ST9301-ES020605FROM :LANDMARK -- FAX NO. :9403214393 Jun. 05 2002 10:26AM P1
Landmark Interior Builders INC.
402 South Lake View Drive
Lake Dallas TX 75065
Phone - (940) 321-4343
Fax - (940) 321-4393
Send lo: _ ,4 ~/'/
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Altenflon: ~/~ I ~, L ~ , - ~
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Comments:
UNIFORM RESIDENTIAL APPRAISAL REPORT F,, Ne. 01-109
· ~-~ stat~ Texas c..=de 75019
~vid M ers Abstract 886 Pa e 396 Ceen Dallas
...... ~ 30~ ~L sedal Assessrnenta $ N/A .. .
rrower Philti s - CurrentO~me' ~a
~ hbO~hOOd tX Pro'ed Name Glenbrook Meadows ~ 1A.T Census Trad 0141.07~
[e P~e $ Mkt. Value Date ol Sale N/A_ ~ of loan ~ es/concessiollsto be ' sailer N/A
EXTENDED PAGE I . 1
~-'l~'en ,Car_~_~_~on Coleman Sloman~ -- mthal' ~dre~ 200 Cresce.t Court ~1500 Dali 'exes 7S20~
~ is~ C~afles E. nad ~all~xa~, J2~01 .
~: Residential from
~ighbo~hood bouadades and ~aracteristi:s: The subi~ is situat~ in an e~hlished po~ion of~e ~ of CoppeII The ~ene~l market area
~undaries are Ma~hur Bird & SaodY ~ke Rd.
~c~om ~ha~ affe~ the marketability of ~he pro~ties in the neighborhood (proximi~ to employmeof and ameni~os, emDloyment stabili~, appeal to market,
~ is In.led in~bu~an area no.east of Dallas in Ihe d~~e net hborh~s ~mari ~m osed of
3meg constru~ed in the~esent, ~e are~ is ~ed~endent S~ool Distri~ and is ~nvenient to
:heels, sh~ a~d em Io m~nte~s.
~rket conditions in Ihe subject neighb~'hood (including suppod for the above conclusions related Io the t'eed of property values, darnand/Stlpply, end marketing time
such as data on competitive properties for sale in the neighborhood, dascriplion of the prevalence of sales and financing concessions, etc.): ,
he market conditions in the sub'ec~s net hborhood ara considered ave~discoun~terest rate b~ ether
}ncessions are available in the market, Excessive seller contributions or conces~sions are deducted in the market anal~
f underwritina. ~
reject Information for PUDs (if applicable)- - la the dsveloperrouilde~ in ~ontrol of the Home Owners' Associ~
)lXO~i~te l~lal number of units in the subjecl project ~o~mate total ~um~ of u~i~ for sale in the sublet project
~be common elements and re~eafional fadlities: No home~ners a~ociat~n exists.
~nsions ~ ~ 3.~ X ~ 75.39 X (13.74 + 86 + 53.86) X 2~5.~ Above S~t Grade
t. ~a +-.61 A~es ~ Lot ~ Y~ ~ ~
)e~fic ~ning ~a~ifi~n and des~iption Residential
qhest&bestuse~i~: ~.ntu~ ~ O~e(~lale)
I>ubl~c Private'
~s Cmb~u~' None
,t~ ~ - S~ewalk None ~
]ni~ s~ ~ S~eet r~hb Yes ~
~ ~r ~y None
3mments (apparent adverse easements, endearments, sgecial as~ssments, slide areas, igagal ~ legal noncon~rmi~g zoning, usa. etc.):
e ob~ined for final dete~inetion of ev=~ site dimensions. ~ments and spe~al flood hazard status.
Topography
Sizs Above Averaqe
Shape Irreqular
Drainage Adequate
visw Traffic/Creek
t.a~__.~g/ Averaqe
~May Surfam ~-oncrete
Appa. enteasements Rely on survey
FEMASpedslFI0odHazard~'en [XJ Yes [a No
FEMA Z~r,e X Map Date 4/15/94
FE~ Map No. 480170 0010E
A survey should
ENERAL DESCRIPTION
o. ol Units One
o. of Sto~ies One
~e (Oet.l~,tt.) Detached
esign (Style) Traditional
~Ung~:3po~KI Existinq
EXTERIOR DESCRIPTION
Foundation Concrete
Exter~ Wa~s Stucco
Rosf Sudace Composition
Guttem & Ovmspts- Partial
w'm dow Type Metal
Storm/So'eons Yes
FOUNDATION
Slab Yes
Craa Sl~c. No
Basement None,
' Sum) Pt~re N/A
Dampnes~ None noted
Seltlemem None noted
Area Sq. Ft. None
% Finished IN/A
CoTing NIA
W~s NIA
Fine- N/A
Outs~e F:~W NIA
INSULATION
Rcx)f Unknwn
C~ing Unknwn
Waa Unknwn
Roor Unknwn
None
ffectiveAge(Ym.) 15-20 '"[
~lanufactured House No I Infestatla~ None noted I
Dinin({ Kitchen Ben FamilyRm. Rec. Rm. 8~,~,, ~1 #Baths
x , x, x , , 2 2
2 Bedroom ;)~ 2
rTERIOR Mate~ials/Ca~dlti~n
nors Carpet/Vinyl
~lls Texture~Panel
im/RnL..h Average
~m nc~r Carpet/Tile
Wood
6 Rooms;
HEATING
Type Forcd Air
Fuel Gas
c.~adi~aAVl:l.
COOLING
Central Yes
OIh~' None
I KffCNEI, I EQUIP,
Range/Oven []
Dishwasher ~
MJ~'cMave
^Trlc AMENITI~
s~s ~ ~a~ Open
~Sa~ ~ De~ ~/A
~e ~ P~ Covered
~ Fen~ Metal
P~ N/A
*Assmd Adequate
, Leu/ 2.~ 174
2rl 74 Squa's Feet itl Gross LivincI Area
CAR STORAGE:
C1
Garage N/A # of cars
Affache~i N/A
~ De,ached N/A
[ Bu#t*ln N/A
Cmpart Two
Washe.~yee Fk~ished Driveway Open
ditional features (special energy efficient items, etc.): Fireplace in Iivin,q room~ ceilin~l fans. Covered ent~/pomh, patio, landscapin(], fenoinq,
3raga, mar addition (189 SF), detached frame ~t,e~ house at rear of site. ~
ADDENDUM ~
.~-~ow~C P~h,"i~___ Ca~e No.:
>ropert'/Acld_ress: 12~ Sa~ke R~d ~ Sa~ ~5 ~019
.ender; ~
Appraisal Developmeat and Re~ing ~roceSs
~is is a ~umma~ Appraisal ~e~ which is intend~ ~ ~mply ~ ~e re~ng requiremen~ set fo~ und~
S~ndards Rule 2-2(b) of the UnifO~ S~nda~s of p~fessional ~p~i~l Pm~ ~r a Summa~ Appraisal
~epo~, ~ such, it presents only summa~ di~U~ions of ~e da~, r~ning, and analyses ~t were used in
a rai~fs opinion of value. SupPling documen~on ~at is no~ provided
a ~isat roceSS to develop ~e pp . , · . . .--~; ,~ ~efs ~e The dep~ of ~e
the pp P . .~- =-.~ -~-oninn ana analysis is re~a~ ,., u,~ ~,-- -
with ~e ~epoK con~rmng m~ u~.=, ,~=~ =, ' in the
discussion contained in ~is mpo~ is sp~i~c to ~e n~s of the ~ient and for the ~ntended use s~d
mpo~. ~e app~iser is not res~nsible ~r unau~o~ed use of ~is re~.
To develop the opinion of value, ~e app~ise~(s) pe~ed a ~mple~ appraisal pro.ss, as defin~ by ~e
UnEo~ S~ndards of Professional App~isal p~ice. ~is m~ns ~ no depa~ms from S~ndard 1 were
invoked.
General Market Conditions
In conformance with contemporary appraisal guidelines the appraiser(s) have researched the past marketing
history of the subject property and discovered no sale of the subject in the past 12 months.
The information regarding the age and square footage of the comparable sales was obtained from the taxing
authority in the area. The terms of the sales were verified from multiple listing services and brokers active in the
neighborhood.
FROM :LANDMARK
FAX NO. ;9403214393 Jun, 05 2002 10:28AM
,.t,o. s,ot?. UNIFOR RESID~RA LA EPR ORT Fll'"°' °~-~-~. ----'-,-
2,174 Sq. Ft. 0 ~t in ~e ~bje~ prope~-
3uest House ~~ ~oom~n ~d sq~re
~ 620 Sq. Pt. ~$_ 15.0~ = -~--- --
Coral ~s i~ted ~sl ~w .............. ~ S ~45,~ f~taqe oal~lMions.
~ 35,000 ~o 110.000 . ~ 45.~0
'A~s' Value of Si(e Im~r0vements ...................
NO. 2'
ITEM 535 Woodhurst
1204 Sandy Lake Road Sandy Lake Road 564 HavencJ'est
AddreSs
F,rox~n~t, $ $
Mkt. Value I ~S 70.43
0.00 Office M LS:t~93455021 Tax Office
,?~9295200/Tax Office Realtors
Data and/or
Seller
Sales or financing i
Concessions -6/01
Date of Safari]me
L~cation ,,
+-.61 Acres ~-.5 Acres :
Traditional
: :
Qu~ 2 Years ;_._
Conv.~ Terms
Above Grade
Room Count
Basement & F~shed : I~-drooms
3: 2.00{
-5.000 3 Bedrooms -5,000 Bedrooms
Bedrooms
Central/Central
~ndard ~, Standard
-2.500
pc~eh, patio, Deck. Porch. Patio Patio Poceh.Patio
None
_Fence, P~l, etc_.~ Guest House None
Standard
Porch,Patio
None
-5,0OO
+10
Net Adj. (taw) I 38.6%
Adjustad Sales Rim 30.4% 40,1%
8-6% $ 173.700 8,2% $ 8~2% $
Comments on Sales Comparison (inclu6ing the subject prope~'s ~mpatibiri~ to the neJghborh~d, etc. ): All sates are dosed sales. Ea~ sale was
~ed for d~erences in overall s~e. site size ~ew bedroom ~unt~d for the su~addifion and uest house_ Each
~usted for ~ndifion to refle~ r~ifferences. Sale ~1 was a~ for fireplace ~unt. ~e sales util~ed i~
the analysis were chosen due to their similar overall s~e and aqe.
ITEM I SUBJECT COMPARAEIL~ NO, ~ ' COMPARABLE NO. 2 COMPARABLE NO. 3
Date, Rice and Data No Data Found Listed For $180,000 Listed For $143,900 Listed For $149,900
At The Time of Sa e
Sou:e for mo' sa~s
At The qqme of Sale At The Time of Sale
v,~in year o;
Analysis of any ouerent agreement of sale, Ol:>~n, or I'~g of Ihe subjec-1 pm~oer ty and analy~ of any ada'sales of lubjeof er~ ~,~ wi~i~ one year of the da~e of
A search of market sources has not revealed any other sales or listing activity ever the past one year period, .The activity outlined above
is considered to be reasonably typical of the qeneral market area.
INDICATED VAGUE BY SALES COMPARISON APPROACH ..................................................... $
iNDiCATEDVALUEBYiN¢OMEAPPROACH(E ~rA,~TE-~hb'.) EstJmatedMarketRent$ N/A /Ido. xOm~sRe~tMul'~0~ N/A aS NIA
This appraisal is rnada L~ "asia" [] subjeclto~qe,egais, ar~.~,-,g.h~ora~ndrax~sr~edbeiow [] su~edt~con~le~np~pb~sandapecifica'a~s.
EXTENDED PAGE I . 1
Cond'~s ~:A,~,~ ' See the a.~,'hed adO,..~ums, exhibits, photos1 and maps nd catin,q the p,_.,~mity of the market data and the subject's
general 10cation.
~nal Reconciliation; Most wei,qht was placed on the market approach to value and is suppoAed by the cost approach. No emphasis is given
to the income approach due tx) insufficient market rental data in the subject's neighborhood.
The purpose of this Splxaisal is Io e~tirnate the manet value of the real~'~oedy that is the su~b.,~ .~f,. ~ .a~ae. ,~. based on the s~v~ conditions a~l e~ ¢~n~gent
and~m~bngcondition~andm~rketv~lu~d~n;ti~thatams1ated~J~'¢~`a~ch~d``~-r~dd~e ,t/,t/,t/,t/,t/,t/,~.c'~F,a'm.~13~rahn~/..~., lO048(Revised 06/93 __).
F~No. 01-109
: robable Price which a property should bring in a competitive and open market
DEFINITION OF MARKET VALUE ..Th~ most P ....... ~. -,.qn,~ ,,rudent v, knowledgeably and assummg tfia price ~s not
under alt conditions requisite to a fair sale. me cuyer eno Seller. =o,,..,,, ~. .
affected by undue stimulus, Implicit in this definition is the consummation of a sale ss of a specified date and the passing of tine from
seller to buyer under conditions whereby:. (1) buyer and seller are typically motivated: (2) both parties are well informed or well advised.
acting in what he considers his own best interest; (3) e reasonable time is allowed for exposure in the open market; (4) payment
and each or in terms of finansial an-angements comparable thereto; and (5) the price represents the normal
is made in terms of cash in U,$, dollars
consideration for the property sold unaffected by special or ~eafive financing or sales concessions' granted by anyone associated with the
sale.
· Adjustments to the cemparables must be made for special or creative financing or ~les concessions. No adjustments are neceSsary fer
those costs which are norms y paid by sellers as a result of tradition or law in a market area; tl)esay, coats ere readily identifiable since the
seller pays these costs in virtually all sales transactions, Special er crealive 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 in~otved in the property or transaction. Any
adjustment should not be calculated on a mechanical dollar ler dollar cost of the financing or concession but the dollar amount of any
adjustment should approximate the market's reaction to the f~nandng cr concessions based on the App~aisar's)udgment,
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING cONDITIONS: The appraisers 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 !t. The
appraiser assumes that the title is good end marketable and, therefore, will not render any opinions about the title, The property is afipraisad
on the basis of it being under respensible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is
insiuded only to assist the reader of the repo~t in visuali;~ng 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 the appraisal report whether the subject site is located in an ldenlifled Special Flood Hazard Ares. Because the
appraiser is not a surveyor, he ar she makes no guarantees, express ar implied, regarding this detem~natlon.
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 aecraisar has estimated the value of the land in the cost approach at its highest and best use and the improvements at their
contributory value. These separate valuations of the land end improvements must not be used in conjunclion with any other appraisal and
are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presanca of hazardous
wastes, toxic substances, etc. ) observed during the inspection o! the subject property or lhet 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 properly or adverse environmental condillons (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, express or implied, regarding the condition of the properly. The appraiser will not be responsible for any such
conditions that do exist or for any engineering er 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 es an environmental assessment
of the Droperty.
7. Th~ appraiser obtained the informah,..., estimates, and opinions that were expressed in the . , sisal report from sources that he or she
considers to be reliable and balieve~ them tn be trim end correct. The appraiser does not assume responsibility for the accuracy of such
items that were ftrrnished by other parties,
8. The appraiser will not disclose the contents ot the appraisal report except as provided for in the Uniform Standards of Professional
Apl~aisaJ Practice,
9. The appralsar has based his or her appraisal report end valuation conclusion for an appraisal that is subject to satisfactory completion,
repair'3, or secretions On the assumption that completion of the improvements will be padormed in a ~orkmanllke manne~.
10. 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 ia 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 instrumentality of the United States or any state or the District of Columbia:
except that the lenderlclient may distribute the property description section of the report only to data collection ot reporting service(s)
wJthoct having to obtain the appraiser's prior wfiflen consent. The appraJcer's written consent and approval must also be obtained before
the appraisal can be convsyed by anyone to the public through advertising, public relations, news, sales, or other media,
RAN0- 01-109
· APPRAISERS cERTIFICATION: The Ap~xaisa' oe~ifies and ag~es that.
._ ,t,.h. ava researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate
t. .,.~.:.~ ..... r~, r~'.. ~.~.elde, e~finn in th~ e~al~ c~moarison analysis and have made a dollar adjustment when appropriate to reflect the
FROM :LAND~ARK FAX NO. :9403214393 Jun. 05 2002 10:31AM PI
01-109
· APPRAISERS CERTIFICATION: The Appraiser corth~s and sgr~ that:.
1. I have researched the subjeqt market area and have salectsd· minimum of three recent sales of properties most similar and proximate
to the subject property lot consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the
market reaction to those items of significant variation, If a significant item in s comparable property is superior to, or mere favorable than,
the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a
comparable property ia inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted
sales price of the comparable.
2. I have taken into consideration the factors that have s~ impact on va ue in my.development of the estimate of market value in the
appralsal report. I have not knowingly withheld any significant information from ~he appraisal report and I believe, to the beet of my
knowledge, that sil statements and information in the appraisal report are true and corre~. ' · ' j
3. I stated in the appraisal report only my own personal unbiased, end professional analysis, opinione,.and conclusions, which are subject
only to the co~Ungent and limiting conditions specified in this form. ..
4, I have no present or prospective interest in the property that is the subject to 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, 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, I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my
compensation for pen%'min g this appraisal is contingent on the apPraL~ed value of the property.
I was not re u red o report a predetermined value or direct on in value that favors the cause of the client or any related: party,
G. q ........ .., ..... ;n,- result or the ocoun'ence of a subsequent event in order to te~eive my
the amount of the value estimate, [ne a~[alnme.t u~ = ~,~,.,.v ,
compensation and/or employment for performing the appraisal. I did not base the appraisal report on · requested minimum valuation, a
specific valuation, er the need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appreiaal Standards Board of The Appraisal I:oundation and that were in place as of the effective date of this appraisal,
with the exception of the departure provision of thoSe Standards, which does eel apply. I acknowledge that an estimate of a reasonable
time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the
marketing time noted in the neighborhood section of Ibis repe~t, unless I have ofherwise stated in the reconc~'liation section.
8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables
in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, oh the
subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these
adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented
about the effect of the adverse conditions on the marketability of the subject property.
g. I personally prepared all conclusions and opinions about the real estate that were sst forth in the appraisal report, If I relied on
significant professional acaiste nca from any individual or individuals in the performance of the appraisal or the preparation of the appraisal
report, I have named such individual(s) and disc. Josad the specific tasks performed by them in the reconciliation section of this apl~raisal
report. I ce~fy that any individual so named is qualified to perform Ihe tasks. I have not eutherized anyone to make a change to any item in
the report: therefore, ~f an unauthoriz~ change is made to the appraisal raped, I will take no responsibiey for it.
SUPERVISORY APPRAISER'S cERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies
and agrees that: I directly supervise the appraiser who prepared tha appraisal report, have reviewed the appraisal report, agree with the
statements and conclusions of the appraiser, agree to be bound by the appralser'a certifications numbered 4 tNough 7 above, and am taking
fiJII responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 1204 Sandy Lake Roa.cliCoppell~ Texas 75019
APPRAISER:
// / //.
Signature:
Name: Charles E. Goad
Date Sigr~:[: October 2. 2001
State Certification ~.. TX-1320618-R
~r Stat~ License #:
State: TEXAS
Expiration Date of Dartfr~cation or License: ADH 30 2.0p~
Expiration Date of Darti~etion or [Jcense: Mamh 31, 2003
~Address: 1204 Sandy Lake Road
FLOORPLAN
File No.: 01-109
Case No.:
State: Texas
20.0'
Carport
20.0,
Addition
14.0'
Den Dining
Li¥in~ [loom
LKitchen ]_
Bedroom
60.0'
Main
Bedroom
Bath
.!
EXTENDED PAGE 1.2
FLOORPLAN
Case No.~ ~
/ Guest
House
24.5'
FROM :LANDMARK
roe Address:1204 Sand Lake Road
FAX NO. :940:3214393 Jun. 05 2002 10::32AM P3
FEMA FLOOD MAP
Case No.: ~
State: Texas -- Zi; 75019
COmmurlity.Panel Number
480170 00!0 E
ONE
AE
Effective Date:
Aprill5., lgg4
COMPARABLE SALES
~ o1.1o9
File No,: ~
;~rrower: ~ Case No.:
~e-t't' Address; 1204 Sandy Lake Road State: Texas Zip: 75019
3ity: Coppell
Lender; Car~inqton Coiqman S oman Blum~.{,%*l
FROM :LANDMARK
orrower; Phillips
:ity: Coppell
FAX NO. :9403214393 Jun. 05 2002 10:34AM
SUBJECT PROPERTY PHOTO ADDENDUM
File No.: 01-109
State: Texas
Zip: 75019
P4
roperty Address: 1204 Sandy Lake Road
ender: '
Case No.:
FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date: October 2, 2001
Appraised Value: $
REAR VIEW OF
SUBJECT PROPERTY
STREET SCENE
rrower: Phillips
File No.: 01-1o9
Case No.:
Address; 1204 Sandy Lake Road
State: Texas
Zip: 75019
¥: Coppell
nder:, '
STREET
GUEST HOUSE
CREEK
COMPARABLE PROPER'fY PHOTO ADDENDUM
~ File No.: 01-109
~ Case No.:
)perry Address: 1204 Sandy Lake Road ~
~ State: Texas ~ 75019
~olm n SIoman Blumemthal' ~
COMPARABLE SALE #1