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HomeMy WebLinkAboutCORRESPONDENCE - BID - 5652 SALE OF REAL ESTATE DORSET COURT (5)P.1FannieMae Ralph Campano - Co. LIC#CG40002565 FC105 . Desktop Underwriter Quantitative Analysis Appraisal Report File No. FC105 TN13 SUMMARY APPRAISAL REPORT IS INTENDED FOR USE BY THE LENOEWCLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY. Pro Address 2519Dorset Court City Fort Collins State CO Zip Code 80526 LeadDescription Lot 165 Block 24 Brown Fans 1st FTC County Latimer Assessor's Parcel No. 9721298165 Tax Year 2000 R.E. Taxes 589.87 None BorrowN/A Current Owner C' of Fort Collins Occupant Owner Tenant Vacant Nel hborhood or Project Name Brown Farm ProectType PUD F1 Condominium HOA N/A Mo, Sales Price N/A Date of Sale N/A Descri n amomd of loan charges/concessions to be aid b seller WA Property his appraised Fee Sim a Leasehold Ma Reference Pierson #61 JT 34 Census Tract N/A N ce Location ❑Urban Suburban Rural Built up ®Over 75%❑25-75% ❑Under25% Growth rate Raid Stable Slow Property values ❑IncreaslnA ®Stable Demand/supply ❑Shorlage ®In Markebn time Under 3 mos. ❑Declining balance Oversu I ❑ PPY 3-6 mos. Over 6 mos. singN f.muy hauemy PRICE AGE $(000) (yrs) 105 Low Navy Coneemlydem hau.mg PRICE aapplic.) AGE RICE0 (yrs 92 Low New 2DO Hi h 20 Neighborhood boundaries Elizabeth Street on the North Taft HIII Road on the East W. Drake Road on the South 320 Hi h 50 and Overland Trail on the West. N Predominant 192 15 IMPredoninant 124 10 Dimensions N/A Site area 9,946 Square Feet Shape Pie Shaped Specific Zoning classification and description Residential Zoning compliance ® Legal ❑ Legal nonconforming (GmMlathered use) Illegal, attach description ❑ No zoning Highest and best use of subject properly as improved (or as proposed per plans and specifications): ® Present use ❑ Other use, attach description. Utilities Public Other Public Other Electricity ® Water ® Gas Sandum sewer O/H itslmpmmusente Type Public Private Street Asphalt ® ❑ Alley None Are there my apparent adverse site conditions easements eouroachments s ecial assessmetds slide areas etc. 7 Yes No N Yes atach descrion. Source(s) used for physical chosen stics M properly: kdedor and exiolor Inspection Exterior Inspection from street Pmvlous appraisal riles MLS M Assessment and tax records Prim inspection M Property owner F1 Other Oescdbe: No. of Stories 2 Two 0 Att Dot ExMdor Walls Frame/Wood/Elk Root Surface As halt Shin le Manufactured HousingYes No Does the roe normallyconform to the neighborhood in terms of style Condition and constmctign maladals7 Y No N No attach description, Are there any apparent physical deficiencies or conditions that would affect the soundness or structural ineptly of the Improvements or the livability of the property? Yes M No 0 Yes attach description. Are them any apparent adverse environmental CondNons (hazardous wastes, toxic substances, etc.) Present In the Improvements, on the site, or in the Immediate vicinity of the subject property? ❑ Yes ® No R Yes, attach description. I researched the subject market area for comparable listings and sales that are the most similar and proximate to the subject property. My research revealed a total of 9 sales ranging in sales price from $ 142,500 to $ 175,000 My research revealed a total of 5 listings ranging In list price from $ 169.90 to $ 179,900 The anal sis of the comparable sales below reflects market reaction to sl nAicant variations between the sales and the subjectproperty, FEATURE SUBJECT SALE 1 ME 2 SALE 3 2519 Dorset Court Address Fort Collins 1213 Village Lane Fort Collins CO 80521 2512 Romaldale Lane Fort Collins CO 80521 ew CO 80521 LFI Praximi to Sub' ct Price N/A 0.6 Mlles NE of Subject 159900 101.201P MLS C Rcds Ddve B Realtor DESCRIPION + - E Ad usL i Block South of Sub ecl 164 900175 98.15 MLS Cn Rxxds Drive B Realtor of Sub ectSales 000 99.15 t�] MLS Cn Rods Drive By, Realtor Pric ross Llvin Area Dale B Vdificadan Sources VALUE ADJUSTMENTS DESCRIPFNN DESCRIPTON + - E Ad st. DESCRIPTION + - E Aoust. Sales or Financing Concessions0 Cony. 0 Pts Mrkt. DOM=26 Cony. 0 Pts Mrkt. DOM=79 Cony. 0 Pts Mrkt. DOM=53 1 Date of Sal tree Location Brown Farm January 31 2001 W. Lake St. May 31 2001 May 24 2001 Brown Farm Alvin Miller FtHills Site 9848 SF Av . Averse 9,000 SF A . Average View Nei hborhood Neighborhood Nel hhorhoad Nei WMnts -3000 Des n S le Bi Level BI Level Bi Level Bi Level Actual A e re. 28 28 25 28 Condition Good/Renovated Good/Unfinished +5000 Good/Renovated Good +3000 Above Grade Room Count Gross Livin Area Total Bdmns Baths 7 3 2 Total :Oil a Baths 7 3 2 1 580 S . FL +2 640 Total Bdnri Baths 7 3 2 1 680 S . FL 0 Tot Sdrms: Baths 8; 4 3 -4,000 1. 765 S . R.-4 760 1.646 So. Ft. Basement 6 Finished Rooms Below Grade I None None None None None -; None None, None Gam Car ort 12 Gar Gare e 1 Car Garaa +2 500 2 Car Garage 0 2 Car Garage +2 500 Amenities I 1 FP Deck Fnc Fence S klr +1 000 FncDck AC FP -1 000 1 Fnc Dck AC 0 Enemy Navy D1bGlz win None +2 000 None +2 000 None +2 000 Net Ad'. total Adjusted Sales Price of Compa ables Date of Prior Sale 2001 13140 + - 173,040 + 1000 + 4260 S 170.740 No Sales in the oust 12 Months No Sales in the st 12 Months No Sales in the asl 12 Months Price of Prior Sale 175,000 Analysis of any current agreement of sale, option, or listing of the subject Property and analysis of the prior sales of subject and comparables: The sub ed was purchased as a result of litigation and does not represent a standard market transaction. Summary of sales comparison and value conclusion: All sales are taken from the sub ect net hborhood and represent similar properties in terms of market appeal. The adjustments are reasonable and present a good range from which a value estimate of the subject can be made. The subject is in Goad/Renovated condition and has above average upgrades and landscaping. The national econonny is in a recession and the local real estate market has shown signs of timing. Therefore the value has been preasented as a range. This appraisal is made ® 'as -is', ❑ subject to completion par Plans and specifications on the basis of a hypothetical condition that the Improvements have been completed, or ❑ subject to the following repairs, alterations or canditions BASEDONAN ❑ EXTERIOR INSPECTION FROM THE STREET OR AN ® NTENOR AND EXTERIOR INSPECTION, I ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROMWNT ATETNESUBJECTOFTHEREPOirrMBEIf $166,000to$173,000 ,ASOF November2.2001 PAGE 1 OF 3 Fannie Mae Form 2055 9-96 Fan 205 --TOTAL 2000 for WlndoW appraisal software by a Is mode, Inc. — 1 -800-ALAMODE FC105 Desktop Underwriter Quantitative Analysis Appraisal Report File No. FC105 Pmodinfo and on for PUDe (11 applicable) - - Is the developegbUilder In control of the Hone Owners' Association (HOA)? ❑ Yes ❑ No Provide the following Information for PUDs only 8 the developer/bullder Is In control of the HOA and the subject property is an attached dwelling unit. Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data Source(s) Was the project created by the conversion of existing buildings into a PUB? ❑ Yes No 9 yes, date of conversion: Does the project contain any muld-dwelling units? ❑ Yes ❑ No Data Source: Are the common elements completed? ❑ Yes ❑ No If No, describe status of completion: Are any common elements leased to or by the Home Owners' Assoclaton? ❑Yes ❑ No If yes, attach addendum describing rental terms and options. Describe common elements and recreational facilities: Project Information forCondominlums (tt applicable) - - Is the developer/builder In control of to Home Owners' Association (HOA)? ❑ Yes ❑ No Provide the following Information for all Condominium Projects: Total number of phases Total number of more Total number of units sold Total number of units rented Total number of units for sale Data Source(s) Was the project created by the conversion of existing buildings into a condominium? ❑ Ves ®No If yes, date of convemlom Project Type: ❑ Primary Residence ❑ Second Home or Recreational ❑ How or Townhouse ❑ Garden ❑ MMdse ❑ High ise ❑ Condition of the project quality of construction, unit mix an.: Are the common elements completed? Yes ❑ No If No, describe status of completion: Am any common elements leased to or by the Home Owners' Association? ❑ Yes ❑ No t yes, attach addendum describing rental tenns and onions. Describe common elements and recreational facilities: PURPOSE OF APPRAISAL: The purpose of this appraisal Is to estimate the market value of the real properly that is the subject of this report based on a quantitative sakes comparison analysis for use In a mortgage finance transaction. DEFINTNON 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 at 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 considers his 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 tenns 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 casts 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 LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears In the appraisal report Is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the Iide is goad and marketable and, therefore, will no render any opinions about the title. The property is appraised on the basis at t being under responsible ownership. 2. The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the Improvements and the sketch Is Included only to assist the reader of the report In visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser will nut 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. 4. The appraiser has noted In the appraisal report any adverse conditions (such as, but not limited to, needed repairs, 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 normal research involved in performing the appraisal. Unless otherwise stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, expressed or Implied, regarding the condition of the property. 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, the appraisal report must not be considered as an environmental assessment of the property. 5. The appraiser obtained the intonation, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does nut assume responslbllty for the accuracy of such items that were furnished by other parties. 6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 7. The appraiser must provide his or her prior written consent before the lender/client specified In the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's Identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser Is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or Instmmentalty at the United States or any state or the District of Columbia; except that the lender/client may distribute the report to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that Is subject to completion per plans and specifications on on the basis of a hypothetical condition thatthe improvements have been completed. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or alterations on the assumption that completion of the Improvements will be performed Ina workmanlike manner. PAGE 2 OF 3 Fannie Mae Form 2055 9- 6fi Form 205 — •TOTAL 2000 for Windows' appraisal software by a Is mode, Inc. — 1 -800-ALAMODE underwriter Ouentitative Analysis Annraisal Rwnnrr The Appraiser certdles and agrees that: 1. I pedonned this appraisal by (1) personally Inspecting from the street the subject property and neighborhood and each of the comparable sales (unless I have otherwise indicated In this report that I also Inspected the interior of the subject property); (2) collecting, confining, and analyzing data from reliable public and/or private sources; and (3) reporting the results of my Inspection and anal In this summary appraisal report. I further certify that I have adequate Infonnatlon about the physical characteristics of the subject property and the comparable sales to develop this appraisal. 2. 1 have researched and analyzed the comparable sales and ofteringsdlstings in the subject market area and have reported the comparable sales in this report that are the best available for the subject property. I further canny that adequate comparable market data exists In the general market area to develop a reliable sales comparison analysis for the subject property, 3. 1 have taken Into consideration the factors that have an impact on value In my development of the estimate of market value in the appraisal report. I further certify that I have noted any apparent or known adverse conditions In the subject Improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware, have considered these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them, and have commented about the effect of the adverse conditions on the marketability of the subject property. I have not knowingly withheld any significant intonnation from the appraisal report and I believe, to the best of my knowledge, that all statements and Information in the appraisal report are true and correct. 4. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified In this form. 5. 1 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 the estimate of market value In the 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 or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 6. 1 have no present or contemplated future Interest In the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 7. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related parry, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event In order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 8. 1 estimated the market value of the real property that Is the subject of this report based on the sales comparison approach to value. I further certify that I considered the cost and Income approaches to value, but, through mutual agreement with the client, did not develop them, unless I have noted otherwise in this report. 9. 1 performed this appraisal as a limited appraisal, subject to the Departure Provision of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of the appraisal (unless I have otherwise Indicated in this report that the appraisal Is a complete appraisal, in which case, the Departure Provision does not apply). 10. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value. The exposure time associated with the estimate of market value for the subject property Is consistent with the marketing time acted in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value Is also consistent with the marketing time noted in the Neighborhood section. 11. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I further canny that no one provided significant professional assistance to me In the development of this appraisal. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she Cerritos and agrees that: I I directly supervise the appraiser who prepared the appralsal report, have examined the appraisal report for compliance with the Uniform Standards of Professional Appraisal Practice, agree with the statements and conclusions of the appraiser, agree to be bound by the appralser's certifications numbered 5 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. APPRAISER: Ra paw _ SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature: —/- Signature: Name: RahWta ano Name: Company Name: Ralph Campano Certified General Appraiser Company Name: Company Address: 2732 Bianco Drive Company Address: Fort Collins CO 80521 (970) 472-8755 Date of Report/Signature: November 2, 2001 Date of Reporl/Signature: State Certification #: CG40002565 State Certification #: or State License #: or State License #: State: State: Expiration Date of Certification or License: Expiration Date of Certification or License: ADDRESS OF PROPERTY APPRAISED 2519 Dorset Court SUPERVISORY APPRAISER: Fort Collins CO 80526 SUBJECT PROPERTY APPRAISED VALUE OF SUBJECT PROPERTY $ $166,000 to$173000 ❑ Did not inspect subject property EFFECTIVE DATE OF APPRAISALANSPECTION November 2, 2001 ❑ Did inspect exterior of subject property from street LENDE® Did inspect interior and exterior of subject property Name: / City of : City of Fort Collins, Real Estate Bervices COMPARABLE SALES Name: City of Fort Collins Company Name: City of Fort Collins ❑ Did not inspect exterior of comparable sales from street Company Address: 117 N. Mason St., Fort Collins Co 80M ® Did inspect exterior of comparable sales from street Mao F . Farm 205 —'TOTAL 2000 for Wlnduws' appraisal software by a Is mode, Inc.—1.e00-ALAM00E Comparable Sales Map gGrw.e� ® Rio w S wuwci ar oo Subject Photo Page Nenl NIA 2519 Dorsal Court Fort CollinsGooddr L.arimer alde CO Ap Gods 80528 011yof Fort Collins Real Estate Services Subject Front 2519 Dorset Court Sales Rice WA Gross LMN Area 1,848 Total Rooms 7 Total Bedrooms 3 Total9eOmam 2 Localim Brawn Farm view Neighhortwoe Site OM SF Avg. Qualm Are 28 Subject Rear Subject Street Form PIOPDCSB — 'TOTAL 2000 for Windows" appraisal software by a Is mode, Inc. — 1 -800-ALAMODE Subject interior Photo Page WA 2519 Dorset CourtFors CollinsQUM Latimer State CO Zip Code 80626 City of Fort Collins Real Estate Services Subject Interior 2519 Dorset Court Sales Pace WA Gross thing Ana 1,648 Tuhd Bourns 7 Tote Bwtooms 3 TOW Baleoams 2 Locaran &own Fenn View Nel4nborhood Site 9946 SF Avg. Quality Age 28 Subject Interior Subject Interior Form PrPOCSI —'TOTAL 2000 to Wnd wr apprdsa software by a Is made, inc.— 1 -800-ALAMODE Comparable Photo Page Comparable 1 1213 Village Lane Prox. to Subject 0.6 Miles NE of Subject Sale Price 159,900 Gross Living Am 1.580 Total Rooms 7 Total Bedxm 3 TOW Ballrooms 2 Location W. Lake St. New Neighborhood She Average Quality Age 28 Comparable 2 2512 Romeldale Lane I'rmc. to Subject 1 Block South of Subject Sde Rice 164,900 Gross Living Area 1,680 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2 LOCI&M Brgran Fawn New Neighborhood Site 9,000 SF Avg. uwin Age 25 Comparable 3 2526 Clearview I'm to Subject 0.8 Miles NE of Subject Sale Price 175,000 Gross Living Arse 1,765 Told Roars e Total Bedrooms 4 Trial Bathrooms 3 Location Alvin Millet FtHW& New NeightlAMs She Average Daft Age 26 Form PICPOCCR —'TOTAL 2000 for Whgows" appraisal sohware by a la mode, Inc.—1-800-ALAMODE