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<br />There are 3 comparable properties currently offered for sale in the subiect neiahborhood ranging in orice from $ 190 300 to $ 254,900
<br />There are 4 comparable sales in the subject neiahborhood within the oast twelve months ranoino in sale orice from $ 192 000 10$ 255 000
<br /> FEATURE I SUBJECT I COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
<br />Address 406 Woodland Place NW 1001 MORNINGSIDE COURT 3576 46TH STREET NORTH 1131 LEON/>RDS WAY
<br /> WEST FARGO ND 58078 CASSEL TON ND 58012 REILES ACRES ND ARGUSVILLE ND
<br />Proximity to Subiect ,W 2,14 milAS NF 19,23~NW
<br />Sale Price 1$ ( 231 236 !'inn 1:::"""", : ":"":, :.Is 257 nnn elf:::: :';:,:ei'l$ 234 900
<br />Sale Price/Gross Liv, Area $ 166,32 sa,ft.l:,:':;:",::,,!:!:::'}: $ 156.71 so,ft. $ 174,00 so.!t.P,i. iT, },eilei}
<br />Data Source(s) INSPECTION EXT INSPECTION EXT INSPECTION
<br />Verification Source(s) CTY RECORDS RMLS CTY RECORDS RMLS CTY RCDS
<br />VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION +H $ Adjustment DESCRIPTION +(.) $ Adjustment
<br />Sales or Financing CONV CONV 'CONV
<br />Concessions $942 PAID $0 PAID $0 PAID
<br />Date of Sale/Time 06/08/2006 09/29/2006 08/04/2006
<br />Location W: FGO/AVG CASSEL TON REILES ACRES ARGUSVILLE
<br />Leasehold/Fee Simple Fee Simole Fee Simole Fee Simple 'Fee Simnle
<br />Site 65 570 SO.Ft. 13775 SoH, 41 940 SF 23100 SF
<br />View RES/AVG RES/AVG RES/AVG RES/AVG
<br />Desian (Style) MULTI LEVEL BI LEVEL MULTI LEVEL BI LEVEL
<br />Qualitv of Construction AVG GOOD AVG GOOD GOOD -10000 AVG-GOOD
<br />Actual Age OA 0 E 2A 1 E +500 13A5E +2,500 5A2E +1000
<br />Condition GOOD GOOD GOOD GOOD
<br />Above Grade TotallBdrms,1 Baths Total I Bdrms,l Baths Tota: IBdrms,1 Baths TolallBdrmsl Baths
<br />Room Count 5 I 2 I 2 5 I 2 I 1 +2 000 5 I 1 I 1 +2 000 5 I 2 I 2
<br />Gross Living Area 1 786 sq.!t. 1.422 sq,ft. +7280 1,640 sa,ft. +2,920 1350 sq.!t. +8 720
<br />Basement & Finished 11,503 Sq,Ft. 1.404 Sq.Ft. 1,640 Sq,Ft. 1,350 SF EST
<br />Rooms Below Grade 4-3",75 3-2-1 4-2-1 4-3-1
<br />Functional Utilitv AVERAGE AVERAGE AVERAGE AVERAGE
<br />Heatina/Coolina IGFNCAC GFN CAC GFN CAC GFN CAC
<br />Eneray Efficient Items TYPICAL INSL TYPICAL INSL TYPICAL INSL TYPICAL
<br />Garage/Carport 3 ATIACHED 3 ATTACHED 3 ATTACHED 3 DETACHED
<br />Porch/Patio/Deck NONE DECK -1 500 NONE NONE
<br />. FIREPLACE 1 F/P NO F/P +2 500 NO F/P +2 500' 1 F/P
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<br />. Net Adiustment (Totall i2<:J+ O- S 10780 0+ IXI- $ -801 i2<:J+ 0- $ 9720
<br />Adjusted Sale Price NetAdj, 4,6% Net Adj, % Net Adj, 4,1 %
<br />of Comparables Gross Adj, 5,8 % $ 247,280 Gross Adl, 7,8% S 256 920 Gross Adj, 4,1 % $ 244 620
<br />i i3:J did 0 did not research the sale or transfer history of the subiect property and comparable sales, 11 not, explain
<br />Mv research 0 did i2<:J did not reveal anv orior sales or transfers of the subiect orooertv for the three years orior to tr,e effective date of this aooraisal.
<br />Data Source(s) RMLS CTY RECORDS
<br />My research 1.1 did IXI did not reveal any orior sales or transfers of the comnarable sales for the year orior to the date of sale of the comparable sale,
<br />Data Source(s) RMLS CTY RECORDS
<br />Reoort the results vf the research and analysis of the orior sale or transfer history of the sublect orooertv and comoarable sales (report additional orior sales on oaqe 3),
<br /> ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3
<br />Date of Prior Sale/Transfer NA 07/23/2004 NA NA
<br />Price of Prior Sale/Transfer NA 31,900 NA
<br />Data Source(s) CTY RECORDS RM...S CTY RECORDS CTY RECORDS CTY RECORDS
<br />Effective Dafe of Data Source{s 1/24/2007 1/24/2007 1/24/2007 1/24/2007
<br />Analysis of prior sale or transfer history of the subject property and comparable sales
<br />Summary of Sales Comparison Approach COMPARABLES SELEClED ARE THE MOST SIMILAR, MOST RECENT SALES LOCATED NEAR THE
<br />SUBJECT. ANY EFFECTIVE AGE ADJUSTMENTS ARE BASED ON RM..S COMMENTS AND EXTERIOR INSPECTIONS OF THE SALES.
<br />ADJUSTMENTS BASED ON QU.ALITY SIZE AND AMENITIES OR LACK THEREOF. NO .ADJUSTMENT FOR LOCATION WAS MADE BEING
<br />OFFSET BY CITY SERVICES, COMPARABLES WERE DRAWN FROM SIMILAR DEVELOPIVENTS NORTH OF WEST FARGO AND FROM
<br />CASSEL TON WHICH HAS SIMILAR NEW HOMES LIKE THE SUBJECT.
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<br />Indicated Value by Sales Comparison Aoproach $ 247,000
<br />Indicated Value by: Sales Comparison Approach $ 247 000 Cost Approach (if developed) $ 250 393 ' Income Approach (if developed) $
<br />THE SALES COMPARISON APPROACH TO VALUE IS THE BEST INDICATOR OF V.ALUE AS IT REFLECTS THE ACTIONS OF BUYERS AND
<br />. SELLERS IN THE MARKET THE.SALES APPROACH IS SUPPORlED BYTHE COST APPROACH TO VALUE. THE INCOME APPROACH TO
<br />VALUE WAS NOT APPLICABLE TO THIS APPRAISAL PROBLEM.
<br />This appraisal is made [8J "as is", 0 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
<br />completed, 0 subject to the following repairs or alterations an the basis of a hypothetical condition that the repairs or alterations have been completed, or 0 subject to the
<br />. followino required inspection based on the extraordinary assumption that the condition or deficiency does not reouire alteration or repair: THE INTENDED USE OF THIS
<br />REPORT IS FOR MORTGAGE LENDING PURPOSES, lHE INTENDED USER 15 THE CLIENT,
<br />Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
<br />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
<br />$ 247.000 ,as of 01/22/2007 , which is the date of inspection and the effective date of ,this appraisal.
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<br />Freddie Mac Form 70 March 2005
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<br />!Fife No, 40600122071 PaGe #31
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<br />Uniform Residential Appraisal Report
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<br />STAVENES
<br />File # 4060012207
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<br />Page 2 of 6
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<br />Fannie Mae Form 1004 March 2005
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<br />Form 1004 - "WinTOTAL" appraisal software by a la mode, inc, -1-80Q.ALAMOOE
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