Agenda - 06-06-2023; 8-r - Hurricane Florence Hazard Mitigation Property Acquisition Authorization

Browse Search

5 Uniform Residential Appraisal Report File# BAG 180 Extraordinary Assumption:This appraisal is based on the assumption that the subject property offered average condition as of the effective date of this report 09/12/2018 .The subject property was inspected on 03/16/2023. The appraiser is not a home inspector and the appraisal does not guarantee that the property is free of defects or environmental problems.this appraisal is based on an observation of visible and accessible areas only.The appraiser is not qualified to determine the cause of any mold that may be present,type of mold or any risk to property or inhabitants.An expert in these fields should be consulted. This appraisal report was prepared for the sole intended use of the client. The report was signed with a digital signature.The digital signatures are password protected to ensure the integrity of the report and cannot be altered once the signature is affixed.This report contains digital photographs of the subject property and comparable sales.Some of the comparable sales photos may have been taken from multiple listing photo files. Definition of Market Value: *This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform Recovery, and Enforcement Act FIRREA Federal Reserve System,National Credit Union Administration Federal Deposit Insurance Corporation. 12CFR225.62 • Highest and Best Use: The sub'ect property is a legally ermissable use based on its current zoning.Also the lot size shape and land-to-building ratio allow the present structure and indicate a good utilization of the improvements. Based on current market conditions the existing structure as a single family residence is its financially feasible and maximally productive use.The highest and best use as if vacant would be to construct a single family residence. COST APPROACH TO VALUE(not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) ESTIMATED ❑ REPRODUCTION OR ❑ REPLACEMENT COST NEW OPINION OF SITE VALUE =$ Source of cost data DWELLING Sq.Ft.@$ =$ Quality rating from cost service Effective date of cost data Sq.Ft.@$ =$ Comments on Cost Approach(gross living area calculations,depreciation,etc.) =$ Due to thea a of the subject property,the Cost Approach was not Garage/Carport Sq.Ft.@$ =$ utilized. Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$( ) Depreciated Cost of Improvements --------------------------- =$ "As-is"Value of Site Improvements --------------------------_ Estimated Remaining Economic Life(HUD and VA only) Years I INDICATED VALUE BY COST APPROACH _______________________ =$ INCOME APPROACH TO VALUE(not required by Fannie Mae) Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summary of Income Approach(including support for market rent and GRM) The Income Approach was not utilized due to lack of rental properties in the subject area. PROJECT INFORMATION FOR PUDs(if applicable) Is the developer/builder in control of the Homeowners'Association(HOA)? ❑ Yes ❑ No Unit type(s) ❑ Detached ❑ Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing buildings)into a PUD? ❑ Yes ❑ No If Yes,date of conversion. Does the project contain any multi-dwelling units? ❑ Yes ❑ No Data Source Are the units,common elements,and recreation facilities complete? ❑ Yes ❑ No If No,describe the status of completion. Are the common elements leased to or by the Homeowners'Association? ❑Yes ❑ No If Yes,describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE