File No.: 110078 APPRAISAL OF REAL PROPERTY Date of Valuation: 03/16/2011 Situated At: Itemizing Appraisal Pattern Newtown, PA 18940 For: Pattern Desk of Contents: Abstract of Salient Options .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... URAR/Physique of Report .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Further Comparables Four-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Situation of the Enhancements Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Extraordinay Assumptions Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... USPAP Identification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... FIRREA/USPAP Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Constructing Space Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Constructing Sketch .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Location Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Topic Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photographs 1-Three .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photographs Four-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Assertion of Limiting Situations and Appraiser's Certification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Further Appraiser's Certification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Copy of Appraiser's PA State Certification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 1 2 Four 5 6 7 eight 9 10 11 12 13 14 15 17 18 Kind TCG — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE James Dougherty Co. 110078 APPRAISAL OF REAL PROPERTY Date of Valuation: 03/16/2011 Situated At: Itemizing Appraisal Pattern Newtown, PA 18940 For: Pattern Desk of Contents: Abstract of Salient Options .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... URAR/Physique of Report .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Further Comparables Four-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Situation of the Enhancements Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Extraordinay Assumptions Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... USPAP Identification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... FIRREA/USPAP Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Constructing Space Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Constructing Sketch .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Location Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Topic Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photographs 1-Three .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photographs Four-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Assertion of Limiting Situations and Appraiser's Certification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Further Appraiser's Certification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Copy of Appraiser's PA State Certification .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 1 2 Four 5 6 7 eight 9 10 11 12 13 14 15 17 18 Kind TCG — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE James Dougherty Co. File No.: SUMMARY OF SALIENT FEATURES SUBJECT INFORMATION Topic Tackle Authorized Description Metropolis County State Zip Code Census Tract Map Reference SALES PRICE Sale Value Date of Sale $ CLIENT DESCRIPTION OF IMPROVEMENTS Dimension (Sq. Ft) Value per Sq. Foot Location Age Situation Complete Rooms Bedrooms Baths $ APPRAISER Appraiser Date of Appraised Worth VALUE Opinion of Worth $ Kind SSD2 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Itemizing Appraisal Pattern Newtown, PA 18940 Newtown Bucks PA 18940 1052.04 37964 N/A N/A N/A Pattern 1,926 Common 23 Years Good eight Three 2.5 James Dougherty 03/16/2011 405,00Zero Borrower/Shopper Lender Kind SSD2 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Itemizing Appraisal Pattern Newtown, PA 18940 Newtown Bucks PA 18940 1052.04 37964 N/A N/A N/A Pattern 1,926 Common 23 Years Good eight Three 2.5 James Dougherty 03/16/2011 405,00Zero Borrower/Shopper Lender SUMMARY OF SALIENT FEATURES SUBJECT INFORMATION Topic Tackle Authorized Description Metropolis County State Zip Code Census Tract Map Reference SALES PRICE Sale Value Date of Sale $ CLIENT DESCRIPTION OF IMPROVEMENTS Dimension (Sq. Ft) Value per Sq. Foot Location Age Situation Complete Rooms Bedrooms Baths $ APPRAISER Appraiser Date of Appraised Worth VALUE Opinion of Worth $ Web page #1 Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. SUBJECT Property Tackle Authorized Description Assessor's Parcel No. Borrower Property rights appraised Neighborhood or Venture Identify Sale Value $ Lender/Shopper Appraiser Location Constructed up Progress fee Property values Demand/provide Advertising time Metropolis State Zip Code County Tax 12 months R.E. Taxes $ Particular Assessments $ Present Proprietor Occupant: Proprietor Tenant Vacant Payment Easy Leasehold Venture Kind PUD Condominium (HUD/VA solely) HOA $ /Mo. Map Reference Census Tract Date of Sale Description and $ quantity of mortgage prices/concessions to be paid by vendor Tackle Tackle NEIGHBORHOOD Predominant occupancy Single household housing Current land use % Land use change Notice: Race and the racial composition of the neighborhood should not appraisal elements. Predominant City Over 75% Fast Growing Scarcity Underneath Three mos. Suburban 25-75% Secure Secure In stability Three-6 mos. Rural Underneath 25% Sluggish Declining Over provide Over 6 mos. Proprietor Tenant Vacant (Zero-5%) Vac.(over 5%) PRICE AGE $(00Zero) (yrs) Low Excessive One household 2-Four household Multi-family Industrial Unlikely In course of Possible To: Neighborhood boundaries and traits: Components that have an effect on the marketability of the properties within the neighborhood (proximity to employment and facilities, employment stability, attraction to market, and so on.): Market situations within the topic neighborhood (together with help for the above conclusions associated to the development of property values, demand/provide, and advertising and marketing time -- reminiscent of information on aggressive properties on the market within the neighborhood, description of the prevalence of gross sales and financing concessions, and so on.): PUD Venture Info for PUDs (If relevant) - - Is the developer/builder in charge of the Dwelling Homeowners' Affiliation (HOA)? Sure No Approximate whole variety of items within the topic challenge Approximate whole variety of items on the market within the topic challenge Describe widespread components and leisure amenities: SITE Dimensions Website space Particular zoning classification and outline Zoning compliance Highest & finest use as improved: Nook Lot Sure No Authorized Authorized nonconforming (Grandfathered use) Unlawful No zoning Current use Different use (clarify) Utilities Off-site Enhancements Electrical energy Fuel Water Sanitary sewer Storm sewer Public Different Kind Public Personal Avenue Curb/gutter Sidewalk Avenue lights Alley Topography Dimension Form Drainage View Landscaping Driveway Floor Obvious easements FEMA Particular Flood Hazard Space FEMA Zone FEMA Map No. Map Date Sure No Feedback (obvious hostile easements, encroachments, particular assessments, slide areas, unlawful or authorized nonconforming zoning use, and so on.): DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION No. of Models No. of Tales Kind (Det./Att.) Design (Type) Present/Proposed Age (Yrs.) Efficient Age (Yrs.) EXTERIOR DESCRIPTION Basis Exterior Partitions Roof Floor Gutters & Dwnspts. Window Kind Storm/Screens Manufactured Home FOUNDATION Slab Crawl Area Basement Sump Pump Dampness Settlement Infestation BASEMENT Space Sq. Ft. % Completed Ceiling Partitions Flooring Exterior Entry INSULATION Roof Ceiling Partitions Flooring None Unknown ROOMS Basement Degree 1 Degree 2 Completed space above grade comprises: Rooms; Bed room(s); Tub(s); Sq. Ft of Gross Residing Space Lobby Residing Eating Kitchen Den Household Rm. Rec. Rm. Bedrooms # Baths Laundry Different Space Sq. Ft. INTERIOR Supplies/Situation Flooring Partitions Trim/End Tub Flooring Tub Wainscot Doorways HEATING Kind Gas Situation COOLING Central Different Situation KITCHEN EQUIP. Fridge Vary/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer ATTIC None Stairs Drop Stair Scuttle Flooring Heated Completed AMENITIES Fire(s) # Patio Deck Porch Fence Pool CAR STORAGE: None Storage Connected Indifferent Constructed-In Carport Driveway # of vehicles COMMENTS Further options (particular power environment friendly objects, and so on.): Situation of the enhancements, depreciation (bodily, purposeful, and exterior), repairs wanted, high quality of development, reworking/additions, and so on.: Hostile environmental situations (reminiscent of, however not restricted to, hazardous wastes, poisonous substances, and so on.) current within the enhancements, on the positioning, or within the speedy neighborhood of the topic property.: Freddie Mac Kind 70 6/93 PAGE 1 OF 2 Fannie Mae Kind 1004 6/93 Kind UA2 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE 110078 Itemizing Appraisal Pattern Newtown PA 18940 See Title report Bucks Pattern 2010 5,443 N/A N/A Pattern 568.00/yr Kirkwood 37964 1052.04 N/A N/A N/A Pattern Pattern James Dougherty 214 N Pine Avenue, Langhorne, PA 19047 95 04 163 1,475 376 New 200 20 78 Zero 2 5 Different 15 N/A Bounded by Newtown Township limits. The topic is situated in Kirkwood, a longtime PUD consisting of a mixture of indifferent single household properties and clusters of single household townhomes. The encircling Newtown market space consists predominately of indifferent single household properties of various ages and kinds. Clusters of single household townhomes are scattered all through the topic market space. Buying, faculties, Homes of worship, public transport, and employment facilities are all situated throughout the topic market space. No elements famous to detract from property values. Market statistics exhibit that costs have remained secure within the topic market space in final 12 months. The next statistics are based mostly on indifferent Three-bedroom + gross sales and listings within the topic market space priced between $375,00Zero to $450,00Zero. There have been 6 settled gross sales within the final six months. Their avg DOM was 119 days. Presently there are 6 listings. Their avg DOM is 134 days. That equates to roughly 6 months of provide. It's your Appraiser's opinion that the federal authorities's residence purchaser tax credit score program together with the stimulus applications are accountable for the present secure situations. It's anticpated that market situations ought to worsen now that the house purchaser tax credit score program has expired and the vast majority of the stimulus cash has been spent. As well as, there's a dearth of patrons this yr as they had been accelerated into final yr's market place. N/A N/A N/A 80' x 115' .21 Acre R1, Residential Macadam Concrete Concrete Incadescent None Usually Degree Common for space Rectangular Seems satisfactory Tennis Court docket/Sports activities Court docket Common for space Macadam None Famous X 5/18/1999 42017C0431F No obvious hostile easements, encroachments, or environmental situations had been readily observable. This appraisal is made based mostly on the idea that none exist. The rear of the topic website abuts the group tennis courts/sports activities court docket. As a result of noise that is deemed to be a unfavorable locational exterior affect. 1 2 Indifferent Colonial Present 23 Years 12 Years Poured Conc Vinyl Siding Fib Shingle Aluminum Vinyl D/H Insul Glass/sure No None None 100% Sure None Famous None Famous None Famous 1,Zero70 50% Drywall Drywall WW Carpet None Beneath Grade Bsmt x x 1,Zero70 x 1 1 1 1 .5 1,Zero70 Three 2 Sitting Rm 857 eight Three 2.5 1,927 WW,HW,Ceram,Lam/Gd Drywall/Avg/Good Wooden/Avg Ceramic/Good None Masonite/Avg FWA Fuel Good Sure No Avg None Stone Wooden Small None None 2 automobile 2 automobile 200-amp incoming electrical service. Small entrance porch. Small stone patio. Upgraded wooden deck. Up to date kitchen contained cherrywood wall and base cupboards of common high quality, granite counters, and stainless-steel home equipment. Professionally completed basement. See connected "situation of the enhancements" addendum. The worth estimate is predicated upon the idea that the topic property isn't negatively affected by hazardous substances detrimental to environmental situations. James Dougherty Co. Kind UA2 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE 110078 Itemizing Appraisal Pattern Newtown PA 18940 See Title report Bucks Pattern 2010 5,443 N/A N/A Pattern 568.00/yr Kirkwood 37964 1052.04 N/A N/A N/A Pattern Pattern James Dougherty 214 N Pine Avenue, Langhorne, PA 19047 95 04 163 1,475 376 New 200 20 78 Zero 2 5 Different 15 N/A Bounded by Newtown Township limits. The topic is situated in Kirkwood, a longtime PUD consisting of a mixture of indifferent single household properties and clusters of single household townhomes. The encircling Newtown market space consists predominately of indifferent single household properties of various ages and kinds. Clusters of single household townhomes are scattered all through the topic market space. Buying, faculties, Homes of worship, public transport, and employment facilities are all situated throughout the topic market space. No elements famous to detract from property values. Market statistics exhibit that costs have remained secure within the topic market space in final 12 months. The next statistics are based mostly on indifferent Three-bedroom + gross sales and listings within the topic market space priced between $375,00Zero to $450,00Zero. There have been 6 settled gross sales within the final six months. Their avg DOM was 119 days. Presently there are 6 listings. Their avg DOM is 134 days. That equates to roughly 6 months of provide. It's your Appraiser's opinion that the federal authorities's residence purchaser tax credit score program together with the stimulus applications are accountable for the present secure situations. It's anticpated that market situations ought to worsen now that the house purchaser tax credit score program has expired and the vast majority of the stimulus cash has been spent. As well as, there's a dearth of patrons this yr as they had been accelerated into final yr's market place. N/A N/A N/A 80' x 115' .21 Acre R1, Residential Macadam Concrete Concrete Incadescent None Usually Degree Common for space Rectangular Seems satisfactory Tennis Court docket/Sports activities Court docket Common for space Macadam None Famous X 5/18/1999 42017C0431F No obvious hostile easements, encroachments, or environmental situations had been readily observable. This appraisal is made based mostly on the idea that none exist. The rear of the topic website abuts the group tennis courts/sports activities court docket. As a result of noise that is deemed to be a unfavorable locational exterior affect. 1 2 Indifferent Colonial Present 23 Years 12 Years Poured Conc Vinyl Siding Fib Shingle Aluminum Vinyl D/H Insul Glass/sure No None None 100% Sure None Famous None Famous None Famous 1,Zero70 50% Drywall Drywall WW Carpet None Beneath Grade Bsmt x x 1,Zero70 x 1 1 1 1 .5 1,Zero70 Three 2 Sitting Rm 857 eight Three 2.5 1,927 WW,HW,Ceram,Lam/Gd Drywall/Avg/Good Wooden/Avg Ceramic/Good None Masonite/Avg FWA Fuel Good Sure No Avg None Stone Wooden Small None None 2 automobile 2 automobile 200-amp incoming electrical service. Small entrance porch. Small stone patio. Upgraded wooden deck. Up to date kitchen contained cherrywood wall and base cupboards of common high quality, granite counters, and stainless-steel home equipment. Professionally completed basement. See connected "situation of the enhancements" addendum. The worth estimate is predicated upon the idea that the topic property isn't negatively affected by hazardous substances detrimental to environmental situations. James Dougherty Co. Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. SUBJECT Property Tackle Authorized Description Assessor's Parcel No. Borrower Property rights appraised Neighborhood or Venture Identify Sale Value $ Lender/Shopper Appraiser Location Constructed up Progress fee Property values Demand/provide Advertising time Metropolis State Zip Code County Tax 12 months R.E. Taxes $ Particular Assessments $ Present Proprietor Occupant: Proprietor Tenant Vacant Payment Easy Leasehold Venture Kind PUD Condominium (HUD/VA solely) HOA $ /Mo. Map Reference Census Tract Date of Sale Description and $ quantity of mortgage prices/concessions to be paid by vendor Tackle Tackle NEIGHBORHOOD Predominant occupancy Single household housing Current land use % Land use change Notice: Race and the racial composition of the neighborhood should not appraisal elements. Predominant City Over 75% Fast Growing Scarcity Underneath Three mos. Suburban 25-75% Secure Secure In stability Three-6 mos. Rural Underneath 25% Sluggish Declining Over provide Over 6 mos. Proprietor Tenant Vacant (Zero-5%) Vac.(over 5%) PRICE AGE $(00Zero) (yrs) Low Excessive One household 2-Four household Multi-family Industrial Unlikely In course of Possible To: Neighborhood boundaries and traits: Components that have an effect on the marketability of the properties within the neighborhood (proximity to employment and facilities, employment stability, attraction to market, and so on.): Market situations within the topic neighborhood (together with help for the above conclusions associated to the development of property values, demand/provide, and advertising and marketing time -- reminiscent of information on aggressive properties on the market within the neighborhood, description of the prevalence of gross sales and financing concessions, and so on.): PUD Venture Info for PUDs (If relevant) - - Is the developer/builder in charge of the Dwelling Homeowners' Affiliation (HOA)? Sure No Approximate whole variety of items within the topic challenge Approximate whole variety of items on the market within the topic challenge Describe widespread components and leisure amenities: SITE Dimensions Website space Particular zoning classification and outline Zoning compliance Highest & finest use as improved: Nook Lot Sure No Authorized Authorized nonconforming (Grandfathered use) Unlawful No zoning Current use Different use (clarify) Utilities Off-site Enhancements Electrical energy Fuel Water Sanitary sewer Storm sewer Public Different Kind Public Personal Avenue Curb/gutter Sidewalk Avenue lights Alley Topography Dimension Form Drainage View Landscaping Driveway Floor Obvious easements FEMA Particular Flood Hazard Space FEMA Zone FEMA Map No. Map Date Sure No Feedback (obvious hostile easements, encroachments, particular assessments, slide areas, unlawful or authorized nonconforming zoning use, and so on.): DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION No. of Models No. of Tales Kind (Det./Att.) Design (Type) Present/Proposed Age (Yrs.) Efficient Age (Yrs.) EXTERIOR DESCRIPTION Basis Exterior Partitions Roof Floor Gutters & Dwnspts. Window Kind Storm/Screens Manufactured Home FOUNDATION Slab Crawl Area Basement Sump Pump Dampness Settlement Infestation BASEMENT Space Sq. Ft. % Completed Ceiling Partitions Flooring Exterior Entry INSULATION Roof Ceiling Partitions Flooring None Unknown ROOMS Basement Degree 1 Degree 2 Completed space above grade comprises: Rooms; Bed room(s); Tub(s); Sq. Ft of Gross Residing Space Lobby Residing Eating Kitchen Den Household Rm. Rec. Rm. Bedrooms # Baths Laundry Different Space Sq. Ft. INTERIOR Supplies/Situation Flooring Partitions Trim/End Tub Flooring Tub Wainscot Doorways HEATING Kind Gas Situation COOLING Central Different Situation KITCHEN EQUIP. Fridge Vary/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer ATTIC None Stairs Drop Stair Scuttle Flooring Heated Completed AMENITIES Fire(s) # Patio Deck Porch Fence Pool CAR STORAGE: None Storage Connected Indifferent Constructed-In Carport Driveway # of vehicles COMMENTS Further options (particular power environment friendly objects, and so on.): Situation of the enhancements, depreciation (bodily, purposeful, and exterior), repairs wanted, high quality of development, reworking/additions, and so on.: Hostile environmental situations (reminiscent of, however not restricted to, hazardous wastes, poisonous substances, and so on.) current within the enhancements, on the positioning, or within the speedy neighborhood of the topic property.: Freddie Mac Kind 70 6/93 PAGE 1 OF 2 Fannie Mae Kind 1004 6/93 Web page #2 Valuation Part UNIFORM RESIDENTIAL APPRAISAL REPORT File No. COST APPROACH ESTIMATED SITE VALUE ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: Dwelling Storage/Carport Complete Estimated Price New Much less Depreciation Depreciated Worth of Enhancements "As-is" Worth of Website Enhancements INDICATED VALUE BY COST APPROACH Sq. Ft. Sq. Ft. Sq. Ft. @ @ @ $ $ $ Bodily Useful Exterior = = = = = $ $ = = = = = $ $ $ $ $ Feedback on Price Strategy (reminiscent of, supply of price estimate, website worth, sq. foot calculation and for HUD, VA and FmHA, the estimated remaining financial lifetime of the property): SALES COMPARISON ANALYSIS / / / / ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. Three ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. Three DESCRIPTION DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft. + – + – + – $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Tackle Proximity to Topic Gross sales Value Value/Gross Residing Space Knowledge and/or Verification Supply VALUE ADJUSTMENTS Gross sales or Financing Concessions Date of Sale/Time Location Leasehold/Payment Easy Website View Design and Enchantment High quality of Development Age Situation Above Grade Room Depend Gross Residing Space Basement & Completed Rooms Beneath Grade Useful Utility Heating/Cooling Vitality Environment friendly Gadgets Storage/Carport Porch, Patio, Deck, Fire(s), and so on. Fence, Pool, and so on. Internet Adj. (whole) Adjusted Gross sales Value of Comparable Feedback on Gross sales Comparability (together with the topic property's compatibility to the neighborhood, and so on.): Date, Value and Knowledge Supply, for prior gross sales inside yr of appraisal Evaluation of any present settlement of sale, possibility, or itemizing of topic property and evaluation of any prior gross sales of topic and comparables inside one yr of the date of appraisal: INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH (if Relevant) Estimated Market Lease /Mo. x Gross Lease Multiplier = RECONCILIATION This appraisal is made "as is" topic to the repairs, alterations, inspections or situations listed beneath topic to completion per plans & specs. Situations of Appraisal: Ultimate Reconciliation: The aim of this appraisal is to estimate the market worth of the actual property that's the topic of this report, based mostly on the above situations and the certification, contingent and limiting situations, and market worth definition which are acknowledged within the connected Freddie Mac Kind 439/FNMA kind 1004B (Revised ). Signature Identify Date Report Signed State Certification # State Or State License # State Signature Identify Date Report Signed State Certification # State Or State License # State Examine Property Did Did Not I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Freddie Mac Kind 70 6/93 PAGE 2 OF 2 Fannie Mae Kind 1004 6-93 Kind UA2 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE N/A 1,927 1,Zero70 410 N/A 110078 As a result of age of the development(s), the price strategy was not obligatory or relevant. Additionally, Consumers and sellers don't depend on this strategy to assist decide pricing. Itemizing Appraisal Pattern Newtown, PA 18940 N/A Common Payment Easy .21 Acre Sports activities Court docket Colonial/Avg Good 23 Years Good eight Three 2.5 1,926 1,Zero70 SQ' 50% Completed Common FWA/CA Commonplace 2 automobile Storage Deck/Patio/Sm Porch No Fire No Pool Further Options None eight/22/08 $459,00Zero TREND/Public Rec 1 Copperleaf Drive Newtown, PA 18940 Zero.05 miles NE 392,500 234.05 TREND/MLS # 5747942 Tax Assessor Data Conv No Vendor Help 12/03/10 Common Payment Easy .25 Acre Common -10,00Zero Cut up Degree/Inf +10,00Zero Good 21 Years Common/Good +15,00Zero 7 Three 2.5 1,677 +12,450 576 SQ' +5,00Zero Related End Common FWA/CA Commonplace 1 automobile Storage +5,00Zero Related 1 Fire -2,00Zero No Pool None 35,450 Internet 9.Zero % Gross 15.1 % 427,950 No Transfers within the yr previous its settlement date per public information 22 Copperleaf Drive Newtown, PA 18940 Zero.08 miles SW 390,00Zero 202.49 TREND/MLS # 5579749 Tax Assessor Data Conv No Vendor Help 10/22/09 Common Payment Easy .24 Acre Common -10,00Zero Colonial/Avg Good 21 Years Common/Good +15,00Zero eight Three 2.5 1,926 1,Zero70 SQ' Related End Common FWA/CA Commonplace 1 automobile Storage +5,00Zero Related No Fire No Pool None 10,00Zero Internet 2.6 % Gross 7.7 % 400,00Zero No Transfers within the yr previous its settlement date per public information 2 Westfield Driveve Newtown, PA 18940 2.13 miles SW 365,00Zero 199.02 TREND/MLS # 5788840 Tax Assessor Data Conv No Vendor Help 01/21/11 Common Payment Easy .20 Acre Common -10,00Zero Colonial/Avg Good 23 Years Common +30,00Zero 7 Three 2.5 1,834 +Four,600 Related Bsmt Space Unfinished +5,00Zero Common FWA/CA Commonplace 2 automobile Storage None +6,00Zero No Fire No Pool None 35,600 Internet 9.eight % Gross 15.2 % 400,600 No Transfers within the yr previous its settlement date per public information Comps 1 and a couple of had been the 2 most up-to-date settled arms-length comparable gross sales within the topic tract. As a result of comp 2 went beneath contract on eight/25/09 it was given the least quantity of weight. Comps Three and Four had been the 2 most up-to-date Three-bedroom colonial model gross sales of comparable age and high quality in Newtown. Comp 5 is a pending sale. The phrases of its contract had been verified by its itemizing workplace. Comp 5 was very comparable in situation to the topic. Comps 1, 2, and Four all had main part updates, however they had been deemed to be inferior to the topic in total modernization. Comp Three was very unique and in want of updating. $50 a SQ' was utilized for the distinction in sq. footage. Changes had been utilized to replicate pertinent dissimilarities and are supported by a paired gross sales evaluation. All gross sales utilized had been arms-length transactions. As a result of it was a brief sale, 5 Copperleaf was disregarded. The comps utilized had been the very best accessible. The topic final transferred eight/22/08 for a consideration of $459,00Zero as an arms-length transaction. That is the one recorded switch within the final Three years. The topic was listed on the market on 2/14/11 for an asking value of $459,900. On Three/Four/11 its value was decreased to $449,900. 405,00Zero N/A N/A N/A See connected desk of contents for a reference for all pages of appraisal report. This appraisal is taken into account incomplete and unreliable except each web page that's referenced within the desk of contents is included on this report. All three approaches had been thought of. Reliance was positioned available on the market strategy as indicator of worth. As a result of age of the development(s), the price strategy was not obligatory or relevant. Since residential dwellings within the topic's market space should not priced and offered based mostly upon rental earnings, the earnings strategy isn't obligatory or relevant. 6-93 03/16/2011 405,00Zero James Dougherty 03/17/2011 RL001914L PA N/A N/A Kind UA2 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE N/A 1,927 1,Zero70 410 N/A 110078 As a result of age of the development(s), the price strategy was not obligatory or relevant. Additionally, Consumers and sellers don't depend on this strategy to assist decide pricing. Itemizing Appraisal Pattern Newtown, PA 18940 N/A Common Payment Easy .21 Acre Sports activities Court docket Colonial/Avg Good 23 Years Good eight Three 2.5 1,926 1,Zero70 SQ' 50% Completed Common FWA/CA Commonplace 2 automobile Storage Deck/Patio/Sm Porch No Fire No Pool Further Options None eight/22/08 $459,00Zero TREND/Public Rec 1 Copperleaf Drive Newtown, PA 18940 Zero.05 miles NE 392,500 234.05 TREND/MLS # 5747942 Tax Assessor Data Conv No Vendor Help 12/03/10 Common Payment Easy .25 Acre Common -10,00Zero Cut up Degree/Inf +10,00Zero Good 21 Years Common/Good +15,00Zero 7 Three 2.5 1,677 +12,450 576 SQ' +5,00Zero Related End Common FWA/CA Commonplace 1 automobile Storage +5,00Zero Related 1 Fire -2,00Zero No Pool None 35,450 Internet 9.Zero % Gross 15.1 % 427,950 No Transfers within the yr previous its settlement date per public information 22 Copperleaf Drive Newtown, PA 18940 Zero.08 miles SW 390,00Zero 202.49 TREND/MLS # 5579749 Tax Assessor Data Conv No Vendor Help 10/22/09 Common Payment Easy .24 Acre Common -10,00Zero Colonial/Avg Good 21 Years Common/Good +15,00Zero eight Three 2.5 1,926 1,Zero70 SQ' Related End Common FWA/CA Commonplace 1 automobile Storage +5,00Zero Related No Fire No Pool None 10,00Zero Internet 2.6 % Gross 7.7 % 400,00Zero No Transfers within the yr previous its settlement date per public information 2 Westfield Driveve Newtown, PA 18940 2.13 miles SW 365,00Zero 199.02 TREND/MLS # 5788840 Tax Assessor Data Conv No Vendor Help 01/21/11 Common Payment Easy .20 Acre Common -10,00Zero Colonial/Avg Good 23 Years Common +30,00Zero 7 Three 2.5 1,834 +Four,600 Related Bsmt Space Unfinished +5,00Zero Common FWA/CA Commonplace 2 automobile Storage None +6,00Zero No Fire No Pool None 35,600 Internet 9.eight % Gross 15.2 % 400,600 No Transfers within the yr previous its settlement date per public information Comps 1 and a couple of had been the 2 most up-to-date settled arms-length comparable gross sales within the topic tract. As a result of comp 2 went beneath contract on eight/25/09 it was given the least quantity of weight. Comps Three and Four had been the 2 most up-to-date Three-bedroom colonial model gross sales of comparable age and high quality in Newtown. Comp 5 is a pending sale. The phrases of its contract had been verified by its itemizing workplace. Comp 5 was very comparable in situation to the topic. Comps 1, 2, and Four all had main part updates, however they had been deemed to be inferior to the topic in total modernization. Comp Three was very unique and in want of updating. $50 a SQ' was utilized for the distinction in sq. footage. Changes had been utilized to replicate pertinent dissimilarities and are supported by a paired gross sales evaluation. All gross sales utilized had been arms-length transactions. As a result of it was a brief sale, 5 Copperleaf was disregarded. The comps utilized had been the very best accessible. The topic final transferred eight/22/08 for a consideration of $459,00Zero as an arms-length transaction. That is the one recorded switch within the final Three years. The topic was listed on the market on 2/14/11 for an asking value of $459,900. On Three/Four/11 its value was decreased to $449,900. 405,00Zero N/A N/A N/A See connected desk of contents for a reference for all pages of appraisal report. This appraisal is taken into account incomplete and unreliable except each web page that's referenced within the desk of contents is included on this report. All three approaches had been thought of. Reliance was positioned available on the market strategy as indicator of worth. As a result of age of the development(s), the price strategy was not obligatory or relevant. Since residential dwellings within the topic's market space should not priced and offered based mostly upon rental earnings, the earnings strategy isn't obligatory or relevant. 6-93 03/16/2011 405,00Zero James Dougherty 03/17/2011 RL001914L PA N/A N/A Valuation Part UNIFORM RESIDENTIAL APPRAISAL REPORT File No. COST APPROACH ESTIMATED SITE VALUE ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: Dwelling Storage/Carport Complete Estimated Price New Much less Depreciation Depreciated Worth of Enhancements "As-is" Worth of Website Enhancements INDICATED VALUE BY COST APPROACH Sq. Ft. Sq. Ft. Sq. Ft. @ @ @ $ $ $ Bodily Useful Exterior = = = = = $ $ = = = = = $ $ $ $ $ Feedback on Price Strategy (reminiscent of, supply of price estimate, website worth, sq. foot calculation and for HUD, VA and FmHA, the estimated remaining financial lifetime of the property): SALES COMPARISON ANALYSIS / / / / ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. Three ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. Three DESCRIPTION DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft. + – + – + – $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Tackle Proximity to Topic Gross sales Value Value/Gross Residing Space Knowledge and/or Verification Supply VALUE ADJUSTMENTS Gross sales or Financing Concessions Date of Sale/Time Location Leasehold/Payment Easy Website View Design and Enchantment High quality of Development Age Situation Above Grade Room Depend Gross Residing Space Basement & Completed Rooms Beneath Grade Useful Utility Heating/Cooling Vitality Environment friendly Gadgets Storage/Carport Porch, Patio, Deck, Fire(s), and so on. Fence, Pool, and so on. Internet Adj. (whole) Adjusted Gross sales Value of Comparable Feedback on Gross sales Comparability (together with the topic property's compatibility to the neighborhood, and so on.): Date, Value and Knowledge Supply, for prior gross sales inside yr of appraisal Evaluation of any present settlement of sale, possibility, or itemizing of topic property and evaluation of any prior gross sales of topic and comparables inside one yr of the date of appraisal: INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH (if Relevant) Estimated Market Lease /Mo. x Gross Lease Multiplier = RECONCILIATION This appraisal is made "as is" topic to the repairs, alterations, inspections or situations listed beneath topic to completion per plans & specs. Situations of Appraisal: Ultimate Reconciliation: The aim of this appraisal is to estimate the market worth of the actual property that's the topic of this report, based mostly on the above situations and the certification, contingent and limiting situations, and market worth definition which are acknowledged within the connected Freddie Mac Kind 439/FNMA kind 1004B (Revised ). Signature Identify Date Report Signed State Certification # State Or State License # State Signature Identify Date Report Signed State Certification # State Or State License # State Examine Property Did Did Not I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Freddie Mac Kind 70 6/93 PAGE 2 OF 2 Fannie Mae Kind 1004 6-93 Web page #Three SALES COMPARISON ANALYSIS UNIFORM RESIDENTIAL APPRAISAL REPORT MARKET DATA ANALYSIS These current gross sales of properties are most comparable and proximate to topic and have been thought of available in the market evaluation. The outline features a greenback adjustment, reflecting market response to these objects of great variation between the topic and comparable properties. If a big merchandise within the comparable property is superior to, or extra favorable than, the topic property, a minus (-) adjustment is made, thus lowering the indicated worth of the topic. If a big merchandise within the comparable is inferior to, or much less favorable than, the topic property, a plus (+) adjustment is made, thus growing the indicated worth of the topic. / / / / ITEM SUBJECT COMPARABLE NO. COMPARABLE NO. COMPARABLE NO. DESCRIPTION DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft. + – + – + – $ $ $ $ $ $ $ $ $ $ $ $ $ $ Tackle Proximity to Topic Gross sales Value Value/Gross Residing Space Knowledge and/or Verification Sources VALUE ADJUSTMENTS Gross sales or Financing Concessions Date of Sale/Time Location Leasehold/Payment Easy Website View Design and Enchantment High quality of Development Age Situation Above Grade Room Depend Gross Residing Space Basement & Completed Rooms Beneath Grade Useful Utility Heating/Cooling Vitality Environment friendly Gadgets Storage/Carport Porch, Patio, Deck, Fire(s), and so on. Fence, Pool, and so on. Internet Adj. (whole) Adjusted Gross sales Value of Comparable Date, Value and Knowledge Supply for prior gross sales inside yr of appraisal COMMENTS Feedback: Market Knowledge Evaluation 6-93 Kind UA2.(AC) — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Itemizing Appraisal Pattern Newtown, PA 18940 N/A Common Payment Easy .21 Acre Sports activities Court docket Colonial/Avg Good 23 Years Good eight Three 2.5 1,926 1,Zero70 SQ' 50% Completed Common FWA/CA Commonplace 2 automobile Storage Deck/Patio/Sm Porch No Fire No Pool Further Options None eight/22/08 $459,00Zero TREND/Public Rec 369 Cambridge Lane Newtown, PA 18940 2.17 miles SW 412,500 199.28 TREND/MLS # 5690097 Tax Assessor Data Conv No Vendor Help 06/29/10 Common Payment Easy .22 Acre Common -10,00Zero Colonial/Avg Good 23 Years Common/Good +15,00Zero 7 Three 2.5 2,Zero70 -7,200 Related Bsmt Space Related End Common FWA/CA Commonplace 1 automobile Storage +5,00Zero Deck +2,00Zero 1 Fire -2,00Zero No Pool None 2,800 Internet Zero.7 % Gross 10.Zero % 415,300 No Transfers within the yr previous its settlement date per public information 580 Grant Avenue Newtown, PA 18940 1.29 miles SW 445,00Zero 178.00 TREND/MLS # 5843370 Tax Assessor Data Conv No Vendor Help 04/15/11 Pending Common Payment Easy .21 Acre Common -10,00Zero Colonial/Avg Good 21 Years Good 7 Three 2.5 2,500 -28,700 Related Bsmt Space 90% Completed -Four,00Zero Common FWA/CA Commonplace 2 automobile Storage Related 1 Fire -2,00Zero No Pool None -44,700 Internet 10.Zero % Gross 10.Zero % 400,300 No Transfers within the yr previous its settlement date per public information Internet % Gross % Four 5 6 Kind UA2.(AC) — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Itemizing Appraisal Pattern Newtown, PA 18940 N/A Common Payment Easy .21 Acre Sports activities Court docket Colonial/Avg Good 23 Years Good eight Three 2.5 1,926 1,Zero70 SQ' 50% Completed Common FWA/CA Commonplace 2 automobile Storage Deck/Patio/Sm Porch No Fire No Pool Further Options None eight/22/08 $459,00Zero TREND/Public Rec 369 Cambridge Lane Newtown, PA 18940 2.17 miles SW 412,500 199.28 TREND/MLS # 5690097 Tax Assessor Data Conv No Vendor Help 06/29/10 Common Payment Easy .22 Acre Common -10,00Zero Colonial/Avg Good 23 Years Common/Good +15,00Zero 7 Three 2.5 2,Zero70 -7,200 Related Bsmt Space Related End Common FWA/CA Commonplace 1 automobile Storage +5,00Zero Deck +2,00Zero 1 Fire -2,00Zero No Pool None 2,800 Internet Zero.7 % Gross 10.Zero % 415,300 No Transfers within the yr previous its settlement date per public information 580 Grant Avenue Newtown, PA 18940 1.29 miles SW 445,00Zero 178.00 TREND/MLS # 5843370 Tax Assessor Data Conv No Vendor Help 04/15/11 Pending Common Payment Easy .21 Acre Common -10,00Zero Colonial/Avg Good 21 Years Good 7 Three 2.5 2,500 -28,700 Related Bsmt Space 90% Completed -Four,00Zero Common FWA/CA Commonplace 2 automobile Storage Related 1 Fire -2,00Zero No Pool None -44,700 Internet 10.Zero % Gross 10.Zero % 400,300 No Transfers within the yr previous its settlement date per public information Internet % Gross % Four 5 6 SALES COMPARISON ANALYSIS UNIFORM RESIDENTIAL APPRAISAL REPORT MARKET DATA ANALYSIS These current gross sales of properties are most comparable and proximate to topic and have been thought of available in the market evaluation. The outline features a greenback adjustment, reflecting market response to these objects of great variation between the topic and comparable properties. If a big merchandise within the comparable property is superior to, or extra favorable than, the topic property, a minus (-) adjustment is made, thus lowering the indicated worth of the topic. If a big merchandise within the comparable is inferior to, or much less favorable than, the topic property, a plus (+) adjustment is made, thus growing the indicated worth of the topic. / / / / ITEM SUBJECT COMPARABLE NO. COMPARABLE NO. COMPARABLE NO. DESCRIPTION DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – DESCRIPTION +( )$ Alter. – Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Complete Bdrms Baths Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft. + – + – + – $ $ $ $ $ $ $ $ $ $ $ $ $ $ Tackle Proximity to Topic Gross sales Value Value/Gross Residing Space Knowledge and/or Verification Sources VALUE ADJUSTMENTS Gross sales or Financing Concessions Date of Sale/Time Location Leasehold/Payment Easy Website View Design and Enchantment High quality of Development Age Situation Above Grade Room Depend Gross Residing Space Basement & Completed Rooms Beneath Grade Useful Utility Heating/Cooling Vitality Environment friendly Gadgets Storage/Carport Porch, Patio, Deck, Fire(s), and so on. Fence, Pool, and so on. Internet Adj. (whole) Adjusted Gross sales Value of Comparable Date, Value and Knowledge Supply for prior gross sales inside yr of appraisal COMMENTS Feedback: Market Knowledge Evaluation 6-93 Web page #Four File No. Property Tackle Metropolis County State Zip Code Kind SUP — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE 110078 N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Constructive Options: The topic's degree of upkeep is above common because it has up to date siding, roof, home windows, kitchen, baths, furnace, lighting, entry doorways, flooring, and contemporary paint. Each the entrance door and rear sliding door are newer and of excellent high quality. Bay window within the eating room supplies publicity to extra pure gentle. Newer cherrywood kitchen cupboards of common high quality, granite counters, and stainless-steel home equipment, nevertheless, the ceramic tile flooring doesn't match the counters and cupboards. The powder room has been up to date and reveals nicely. Each full baths have been up to date, nevertheless, the corridor bathtub has the unique bathroom and tub, and the grasp bathtub has the unique bathe and self-importance, though its self-importance prime and sink are newer. Three newer ceiling fan fixtures in all three bedrooms. Upgraded carpeting in the master bedroom. Roughly half of the basement has been professionally completed. Adverse situations: Useful obsolescence arises as a result of topic's Three-bedroom flooring plan. Within the topic market and value vary, most patrons are in search of a Four-bedroom residence, particularly in a colonial design. Granor-Value, the unique developer, supplied the topic mannequin as both a Three-bedroom with sitting room or a Four-bedroom with a barely smaller main bedroom. So though the Four-bedroom model has the precise sq. footage because the Three-bedroom with sitting room model, the Four-bedroom model has a lot higher market attraction. Additionally, despite the fact that the topic could possibly be transformed right into a Four-bedroom at a comparatively affordable prices, most patrons don't need to purchase a home solely to need to undertake a development challenge. Particularly in gentle of the very fact that there are at present seven Four-bedroom properties of comparable age, model, and high quality listed on the market in Netwown Twp between $440,00Zero-$499,900. Exterior obsolescence arises because the rear of the topic website abuts the tennis courts/sports activities court docket. In consequence, there may be related noise air pollution. Different extra minor unfavorable situations embody the mis-matched kitchen flooring, the wall paper within the stairwell and 2nd flooring corridor, and the semi-gloss paint within the lobby. Reconciliation: The overall marketplace for the topic property is a household. As a result of the home is clearly nicely maintained it has attraction to each heads of the family. Nevertheless, the 2 largest elements affecting its marketability are two unfavorable situations: solely three bedrooms and it abuts the sports activities court docket. In a sellers' market the negativity of those situations can be diminished. Within the present gentle patrons market, these two situations are exacerbated. Additionally, though the kitchen and two full baths have been up to date, as a result of they weren't completely up to date (kitchen flooring) (unique bathroom and tub in corridor bathtub) (unique self-importance cupboard and bathe in grasp bathtub), the kitchen and each baths should not have the complete optimistic impact on worth and marketability that they'd have in the event that they had been completed completely. Please perceive, the up to date kitchen and baths add worth relative to the unique kitchen and bathtub, however on the similar time their contributory worth isn't maximized due to the mis-matched flooring and unique bathtub fixtures. Principally, its Three-bedroom flooring plan and placement adjoining to the sports activities court docket are out weighing its excessive degree of upkeep and its updating. At its present $449,900 value, there are too many Four-bedroom options with out the unfavorable exterior affect of the sports activities court docket. All the above will probably be mirrored within the sale comparability strategy. Situation of the Enhancements Addendum Borrower/Shopper Lender Kind SUP — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE 110078 N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Constructive Options: The topic's degree of upkeep is above common because it has up to date siding, roof, home windows, kitchen, baths, furnace, lighting, entry doorways, flooring, and contemporary paint. Each the entrance door and rear sliding door are newer and of excellent high quality. Bay window within the eating room supplies publicity to extra pure gentle. Newer cherrywood kitchen cupboards of common high quality, granite counters, and stainless-steel home equipment, nevertheless, the ceramic tile flooring doesn't match the counters and cupboards. The powder room has been up to date and reveals nicely. Each full baths have been up to date, nevertheless, the corridor bathtub has the unique bathroom and tub, and the grasp bathtub has the unique bathe and self-importance, though its self-importance prime and sink are newer. Three newer ceiling fan fixtures in all three bedrooms. Upgraded carpeting in the master bedroom. Roughly half of the basement has been professionally completed. Adverse situations: Useful obsolescence arises as a result of topic's Three-bedroom flooring plan. Within the topic market and value vary, most patrons are in search of a Four-bedroom residence, particularly in a colonial design. Granor-Value, the unique developer, supplied the topic mannequin as both a Three-bedroom with sitting room or a Four-bedroom with a barely smaller main bedroom. So though the Four-bedroom model has the precise sq. footage because the Three-bedroom with sitting room model, the Four-bedroom model has a lot higher market attraction. Additionally, despite the fact that the topic could possibly be transformed right into a Four-bedroom at a comparatively affordable prices, most patrons don't need to purchase a home solely to need to undertake a development challenge. Particularly in gentle of the very fact that there are at present seven Four-bedroom properties of comparable age, model, and high quality listed on the market in Netwown Twp between $440,00Zero-$499,900. Exterior obsolescence arises because the rear of the topic website abuts the tennis courts/sports activities court docket. In consequence, there may be related noise air pollution. Different extra minor unfavorable situations embody the mis-matched kitchen flooring, the wall paper within the stairwell and 2nd flooring corridor, and the semi-gloss paint within the lobby. Reconciliation: The overall marketplace for the topic property is a household. As a result of the home is clearly nicely maintained it has attraction to each heads of the family. Nevertheless, the 2 largest elements affecting its marketability are two unfavorable situations: solely three bedrooms and it abuts the sports activities court docket. In a sellers' market the negativity of those situations can be diminished. Within the present gentle patrons market, these two situations are exacerbated. Additionally, though the kitchen and two full baths have been up to date, as a result of they weren't completely up to date (kitchen flooring) (unique bathroom and tub in corridor bathtub) (unique self-importance cupboard and bathe in grasp bathtub), the kitchen and each baths should not have the complete optimistic impact on worth and marketability that they'd have in the event that they had been completed completely. Please perceive, the up to date kitchen and baths add worth relative to the unique kitchen and bathtub, however on the similar time their contributory worth isn't maximized due to the mis-matched flooring and unique bathtub fixtures. Principally, its Three-bedroom flooring plan and placement adjoining to the sports activities court docket are out weighing its excessive degree of upkeep and its updating. At its present $449,900 value, there are too many Four-bedroom options with out the unfavorable exterior affect of the sports activities court docket. All the above will probably be mirrored within the sale comparability strategy. Situation of the Enhancements Addendum Borrower/Shopper Lender File No. Property Tackle Metropolis County State Zip Code Web page #5 File No. Property Tackle Metropolis County State Zip Code Kind SUP — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE 110078 N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern The estimate of market worth is predicated on the next extraordinary assumptions: 1) The topic property isn't negatively affected by hazardous substances detrimental to environmental situations. 2) The topic property doesn't have termite injury or some other latent defects. Three) All mechanical tools is sound and in working order. Four) All main elements of the development(s) are sound and in working order. 5) There aren't any code violations. 6) There aren't any encumbrances to title or undue deed restrictions. Extraordinary Assumptions Addendum Borrower/Shopper Lender Kind SUP — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE 110078 N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern The estimate of market worth is predicated on the next extraordinary assumptions: 1) The topic property isn't negatively affected by hazardous substances detrimental to environmental situations. 2) The topic property doesn't have termite injury or some other latent defects. Three) All mechanical tools is sound and in working order. Four) All main elements of the development(s) are sound and in working order. 5) There aren't any code violations. 6) There aren't any encumbrances to title or undue deed restrictions. Extraordinary Assumptions Addendum Borrower/Shopper Lender File No. Property Tackle Metropolis County State Zip Code Web page #6 File No. Property Tackle Metropolis County State Zip Code This Appraisal Report is among the following varieties: Self Contained (A written report ready beneath Requirements Rule , persuant to the Scope of Work, as disclosed elsewhere on this report.) Abstract (A written report ready beneath Requirements Rule , persuant to the Scope of Work, as disclosed elsewhere on this report.) Restricted Use (A written report ready beneath Requirements Rule , persuant to the Scope of Work, as disclosed elsewhere on this report, restricted to the acknowledged meant use by the desired shopper or meant consumer.) APPRAISER: Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Efficient Date of Appraisal: SUPERVISORY APPRAISER (provided that required): Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Supervisory Appraiser inspection of Topic Property: Did Not Exterior-only from road Inside and Exterior N/A 110078 Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) 2-2(c) Feedback on Requirements Rule 2-Three I certify that, to the very best of my data and perception: — the statements of truth contained on this report are true and proper. — the reported analyses, opinions, and conclusions are restricted solely by the reported assumptions and limiting situations and are my private, neutral, and unbiased skilled analyses, opinions, and conclusions. — I've no (or the desired) current or potential curiosity within the property that's the topic of this report and no (or the desired) private curiosity with respect to the events concerned. — I've no bias with respect to the property that's the topic of this report or to the events concerned with this project. — my engagement on this project was not contingent upon creating or reporting predetermined outcomes. — my compensation for finishing this project isn't contingent upon the event or reporting of a predetermined worth or path in worth that favors the reason for the shopper, the quantity of the worth opinion, the attainment of a stipulated end result, or the prevalence of a subsequent occasion instantly associated to the meant use of this appraisal. — my analyses, opinions, and conclusions had been developed, and this report has been ready, in conformity with the Uniform Requirements of Skilled Appraisal Follow. — I've (or haven't) made a private inspection of the property that's the topic of this report. (If a couple of individual indicators this certification, the certification should clearly specify which people did and which people didn't make a private inspection of the appraised property.) — nobody offered important actual property appraisal help to the individual signing this certification. (If there are exceptions, the identify of every particular person offering important actual property appraisal help have to be acknowledged.) Feedback on Appraisal and Report Identification Notice any USPAP associated points requiring disclosure and any state mandated necessities: None famous James Dougherty 03/17/2011 RL001914L N/A PA 06/30/2011 03/16/2011 Kind ID06 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE James Dougherty Co. Borrower/Shopper Lender N/A 110078 Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern APPRAISAL AND REPORT IDENTIFICATION 2-2(a) 2-2(b) 2-2(c) Feedback on Requirements Rule 2-Three I certify that, to the very best of my data and perception: — the statements of truth contained on this report are true and proper. — the reported analyses, opinions, and conclusions are restricted solely by the reported assumptions and limiting situations and are my private, neutral, and unbiased skilled analyses, opinions, and conclusions. — I've no (or the desired) current or potential curiosity within the property that's the topic of this report and no (or the desired) private curiosity with respect to the events concerned. — I've no bias with respect to the property that's the topic of this report or to the events concerned with this project. — my engagement on this project was not contingent upon creating or reporting predetermined outcomes. — my compensation for finishing this project isn't contingent upon the event or reporting of a predetermined worth or path in worth that favors the reason for the shopper, the quantity of the worth opinion, the attainment of a stipulated end result, or the prevalence of a subsequent occasion instantly associated to the meant use of this appraisal. — my analyses, opinions, and conclusions had been developed, and this report has been ready, in conformity with the Uniform Requirements of Skilled Appraisal Follow. — I've (or haven't) made a private inspection of the property that's the topic of this report. (If a couple of individual indicators this certification, the certification should clearly specify which people did and which people didn't make a private inspection of the appraised property.) — nobody offered important actual property appraisal help to the individual signing this certification. (If there are exceptions, the identify of every particular person offering important actual property appraisal help have to be acknowledged.) Feedback on Appraisal and Report Identification Notice any USPAP associated points requiring disclosure and any state mandated necessities: None famous James Dougherty 03/17/2011 RL001914L N/A PA 06/30/2011 03/16/2011 Kind ID06 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE James Dougherty Co. Borrower/Shopper Lender File No. Property Tackle Metropolis County State Zip Code This Appraisal Report is among the following varieties: Self Contained (A written report ready beneath Requirements Rule , persuant to the Scope of Work, as disclosed elsewhere on this report.) Abstract (A written report ready beneath Requirements Rule , persuant to the Scope of Work, as disclosed elsewhere on this report.) Restricted Use (A written report ready beneath Requirements Rule , persuant to the Scope of Work, as disclosed elsewhere on this report, restricted to the acknowledged meant use by the desired shopper or meant consumer.) APPRAISER: Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Efficient Date of Appraisal: SUPERVISORY APPRAISER (provided that required): Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Supervisory Appraiser inspection of Topic Property: Did Not Exterior-only from road Inside and Exterior Web page #7 FIRREA / USPAP ADDENDUM Property Tackle Metropolis County State Zip Code Function Scope Supposed Use / Supposed Person Historical past of Property Present itemizing info: Prior sale: Publicity Time / Advertising Time Private (non-realty) Transfers Further Feedback Certification Complement 1. This appraisal project was not based mostly on a requested minimal valuation, a particular valuation, or an approval of a mortgage. 2. My compensation isn't contingent upon the reporting of a predetermined worth or path in worth that favors the reason for the shopper, the quantity of the worth estimate, the attainment of a stipulated end result or the prevalence of a subsequent occasion. Appraiser(s): Efficient date / Report date: Supervisory Appraiser(s): Efficient date / Report date: Kind FUA — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE James Dougherty Co. N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern The aim of this appraisal is to estimate the market worth of the topic property as outlined on this report. The operate of this appraisal is to help the above-named Shopper in evaluating the topic property for advertising and marketing functions. The appraisal is predicated upon the info gathered by the Appraiser in the course of the inspection of the topic property, its neighborhood, and the choice of comparable gross sales and listings within the topic's market space. Different information sources embody public information and a number of itemizing companies. All comparable gross sales are verified by the named supply throughout the appraisal report. Useful, and or, exterior inadequacies are famous if current. The associated fee strategy was not developed for the 2 following causes: 1) patrons and sellers don't depend on the price strategy to assist decide pricing and a couple of) as a result of problem in estimating bodily depreciation. The topic property is situated in an space of primarily proprietor occupied residential dwellings. The earnings strategy isn't thought of to be a dependable strategy to worth since residential dwellings within the topic's market space should not priced and offered based mostly upon rental earnings. The earnings strategy is subsequently not relevant. This appraisal is meant for use as an instrument to help the Shopper market the property. The worth is estimated as of the date of inspection. It isn't meant for use as a house inspection report. Your Appraiser makes no warranties as to the structural integrity of the topic property or any warranties as to the soundness of any main elements. The Lender/Shopper as acknowledged on web page 1 of this report is the one meant consumer. The topic was listed on the market on 2/14/11 for an asking value of $459,900. On Three/Four/11 its value was decreased to $449,900. The topic final transferred eight/22/08 for a consideration of $459,00Zero as an arms-length transaction. That is the one recorded switch in the final Three years. Three - 6 months is the standard advertising and marketing time within the topic market space. This conclusion is predicated upon advertising and marketing intervals of comparable properties in the topic market space. No private property was included within the appraisal or valuation course of. The digital photographs of the topic property on this report, are unique photographs that had been taken on the time of inspection, and haven't been altered or enhanced in any manner. Any digital signature(s) affixed to this report is a digital picture managed by a private identification quantity in accordance with USPAP. The estimate of worth is predicated upon typical phrases of commerce: a 6% gross sales fee to taking part actual property brokers. As a result of the reported GLA in public information and MLS is commonly incorrect, it's estimated for the comps based mostly on any or all the following: assessor information, MLS, exterior inspection, appraisal recordsdata, and data of the particular tract. Geographic/market competency: The project requires geographic/market competency as a part of the Scope of Work. I'm confirming that I have spent ample time to realize satisfactory data, expertise and sources to speak a reputable opinion of market worth for the topic property. The required understanding of native market situations supplies the connection between a sale and a comparable sale or a rental and a comparable rental. This opinion is predicated on the appraiser's full time, working data of the topic's particular advertising and marketing space, together with native provide and demand elements which relate to the topic's property kind and its' particular location. Moreover, the appraiser's credentials embody on-going formal training, evaluation of present market-driven statistics, subscriptions and overview of revealed actual property periodicals and price manuals, and often networking with people concerned in actual property transactions. James Dougherty 03/16/2011 Borrower/Shopper Lender Kind FUA — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE James Dougherty Co. N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern The aim of this appraisal is to estimate the market worth of the topic property as outlined on this report. The operate of this appraisal is to help the above-named Shopper in evaluating the topic property for advertising and marketing functions. The appraisal is predicated upon the info gathered by the Appraiser in the course of the inspection of the topic property, its neighborhood, and the choice of comparable gross sales and listings within the topic's market space. Different information sources embody public information and a number of itemizing companies. All comparable gross sales are verified by the named supply throughout the appraisal report. Useful, and or, exterior inadequacies are famous if current. The associated fee strategy was not developed for the 2 following causes: 1) patrons and sellers don't depend on the price strategy to assist decide pricing and a couple of) as a result of problem in estimating bodily depreciation. The topic property is situated in an space of primarily proprietor occupied residential dwellings. The earnings strategy isn't thought of to be a dependable strategy to worth since residential dwellings within the topic's market space should not priced and offered based mostly upon rental earnings. The earnings strategy is subsequently not relevant. This appraisal is meant for use as an instrument to help the Shopper market the property. The worth is estimated as of the date of inspection. It isn't meant for use as a house inspection report. Your Appraiser makes no warranties as to the structural integrity of the topic property or any warranties as to the soundness of any main elements. The Lender/Shopper as acknowledged on web page 1 of this report is the one meant consumer. The topic was listed on the market on 2/14/11 for an asking value of $459,900. On Three/Four/11 its value was decreased to $449,900. The topic final transferred eight/22/08 for a consideration of $459,00Zero as an arms-length transaction. That is the one recorded switch in the final Three years. Three - 6 months is the standard advertising and marketing time within the topic market space. This conclusion is predicated upon advertising and marketing intervals of comparable properties in the topic market space. No private property was included within the appraisal or valuation course of. The digital photographs of the topic property on this report, are unique photographs that had been taken on the time of inspection, and haven't been altered or enhanced in any manner. Any digital signature(s) affixed to this report is a digital picture managed by a private identification quantity in accordance with USPAP. The estimate of worth is predicated upon typical phrases of commerce: a 6% gross sales fee to taking part actual property brokers. As a result of the reported GLA in public information and MLS is commonly incorrect, it's estimated for the comps based mostly on any or all the following: assessor information, MLS, exterior inspection, appraisal recordsdata, and data of the particular tract. Geographic/market competency: The project requires geographic/market competency as a part of the Scope of Work. I'm confirming that I have spent ample time to realize satisfactory data, expertise and sources to speak a reputable opinion of market worth for the topic property. The required understanding of native market situations supplies the connection between a sale and a comparable sale or a rental and a comparable rental. This opinion is predicated on the appraiser's full time, working data of the topic's particular advertising and marketing space, together with native provide and demand elements which relate to the topic's property kind and its' particular location. Moreover, the appraiser's credentials embody on-going formal training, evaluation of present market-driven statistics, subscriptions and overview of revealed actual property periodicals and price manuals, and often networking with people concerned in actual property transactions. James Dougherty 03/16/2011 Borrower/Shopper Lender FIRREA / USPAP ADDENDUM Property Tackle Metropolis County State Zip Code Function Scope Supposed Use / Supposed Person Historical past of Property Present itemizing info: Prior sale: Publicity Time / Advertising Time Private (non-realty) Transfers Further Feedback Certification Complement 1. This appraisal project was not based mostly on a requested minimal valuation, a particular valuation, or an approval of a mortgage. 2. My compensation isn't contingent upon the reporting of a predetermined worth or path in worth that favors the reason for the shopper, the quantity of the worth estimate, the attainment of a stipulated end result or the prevalence of a subsequent occasion. Appraiser(s): Efficient date / Report date: Supervisory Appraiser(s): Efficient date / Report date: Web page #eight Feedback: AREA CALCULATIONS SUMMARY Code Description Internet Dimension Internet Totals GLA1 First Flooring 1069.50 GLA2 1069.50 Second Flooring 856.50 GAR 856.50 Storage 410.00 410.00 Internet LIVABLE Space (Rounded) 1926 Breakdown Subtotals LIVING AREA BREAKDOWN First Flooring 12.00 x 19.50 234.00 16.50 x 27.00 445.50 13.50 x 26.00 351.00 2.00 x 19.50 39.00 Second Flooring 28.00 x 30.00 840.00 1.00 x 16.50 16.50 6 Gadgets (Rounded) 1926 Sketch by Apex IV™ 27.00' 16.50' 13.50' 19.50' 12.00' 7.00' 19.50' 2.00' 10.50' 28.00' 30.00' 29.00' 16.50' 13.50' 1st Flooring 2nd Flooring 5.00' 20.00' 20.50' eight.00' 2 Automobile Storage Property Tackle Metropolis County State Zip Code Kind SKT.BldSkI — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Constructing Space Addendum N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Feedback: AREA CALCULATIONS SUMMARY Code Description Internet Dimension Internet Totals GLA1 First Flooring 1069.50 GLA2 1069.50 Second Flooring 856.50 GAR 856.50 Storage 410.00 410.00 Internet LIVABLE Space (Rounded) 1926 Breakdown Subtotals LIVING AREA BREAKDOWN First Flooring 12.00 x 19.50 234.00 16.50 x 27.00 445.50 13.50 x 26.00 351.00 2.00 x 19.50 39.00 Second Flooring 28.00 x 30.00 840.00 1.00 x 16.50 16.50 6 Gadgets (Rounded) 1926 Sketch by Apex IV™ 27.00' 16.50' 13.50' 19.50' 12.00' 7.00' 19.50' 2.00' 10.50' 28.00' 30.00' 29.00' 16.50' 13.50' 1st Flooring 2nd Flooring 5.00' 20.00' 20.50' eight.00' 2 Automobile Storage Kind SKT.BldSkI — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Constructing Space Addendum N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Property Tackle Metropolis County State Zip Code Web page #9 Property Tackle Metropolis County State Zip Code Kind SKT.BldSkI — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Constructing Sketch N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Kind SKT.BldSkI — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Constructing Sketch N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Property Tackle Metropolis County State Zip Code Web page #10 Property Tackle Metropolis County State Zip Code Kind MAP.LOC — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Location Map N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Kind MAP.LOC — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Location Map N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Property Tackle Metropolis County State Zip Code Web page #11 Property Tackle Metropolis County State Zip Code Feedback: Feedback: Feedback: Feedback: Kind PICFOUR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Topic Addendum N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Entrance Rear Avenue Scene Avenue Scene Borrower/Shopper Lender Kind PICFOUR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Topic Addendum N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Entrance Rear Avenue Scene Avenue Scene Borrower/Shopper Lender Property Tackle Metropolis County State Zip Code Feedback: Feedback: Feedback: Feedback: Web page #12 Property Tackle Metropolis County State Zip Code Kind PICPIX.CR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Comparable Photographs 1-Three N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Comparable 1 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 1 Copperleaf Drive Zero.05 miles NE 392,500 1,677 7 Three 2.5 Common Common .25 Acre Good 21 Years Comparable 2 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 22 Copperleaf Drive Zero.08 miles SW 390,00Zero 1,926 eight Three 2.5 Common Common .24 Acre Good 21 Years Comparable Three Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 2 Westfield Driveve 2.13 miles SW 365,00Zero 1,834 7 Three 2.5 Common Common .20 Acre Good 23 Years Borrower/Shopper Lender Kind PICPIX.CR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Comparable Photographs 1-Three N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Comparable 1 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 1 Copperleaf Drive Zero.05 miles NE 392,500 1,677 7 Three 2.5 Common Common .25 Acre Good 21 Years Comparable 2 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 22 Copperleaf Drive Zero.08 miles SW 390,00Zero 1,926 eight Three 2.5 Common Common .24 Acre Good 21 Years Comparable Three Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 2 Westfield Driveve 2.13 miles SW 365,00Zero 1,834 7 Three 2.5 Common Common .20 Acre Good 23 Years Borrower/Shopper Lender Property Tackle Metropolis County State Zip Code Web page #13 Property Tackle Metropolis County State Zip Code Kind PICPIX.CR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Comparable Photographs Four-6 N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Comparable Four Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 369 Cambridge Lane 2.17 miles SW 412,500 2,Zero70 7 Three 2.5 Common Common .22 Acre Good 23 Years Comparable 5 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 580 Grant Avenue 1.29 miles SW 445,00Zero 2,500 7 Three 2.5 Common Common .21 Acre Good 21 Years Comparable 6 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age Borrower/Shopper Lender Kind PICPIX.CR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Comparable Photographs Four-6 N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Comparable Four Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 369 Cambridge Lane 2.17 miles SW 412,500 2,Zero70 7 Three 2.5 Common Common .22 Acre Good 23 Years Comparable 5 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age 580 Grant Avenue 1.29 miles SW 445,00Zero 2,500 7 Three 2.5 Common Common .21 Acre Good 21 Years Comparable 6 Prox. to Topic Gross sales Value Gross Residing Space Complete Rooms Complete Bedrooms Complete Loos Location View Website High quality Age Borrower/Shopper Lender Property Tackle Metropolis County State Zip Code Web page #14 DEFINITION OF MARKET VALUE: Essentially the most possible value which a property ought to usher in a aggressive and open market beneath all situations requisite to a good sale, the customer and vendor, every appearing prudently, knowledgeably and assuming the worth isn't affected by undue stimulus. Implicit on this definition is the consummation of a sale as of a specified date and the passing of title from vendor to purchaser beneath situations whereby: (1) purchaser and vendor are usually motivated; (2) each events are nicely knowledgeable or nicely suggested, and every appearing in what he considers his personal finest curiosity; (Three) an inexpensive time is allowed for publicity within the open market; (Four) fee is made when it comes to money in U.S. or when it comes to monetary preparations comparable thereto; and (5) the worth represents the conventional consideration for the property offered unaffected by particular or artistic financing or gross sales concessions* granted by anybody related to the sale. * Changes to the comparables have to be made for particular or artistic financing or gross sales concessions. No changes are obligatory for these prices that are usually paid by sellers on account of custom or regulation in a market space; these prices are readily identifiable for the reason that vendor pays these prices in nearly all gross sales transactions. Particular or artistic financing changes might be made to the comparable property by comparisons to financing phrases supplied by a 3rd social gathering institutional lender that's not already concerned within the property or transaction. Any adjustment shouldn't be calculated on a mechanical greenback for greenback price of the financing or concession however the greenback quantity of any adjustment ought to approximate the market's response to the financing or concessions based mostly on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that seems within the appraisal report is topic to the next situations: 1. The appraiser won't be accountable for issues of a authorized nature that have an effect on both the property being appraised or the title to it. The appraiser assumes that the title is sweet and marketable and, subsequently, won't render any opinions concerning the title. The property is appraised on the premise of it being beneath accountable possession. 2. The appraiser has offered a sketch within the appraisal report to point out approximate dimensions of the enhancements and the sketch is included solely to help the reader of the report in visualizing the property and understanding the appraiser's willpower of its measurement. Three. The appraiser has examined the accessible flood maps which are offered by the Federal Emergency Administration Company (or different information sources) and has famous within the appraisal report whether or not the topic website is situated in an recognized Particular Flood Hazard Space. As a result of the appraiser isn't a surveyor, she or he makes no ensures, categorical or implied, relating to this willpower. Four. The appraiser won't give testimony or seem in court docket as a result of she or he made an appraisal of the property in query, except particular preparations to do so have been made beforehand. 5. The appraiser has estimated the worth of the land in the price strategy at its highest and finest use and the enhancements at their contributory worth. These separate valuations of the land and enhancements should not be used at the side of some other appraisal and are invalid if they're so used. 6. The appraiser has famous within the appraisal report any hostile situations (reminiscent of, wanted repairs, depreciation, the presence of hazardous wastes, poisonous substances, and so on.) noticed in the course of the inspection of the topic property or that she or he turned conscious of in the course of the regular analysis concerned in performing the appraisal. Except in any other case acknowledged within the appraisal report, the appraiser has no data of any hidden or unapparent situations of the property or hostile environmental situations (together with the presence of hazardous wastes, poisonous substances, and so on.) that may make the property roughly beneficial, and has assumed that there aren't any such situations and makes no ensures or warranties, categorical or implied, relating to the situation of the property. The appraiser won't be accountable for any such situations that do exist or for any engineering or testing that is likely to be required to find whether or not such situations exist. As a result of the appraiser isn't an knowledgeable within the discipline of environmental hazards, the appraisal report should not be thought of as an environmental evaluation of the property. 7. The appraiser obtained the knowledge, estimates, and opinions that had been expressed within the appraisal report from sources that she or he considers to be dependable and believes them to be true and proper. The appraiser doesn't assume duty for the accuracy of such objects that had been furnished by different events. eight. The appraiser won't disclose the contents of the appraisal report besides as offered for within the Uniform Requirements of Skilled Appraisal Follow. 9. The appraiser has based mostly his or her appraisal report and valuation conclusion for an appraisal that's topic to passable completion, repairs, or alterations on the idea that completion of the enhancements will probably be carried out in a workmanlike method. 10. The appraiser should present his or her prior written consent earlier than the lender/shopper specified within the appraisal report can distribute the appraisal report (together with conclusions concerning the property worth, the appraiser's identification designations, and references to any skilled appraisal organizations or the agency with which the appraiser is related) to anybody aside from the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; skilled appraisal organizations; any state or federally permitted monetary establishment; or any division, company, or instrumentality of america or any state or the District of Columbia; besides that the lender/shopper might distribute the property description part of the report solely to information assortment or reporting service(s) with out having to acquire the appraiser's prior written consent. The appraiser's written consent and approval should additionally be obtained earlier than the appraisal might be conveyed by anybody to the general public by promoting, public relations, information, gross sales, or different media. Freddie Mac Kind 439 6-93 Web page 1 of two Fannie Mae Kind 1004B 6-93 Kind ACR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE James Dougherty Co. DEFINITION OF MARKET VALUE: Essentially the most possible value which a property ought to usher in a aggressive and open market beneath all situations requisite to a good sale, the customer and vendor, every appearing prudently, knowledgeably and assuming the worth isn't affected by undue stimulus. Implicit on this definition is the consummation of a sale as of a specified date and the passing of title from vendor to purchaser beneath situations whereby: (1) purchaser and vendor are usually motivated; (2) each events are nicely knowledgeable or nicely suggested, and every appearing in what he considers his personal finest curiosity; (Three) an inexpensive time is allowed for publicity within the open market; (Four) fee is made when it comes to money in U.S. or when it comes to monetary preparations comparable thereto; and (5) the worth represents the conventional consideration for the property offered unaffected by particular or artistic financing or gross sales concessions* granted by anybody related to the sale. * Changes to the comparables have to be made for particular or artistic financing or gross sales concessions. No changes are obligatory for these prices that are usually paid by sellers on account of custom or regulation in a market space; these prices are readily identifiable for the reason that vendor pays these prices in nearly all gross sales transactions. Particular or artistic financing changes might be made to the comparable property by comparisons to financing phrases supplied by a 3rd social gathering institutional lender that's not already concerned within the property or transaction. Any adjustment shouldn't be calculated on a mechanical greenback for greenback price of the financing or concession however the greenback quantity of any adjustment ought to approximate the market's response to the financing or concessions based mostly on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that seems within the appraisal report is topic to the next situations: 1. The appraiser won't be accountable for issues of a authorized nature that have an effect on both the property being appraised or the title to it. The appraiser assumes that the title is sweet and marketable and, subsequently, won't render any opinions concerning the title. The property is appraised on the premise of it being beneath accountable possession. 2. The appraiser has offered a sketch within the appraisal report to point out approximate dimensions of the enhancements and the sketch is included solely to help the reader of the report in visualizing the property and understanding the appraiser's willpower of its measurement. Three. The appraiser has examined the accessible flood maps which are offered by the Federal Emergency Administration Company (or different information sources) and has famous within the appraisal report whether or not the topic website is situated in an recognized Particular Flood Hazard Space. As a result of the appraiser isn't a surveyor, she or he makes no ensures, categorical or implied, relating to this willpower. Four. The appraiser won't give testimony or seem in court docket as a result of she or he made an appraisal of the property in query, except particular preparations to do so have been made beforehand. 5. The appraiser has estimated the worth of the land in the price strategy at its highest and finest use and the enhancements at their contributory worth. These separate valuations of the land and enhancements should not be used at the side of some other appraisal and are invalid if they're so used. 6. The appraiser has famous within the appraisal report any hostile situations (reminiscent of, wanted repairs, depreciation, the presence of hazardous wastes, poisonous substances, and so on.) noticed in the course of the inspection of the topic property or that she or he turned conscious of in the course of the regular analysis concerned in performing the appraisal. Except in any other case acknowledged within the appraisal report, the appraiser has no data of any hidden or unapparent situations of the property or hostile environmental situations (together with the presence of hazardous wastes, poisonous substances, and so on.) that may make the property roughly beneficial, and has assumed that there aren't any such situations and makes no ensures or warranties, categorical or implied, relating to the situation of the property. The appraiser won't be accountable for any such situations that do exist or for any engineering or testing that is likely to be required to find whether or not such situations exist. As a result of the appraiser isn't an knowledgeable within the discipline of environmental hazards, the appraisal report should not be thought of as an environmental evaluation of the property. 7. The appraiser obtained the knowledge, estimates, and opinions that had been expressed within the appraisal report from sources that she or he considers to be dependable and believes them to be true and proper. The appraiser doesn't assume duty for the accuracy of such objects that had been furnished by different events. eight. The appraiser won't disclose the contents of the appraisal report besides as offered for within the Uniform Requirements of Skilled Appraisal Follow. 9. The appraiser has based mostly his or her appraisal report and valuation conclusion for an appraisal that's topic to passable completion, repairs, or alterations on the idea that completion of the enhancements will probably be carried out in a workmanlike method. 10. The appraiser should present his or her prior written consent earlier than the lender/shopper specified within the appraisal report can distribute the appraisal report (together with conclusions concerning the property worth, the appraiser's identification designations, and references to any skilled appraisal organizations or the agency with which the appraiser is related) to anybody aside from the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; skilled appraisal organizations; any state or federally permitted monetary establishment; or any division, company, or instrumentality of america or any state or the District of Columbia; besides that the lender/shopper might distribute the property description part of the report solely to information assortment or reporting service(s) with out having to acquire the appraiser's prior written consent. The appraiser's written consent and approval should additionally be obtained earlier than the appraisal might be conveyed by anybody to the general public by promoting, public relations, information, gross sales, or different media. Freddie Mac Kind 439 6-93 Web page 1 of two Fannie Mae Kind 1004B 6-93 Web page #15 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I've researched the topic market space and have chosen a minimal of three current gross sales of properties most comparable and proximate to the topic property for consideration within the gross sales comparability evaluation and have made a greenback adjustment when applicable to replicate the market response to these objects of great variation. If a big merchandise in a comparable property is superior to, or extra favorable than, the topic property, I've made a unfavorable adjustment to scale back the adjusted gross sales value of the comparable and, if a big merchandise in a comparable property is inferior to, or much less favorable than the topic property, I've made a optimistic adjustment to extend the adjusted gross sales value of the comparable. 2. I've considered the elements that have an effect on worth in my growth of the estimate of market worth within the appraisal report. I've not knowingly withheld any important info from the appraisal report and I consider, to the very best of my data, that each one statements and data within the appraisal report are true and proper. Three. I acknowledged within the appraisal report solely my very own private, unbiased, evaluation, opinions, and conclusions, that are topic solely to the contingent and limiting situations specified on this kind. Four. I've no current or potential curiosity within the property that's the topic to this report, and I've no current or potential private curiosity or bias with respect to the contributors within the transaction. I didn't base, both partially or utterly, my evaluation and/or the estimate of market worth within the appraisal report on the race, coloration, faith, intercourse, handicap, familial standing, or nationwide origin of both the possible homeowners or occupants of the topic property or of the current homeowners or occupants of the properties within the neighborhood of the topic property. 5. I've no current or contemplated future curiosity within the topic property, and neither my present or future employment nor my compensation for performing this appraisal is contingent on the appraised worth of the property. 6. I used to be not required to report a predetermined worth or path in worth that favors the reason for the shopper or any associated social gathering, the quantity of the worth estimate, the attainment of a particular end result, or the prevalence of a subsequent occasion with a view to obtain my compensation and/or employment for performing the appraisal. I didn't base the appraisal report on a requested minimal valuation, a particular valuation, or the necessity to approve a particular mortgage mortgage. 7. I carried out this appraisal in conformity with the Uniform Requirements of Skilled Appraisal Follow that had been adopted and promulgated by the Appraisal Requirements Board of The Appraisal Basis and that had been in place as of the efficient date of this appraisal, except the departure provision of these Requirements, which doesn't apply. I acknowledge that an estimate of an inexpensive time for publicity within the open market is a situation within the definition of market worth and the estimate I developed is according to the advertising and marketing time famous within the neighborhood part of this report, except I've in any other case acknowledged within the reconciliation part. eight. I've personally inspected the inside and exterior areas of the topic property and the outside of all properties listed as comparables within the appraisal report. I additional certify that I've famous any obvious or identified hostile situations within the topic enhancements, on the topic website, or on any website throughout the speedy neighborhood of the topic property of which I'm conscious and have made changes for these hostile situations in my evaluation of the property worth to the extent that I had market proof to help them. I've additionally commented concerning the impact of the hostile situations on the marketability of the topic property. 9. I personally ready all conclusions and opinions about the actual property that had been set forth within the appraisal report. If I relied on important skilled help from any particular person or people within the efficiency of the appraisal or the preparation of the appraisal report, I've named such particular person(s) and disclosed the particular duties carried out by them within the reconciliation part of this appraisal report. I certify that any particular person so named is certified to carry out the duties. I've not licensed anybody to make a change to any merchandise within the report; subsequently, if an unauthorized change is made to the appraisal report, I'll take no duty for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, she or he certifies and agrees that: I instantly supervise the appraiser who ready the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, comply with be certain by the appraiser's certifications numbered Four by 7 above, and am taking full duty for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: APPRAISER: SUPERVISORY APPRAISER (provided that required): Signature: Signature: Identify: Identify: Date Signed: Date Signed: State Certification #: State Certification #: or State License #: or State License #: State: State: Expiration Date of Certification or License: Expiration Date of Certification or License: Did Did Not Examine Property Freddie Mac Kind 439 6-93 Web page 2 of two Fannie Mae Kind 1004B 6-93 Kind ACR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Itemizing Appraisal Pattern, Newtown, PA 18940 James Dougherty 03/17/2011 RL001914L N/A PA 06/30/2011 Kind ACR — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Itemizing Appraisal Pattern, Newtown, PA 18940 James Dougherty 03/17/2011 RL001914L N/A PA 06/30/2011 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I've researched the topic market space and have chosen a minimal of three current gross sales of properties most comparable and proximate to the topic property for consideration within the gross sales comparability evaluation and have made a greenback adjustment when applicable to replicate the market response to these objects of great variation. If a big merchandise in a comparable property is superior to, or extra favorable than, the topic property, I've made a unfavorable adjustment to scale back the adjusted gross sales value of the comparable and, if a big merchandise in a comparable property is inferior to, or much less favorable than the topic property, I've made a optimistic adjustment to extend the adjusted gross sales value of the comparable. 2. I've considered the elements that have an effect on worth in my growth of the estimate of market worth within the appraisal report. I've not knowingly withheld any important info from the appraisal report and I consider, to the very best of my data, that each one statements and data within the appraisal report are true and proper. Three. I acknowledged within the appraisal report solely my very own private, unbiased, evaluation, opinions, and conclusions, that are topic solely to the contingent and limiting situations specified on this kind. Four. I've no current or potential curiosity within the property that's the topic to this report, and I've no current or potential private curiosity or bias with respect to the contributors within the transaction. I didn't base, both partially or utterly, my evaluation and/or the estimate of market worth within the appraisal report on the race, coloration, faith, intercourse, handicap, familial standing, or nationwide origin of both the possible homeowners or occupants of the topic property or of the current homeowners or occupants of the properties within the neighborhood of the topic property. 5. I've no current or contemplated future curiosity within the topic property, and neither my present or future employment nor my compensation for performing this appraisal is contingent on the appraised worth of the property. 6. I used to be not required to report a predetermined worth or path in worth that favors the reason for the shopper or any associated social gathering, the quantity of the worth estimate, the attainment of a particular end result, or the prevalence of a subsequent occasion with a view to obtain my compensation and/or employment for performing the appraisal. I didn't base the appraisal report on a requested minimal valuation, a particular valuation, or the necessity to approve a particular mortgage mortgage. 7. I carried out this appraisal in conformity with the Uniform Requirements of Skilled Appraisal Follow that had been adopted and promulgated by the Appraisal Requirements Board of The Appraisal Basis and that had been in place as of the efficient date of this appraisal, except the departure provision of these Requirements, which doesn't apply. I acknowledge that an estimate of an inexpensive time for publicity within the open market is a situation within the definition of market worth and the estimate I developed is according to the advertising and marketing time famous within the neighborhood part of this report, except I've in any other case acknowledged within the reconciliation part. eight. I've personally inspected the inside and exterior areas of the topic property and the outside of all properties listed as comparables within the appraisal report. I additional certify that I've famous any obvious or identified hostile situations within the topic enhancements, on the topic website, or on any website throughout the speedy neighborhood of the topic property of which I'm conscious and have made changes for these hostile situations in my evaluation of the property worth to the extent that I had market proof to help them. I've additionally commented concerning the impact of the hostile situations on the marketability of the topic property. 9. I personally ready all conclusions and opinions about the actual property that had been set forth within the appraisal report. If I relied on important skilled help from any particular person or people within the efficiency of the appraisal or the preparation of the appraisal report, I've named such particular person(s) and disclosed the particular duties carried out by them within the reconciliation part of this appraisal report. I certify that any particular person so named is certified to carry out the duties. I've not licensed anybody to make a change to any merchandise within the report; subsequently, if an unauthorized change is made to the appraisal report, I'll take no duty for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, she or he certifies and agrees that: I instantly supervise the appraiser who ready the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, comply with be certain by the appraiser's certifications numbered Four by 7 above, and am taking full duty for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: APPRAISER: SUPERVISORY APPRAISER (provided that required): Signature: Signature: Identify: Identify: Date Signed: Date Signed: State Certification #: State Certification #: or State License #: or State License #: State: State: Expiration Date of Certification or License: Expiration Date of Certification or License: Did Did Not Examine Property Freddie Mac Kind 439 6-93 Web page 2 of two Fannie Mae Kind 1004B 6-93 Web page #16 File No. Property Tackle Metropolis County State Zip Code APPRAISER: Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: SUPERVISORY APPRAISER (provided that required): Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Did Did Not Examine Property Kind ID4 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE N/A 110078 Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern James Dougherty Co. Further Appraiser's Certification APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1) The statements of truth contained on this report are true and proper. 2) The reported analyses, opinions, and conclusions are restricted solely by the reported assumptions and limiting situations and are my private, neutral, and unbiased skilled analyses, opinions, and conclusions. Three) I've no current or potential curiosity within the property that's the topic of this report and no private curiosity with respect to the events concerned. Four) I've no bias with respect to the property that's the topic of this report or to the events concerned with this project. 5) My engagement on this project was not contingent upon creating or reporting predetermined outcomes. 6) My compensation for finishing this project isn't contingent upon the event or reporting of a predetermined worth or path in worth that favors the reason for the shopper, the quantity of the worth opinion, the attainment of a stipulated end result, or the prevalence of a subsequent occasion instantly associated to the meant use of this appraisal. 7) The reported analyses, opinions, and conclusions had been developed, and this report has been ready, in conformity with the necessities of the Code of Skilled Ethics & Requirements of Skilled Appraisal Follow of the Appraisal Institute, which embody the Uniform Requirements of Skilled Appraisal Follow. eight) The usage of this report is topic to the necessities of the Appraisal Institute regarding overview by its duly licensed representatives. 9) I've made a private inspection of the property that's the topic of this report. 10) Nobody offered important actual property appraisal help to the individual signing this certification. 11) As of the date of the report, I've accomplished the Requirements and Ethics Schooling Necessities of the Appraisal Institute for Affiliate Members. James Dougherty 03/17/2011 RL001914L N/A PA 06/30/2011 Borrower/Shopper Lender Kind ID4 — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE N/A 110078 Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern James Dougherty Co. Further Appraiser's Certification APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1) The statements of truth contained on this report are true and proper. 2) The reported analyses, opinions, and conclusions are restricted solely by the reported assumptions and limiting situations and are my private, neutral, and unbiased skilled analyses, opinions, and conclusions. Three) I've no current or potential curiosity within the property that's the topic of this report and no private curiosity with respect to the events concerned. Four) I've no bias with respect to the property that's the topic of this report or to the events concerned with this project. 5) My engagement on this project was not contingent upon creating or reporting predetermined outcomes. 6) My compensation for finishing this project isn't contingent upon the event or reporting of a predetermined worth or path in worth that favors the reason for the shopper, the quantity of the worth opinion, the attainment of a stipulated end result, or the prevalence of a subsequent occasion instantly associated to the meant use of this appraisal. 7) The reported analyses, opinions, and conclusions had been developed, and this report has been ready, in conformity with the necessities of the Code of Skilled Ethics & Requirements of Skilled Appraisal Follow of the Appraisal Institute, which embody the Uniform Requirements of Skilled Appraisal Follow. eight) The usage of this report is topic to the necessities of the Appraisal Institute regarding overview by its duly licensed representatives. 9) I've made a private inspection of the property that's the topic of this report. 10) Nobody offered important actual property appraisal help to the individual signing this certification. 11) As of the date of the report, I've accomplished the Requirements and Ethics Schooling Necessities of the Appraisal Institute for Affiliate Members. James Dougherty 03/17/2011 RL001914L N/A PA 06/30/2011 Borrower/Shopper Lender File No. Property Tackle Metropolis County State Zip Code APPRAISER: Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: SUPERVISORY APPRAISER (provided that required): Signature: Identify: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Did Did Not Examine Property Web page #17 Property Tackle Metropolis County State Zip Code Kind SCNLGH — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Copy of Appraiser's PA State Certification N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Kind SCNLGH — "WinTOTAL" appraisal software program by a la mode, inc. — 1-800-ALAMODE Copy of Appraiser's PA State Certification N/A Itemizing Appraisal Pattern Newtown Bucks PA 18940 Pattern Borrower/Shopper Lender Property Tackle Metropolis County State Zip Code Web page #18