exterior-Only Inspection Residential Appraisal Report The

purpose

of

this

summary

appraisal

report

is

to

provide

the

lender/client

with

an

accurate,

SUBJECT

Property Address

Owner

Tenant

Property Rights Appraised

Assignment Type

Tax Year

opinion

of

the

Special Assessments $

12345 24681357

market State

County

value

PUD

0

HOA $

the

subject

property.

19977

1,828 0402.02

Census Tract

A La Mode

of

Zip Code

DE Kent

R.E. Taxes $

2016

Map Reference

Leasehold

Purchase Transaction

Lender/Client

supported,

Smyrna Your Client

Owner of Public Record

Vacant

Fee Simple

adequately

City

2055 Sample for Website Borrower Your Client Legal Description Cottage Dale Acres Sec 2 Lot 62 Assessor's Parcel # 1-17-01905-02-0700-00001 Neighborhood Name Cottage Dale Acres Occupant

and

File #

per year

0

per month

Other (describe)

Refinance Transaction

Other (describe)

Address

Sample Lender

555 Banking Blvd, Dover, DE 19901

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?

Report data source(s) used, offering price(s), and date(s).

Yes

No

Trend MLS and public records show no current or prior listings of the subject for the previous

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

CONTRACT

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

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

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

Rapid

Stable

Slow

Marketing Time

Zoning Compliance

Under 3 mths

Area

100.00 x 128.58 R1

Specific Zoning Classification

Legal Nonconforming (Grandfathered Use)

Utilities

Public

Public

Yes

Yes

No

Yes

No

Appraisal Files

MLS

Other (describe)

Type Existing Year Built

Effective Age (Yrs) Appliances Finished area

Att.

Concrete Slab

S-Det./End Unit

Proposed

Design (Style)

Yes

Assessment and Tax Records

General Description

One with Accessory Unit

1 Det.

FEMA Map Date

05/05/2003

No

Prior Inspection

If Yes, describe

Property Owner

Data Source for Gross Living Area

General Description # of Stories

Private

If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?

One

If No, describe Public

Asphalt Alley None 10001C0061H

FEMA Map #

X

Are the utilities and off-site improvements typical for the market area?

Units

No

Street

FEMA Flood Zone

Source(s) Used for Physical Characteristics of Property

%

B;Wtr;

Off-site Improvements - Type

Other (describe)

Sanitary Sewer

FEMA Special Flood Hazard Area

%

Illegal (describe)

Water

Gas

%

Residential

No Zoning

Other (describe)

Electricity

View

Rectangular

% %

Over 6 mths

Shape

12632 sf

Zoning Description

Legal

3-6 mths

Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?

SITE

75

Multi-Family Low 150 0 Neighborhood Boundaries High W Commerce St North, Hwy 13 East, Lake Como South, and Carter Rd West.

500 100 Commercial 10 Other 230 Pred.

60 15 Neighborhood Description The subject is located in a suburban residential neighborhood known as Cottage Dale Acres which is a community developed around the northern side of Lake Como in Smyrna. The area is well maintained and includes various style older homes in close proximity to area amenities, conveniences and employment. No adverse conditions are noted.

Market Conditions (including support for the above conclusions) Subject's market is considered to be overall stable. Estimated market time is 3-6 months with supply currently equaling demand. All cash, FHA and new construction financing are prevalent. No adverse conditions noted.

Growth

Dimensions

IMPROVEMENTS

Present Land Use %

One-Unit Housing

One-Unit Housing Trends

Neighborhood Characteristics Location

Under Const.

Refrigerator

Finished

Radiant

Partial Basement

Finished

Other

Exterior Walls Gutters & Downspouts Window Type

Range/Oven

above grade contains:

Additional features (special energy efficient items, etc.)

Dishwasher

7

FWA

1,740

Full Basement

Roof Surface

Ranch 1976 5

Heating/Cooling

Crawl Space

Rooms

HWBB

Fuel VINYL/BRICK/C3 Oil Central Air Conditioning ASPHALT SHNG/C2 Individual ALUM/C3 Other VINYL/C2 Disposal

2

Microwave Bedrooms

Washer/Dryer

2.0

Bath(s)

Amenities

Car Storage

Fireplace(s) #

1 Woodstove(s) # 0 Patio/Deck Deck Porch Covered Pool None Fence None Other None

None Driveway

# of Cars

Carport

2 Asphalt # of Cars 2 # of Cars 0

Attached

Detached

Driveway Surface Garage

Built-in

Other (describe)

1,776

Square Feet of Gross Living Area Above Grade

None

Describe the condition of the property and data source(s) (including apparent needed repairs, deterioration, renovations, remodeling, etc.).

C2;The subject is very well

maintained and shows little wear and tear for it's age both on the interior and exterior and rated a C2 condition.

Are there any apparent 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 2055 March 2005

UAD Version 9/2011

Yes

Page 1 of 6

Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

No

If No, describe.

Fannie Mae Form 2055 March 2005

Exterior-Only Inspection Residential Appraisal Report There are

10 19

There are

comparable

properties

comparable

sales

FEATURE Address

currently

in

the

offered

subject

$

Sale Price/Gross Liv. Area

$

DESCRIPTION

DESCRIPTION

Sales or Financing Date of Sale/Time

B;WtrFr; Fee Simple 12632 sf B;Wtr; DT1;Ranch Q3 41 C2

Design (Style) Quality of Construction Actual Age Condition Above Grade

Total

Room Count

7

Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck

Fireplace Outbuidings Kitchens and Baths

Bdrms.

Baths

Total

Net Adjustment (Total)

Bdrms.

in

price

sale

from

price

$

to $

179,900 175,000

from

$

to $

COMPARABLE SALE # 2

.

339,000 345,000

.

COMPARABLE SALE # 3

399 Lake Dr Smyrna, DE 19977 0.02 miles NW

Net Adj.

of Comparables

Gross Adj.

DESCRIPTION

+25,000 -1,313 +15,000

0 +10,000

-

Total

Bdrms.

$

DESCRIPTION

0 0 0 +10,000

+(-) $ Adjustment

ArmLth VA;0 s03/17;c02/17 B;WtrFr; Fee Simple 25786 sf B;Wtr; 1;Ranch Q3 49 C3

Baths

Total

-7,500 8 1 1.1 +9,450 1,753 sq.ft.

0 1120sf1120sfin -5,000 1rr2br1.0ba1o Average FWA/CAC None 2ga2dw +2,500 Deck/Patio 2 FP None +25,000 MODERN + 73,137 Net Adj. 4.5 % 308,137 Gross Adj. 16.4 %

$

31.1 % 42.9 %

+(-) $ Adjustment

ArmLth Conv;0 s07/16; B;WtrFr; Fee Simple 12936 sf B;Wtr; 2;Contemp.

Q3 13 C3

Baths

+

Adjusted Sale Price did

ranging

ranging in

+(-) $ Adjustment

2 2.0 7 3 2.1 1,776 sq.ft.

1,506 sq.ft.

1740sf0sfin 1506sf750sfin 1rr0br0.0ba0o Average Average FWA/CAC FWA/CAC None None 2ga2dw 2ga2dw Porch/PATIO Patio 1 FP 1 FP None None NW KIT/BTHS OLDER

Gross Living Area

months

89 S Shore Dr Dover, DE 19901 12.48 miles SE

ArmLth Conv;0 s05/16; B;WtrFr; Fee Simple 25761 sf N;Res; 1;Ranch Q3 54 C3

Concessions

View

neighborhood

twelve

$ $ $ 235,000 311,000 280,000 $ $ 156.04 sq.ft.

177.41 sq.ft.

186.67 sq.ft.

TrendMLS#6729374;DOM 74 TrendMLS#6789167;DOM 37 TrendMLS#6853695;DOM 158 Assessor Assessor Assessor

VALUE ADJUSTMENTS

Site

subject

past

sq.ft. $

Verification Source(s)

Leasehold/Fee Simple

the

350 Hamilton Way Smyrna, DE 19977 0.04 miles NE

Data Source(s)

Location

in

within the

COMPARABLE SALE # 1

2055 Sample for Website Smyrna, DE 19977

Sale Price

I

sale

SUBJECT

Proximity to Subject

SALES COMPARISON APPROACH

for

neighborhood

12345 24681357

File #

Bdrms.

-1,315

0 +10,000

Baths

+7,500 7 3 2.0 0 1,500 sq.ft.

0 1500sf750sfin -15,000 1rr1br0.0ba0o Average FWA/CAC None 2ga2dw 0 Porch/PATIO -3,500 1 FP None +15,000 OLDER + 14,000 Net Adj. 11.9 % 325,000 Gross Adj. 20.0 %

$ $

-5,000 +9,660 0 -5,000

$

+25,000 33,345

$

313,345

did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research

did

Data Source(s)

MLS/PUBLIC RECORDS

did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

My research

did

Data Source(s)

MLS/PUBLIC RECORDS

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.

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/Transfer

COMPARABLE SALE #1

COMPARABLE SALE #2

COMPARABLE SALE #3

07/05/2016 $169,300 MLS/Public Records 04/05/2017

12/09/2010 10/17/2014 Price of Prior Sale/Transfer $255,000 $260,000 Data Source(s) MLS/Public Records MLS/Public Records MLS/Public Records Effective Date of Data Source(s) 04/05/2017 04/05/2017 04/05/2017 Analysis of prior sale or transfer history of the subject property and comparable sales The subject has been transferred during the 3 year. Comparable has not been transferred during the 1 year look back period. The subject was last transaction was an estate sale with the property in need of significant remodeling. Remodeling has been nearly completed and the subjects market value has been substantilly increased. Improvements include new roof, windows, doors, siding for the exterior. Interior improvements include all new flooring, drywall, interior doors, moulding, new gourmet kitchen and custom tiled baths. Electric and plumbing systems have been upgraded where needed. Original heating system was retained and serviced and is convertible to wood, oil or gas burning.

Summary of Sales Comparison Approach The comparable sales presented within this report are considered to be the best available to this appraiser at the time for comparison to the subject. Comparable sales information is based on MLS and/or local government records. All comparable sales have been verified as closed by the MLS and/or governmental records, unless otherwise noted. All adjustments are market derived and are at market direction. See addendum for additional comments on the sales comparison approach.

The subject was purchase in the last 3 years and was in need of substantial work. The current owners have completed a near complete renovation with all aspects of the subject being renovated/remodeled or replaced substantially increasing the subject's current market value.

Indicated Value by Sales Comparison Approach $

310,000 Cost Approach (if developed) $ Income Approach (if developed) $ 310,000 321,265 The appraiser considered the sales comparison approach to the be the most reliable method in estimating the subjects current market value. Any other approaches considered in this report were provided customary or required by the client.

RECONCILIATION

Indicated Value by: Sales Comparison Approach $

This appraisal is made completed, following

"as is", subject

required

to

inspection

the based

subject

following on

the

repairs

to or

completion alterations

extraordinary

per

plans

on

the

basis

assumption

that

the

and of

specifications a

condition

on

hypothetical or

the

basis

condition

deficiency

does

that not

of the

a

hypothetical repairs

require

or

alteration

condition alterations or

that have

repair:

the been

improvements completed,

have or

been subject to the

Subject to the completion of

exterior siding on rear/side of home as shown in the photos.

Based on a visual inspection of the exterior areas of the subject property from at least the street, defined scope of work, statement of assumptions and 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.

310,000 04/13/2017

Freddie Mac Form 2055 March 2005

UAD Version 9/2011

Page 2 of 6

Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

limiting

Fannie Mae Form 2055 March 2005

Exterior-Only Inspection Residential Appraisal Report FEATURE Address

SUBJECT

COMPARABLE SALE #

2055 Sample for Website Smyrna, DE 19977

Proximity to Subject Sale Price

$

Sale Price/Gross Liv. Area

$

VALUE ADJUSTMENTS

DESCRIPTION

DESCRIPTION

Sales or Financing Date of Sale/Time

SALES COMPARISON APPROACH

View Design (Style) Quality of Construction Actual Age Condition

B;WtrFr; Fee Simple 12632 sf B;Wtr; DT1;Ranch Q3 41 C2

Above Grade

Total

Room Count

7

Bdrms.

Baths

Total

2 2.0 5 1,776 sq.ft.

1740sf0sfin 0sf

Gross Living Area Basement & Finished

+(-) $ Adjustment

ArmLth FHA;7102 s09/16;c08/16 N;Res; Fee Simple 22216 sf N;Woods; DT1;Ranch Q3 1 C2

Concessions

Site

COMPARABLE SALE #

5

135 Lake Dr Smyrna, DE 19977 0.28 miles E

6

345 S School Ln Smyrna, DE 19977 0.20 miles E

$ $ $ 236,750 314,900 339,000 $ $ 180.45 sq.ft.

189.47 sq.ft.

131.70 sq.ft.

TrendMLS#6839550;DOM 17 TrendMLS#6836960;DOM 236 TRENDMLS#6927805;DOM 64 Assessor Assessor Assessor

Verification Source(s)

Leasehold/Fee Simple

24681357 12345

sq.ft. $

Data Source(s)

Location

COMPARABLE SALE #

4

534 Velvet Antler Dr Clayton, DE 19938 5.86 miles SW

File #

Bdrms.

DESCRIPTION

+25,000 0 +15,000

0

Baths

Total

3 2.0 1,312 sq.ft.

+(-) $ Adjustment

Listing Pending;0 c03/17 B;WtrFr; Fee Simple 30240 sf B;Wtr; DT1.5;Cape Cod Q3 65 C3 Bdrms.

DESCRIPTION

+(-) $ Adjustment

Listing

-1,761 0 0 +10,000

Active N;Res; Fee Simple 18091 sf N;Res; DT1;Ranch Q3 63 C2

Baths

Total

-5,000 8 4 2.0 +16,240 1,662 sq.ft. +4,350 1330sf0sfwo

-10,000 6 +3,990 0 0sf

Bdrms.

+25,000 0 +15,000

0 Baths

3 2.1 2,574 sq.ft.

-7,500 -27,930 +4,350

Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck

Fireplace Outbuidings Kitchens and Baths

Average FWA/CAC None 2ga2dw Porch/PATIO 1 FP None NW KIT/BTHS

Average FWA/CAC None 2ga2dw Porch/PATIO 1 FP None NW KIT/BTHS

Net Adjustment (Total)

+

Adjusted Sale Price

Net Adj.

of Comparables

Gross Adj.

-

23.5 % 27.7 %

Average FWA/CAC None 1dw Porch 1 FP None OLDER $

+

55,590 Net Adj.

$

292,340

Gross Adj.

-

12.6 % 20.1 %

$ $

Average FWA/CAC None +10,000 1ga2dw +2,500 Porch/PAT/SR 1 FP None +25,000 NW KIT/BTHS + 39,729 Net Adj. 2.6 % 354,629 Gross Adj. 26.5 %

+5,000 -5,000

$

8,920

$

347,920

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 Date of Prior Sale/Transfer SALE HISTORY

Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s)

SUBJECT

07/05/2016 $169,300 MLS/Public Records 04/05/2017

COMPARABLE SALE #

05/27/2015 $221,468 MLS/Public Records 04/05/2017

4

COMPARABLE SALE #

MLS/Public Records 04/05/2017

5

COMPARABLE SALE #

6

MLS/Public Records 04/05/2017

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

ANALYSIS / COMMENTS

Analysis/Comments

Freddie Mac Form 2055 March 2005

UAD Version 9/2011

Form 2055UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Fannie Mae Form 2055 March 2005

Exterior-Only Inspection Residential Appraisal Report

File #

12345 24681357

The appraiser has no present or prospective interest in the property that is the subject of this report, and has no present or prospective personal interest or bias with respect to the participants in this transaction. The appraiser did not base, either partially or completely, the analysis and/or opinion of market value in this 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.

I have not preformed services as an appraiser or in any other capacity regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

The appraisal was prepared in accordance with FIRREA title XI.

ADDITIONAL COMMENTS

The appraiser is located within 15-30 miles from the subject property and has extensive experience in estimating the market value of residential property in the subject’s area. The appraiser is well versed in the supply and demand conditions of the subject’s market.

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)

The extraction method was used to determine

COST APPROACH

the opinion of the subjects site value.

ESTIMATED

REPRODUCTION OR

=$

OPINION OF SITE VALUE

REPLACEMENT COST NEW

DWELLING

Source of cost data

BUILDER SURVEY Quality rating from cost service Effective date of cost data AVE

06/2016

Basement

1,776 1,740

Sq.Ft. @ $

Sq.Ft. @ $

100.00 12.00

636

Sq.Ft. @ $

35.00

=$

=$

110,000 177,600 20,880

=$

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

Garage/Carport

The cost approach was completed but not relied upon. Land Value exceeds 30% of the subject’s total market value and is common and typical for homes like the subject in the immediate community.

Physical

Less

Depreciation

Estimated Remaining Economic Life (HUD and VA only)

Functional

22,260 220,740

External =$(

16,975

Depreciated Cost of Improvements

=$

"As-is" Value of Site Improvements

=$ =$

Years INDICATED VALUE BY COST APPROACH

60

=$

=$

Total Estimate of Cost-New

16,975) 203,765 7,500 321,265

INCOME

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)

Indicated Value by Income Approach

The income approach was not developed.

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.

PUD INFORMATION

Legal Name of Project

Total number of phases

Total number of units

Total number of units rented

Total number of units for sale

Total number of units sold

Data source(s)

Was the project created by the conversion of existing building(s) into a PUD?

Does the project contain any multi-dwelling units?

Yes

Yes

No

No

If Yes, date of conversion

Data Source(s)

Are the units, common elements, and recreation facilities complete?

Yes

Are the common elements leased to or by the Homeowners' Association?

No

Yes

If No, describe the status of completion.

No

If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.

Freddie Mac Form 2055 March 2005

UAD Version 9/2011

Page 3 of 6

Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Fannie Mae Form 2055 March 2005

Exterior-Only Inspection Residential Appraisal Report This report form is designed to report an appraisal of a one-unit property including a unit in a planned unit development (PUD). This report form is manufactured home or a unit in a condominium or cooperative project.

File #

or a one-unit property not designed to report

12345 24681357

with an accessory unit; an appraisal of a

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.

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 visual inspection of the exterior areas of the subject property from at least the street, (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.

SCOPE OF WORK:

The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections, appraisal files, information provided by the property owner, etc.

INTENDED USE: subject

of

this

INTENDED USER:

The intended use of this appraisal report is appraisal for a mortgage finance transaction.

The

intended

user

of

this

appraisal

report

for

is

the

the

lender/client

to

evaluate

the

property

that

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: to

the

following

assumptions

and

limiting

The

appraiser's

certification

in

this

report

is

subject

conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being to it, except for information that he or she became aware of during the research involved in performing appraiser assumes that the title is good and marketable and will not render any opinions about the title.

appraised or the title this appraisal. The

2. 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.

3. The appraiser will not give testimony unless specific arrangements to do so

or appear in court because he or she made an appraisal of the have been made beforehand, or as otherwise required by law.

property

in

question,

4. 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 this 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.

5. The appraiser has based his or her completion, repairs, or alterations on the performed in a professional manner.

Freddie Mac Form 2055 March 2005

appraisal report and valuation conclusion assumption that the completion, repairs,

UAD Version 9/2011

for or

an appraisal that is subject to satisfactory alterations of the subject property will be

Page 4 of 6

Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Fannie Mae Form 2055 March 2005

Exterior-Only Inspection Residential Appraisal Report The

APPRAISER'S CERTIFICATION: 1. I this

have, at appraisal

a minimum, report.

2. I performed a visual of the improvements in soundness, or structural

developed

Appraiser and

reported

certifies this

and

agrees

appraisal

inspection of the exterior areas of factual, specific terms. I identified integrity of the property.

in

12345 24681357

File #

that:

accordance

with

the

scope

of

work

requirements

the subject property from at least the street. I reported and reported the physical deficiencies that could affect

3. I performed this appraisal in accordance with the requirements of the Practice that were adopted and promulgated by the Appraisal Standards Board place at the time this appraisal report was prepared.

Uniform Standards of The Appraisal

of Professional Foundation and

stated

the the

in

condition livability,

Appraisal that were

in

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. to

I researched, the date of

7.

I

selected

verified, analyzed, and reported sale of the comparable sale,

and

used

comparable

sales

that

are

locationally,

the

result

of

comparable

sales

that

8. I have not used comparable sales that were has been built or will be built on the land.

9. I have reported property and the

adjustments comparable

to the sales.

on the prior sales of the comparable sales unless otherwise indicated in this report.

10. the

I verified, from a disinterested source, all information sale or financing of the subject property.

11.

I

have

knowledge

and

experience

in

12. I am aware of, and have access services, tax assessment records, public 13. I reliable

obtained sources

the that

appraising

in

this

to, the necessary land records and

information, estimates, and opinions I believe to be true and correct.

physically, combining

reflect

this

type

a

functionally

land

the

report

of

and

that

sale

with

market's

was

property

in

a

contract

purchase

to

differences

between

who

a

by

market

the

parties

furnished

expressed

parties

and

have

the price

year

subject of

prior

property.

a

home

the

financial

that

subject

interest

in

area. data area

other

to

one

the

provided

similar

of

most

and appropriate public and private other such data sources for the by

minimum

the

reaction

this

for

sources, such as multiple listing in which the property is located. in

this

appraisal

report

from

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 statements and information 16. are

withheld any significant information from this appraisal in this appraisal report are true and correct.

I stated in this appraisal report my own personal, subject only to the assumptions and limiting conditions

report

unbiased, and professional in this appraisal report.

and,

to

analysis,

the

best

opinions,

of

and

my

knowledge,

conclusions,

all

which

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 present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

the

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.

Freddie Mac Form 2055 March 2005

UAD Version 9/2011

Page 5 of 6

Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Fannie Mae Form 2055 March 2005

Exterior-Only Inspection Residential Appraisal Report 20. I identified the lender/client ordered and will receive this

in this appraisal appraisal report.

report

who

is

the

individual,

organization,

or

agent

File #

12345 24681357

for

the

organization

that

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 laws and regulations. Further, I am also subject that pertain to disclosure or distribution by me.

of to

23. The borrower, another lender at the request of insurers, government sponsored enterprises, and other of any mortgage finance transaction that involves any

this the

appraisal report by me or provisions of the Uniform

the borrower, the secondary market one or more of

the lender/client may be subject to certain Standards of Professional Appraisal Practice

mortgagee or its participants may these parties.

successors and assigns, rely on this appraisal

mortgage report as

part

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 criminal penalties including, but not limited to, fine or imprisonment or both under the provisions Code, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER'S CERTIFICATION:

The

Supervisory

Appraiser

certifies

1. I directly supervised the appraiser for this appraisal assignment, have read the analysis, opinions, statements, conclusions, and the appraiser's certification.

2. I accept full responsibility for the statements, conclusions, and the

contents of this appraisal appraiser's certification.

3. The appraiser identified in this appraisal appraisal firm), is qualified to perform this 4. This appraisal report complies with promulgated by the Appraisal Standards report was prepared.

report

including,

and

appraisal

but

not

agrees report,

limited

report is either a sub-contractor or an employee of appraisal, and is acceptable to perform this appraisal

in of

liability and/or 18, United States

that: and

to,

civil Title

the

agree

with

appraiser's

the

appraiser's

analysis,

opinions,

the supervisory appraiser (or the under the applicable state law.

the Uniform Standards of Professional Appraisal Practice that Board of The Appraisal Foundation and that were in place

were adopted and at the time this appraisal

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)

Scott Z Brown

Signature

Signature

Name

Scott Z Brown Company Name S Brown & Company Company Address 57 Byrneberry Ct Magnolia, DE 19962 Telephone Number 302-672-0694 Email Address szbrownappraisals@hotmail.com Date of Signature and Report 04/21/2017 Effective Date of Appraisal 04/13/2017 State Certification # X2-0000331

Name

or State License #

State

Company Address

Telephone Number

Email Address

Date of Signature

State Certification #

or State License #

Expiration Date of Certification or License

State #

or Other (describe)

State

Company Name

DE

Expiration Date of Certification or License

10/31/2017

SUBJECT PROPERTY Did not inspect exterior of subject property

ADDRESS OF PROPERTY APPRAISED

Did inspect exterior of subject property from street

2055 Sample for Website Smyrna, DE 19977 APPRAISED VALUE OF SUBJECT PROPERTY $

Date of Inspection

310,000 COMPARABLE SALES

LENDER/CLIENT Name

Your Client

Company Name

Company Address

Did not inspect exterior of comparable sales from street

Sample Lender 555 Banking Blvd, Dover, DE 19901

Did inspect exterior of comparable sales from street Date of Inspection

Email Address Freddie Mac Form 2055 March 2005

UAD Version 9/2011

Page 6 of 6

Form 2055UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Fannie Mae Form 2055 March 2005

APPRAISAL COMMENTARY Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

File No.

State

DE

24681357

Zip Code

19977

RECENT STORMS The inspection takes place post recent severe storms declared by FEMA, and the subject has not been affected by these storms. Property is free from damage and the disaster has had NO EFFECT on the value or marketability COMPARABLE PHOTOS The appraiser has made an exterior street inspection of all comps and all comp photos are original photos. The appraiser notes that comps used in this report may have been used in prior reports and the data and comp photos imported from the appraisers database. Due to the use of original photos from the appraiser's database some photos may be out of season.

BASIS FOR CONDITION ADJUSTMENTS Condition adjustments, when made, are based on the subjects observed improvements upon inspection and review of the comps from MLS interior photos and exterior street inspection.

AGE ADJUSTMENTS Age adjustments were not made in the appraisal report. The appraiser considered the effective age of the comparables to be similar to the subject and or there was a lack of more specific data available to make a reliable estimate for effective age differences.

OTHER LAND USES The appraiser notes that other land uses in the subjects area include agricultural and commercial uses, public open space, preservation space and public parks and recreation areas. These uses are typical for the area with wide market acceptance.

DOVER AIR FORCE BASE The Dover Air Force Base is located in Dover Delaware and has economic significance primarily for the Kent county area and secondarily for the Sussex county as well. The majority of flight paths are over wetlands north, and south of the base. Flights over residential areas west of the base are noted but are not considered to be an adverse condition and have no adverse affect on residential market values near or in flight path areas.

APPRAISAL REPORT FOR INTENDED USER(S) ONLY The appraiser report is not to be used for insurance/replacement costs purposes.

COMMERCIAL USES Commercial activity is common and typical for the market area and does not effect the marketability of subject SELLER CONCESSIONS Sellers concession are typical in the subject market and no adjustment is warranted and market supported from the past analysis within this market.

APPRAISER INDEPENDENCE No employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Seller has influenced or attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner.

I represent and warrant that, as of the date of this Report, I have had no contact with anyone that would in any way be construed as a violation of the Appraiser Independence Requirements; the only individuals with whom I have had any contact regarding my preparation of this Report have been limited to representatives of AMC Client and the designated individual required for entry into the subject property for purposes of inspection. No agent or representative of lender/client whose name appears on the first page of this Report has contacted me directly and I am obligated to and would report any such unauthorized contact, whether in person, by phone, or electronically, to AMC Client immediately.

FIRRERA TITLE XI The appraiser performed this appraisal in accordance with the requirements of Title XI of the Financial Institution Reform, Recovery and Enforcement Act of 1939, (12 U.S.C.3331 et seq.), and any implementing regulations.

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

Supplemental Addendum Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

File No.

State

DE

90-05031561-A

Zip Code

19977

The subject’s value is higher than the predominant market value for the area, but within the overall common range of low and high values for the area. The subject is not considered over improved nor are there any adverse effects on the marketability.

The reasonable exposure time for the subject is estimated to be 90 to 180 days based on general market data for the area.

Utilities were on and operational at the time of inspection.

HVAC System was on and operational and in good working order.

There is no negative impact on the subject’s marketability due to non-residential land use.

The appraiser acknowledges that one or more comparable(s) has a closing date that is not within the 1-year period of the effective date of this report; however, per Fannie Mae guideline 406.02: Selection of comparable sales: The sales date may extend outside the 1 year from the effective date of the report if the appraiser believes that it is appropriate and that the sale is one of the best indicators of market value and overall most representative of the subject’s market.

Due to the nature of the subject's market, the appraiser had to use one or more comparable(s) that were over 10 miles from the subject and were considered the best comparable(s) available that offered comparable amenities and/or features that would have similar or comparable appeal to the same potential buyers as the subject.

The difference between the appraiser's measurements on site and public records are statistically the same. The difference being less than 5%.

The largest adjustment exceeds more than 10% the comps sale price primarily due to differences in water feature/amenities Due to the scarcity of similar comps available, one or more comps net adjustments exceed 15%.

Due to the scarcity of similar comps available, one or more comps gross adjustments exceed 25%.

The GLA of comps differ from the subject by over 20% due to the lack of homes that have sold in the subject's market area in the last 12 month of similar size. The comps provided are considered good and reliable substitute sales and are good indicators of the subjects current market value.

Having one or more comps located across a major highway is common and typical for the market are and does not affect the marketability of the subject.

The appraiser does not note any adverse site conditions.

No personal property was considered in the estimate of value.

Comp 5 was provided to bracket the subject's condition and was adjusted for lack of waterfront location and view.

There were no similar 2 bedroom homes with similar buyer appeal. Comp 2 was provided with 1 bedroom above grade, 2 bedrooms below grade and was used to bracket above grade bedroom count.

The appraiser relied on comps with similar water features and amenities in estimating the subject's market value.

Some comps that were used were over 10 miles away but were considered to have similar buyer appeal.

Comp 1 was used due to it's loation in the subject's neighborhood, but without water feature/amenities.

Comp 2 was used to bracket bedroom count.

Comp 3 was given most weight as it is located on the canal/water like the subject in close proximity and considered the best indicator of the subject's market value.

Comp 4 bracketed condition.

The appraiser notes some repairs are not completed and include exterior siding and rear patio steps. The cost to cure rear siding and steps is estimated to be $1,000.

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

Supplemental Addendum Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

File No.

State

DE

90-05031561-A

Zip Code

19977

There were no homes having sold with similar water feature appeal with similar or smaller GLA than the subect.

The appraiser searched back 3 years and the entire Kent County area.

No condition adjustment was made for Comp 4 as the subject has been substantially renovated and competes well with other homes in the area in C2 condition.

No age adjustment was made as the condition ratings are a more accurate means of assessing effective age which is a more reliable component of value than chronological age.

THE SUBJECTS CURRENT USE OF THE SUBJECT IS LEGAL. THE APPRAISER WAS UNABLE TO VERIFY IF THE MINIMUM FRONTAGE AND SITE SIZE FOR HOMES LIKE THE SUBJECT VIA PUBLIC RECORDS. The appraiser made no location adjustment for comp 2 which was 2 miles away as predominant values for the area of the subject and comp were essentially the same as noted below.

AVERAGE PREDOMINANT VALUE FOR 1 MILE RADIUS OF 19901 (COMP 3) WAS $203,000 AVERAGE PREDOMINANT VALUE FOR 1 MILE RADIUS OF 19977 (SUBECT) WAS $205,000

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

Subject Photo Page Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

DE

Zip Code

19977

Subject Front 2055 Sample for Website Sales Price Gross Living Area 1,776 Total Rooms 7 Total Bedrooms 2 Total Bathrooms 2.0 Location B;WtrFr; View B;Wtr; Site 12632 sf Quality Q3 Age 41

Subject Rear finish siding and steps were being installed at time of inspection

Subject Street

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

Subject Photo Page Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

DE

Zip Code

19977

Subject Side 2055 Sample for Website Sales Price Gross Living Area 1,776 Total Rooms 7 Total Bedrooms 2 Total Bathrooms 2.0 Location B;WtrFr; View B;Wtr; Site 12632 sf Quality Q3 Age 41

Subject Street

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

Comparable Photo Page Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

DE

Zip Code

19977

Comparable 1 350 Hamilton Way Prox. to Subject 0.04 miles NE Sale Price 235,000 Gross Living Area 1,506 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2.1 Location B;WtrFr; View N;Res; Site 25761 sf Quality Q3 Age 54

Comparable 2 89 S Shore Dr Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

12.48 miles SE 311,000 1,753 8 1 1.1 B;WtrFr; B;Wtr; 12936 sf Q3 13

Comparable 3 399 Lake Dr Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

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

0.02 miles NW 280,000 1,500 7 3 2.0 B;WtrFr; B;Wtr; 25786 sf Q3 49

Comparable Photo Page Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

DE

Zip Code

19977

Comparable 4 534 Velvet Antler Dr Prox. to Subject 5.86 miles SW Sale Price 236,750 Gross Living Area 1,312 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 2.0 Location N;Res; View N;Woods; Site 22216 sf Quality Q3 Age 1

Comparable 5 135 Lake Dr Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

0.28 miles E 314,900 1,662 8 4 2.0 B;WtrFr; B;Wtr; 30240 sf Q3 65

Comparable 6 345 S School Ln Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age

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

0.20 miles E 339,000 2,574 6 3 2.1 N;Res; N;Res; 18091 sf Q3 63

Location Map Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

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

DE

Zip Code

19977

Plat Map Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

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

DE

Zip Code

19977

Location Map Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

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

DE

Zip Code

19977

Photograph Addendum Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

Kent

State

DE

Zip Code

View

View

Siding Missing

Siding Missing

Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

19977

Building Sketch (Page - 1) Borrower Property Address City

Lender/Client

Your Client 2055 Sample for Website Smyrna Sample Lender

County

State

Kent

Zip Code

DE

19977

24'

2'

4'

23'

25'

Bedroom

Bath

18'

28'

Garage

Concrete Patio

Living 30'

[636 Sq ft] Bedroom 6' 6'

6'

6' 6'

First Floor Laundry 6' [36 Sq ft]

First Floor Kitchen

Family

Bath

18'

15'

[1740 Sq ft] 6'

24'

Dining

8'

14'

19'

TOTAL Sketch by a la mode, inc.

Living Area First Floor

First Floor Total Living Area (Rounded): Non-living Area Concrete Patio

Area Calculations Summary Calculation Details 1740 Sq ft

36 Sq ft

30 36 34 42

× × × ×

15 8 6 19

6×6

= = = =

450 288 204 798

=

36

1776 Sq ft 636 Sq ft

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

6 × 18 = 108 22 × 24 = 528

Building Sketch (Page - 2) Borrower

Your Client 2055 Sample for Website Smyrna Sample Lender

Property Address City

Lender/Client

County

State

Kent

DE

Zip Code

19977

2'

23'

25'

18'

30'

Basement

Basement [1740 Sq ft]

6'

24'

15'

8'

14'

19'

TOTAL Sketch by a la mode, inc.

Non-living Area Basement

Area Calculations Summary 1740 Sq ft

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

30 36 34 42

× × × ×

15 8 6 19

= = = =

450 288 204 798

Borrower Property Address City

Lender/Client

File No. 90-05031561-A

Your Client 2055 Sample for Website Smyrna Sample Lender

County Kent

State DE

Zip Code 19977

APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: Appraisal Report

(A written report prepared under Standards Rule

2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.)

Restricted Appraisal Report

(A written report prepared under Standards Rule 2-2(b) , 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.

- Unless otherwise indicated, 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.

- Unless otherwise indicated, 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 immediately preceding acceptance of this assignment.

- 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 that were in effect at the time this report was prepared.

- Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.

- Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) 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:

APPRAISER:

SUPERVISORY or CO-APPRAISER (if applicable):

Signature: Name: Scott Z Brown

Signature: Name:

CERTIFIED RESIDENTIAL State Certification #: X2-0000331 or State License #: Expiration Date of Certification or License: State: DE 10/31/2017 Date of Signature and Report: 04/21/2017 Effective Date of Appraisal: 04/13/2017 Inspection of Subject: None Interior and Exterior Exterior-Only Date of Inspection (if applicable): 04/13/2017

State Certification #: or State License #: Expiration Date of Certification or License: State: Date of Signature:

Inspection of Subject: None Date of Inspection (if applicable):

Form ID14_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Interior and Exterior

Exterior-Only

License and EO

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