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ST9902-ES101201 Page 1 of 1 Keith Marvin - Bill Mills (250 W Sandy Lake Road) From:   "Wally Jones" <wally@wjonesappraisal.com> To:   "'Keith Marvin'" <kmarvin@coppelltx.gov> Date:   12/1/2010 12:25 PM Subject:   Bill Mills (250 W Sandy Lake Road) Attachments:   1012001.pdf; 1011050.pdf   Keith the appraisals for the Mills property is attached.   Should have the Beas property completed tomorrow.   How would you like to handle payment?, I would prefer courier.     Thanks,   Wally Jones, SRA wk 214-544-0779 cell 972-571-6829 fax 214-544-0789     file://C:\Documents and Settings\radloo\Local Settings\Temp\XPgrpwise\4CF63EADCity...8/26/2011 WALLACE JONES & ASSOCIATES File No. 1011050 SUMMARY REPORT Case No. Residential Appraisal Report The purpose of this summary appraisal report is to provide the client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 250 W SANDY LAKE ROAD City COPPELL State TX Zip Code 75019 -2507 Owner BILL & REBECCA MILLS Intended User JPMORGAN CHASE BANK, N.A. County DALLAS Legal Description LOT 1 A, BLOCK A, SHADYDALE ACRES Assessor's Parcel # 180055000A01 A0000 Tax Year 2010 R.E. Taxes $ 6, 909/YR U Neighborhood Name SHADYDALE ACRES Map Reference 1A -S Census Tract Occupant X Owner Tenant Vacant Special Assessments $ UNK PUD HOA $ per year per month j Property Rights Appraised X Fee Simple Leasehold Other (describe) v) Intended Use TO AID JPMORGAN CHASE IN PARTIAL RELEASE OF MORTGAGE Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 _ 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? Yes n No Report data source(s) used, offerings price(s), and date(s). SUBJECT HAS NOT BEEN LISTED IN MLS IN THE LAST TWELVE 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 performed. N/A V Q — re Contract Price $ N/A Date of Contract N/A Is the property seller the owner of public record? Yes No Data Source(s) N/A z Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the purchaser? Yes 1 1 No O If Yes, report the total dollar amount and describe the items to be paid. N/A V Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One -Unit Housing Trends _ One -Unit Housing Present Land Use % Location _Urban X Suburban Rural Property Values _ Increasing X Stable Declining PRICE AGE One -Unit 75 % Built -Up X Over 75% 25 -75% _ Under 25% Demand /Supply _ Shortage X In Balance OverSuppy $ (000) (yrs) 2-4 Unit 3 % p Growth Rapid X Stable Slo Marketing Time Under3mths X 3-6 mths n0ver6mths 100 Low NEW Multi - Family 2 % r e Neighborhood Boundaries THE SUBJECT NEIGHBORHOOD IS BOUND BY THE COPPELL CITY LIMITS. 1,600 High 55 Commercial 10 % CO 310 Pred. 18 Other PARK,VAC 10 % = Neighborhood Description THE SUBJECT NEIGHBORHOOD IS IN COPPELL, A POPULAR DALLAS SUBURB SITUATED APPROXIMATELY 17 MILES NORTHWEST OF THE DALLAS CBD & 6 C9 - MILES NORTH OF THE LAS COLINAS BUSINESS DISTRICT. THIS IS A MID - PRICED AREA OF TRACT TO CUSTOM QUALITY BRICK VENEER CONSTRUCTION EXHIBITING AVERAGE UPKEEP. Z RIVERCHASE GOLF COURSE IS SITUATED NEARBY AND PROVIDES CONVENIENT OUTDOOR RECREATIONAL OPPORTUNITIES. D /FW AIRPORT IS ALSO IN PROXIMITY. Market Conditions (including support for the above conclusions) FINANCING DETAILS ARE FOUND TO BE TYPICAL OF THE MARKET WITH SOME CONCESSIONS NOTED. HOUSES WHEN PROPERLY PRICED APPEAR TO BE SELLING WITHIN THREE TO SIX MONTHS. THE ABOVE MARKET CONDITION CONCLUSIONS WERE DERIVED FROM DATA OBTAINED FROM MLS. Dimensions 101.8 X 147.85 X 100.24 X 146.74 Area 14,880 SQ FT +/- Shape RECTANGULAR View BUSY STREET Specific Zoning Classification _ SF -12 Zoning Description RESIDENTIAL, 12,000 SQ FT LOT MINIMUM Zoning Compliance n Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) _ Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? X Yes n No If No, describe. Utilities Public Other (describe) Public Other (describe) Off -site Improvements - -Type Public Private H Electricity X Water X — Street ASPHALT X n u) Gas _ Sanitary Sewer X Alley FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map # 48113C0155J FEMA Map Date 08/23/2001 Are the utilities and/or off -site improvements typical for the market area? X Yes No If No, describe. _ Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? 7 Yes X No If Yes, describe. NO ADVERSE EASEMENTS OR ENCROACHMENTS NOTED. A SURVEY AND TITLE POLICY ARE RECOMMENDED FOR PROPER AND FINAL DETERMINATION. SUBJECT IS ON A TYPICAL SIZE INTERIOR LOT FRONTING SANDY LAKE ROAD. RELY ON FLOOD CERTIFICATION FOR FINAL DETERMINATION ON FLOOD RATING. General Description _ Foundation Exterior Description materials /condition Interior materialslcondition Units X One One with Accessory Unit X Concrete Slab Crawl Space Foundation Walls SLAB - AVG Floors CARPET,TILE - AVG # of Stories TWO Full Basement PlPartial Basement Exterior Walls BRICK/SIDING - AVG Walls DRYWALL -AVG Type X Det. Att. S -Det. /End Unit Basement Area sq. ft. Roof Surface COMP SHINGLE - AVC Trim /Finish AVERAGE -AVG X Existing Proposed UnderConst. Basement Finish _ % Gutters & Downspouts ADEQ. O/H Bath Floor TILE,VINYL - AVG Design (Style) AVG/TRAD Outside Entry/Exit Sump Pump Window Type METAL - AVG Bath Wainscot TILE &CULT MRBL Pf0 WET -AVG Year Built 1989 Evidence of n Infestation Storm Sash /Insulated NO/YES - AVG Car Storage n None Effective Age (Yrs) 15 +/- Dam�Jness _ Settlement Screens YES - AVG X Driveway # of Cars 1 -2 Attic None Heating X FWA HWBB _Radiant Amenities _ Woodstove(s) # Driveway Surface CONCRETE X Drop Stair Stairs Other Fuel ELECT. X Fireplace(s)# 1 X Fence WD /CHAIN X Garage #of Cars 2 N — Floor Scuttle Cooling X Central Air Conditioning X Patio /Deck X Porch COVERED Carport # of Cars — Z Finished Heated Individual Other _ Pool X Other SPRINKLER X Att. Det. 1 Built -in w Appliances Refrigerator X Range /Oven X Dishwasher X Disposal X Microwave Washer /Dryer — Other (describe) L T, Finished area above grade contains: 8 Rooms 4 Bedrooms 2.50 Bath(s) 2,179 Square Feet of Gross Living Area Above Grade Q Additional features (special energy efficient items, etc.) TILE ENTRY, CROWN MOLDING, TILE KITCHEN COUNTERS WITH TILE BACKSPLASH, Ce a WALLPAPER, JETTED GARDEN TUB, SKYLIGHT, CEILING FANS & TREATMENTS, FIREPLACE. g Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). THE SUBJECT SHOWS TO BE RECEIVING AVERAGE UPKEEP. SUBJECT WAS REPORTED TO HAVE BEEN UPDATED IN 2010 WITH A NEW KITCHEN SINK AND DISPOSAL; 2008 COVERED PATIO WAS INSTALLED; 2007 NEW MICROWAVE; 2006 COOKTOP AND HOT WATER HEATER; 2005 GARAGE DOOR AND OPENER WERE INSTALLED. NO FUNCTIONAL OBSOLESCENCE NOTED. EXTERNAL CHARGE NOTED FOR SUBJECT FRONTING A BUSY CITY THROUGH STREET. _ Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X No If Yes, describe NO APPARENT DEFICIENCIES NOTED. THE APPRAISER IS NOT A HOME INSPECTOR. THE APPRAISER MAKES NO GUARANTEES THAT THE PROPERTY IS FREE FROM DEFECTS, STRUCTURAL DEFICIENCIES, WOOD DESTROYING INSECTS, MOLDS OR ENVIRONMENTAL PROBLEMS. A PROFESSIONAL HOME INSPECTION IS RECOMMENDED. _ — Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No If No, describe THE SUBJECT IS A CONFORMING RESIDENTIAL IMPROVEMENT FOR THE NEIGHBORHOOD. NL - Residential 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Produced by ClickFORMS Software 800 - 622 -8727 Page 1 of 19 WALLACE JONES & ASSOCIATES File No. 1011050 Case No. Residential Appraisal Report There are 52 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 190,000 to $ 290,000 . There are 159 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 190,000 to $ 290,000 . FEATURE 1 SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Address 250 W SANDY LAKE ROAD 224 WHISPERING HILLS DRIVE 317 PLANTATION DRIVE 310 GREENTREE DRIVE COPPELL TX 75019 -2507 COPPELL, TX COPPELL, TX COPPELL, TX Proximity to Subject Z I fie 0.40 miles S 0.52 miles S 1.76 miles E Sale Price $ N/A '* � , `ai $ 230,000 ''_, $ 285,000 "f ? y "$ 242,500 Sale Price/Gross Liv. Area $ N/A s. ft. $ 114.09 sq. ft. 1 $ 121.02 sq. ft 4 .' $ 119.34 sq ft. i Data Source s ZiiiiiiiiAVISAii MLS #11397899 MLS #11390676 MLS #11363134 Verification Source(s) •`'a THE LISTING FIRM RE MAX REALTY ZIPREALTY VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment Sale or Financing t , , CNV $230,000 FHA $277,097 CASH Concessions MKT% 0 -SP MKT% 0 -SP SALE Date of Sale/Time 8/2/10 CLOSED 5/21/10 CLOSED 5/11/10 CLOSED Location SHADYDALE SHADOW RIDGE SHADOW RIDGE MEADOWS Leasehold /Fee Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 14,880 SQ FT 14,592 SQ FT 0 10,846 SQ FT +6,000 13,634 SQ FT +2,000 View BUSY STREET THRU ST -6,000 THRU ST -6,000 AVERAGE - 10,000 Design (Style) AVG/TRAD AVG/TRAD AVG/TRAD AVG/TRAD Quality of Construction AVG /BRICK VNR AVG /BRICK VNR AVG /BRICK VNR AVG /BRICK VNR Actual Age 1989 1985 1986 1985 Condition AVERAGE AVERAGE 0 AVG /GOOD - 10,000 AVG /GOOD - 10,000 Above Grade Total Bdrms Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 8 4 2.50 5 3 2.00 +4,000 8 4 3.00 -4,000 7 3 2.50 C Gross Living Area 2,179 sq. ft. 2,016 sq. ft. +10,600 2,355 sq. ft. - 11,40C 2,032 sq. ft. +9,60C Basement & Finished N/A N/A N/A N/A N Rooms Below Grade DAYS ON MKT DAYS /MKT 12 DAYS /MKT 11 DAYS /MKT 48 ti Functional Utility AVERAGE AVERAGE AVERAGE AVERAGE Heating /Cooling CENTRAL HT /A CENTRAL HT /A CENTRAL HT /A CENTRAL HT /A Z Energy Efficient Items AVERAGE AVERAGE AVERAGE AVERAGE < Garage /Carport 2 -CAR GARAGE 2 -CAR GARAGE 0 2 -CAR GARAGE 0 2 -CAR GARAGE 0 O Porch /Patio /Deck PORCH, PATIO PORCH, PATIO PORCH, PATIO PORCH, PATIO W 1 -F /P 1 -F /P 0 1 -F /P 0 1 -F /P 0 < SWIM POOL - 15,000 SWIM POOUSPA - 20,000 4 a O • Net Adjustment (Total) Zrita4V1115 n + n - $ -6,400 + X - $ - 45,400 n + X - $ -8,400 w Adjusted Sale Price ,. Net Adj: -2.8% Net Adj: - 15.9% Net Adj: -3.5% III of C arables s ,,` .. , Gross Adj : 15.5% $ 223,600 Gross Ad': 20.1% $ 239,600 Gross Adj: 13.0% $ 234,100 N 1 j X 'did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research n did n did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) MLS My research n did n 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. Data source(s) MLS 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 COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE #3 Date of Prior Sale/Transfer N/A N/A N/A N/A Price of Prior Sale/Transfer N/A N/A N/A N/A Data Source(s) MLS MLS MLS MLS Effective Date of Data Source(s) APPRAISAL SIGNATURE DATE APPRAISAL SIGNATURE DATE APPRAISAL SIGNATURE DATE APPRAISAL SIGNATURE DATE Analysis of prior sale or transfer history of the subject property and comparable sales PRIOR SUBJECT OR COMPARABLE SALES WITHIN THE RESPECTIVE THREE AND ONE YEAR TIME FRAMES WAS NOT NOTED. Summary of Sales Comparison Approach SEE ATTACHED MARKET DATA COMMENTS AND ADDITIONAL COMPARABLES. Indicated Value by Sales Comparison Approach $ 234,000 Indicated Value by: Sales Comparison Approach $ 234,000 Cost Approach (if developed) $ N/A Income Approach (if developed) $ N/A THE MARKET APPROACH IS EMPHASIZED AS RECENT SALES DATA WAS AVAILABLE. THE COST APPROACH IS NOT REQUIRED NOR IS Z JUDGED NECESSARY DUE TO THE AGE OF THE HOME. THE INCOME APPROACH WAS NOT CONSIDERED APPLICABLE IN THIS H PREDOMINANTLY OWNER OCCUPIED NEIGHBORHOOD. J This appraisal is made X "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been O completed, f subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 1 , subjecttothe O following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: SEE ATTACHED CERTIFICATION & O LIMITING CONDITIONS. THIS APPRAISAL REPORT IS FOR USE IN A MORTGAGE FINANCE TRANSACTION, AND IS NOT INTENDED FOR ANY OTHER USE. ill • 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 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 $ 234,000 , as of 11/29/10 . NL - Residential 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Produced by ClickFORMS Software 800 - 622 -8727 Page 2 of 19 WALLACE JONES & ASSOCIATES File No. 1011050 Case No. Residential Appraisal Report 1- t ` z W O V —J z 0 D CONTINUING EDUCATION: Wallace E. Jones, SRA is currently certified under the continuing education requirements of the Appraisal Institute. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) THE SITE VALUE IS BASED ON A COMBINATION OF MLS DATA, TAX DATA AND MARKET EXPERIENCE. V ESTIMATED P REPRODUCTION OR 7 REPLACEMENT COST NEW OPINION OF SITE VALUE _$ 145,000 a Source of cost data *SEE COMMENTS BELOW. Dwelling 2,179 Sq. Ft. (a) $ _$ ix Quality rating from cost service N/A Effective date of cost data N/A Sq. Ft. (a) $ =$ a Comments on Cost Approach (gross living area calculations, depreciation, etc.) < *THE COST APPROACH IS NOT REQUIRED NOR IS JUDGED Garage /Carport Sq. Ft. A $ =$ O NECESSARY DUE TO THE AGE OF THE HOME. Total Estimate of Cost -new =$ Less Physical Functional Extemal Depreciation =$ ( Depreciated Cost of Improvements =$ "As -is" Value of Site Improvements =$ Estimated Remaining Economic Life (HUD and VA only) 50 Years Indicated Value By Cost Approach =$ N/A INCOME APPROACH TO VALUE (if applicable) O Estimated Monthly Market Rent $ N/A X Gross Multiplier N/A =$ N/A Indicated Value by Income Approach Z Summary of Income Approach (including support for market rent and GRM) N/A PROJECT INFORMATION FOR PUDs (if applicable) Is the developer /builder in control of the Homeowner's Association (HOA)? 17 Yes n 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. Legal Name of Project N/A Z 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) g Was the project created by the conversion of existing building(s) into a PUD? n Yes n No If Yes, date of conversion. ix Does the project contain any multi - dwelling units? n Yes n No Data source. 2 Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. z a Are the common elements leased to or by the Homeowner's Association? Yes No If Yes, describe the rental terms and options. N/A Describe common elements and recreational facilities. N/A NL - Residential 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Produced by ClickFORMS Software 800 - 622 -8727 Page 3 of 19 WALLACE JONES & ASSOCIATES EXTRA COMPARABLES 4 -5 -6 File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 250 W SANDY LAKE ROAD 165 GLENDALE DRIVE 751 PARKWAY BLVD 723 POST OAK DRIVE COPPELL TX 75019 -2507 COPPELL, TX COPPELL, TX COPPELL, TX Proximit to Sub'ect �t. f; 1.29 miles SE 1.73 miles E 0.87 miles W Sale Price $ N/A �� °" � (" teay $ 239 900 ��> $ 286,391 x , . $ 285,000 �� }� �, .f. Sale Price/Gross Liv. Area $ N/A sq. ft. $ 118.93 sq. ft. _ it., ' ' "' $ 122.48 sq. ft x " $ 107.92 sq. ft . 4 . L Data Source s *,'� . MLS #11400050 MLS #11430336 MLS #11505124 Verification Source(s) . RE MAX REALTY RE MAX REALTY BETTER HOMES & GARDENS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment DESCRIPTION +( -) $ Adjustment Sale or Financing ' '' ' FHA $277,148 FHA $UNDISCL ACTIVE Concessions ' _: MKT% 0 -SP MKT% 1.9 -SP LISTING Date of Sale/Time 41014,1:1-4 7/2/10 CLOSED 8/9/10 CLOSED ACTIVE LISTING �.rt � '= Location SHADYDALE CREEK VIEW MEADOWS OAKBEND Leasehold /Fee Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 14,880 SQ FT 9,104 SQ FT +8,500 9,626 SQ FT +8,000 14,810 SQ FT 0 View BUSY STREET RAILRD /PWR LN 0 BUSIER THRU ST -4,000 BUSY ST /INDUST +10,000 Design (Style) AVG/TRAD AVG/TRAD AVG/TRAD AVG/TRAD Quality of Construction AVG /BRICK VNR AVG /BRICK VNR AVG /BRICK VNR AVG /BRICK VNR Actual Age 1989 1990 1990 1991 Condition AVERAGE GOOD - 25,000 GOOD - 25,000 AVERAGE C Above Grade Total Bdrmsi Baths Total Bdrms1 Baths Total Bdrmsi Baths Total Bdrms1 Baths Room Count 8 4 2.50 8 4 2.50 0 8 4 2.50 0 7 3 2.00 +4,000 Gross Living Area 2,179 sq. ft. 2,408 sq. ft. - 14,900 2,327 sq. ft. -9,600 2,223 sq. ft. 0 Basement & Finished N/A N/A N/A N/A Rooms Below Grade DAYS ON MKT DAYS /MKT 15 DAYS /MKT 8 DAYS /MKT 12 Functional Utility AVERAGE AVERAGE AVERAGE AVERAGE u) Heating /Cooling CENTRAL HT /A CENTRAL HT /A CENTRAL HT /A CENTRAL HT /A } Energy Efficient Items AVERAGE AVERAGE AVERAGE AVERAGE a G arage /Carport 2 -CAR GARAGE 2 -CAR GARAGE 0 2 -CAR GARAGE 0 3-CAR GARAGE -5,000 Z Porch /Patio /Deck PORCH, PATIO PORCH, PATIO PORCH, PATIO PORCH, PATIO Z 1 -F /P 1 -F /P 0 1 -F /P 0 1 -F /P C 0 SWIM POOUSPA - 20,000 SWIM POOUSPA - 20,000 u) a Net Adjustment Total + X - $ -51 400 + X - $ -50 600 X + - $ 9 000 2 Adjusted Sale Price s', Net Adj: -17.9% Net Adj: -17.8% Net Adj: 3.8% V of Comparables - LGross Adj : 23.9% $ 234,991 Gross Adj: 23.4% $ 234,400 Gross Adj: 7.9% $ 248,900 to W Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales N ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior Sale/Transfer N/A N/A N/A N/A Price of Prior Sale/Transfer N/A N/A N/A N/A Data Source(s) MLS MLS MLS MLS Effective Date of Data Sources) APPRAISAL SIGNATURE DATE APPRAISAL SIGNATURE DATE APPRAISAL SIGNATURE DATE APPRAISAL SIGNATURE DATE Analysis of prior sale or transfer history of the subject property and comparable sales NONE NOTED. Summary of Sales Comparison Approach THE COMPARABLES ARE RECENT AND SELECTED FROM THE SUBJECTS MARKET AREA. COMPARABLE #6 IS AN ACTIVE LISTING AND IS INCLUDED TO REPRESENT THE MOST RECENT MARKET ACTIVITY. COMPARABLE #2, 4 & 5 ARE ON SMALLER SIZE LOTS AND ARE ADJUSTED ACCORDINGLY. NOS. 1, 2, 3 & 5 ARE SUPERIOR IN VIEW FOR THE SUBJECT FRONTING SANDY LAKE ROAD, A BUSY STREET. NOS. 1, 2 & 5 ARE GIVEN LESSER ADJUSTMENTS AS THEY FRONT LESS BUSY NEIGHBORHOOD THROUGH STREETS. NO. 4s BACKING RAILROAD TRACKS AND POWER LINES IS JUDGED OVER ALL TO BE A SIMILAR VIEW, WHILE #6s BACKING FREEPORT PARKWAY, A SIMILAR BUSY STREET AND VIEWING INDUSTRIAL USES IS JUDGED OVER ALL TO BE A MORE ADVERSE INFLUENCE, THUS ITS POSITIVE ADJUSTMENT. NOS. 2 - 5 ARE REPORTED TO HAVE A GREATER BUT VARYING AMOUNT OF UPDATING /FINISH OUT ITEMS, THUS THEIR CONDITION ADJUSTMENT. COMPARABLE #6 IS SUPERIOR FOR HAVING A 3 -CAR GARAGE. NOS. 1, 2, 4 & 5 ARE SUPERIOR FOR HAVING A SWIMMING POOL. NOS. 2, 4 & 5 REQUIRED LARGER POOL ADJUSTMENTS AS THEY ALSO HAVE A SPA. LARGER NET ADJUSTMENTS WERE REQUIRED ON SEVERAL OF THE COMPARABLES, HOWEVER, OTHER MORE SIMILAR COMPARABLES WERE NOT AVAILABLE FOR ANALYSIS. THE COMPARABLES USED ARE JUDGED TO BE THE MOST REFLECTIVE OF THE SUBJECT PROPERTY AVAILABLE. CONSIDERATION IS AFFORDED ALL SIX COMPARABLES. Produced by ClickFORMS Software 800 - 622 -8727 Page 4 of 19 WALLACE JONES & ASSOCIATES File No. 1011050 Case No. This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. The Appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. SCOPE OF WORK: 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 complete visual inspection of the subject property, (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. DEFINITION OF MARKET VALUE: As per Fannie Mae the definition of market value is 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: The appraiser's certification in this report is subject to the following assumptions and limiting 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, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. 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. 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, or as otherwise required by law. 5. 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. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. NL - General Certification 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Produced by ClickFORMS Software 800 - 622 -8727 Page 5 of 19 WALLACE JONES & ASSOCIATES File No. 1011050 Case No. APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements 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 at the time this appraisal report was prepared. 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. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 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 withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 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 the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 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. 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. 20. I identified the client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. NL - General Certification 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Produced by ClickFORMS Software 800 - 622 -8727 Page 6 of 19 WALLACE JONES & ASSOCIATES File No. 1011050 Case No. 21. I am aware that any disclosure or distribution of this appraisal report by me or the client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 22. 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. 23. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 24. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub - contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 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) Signature , �,GLC1� j Signature Name WALLACE E. JONES, SRA Name Company Name WALLACE JONES & ASSOCIATES Company Name Company Address 511 COTTONWOOD PLACE Company Address MCKINNEY, TX 75069 Telephone Number 214-544-0779 Telephone Number Email Address wallyAwjonesappraisal.com Email Address Date of Signature and Report 12/1/10 Date of Signature Effective Date of Appraisal 11/29/10 State Certification # State Certification # 1321511 -R or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State TX Expiration Date of Certification or License 06/30/2011 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED 250 W SANDY LAKE ROAD Did not inspect subject property COPPELL, TX 75019 -2507 Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ 234,000 Did inspect interior and exterior of subject property CLIENT Date of Inspection Name Company Name CITY OF COPPELL COMPARABLE SALES Company Address 255 PARKWAY BLVD Did not inspect exterior of comparable sales from street COPPELL, TX 75019 Did inspect exterior of comparable sales from street Email Address Date of Inspection NL - General Certification 5/2007 This form may be reproduced unmodified without written permission, however, Bradford Technologies, Inc. must be acknowledged and credited. Produced by ClickFORMS Software 800 - 622 -8727 Page 7 of 19 WALLACE JONES & ASSOCIATES SKETCH ADDENDUM File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 COVERED 20' N PATIO 9.1' BEDROOM L NI 19. NOOK LIVING BATH z w ROOM = U H CLOSET 1/2 Y N BATH � ce DINING 11.1' c'I > tU N 0 r g' (n L ., a 0 7 4' ROOM z 4 Q 2 -CAR 20.6' :c- c., .--I N ;c1- 29' c cc GARAGE 0 0 0 ce o o w w co m 20.1' '-' 3.9' BATH N GAME ce - 0 0 1- ce ROOM a w 3.9' m 29' Sketch by Apex Medina*" Comments: AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Net Size Net Totals Breakdown Subtotals GLA1 First Floor 1830.5 First Floor 2 -CAR GARAGE -456.3 1374.2 20.0 x 5.2 104.0 GLA2 Second Floor 843.9 29.1 x 2.3 66.9 STAIRS -39.4 804.5 48.1 x 25.1 1207.3 4.0 x 20.6 82.4 18.4 x 20.1 369.8 2 -CAR GARAGE 21.1 x 20.1 -424.1 2.9 x 11.1 -32.2 Second Floor 29.0 x 29.1 843.9 STAIRS 3.9 x 10.1 -39.4 Net LIVABLE Area (rounded) 2179 9 Items (rounded) 2179 Produced by ClickFORMS Software 800 - 622 -8727 Page 8 of 19 WALLACE JONES & ASSOCIATES SUBJECT PHOTO ADDENDUM File No 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 » f f ,4 FRONT OF ' -..:'. r` , ', � .`. vi,1* SUBJECT PROPERTY 250 W SANDY LAKE ROAD } g� A '° , r.. - 4, COPPELL, TX 75019-2507 _ _ :. ,. �� - 3 . -ems { . �' I t *.. ± REAR OF . . SUBJECT PROPERTY 1 , ; . ...,.., ..., - ; ; , --- - ' zi , I .;::: *""::' . . , . , . . a P . 4 t I v,+Yy M � , t 4• STREET SCENE -, v . v.. iy �. 4'4- a 1 � L . w i ,..„,:. 47- :' '.'. ' * -- -'-'. .... „a4, .,..„,„„.,,,...„ „ — „.„,-, , , t } Y'•7 . µ f 1.', ,' #+i a. „, < to * • '” � +w.. a 4 ... Page 9 of 19 Produced by ClickFORMS Software 800 - 622 -8727 WALLACE JONES & ASSOCIATES SUBJECT PHOTO ADDENDUM File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 .' _ ', {' • , * `� c z' ! ADDITIONAL SIDE VIEW . , �.+ .?— mo ` •A i, 4 t o a 4 iti •,, r a fig„ --_ 4 � i y iR ,- t ',„ A 1 1 y. ._ ..„, .. ... V ..,,, T j ADDITIONAL SIDE VIEW r I. lop is 1 w#., SAP - it. �� DINING ROOM , ,, .6 -le_ --i, . . ,,, 4 , .441t. - ,• _, 1 ''. it 1 1 7111 X ; , as ( 1 iiii < f ,w , yyy ,, t. Produced by ClickFORMS Software 800 - 622 -8727 Page 10 of 19 WALLACE JONES & ASSOCIATES SUBJECT PHOTO ADDENDUM File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 LIVING ROOM 4 - I x a ` .`+� 4111.111c fit al KITCHEN a i .£ I ....- L. — „..... ':. 4146 mitt. T - i .., ..„. ,, . , , „ .. —,.,,, ... . „ .. . . .. t ,' a _ j . :4 MASTER BEDROOM - , it- lir (� Produced by ClickFORMS Software 800 - 622 -8727 Page 11 of 19 WALLACE JONES & ASSOCIATES SUBJECT PHOTO ADDENDUM File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 MASTER BATH GAME ROOM . 4 BEDROOM '7, 4 Produced by ClickFORMS Software 800 - 622 -8727 Page 12 of 19 WALLACE JONES & ASSOCIATES SUBJECT PHOTO ADDENDUM File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 BEDROOM snlea tai• " tar tit q i BEDROOM BATH 4 Produced by ClickFORMS Software 800 - 622 -8727 Page 13 of 19 WALLACE JONES & ASSOCIATES COMPARABLES 1 -2 -3 File No 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL T Address 255 PARKW BLVD, COPPELL, TX 75019 ,,... r fi _r " COMPARABLE SALE # 1 •': �_ • ' ° °` = „° ""' 224 WHISPERING HILLS DRIVE "' ° COPPELL, TX S ° s ,.- , — 1.471, V.: ' , 4.--,.,i' , k 0 ::" ' si,,..*:- , ' ,,:,.: ' ; ... -',, fi , .,f. ,, ' : , *7,-7 •L ..,,,i } . i s > ]t F «, . s �.. ■ s te r . COMPARABLE SALE # 2 k ° 317 PLANTATION DRIVE COPPELL, TX *yam -.. 7:7110;-::41''..' 0 ; ,. ..,,- �� COMPARABLE SALE # 3 310 GREENTREE DRIVE � y�,�r., ` ' r. • ,' '.. " 0 ; 0 -• COPPELL, TX a F a$ ♦+t;� £ - -yam , , i. .. i .:„._ N. , . ii, , i F I r ... « -� i r / , i e . 4 • Produced by ClickFORMS Software 800 - 622 -8727 Page 14 of 19 WALLACE JONES & ASSOCIATES COMPA RABLES 4 -5 -6 File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL DALLAS State TX Zip C ode 750 -2507 Lender/Client C ITY OF C OPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 COM PARABLE SALE # 4 165 GLENDA D RIVE 4 - COPPELL, TX COMPARAB SALE # 5 t.,: " ' '� „. 7. , - ' - 'f' , : 751 .: `': PARKWA BLVD - . k r g ' '4 ! ' °:, r.,,,. ''kt2' - -,.-'-: N.— :4?.:,,,.:. ,,,:,,,,--„'4....1„:„..,.:%,t, : x, � " $ ' vv -t COMPARABLE SALE # 6 723 .» , ,� r COPPEL L, OAK TX DRIV f 4 ;-...$4 S ... v2 d u y ,. �• f. F` { Mh Page Produced by ClickFORMS Software 800 - 622 -8727 15 of 19 WALLACE JONES & ASSOCIATES LOCATION MAP ADDENDUM File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 it Grove Rd . ' r• c . '— ❑ E FM30 0 -' i' _ ~ . , 4itQ E Ftvt3�' c �ti _ I` 4 II Vista Ridge hall Li{c+#e a Mall Dr D - i 0 h 5, 4 c - J f p '7.7 t a� �� �. Q } 9t t e - : - . 121 . ...„.,..•...:.. 1,...%::-...- c in---A.:„ "-"....... .. X121 {,{ .. 0...,... ... ---1--:-... -.-..t.).--. p>„ ---... „.... ..,...F.,q,. ),,,. ..... ,, ....._ ....._ , 1 Grapevine CarT0r, Dr 173 6 121 c. 'IN Parkw 1 — 4 , - Jivi.,aLiR 1!,iI I i ; x. oPpe ll t � y. Y ' 7,,� , w Sand Lake Rd ve /jam ',.1 . �__ -c J =11 I if ] II !,- J Id a Sandy Lake Rd co z_ E Sandy Lake Rd i ' ���n _ 73 Wheel I ° o = Park Ruby Rd Planted 4 � . : v ` �i Creekvievw Dr �. — ya to Bethel School ` _. ?Cooper L , y 'a' ' Brook r ' urapevinl I' N ! Bethel C reek Park U7 ; ° ix Of Bethel Rd.— _ __�IL--1 t .1r— I_'_'. Dallas Fort , , Worth _ - -. Mks I International __. Airport .. -.. —'—` .- ll o �) l= 0 eL 35 tYtW EIsfrr7 efwo c' E Bet __ a Btvd v Cotton Rd , 35 A irline Dr �.. Td $r5 North North Lake A Ie9eht VV ang ler Dr , 11 - I C r -J :r a .34 . .,, ...--,— a) IT3 > >. r 1 4., l if, .$, , 1 < . .7 x 1 1,, ( „:5 .,,,, .. z Cat stern Dividend Dr 2 North z _ Dallas Lake 114 87 1/0 1 33 a Park . m X010 Microsoft Corp @2008 N441EQ,and forTele iltlas, Inc . 61 Irving Produced by ClickFORMS Software 800 - 622 -8727 Page 16 of 19 WALLACE JONES & ASSOCIATES FLOOD MAP ADDENDUM File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City COPPELL County DALLAS State TX Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 r l f f . f 1 - f' S 'S ,r i {i _ p, - - 7- . >-•:\ . Pgic 1 1 r.__,L...__J L. 1 ,,,. , 1 , - \ / ' -_ ,, = �y y - L ' 4 1 -- % l i I ..' S I l y ., ! I r r _ • 4� 1 [1`7 / 1 - I r=.,-._ (' r , ---- r -r r - I I 1 r i ? - r I • r _. — I l U ., L I „-- __ 1 ,J--- ) ... ,. L / 7 __�v , ti 1 ...../ 7 -); -....., -. —. - 1 \,\ —. pp 1 1 \--___, -- -- , ),__L_ 0 Coell a r f ! -� ' �' ;� Zone Determination Flood Zones SFHA (Flood Zone): Gut Areas 'sambaed G; : ::�ysarioodiog Within 250 ft. of multiple flood zone? No Areas outa b of the 19 and Community: 480170 Pin Community Name: COPPELL, CITY OF Areas =.nun atedbylCttysarflaming Zone: X Panel: 480170 01553 Panel Date: 08/23/2001 MI Areas inundated by 109 -year w+tti FIPS Code: 48113 Census Tract: . volocty hazard s Fox Reao^. is for the sale ber•:+t of the C stomer that ordierel and paid III I the Reoo-t arxt is based on the a- oaerri information Drov ided by the f;6Dd^'`ay areas Torre% That customer's dse of this reaort is subiect to the terms aareed by II Floobway area with rwiacity bazars :_storne when a cessir a this product. No third e'a tai is =hatted to use .• on this rerxxt for ar3v tkracee, NEITHER FIRST AMERICAN ROOD Areas Ofundacerm ,, nmiatepoaeibbe two DA SERVICES NOR THE SELLER OF THIS REPORT MAKES ANY hazard REPRESENTATIONS OR WARRANTIES TO ANY PARTY CONCERNING polished fin, THE CONTENT ACCURACY OR COMPLETENESS OF THIS REPORT Are n# rrappast on ant' NC UDING ANY WARRANTY OR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, Neither FAFDS rite the seller of this • _<• •.., shall have a*V I`Isb.''t.,: to ar; , this parry fog any ..se cx Maser of this Report. Produced by ClickFORMS Software 800 - 622 -8727 Page 17 of 19 WALLACE JONES & ASSOCIATES File No. 1011050 Market Conditions Addendum to the Appraisal Report Case No. The purpose of this addendum is to provide the lender /client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address 250 W SANDY LAKE ROAD City COPPELL State TX ZIP Code 75019 -2507 Borrower Instructions: The appraiser must use the information required on this form as the basis for his /her conclusions and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include that data in the analysis. If data sources provide all the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analysis Prior 7 -12 Months Prior 4 -6 Months Current - 3 Months Overall Trend Total # of Comparable Sales (Settled) 77 51 31 n Increasing n Stable n Declining Absorption Rate (Total Sales /Months) 12.8 17.0 10.3 • Increasin• © Stable • Declining Total # of Comparable Active Listings NOT AVAILABLE NOT AVAILABLE 52 _ JsJ Months of Housin• Sul •I Total Listin•s/Ab. Rate ;t - . - 5.05 s �:, � � erg. E .. , _� . ,�, .�.w`,.`9Sst° ...a- .�., -.»lr" Prior 7 -12 Months Prior 4 -6 Months Current - 3 Months Overall Trend Median Comparable Sales Price 240,000 260,000 234,000 Increasing X Stable n Declining w Median Comparable Sales Da s on Market 20 15 35 Declinin• © Stable • Increasin• r Median Comparable List Price % 233 500 , a Median Comparable Listing Days on Market ` _ o- e ° 87 n, a _ . " , d a Median Sale Price as % of List Price 98.09% 97.80% 97.40% n Increasing X Stable r Declining = Seller- (developer, builder, etc,) paid financial assistance prevalent? 1 Yes n No n Declining X I Stable n Increasing t ? Explain in detail seller concessions trends for the past 12 months (e.g. seller contributions increased from 3% to 5 %, increasing use of buydowns, closing costs ug condo fees, options, etc.) ONE TO THREE SELLER POINTS IS COMMON IN THE MARKET. Are foreclosure sales (REO sales) a factor in the market? rX Yes n No If yes, explain (including the trends in listings and sales of foreclosed properties). THE SUBJECT'S MARKET HAS EXPERIENCED SOME FORECLOSURES. THE FORECLOSURES DO NOT APPEAR TO BE EXCESSIVE AND ARE BEING ABSORBED BY THE MARKET. Cite data sources for above information. NORTH TEXAS MULTIPLE LISTING SERVICE. Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales, and /or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. HISTORICAL ACTIVE & LIST PRICE INFORMATION IS NOT AVAILABLE AT THIS TIME. BASED ON THE MEDIAN PRICE NUMBERS AND THE MEDIAN CURRENT LIST PRICE THE MARKET APPEARS TO BE IN FLUX AND IT MAY TAKE SEVERAL MORE QUARTERS TO DETERMINE ITS DIRECTION. AS OF NOW THE SUBJECTS MARKET APPEARS TO BE IMPACTED BY TYPICAL SEASONAL MARKET SWINGS AND OR MARKET FACTORS, HOWEVER, IS JUDGED OVER ALL STABLE AT THIS TIME. THE MARKET EXPERIENCED SOME PAST VOLATILITY DUE TO THE PREVIOUS SHAKE UP IN THE CREDIT MARKETS. THIS APPEARS TO HAVE BEEN A TEMPORARY SETBACK AND IF INTEREST RATES REMAIN FAVORABLE AND AS FAITH IN THE ECONOMY AND MARKET CONDITIONS CONTINUE TO INCREASE, TYPICAL MARKET PATTERNS ARE EXPECTED TO BE SEEN. AS NOTED BY THE FEBRUARY S &P /CASE SHILLER REPORT, THE DALLAS RESIDENTIAL REAL ESTATE MARKET WAS THE THIRD BEST OF THE 20 MAJOR METROPOLITAN AREAS IN THE U.S. If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Subject Project Data Prior 7 -12 Months Prior 4 -6 Months Current - 3 Months Overall Trend Total # of Comparable Sales (Settled) Increasing n Stable Declining Absorption Rate Total Sales /Months • Increasin• • Stable Declinin• Total #of Active Comparable Listings s l.. Months of Unit Su • •I Total Listings/Ab. Rate d . titx ,. Are foreclosures sales (REO sales) a factor in the project? I Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales I— of foreclosed properties. 1 4 N/A a a a 0 0 0 0 Summarize the above trends and address the impact on the subject unit and project. N/A Signature Signature Si nature M Appraiser Name "" WALLACE E. J ES, SRA Supervisor ervisor Name 3 Company Name WALLACE JONES & ASSOCIATES Company Name a Company Address 511 COTTONWOOD PLACE MCKINNEY, TX 75069 Company Address State License /Certification # 1321511 -R State TX State License /Certification # State Email Address wally @wjonesappraisal.com Email Address Freddie Mac Form 71 March 2009 Produced by ClickFORMS Software 800 - 622 -8727 Fannie Mae Form 1004MC March 2009 Page 18 of 19 File No. 1011050 Case No. Borrower Property Address 250 W SANDY LAKE ROAD City County State Zip Code 75019 -2507 Lender /Client CITY OF COPPELL Address 255 PARKWAY BLVD, COPPELL, TX 75019 p ig/ / ' , , ‘ , r w. "i :' i it 17 , - /.1 i TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD BE IT KNOWN THAT WALLACE EARL JONES HAVING PROVIDED SATISFACTORY EVIDENCE OF THE QUALIFICATIONS REQUIRED BY THE TEXAS APPRAISER LICENSING AND CERTIFICATION ACT, TEXAS OCCUPATIONS CODE, CHAPTER 1103, IS AUTHORIZED TO USE THE TITLE STATE CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER Number: TX- 1321511 -R Date of Issue: May 19, 2009 , Date of Expiration: June 30, 2011 :.; �', , 3 _, . In Witness Thereof ),%i+'i �lMton P. Sayers, ( ioir - '. tt • "ti. , i!. " Loretta DeHay, A ng Commissioner Clinton P. Savers, Chair James (Jamie) 8. Ratliff, Vice Chair Mark A. McAnally, Secretary Robert D. Davis, Jr. Luis F. De La Garza, Jr. Walker R. Beard Danny R. Perkins Bill F. Schneider Donna L. Wak Produced by ClickFORMS Software 800 - 622 -8727 Page 19 of 19