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Attachment 9 - Appraisal for 14390 Blossom Hill RdBorrower Name: Client: Charities Housing Census Tract: 5066.03 Legal Description: APN: 527 -31 -013 / Tract 3304 Belwood Of Los Gatos Book 155 Pagel 4 Pa e2 5 Lot 1 Property Type: X SFR LJ PUD LJCondominium Map Reference: 873/1-16 Lender /Client: Charities Housing Loan The undersigned appraiser has performed a desktop valuation of the subject property. The purpose of this desktop valuation is to determine the market value of the subject property. The primary method of valuing the subject property is the sales comparison approach . This report is intended to be used for loan purposes and limited for use under the following circumstances: 1) when there is adequate comparable market data in the neighborhood to develop a reliable sales comparison analysis for the subject property; 2) when the property rights appraised are fee simple; and 3) zoning, if classified, is residential. The subject property is assumed to be a legal single family dwelling in compliance with current zoning. The reliability of this valuation is considered to be impacted to a certain extent by the appraiser's lack of inspection of the subject property and the comparable sales. ❑The data selection and analysis were performed manually by the appraiser, as noted below. SALES COMPARISON ANALYSIS Relative Comparison Analysis: Coma 1 is on the The appraiser has researched the sales and listing history of the subject property for the past 3 years: K) The property has not transferred ownership or been listed for sale during this period. (—]The subject was ❑Sold ❑Listed for $ on (date) I estimate the market value of the subject property as of _ January 16 2015 which is the effective date of this desktoo analvsis. to be $ 1.000.000 . ATTACHMENT 9 Subject Property Comparable Comparable Comparable3 Address 14390 Blossom Hill Rd 14480 Blossom Hill Rd 5389 Leigh Ave 1863 Blossom Hill Rd Los Gatos Los Gatos San Jose San Jose Proximity to Sub' rr , - `. 0.16 miles SW 0.42 miles NW 0.19 miles NW Data Source ndcdata/MLS /client ndcdata/MLS #81414713 ndcdata/MLS#81415781 ndcdata/MLS#81426488 Sales Price n/a 1,110 000 826,000 868,000 Date of Sale n/a 6/6/14 718/14 9/9114 Gross Livinn Area 1 904 1,830 1.480 2,241 Bedrooms /Baths 5/ 3 31 2 31 2 4/ 3 A e 52 43 56 46 She Size 10002 10012 6820 6600 Parking 2 Car Garage 2 Car Gara e 2 Car Garacre 2 Car Garage Other Condition: Average+ Very Good Very Good Average Locatiom Busy Road Location: Busy Road I Location: Busy Road I Location: Busy Road Relative Comparison Analysis: Coma 1 is on the The appraiser has researched the sales and listing history of the subject property for the past 3 years: K) The property has not transferred ownership or been listed for sale during this period. (—]The subject was ❑Sold ❑Listed for $ on (date) I estimate the market value of the subject property as of _ January 16 2015 which is the effective date of this desktoo analvsis. to be $ 1.000.000 . ATTACHMENT 9 ,v+x`) buygr and seller are typically motivated; (2) both parties are well informed or well advised, and acting in what they consider their own best interests; (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. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in this limited residential appraisal and summary report is subject to the following conditions: 1. This limited residential appraisal and summary report invokes the Departure Provision of the Uniform Standards of Professional Appraisal Practice Standards Rule 1 -4. In this report, any reference to the term "report" means: limited residential appraisal and summary report. 2. The HIGHEST AND BEST USE as improved is assumed to be the present use and is the reasonably probable and legal use that is physically possible, appropriately supported, financially feasible, and results in the highest value. 3. 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 title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of its being under responsible ownership. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. 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. The appraiser 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, this report must not be considered as an environmental assessment of the property. If the subject property was built prior to 1978, the dwelling may contain lead -based paint. 6. Information regarding the subject's physical characteristics was obtained either from information supplied on the appraisal request or from third parry sources that the appraiser considers to be reliable and believes the data to be true and correct. The appraiser does not assume responsibility for the accuracy of such data that were furnished by other parties. 7. The appraiser will not disclose the contents of this report except as provided for in the Uniform Standards of Professional Appraisal Practice. 8. The appraiser must provide his or her written consent before the lender/client specified in this report can distribute this 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 organization; any state or federally approved financial institution; or any department, agency or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of this report only 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 report can be conveyed by anyone to the public through advertising, public relations, news, sales or other media. Differences in the subject and comparables were analyzed to arrive at the value conclusion in this report. Utilizing the Sales Comparison Approach, I placed most emphasis on the comparable(s) considered to be most similar to the subject. 2. 1 have taken into consideration the factors that I am aware of that have an impact on value in my development of the value conclusion presented in this report. I have not knowingly withheld any significant information from this report and I believe, to the best of my knowledge, that all statements and information in this report are true and correct. 3. 1 stated in this report only my own personal, unbiased, and professional analyses, opinions, and conclusions, which are subject only to the Contingent and limiting conditions specified in this report. 4. 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. Neither my analysis nor my report were based either partially or completely on the race, color, religion, sex, 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. 5. 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 report is contingent upon its conclusion. 6. 1 was not required to report a predetermined conclusion that favors the cause of the client or any related party, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and /or employment for performing this report. I did not base this report on a requested conclusion or the need to approve a specific mortgage loan. 7. 1 performed this report in conformity with 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 date of this report. 8. Based on prior agreement with the client, an inspection of the property, the Cost Approach and Income Approach were excluded from this report. I have considered these exclusions and determined that the exclusion of an inspection, the Cost Approach and the Income Approach would not result in a report that is misleading to the client. 9. Although I have not personally inspected the subject property and the properties utilized as comparables in this report, I certify that I have no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions within the immediate vicinity of the subject property. 10. 1 personally prepared all conclusions and opinions about the real estate that were set forth in this report. If I relied on significant professional assistance from any individual or individuals in the performance of this report or the preparation of this report, I have named such individual(s) and disclosed the specific tasks performed by them in the general comment section of this report. APPRAISER Signature Name Mahir Agh esker Company Name The Precision Group Company Address PO Box 2210 Carmel Valley, CA 93924 Telephone Number 831- 659 -4903 Email Address theprecisiongroup @ earthlink.net Date of Signature and Repod 01/16/2015 State Certification # AR015441 or State License # or Other (describe) State # State CA Expiration Date of Certification or License 6/10/2016 ADDRESS OF PROPERTY APPRAISED 14390 Blossom Hill Rd I . - ra,f„e rA gsnnq SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Enail Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License LENDER/CUENT Name Cemaanv Name Charities Housing 3AINO a 3df11V`J9�08ro rA'�. u� sole @ ter "rN sar ♦s' .0 p u o I w# svi ^ter «,I f�� Shp \ I O 17 _ n.. n.•. 4 A• V7 � �'i w ( n A � .. � E EP' EP°it � •' 9' a;hlt ai� 1 1 I I u 600M736 - -�I__. •___�. -oar _ _ .��.y _ _ r tj t oil N + n Tow, Vir- sr el �4 vl ml ai m x ii °.e4 r \\ / Ma ✓. � '?.' s \�, sB '�! ! * / 3 M M e °/' a '-�� \� S. "s •i; c ul /i O)' r wl PO s n Rpl £y . s O) a vP LOCATION MAP Borrower: Client: Charities Housing File ND' 15001 PrOI)ertY Address: 14390 Blossom Hill Rd Case No.: CjtV. Los Gatos Stale' CA Zip: 95032 Lender Charities Housing C a in bl, 1 a n PH T k rwa 'P Ey Norman V M 6. 7 9d Los GatasN,mode, Rd Cmpmble Sgle 2 ✓4�1 wigh �e nz ry the Jur sdid a IM Ws,.m M Rd Sirn JOS. 4" 9.19 mfsM Rlorl om Hill act ehy to i) OWssom Hill Rd Ws �05 0 10 mmes SW 14499 B em Hill Rd Ws Gricx CA9032 C: P. ih Heintz Opera Space &b. �. max G- ee Venture Christian Church 7 Map date moI5coQ* This Page Intentionally Left Blank