Serial# 7B60EC88 Form NIV5 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

Anderson Appraisals

Anderson Appraisals

Anderson Appraisals

10908 Courthouse rd 

Ste 102-177

Fredericksburg, VA 22408-2658

(540) 642-7048 x1

Private

, 

0060753

12/07/2018

0060753

0060753

0060753

226511567

Private Private

Private

89 Clark Patton Rd

Fredericksburg

Stafford VA 22406

PT Dulany 1.875 AC

300.00

Recert 200.00

500.00

Venmo 300.00

Venmo 200.00

500

0.00

(540) 710-9749

INVOICE FROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:

Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCE

Internal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:

Purchaser/Borrower:

Property Address:

City:

County: State: Zip:

Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:

Check #: Date: Description:

Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Serial# 7B60EC88

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File No. 0060753

SUMMARY RESIDENTIAL APPRAISAL REPORT

07/24/2018

89 Clark Patton Rd

PT Dulany 1.875 AC

Fredericksburg, VA 22406

Private

Invoice ................................................................................................................................................................................................................................................

Table of Contents/Cover Page ..............................................................................................................................................................................................................

Appraiser Independence Certification ....................................................................................................................................................................................................

Scanned Document .............................................................................................................................................................................................................................

Scanned Document .............................................................................................................................................................................................................................

URAR .................................................................................................................................................................................................................................................

UAD Definitions Addendum ..................................................................................................................................................................................................................

USPAP Identification Addendum ..........................................................................................................................................................................................................

Supplemental Addendum .....................................................................................................................................................................................................................

Subject Photos ....................................................................................................................................................................................................................................

Interior Photos ....................................................................................................................................................................................................................................

Comparable Photos 1-3 .......................................................................................................................................................................................................................

Building Sketch ...................................................................................................................................................................................................................................

Location Map ......................................................................................................................................................................................................................................

Location Map ......................................................................................................................................................................................................................................

1

2

3

4

5

6

12

15

16

20

21

22

23

24

25

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Date of Valuation

For

TABLE OF CONTENTS

Serial# 7B60EC88

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Private

Private

Private

Kevin Anderson

Lic Appraiser

12/07/2018

4001005556

11/30/2020 VA

89 Clark Patton Rd, Fredericksburg, VA 22406

Form APPRIND2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Appraiser Independence Certification

I do hereby certify, I have followed the appraiser independence safeguards in compliance with Appraisal

Independence and any applicable state laws I may be required to comply with. This includes but is not

limited to the following:

I am currently licensed and/or certified by the state in which the property to be appraised is located

My license is the appropriate license for the appraisal assignment(s) and is reflected on the

appraisal report.

I certify that there have been no sanctions against me for any reason that would impair my ability

to perform appraisals pursuant to the required guidelines.

I assert that no employee, director, officer, or agent of ,

or any other third party acting as joint venture partner, independent contractor, appraisal management

company, or partner on behalf of , influenced, or attempted

to influence the development, reporting, result, or review of my appraisal through coercion, extortion,

collusion, compensation, inducement, intimidation, bribery, or in any other manner.

I further assert that has never participated in any of the

following prohibited behavior in our business relationship:

1) Withholding or threatening to withhold timely payment or partial payment for an appraisal report;

2) Withholding or threatening to withhold future business with me, or demoting or terminating or

threatening to demote or terminate me;

3) Expressly or impliedly promising future business, promotions, or increased compensation for

myself;

4) Conditioning the ordering of my appraisal report or the payment of my appraisal fee or salary or

bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary value estimate

requested from me;

5) Requesting that I provide an estimated, predetermined, or desired valuation in an appraisal report

prior to the completion of the appraisal report, or requesting that I provide estimated values or

comparable sales at any time prior to my completion of an appraisal report;

6) Provided me an anticipated, estimated, encouraged, or desired value for a subject property or a

proposed or target amount to be loaned to the borrower, except that a copy of the sales contract

for purchase transactions may be provided;

7) Provided to me, or my appraisal company, or any entity or person related to me as appraiser,

appraisal company, stock or other financial or non-financial benefits;

8) Any other act or practice that impairs or attempts to impair my independence, objectivity, or

impartiality or violates law or regulation, including, but not limited to, the Truth in Lending Act

(TILA) and Regulation Z, or the USPAP.

Signature

Appraiser's Name

State Title or Designation

Date

State License or Certification #

Expiration Date of License or Certification State

Address of Property Appraised

05/13

Serial# 7B60EC88

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License

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E & O Insurance 

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Anderson Appraisals

0060753

0060753

89 Clark Patton Rd Fredericksburg VA 22406

Private Private Stafford

PT Dulany 1.875 AC

35-72J 2017 1,284

Non Subdivision 47894 0103.03

0 0

Private Request

Private N/A

MLS records

40

900

165 

0

125

25

60

10

30

Subject is bounded by Rt 17 to the north, Rt 655 to the south, Int 95 to the 

east, and Rt 752 to the west.

The subject is located in an established residential area within close proximity to schools, shopping, houses of worship 

and other expected suburban amenities. Major commuter routes nearby provide access to most points in the metropolitan area including 

employment centers. The neighborhood exhibits average maintenance patterns and marketability. 30% other in present land use is vacant land.

Property values are stable. Supply and demand are in balance. Subject is typical of homes 

in this neighborhood and as such is highly marketable. All types of financing are readily available. Typical seller concessions range from 0 to 3 

points and are generally applied to closing costs.

No survey was supplied to the Appraiser 1.88 ac Appears Rectangular N;Res;

A2 Agricultural

Private well

Private septic

Asphalt

None

X 5101540118E 02/04/2005

No adverse site conditions or external factors noted. 

1

Rambler

1970

35 

0

0

CMU/Avg

Frame/Avg

Asphalt Shingle/Avg

Aluminum/Avg

Thermal/Avg

No/No

Yes

Wood/tile/Avg

Drywall/Avg

Paint/Avg.

Vinyl/Poor.

Fiberglass/Avg

Elect/Oil 0

None

None

0

None

None

None

10

Gravel

0

0

6 3 1.0 1,008

Typical items for homes in this price range and location.

C5;No updates in the prior 15 years;The property 

appears to be in average- condition when compared to recent sales in the marketplace. The appraiser assumes that all mechanical and 

plumbing systems are in average condition. Subject is in need of repair to flooring, ceiling, countertops, and siding repair.

The appraiser is not qualified to comment on any environmental conditions or hazards. The appraiser is not aware of any adverse conditions on 

or near the site. A qualified expert in this field should be consulted for definitive conclusions.

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File #

SUBJECT C

ONTR

A

CT NEIGHBO

RHO

OD SITE IMPR

O

VEMENTS The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address City State Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)

Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client Address

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No

Report data source(s) used, offering price(s), and date(s).

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not

performed.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No

If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Neighborhood Characteristics

Location Urban Suburban Rural

Built-Up Over 75% 25-75% Under 25%

Growth Rapid Stable Slow

One-Unit Housing Trends

Property Values Increasing Stable Declining

Demand/Supply Shortage In Balance Over Supply

Marketing Time Under 3 mths 3-6 mths Over 6 mths

One-Unit Housing

PRICE

$ (000)

AGE

(yrs)

Low

High

Pred.

Present Land Use %

One-Unit %

2-4 Unit %

Multi-Family %

Commercial %

Other %

Neighborhood Boundaries

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions Area Shape View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)

Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe

Utilities Public Other (describe) Public Other (describe)

Electricity

Gas

Water

Sanitary Sewer

Off-site Improvements - Type Public Private

Street

Alley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Are the utilities and off-site improvements typical for the market area? Yes No If No, describe

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe

General Description

Units One One with Accessory Unit

# of Stories

Type Det. Att. S-Det./End Unit

Existing Proposed Under Const.

Design (Style)

Year Built

Effective Age (Yrs)

Foundation

Concrete Slab Crawl Space

Full Basement Partial Basement

Basement Area sq.ft.

Basement Finish %

Outside Entry/Exit Sump Pump

Evidence of Infestation

Dampness Settlement

Exterior Description materials/condition

Foundation Walls

Exterior Walls

Roof Surface

Gutters & Downspouts

Window Type

Storm Sash/Insulated

Screens

Interior materials/condition

Floors

Walls

Trim/Finish

Bath Floor

Bath Wainscot

Attic None

Drop Stair Stairs

Floor Scuttle

Finished Heated

Heating FWA HWBB Radiant

Other Fuel

Cooling Central Air Conditioning

Individual Other

Amenities

Fireplace(s) #

Patio/Deck

Pool

Woodstove(s) #

Fence

Porch

Other

Car Storage None

Driveway # of Cars

Driveway Surface

Garage # of Cars

Carport # of Cars

Att. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005

Serial# 7B60EC88

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0060753

0060753

2 99,900 125,000

8 120,000 230,000

89 Clark Patton Rd

Fredericksburg, VA 22406

N;Res;

Fee Simple

1.88 ac

N;Res;

DT1;Rambler

Q4

48

C5

6 3 1.0

1,008

0sf

Average

Central

Thermal Pane

10dw

None

Fireplace None

Pool None

Fence None

County Tax Records

07/01/2018

85 Truslow Rd

Fredericksburg, VA 22405

5.68 miles SE

142,000

160.63

MRIS #1000241864;DOM 6

MRIS/Tax Records

ArmLth

Cash;0 0

s03/18;c03/18

N;Res;

Fee Simple

15682 sf +10,000

N;Res;

DT1;Rambler

Q4

30 -9,000

C5

6 3 1.0

884 +4,300

0sf

Average

Central

Thermal Pane

4dw 0

Porch -3,500

None

None

None

1,800

1.3

18.9 143,800

County Tax Records

07/01/2018

650 Holly Corner Rd

Fredericksburg, VA 22406

1.84 miles SW

129,900

123.01

MRIS #1000166275;DOM 330

MRIS/Tax Records

Short

FHA;0

s01/18;c02/17

N;Res;

Fee Simple

1.00 ac +2,500

N;Res;

DT1;Rambler

Q4

40 -2,000

C5

6 3 1.0

1,056 0

0sf

Average

Central

Thermal Pane

10dw

None

None

None

None

500

0.4

3.5 130,400

County Tax Records

07/01/2018

41 Whispering Oaks Ln

Fredericksburg, VA 22406

6.92 miles NW

214,900

223.85

MRIS #1000096395;DOM 182

MRIS/Tax Records

ArmLth

Conv;6993 0

s03/18;c01/18

N;Res;

Fee Simple

3.00 ac -15,000

N;Res;

DT1;Rambler

Q4

25 -11,500

C3 -20,000

6 3 2.0 -4,500

960 0

0sf

Average

Central

Thermal Pane

10dw

Deck -3,500

1 FP -1,500

None

None

-56,000

26.1

26.1 158,900

County Tax Records

07/01/2018

Subject transfer history listed below.

MRIS Tax Records.

MRIS Tax Records.

Prior sales history for the subject and comparables are typical for this 

area. The appraiser notes that previous sales information was obtained from tax records. In the appraisers opinion there is no way to verify is 

transfer was an arms lengh transaction. If no prior sale or transfer date is listed above, this indicates there was no available information on the 

county tax record and therefore the field is left open.

All comparables are verified closed sales. Non-realty items were not considered in the final value estimate. 

Comparables selected represent the most similar available properties to the subject at the time of inspection and are adjusted for any significant 

variance between them and the subject.

See Attached Addendum.

145,000

145,000 144,006

This appraisal has been completed in order to estimate the market value of the subject. Consideration has been given to all factors. These 

include, but are not limited to; market condition, financing terms, location, subject condition, and competition.

145,000 07/24/2018

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File #

SALES C

O

MPA

RISON APPR

O

A

CH REC

ONCILIATION

There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .

There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .

FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment

Sales or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design (Style)

Quality of Construction

Actual Age

Condition

Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths

Room Count

Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

Net Adjustment (Total) + - $ + - $ + - $

Adjusted Sale Price

of Comparables $ $ $

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

Net Adj. %

Gross Adj. %

I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data Source(s)

My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

Data Source(s)

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

Effective Date of Data Source(s)

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been

completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the

following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting

conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is

$ , as of , which is the date of inspection and the effective date of this appraisal.

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005

Serial# 7B60EC88

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0060753

0060753

The subject is not located within a noxious odor or noise area. 

The electric for the subject is adequate for the property. All mechanicals and plumbing are on and appear to be in good working order

I have considered relevant competitive listings, contract offerings in performing this appraisal, and any trend indicated by that data is supported 

by the listing/offering information included in this report.

The appraiser has not provided prior services on a property being appraised in the last 36 months from the Effective Date of Value. The 

appraiser does or has not had a current or prospective interest in the property or party to this transaction in any way. I have not performed any 

services, as an appraiser or in any other capacity, on the subject property within the three-year period immediately preceding acceptance of this 

assignment.

"A reasonable exposure time for the subject property developed independently from the stated marketing time is 30-90 days." 

The property is served by a private well and septic system. The appraiser is not qualified to comment on the performance or condition of either 

system. No warranty is made or implied as to the suitability of these systems for their respective tasks by the appraiser. Should the client require 

additional information on these systems, the appraiser suggests that a qualified expert in this field be contacted. Public hookup or access is not 

feasible or available at the time of the inspection. The private septic and well have no negative effect on marketability and are typical for homes 

on any type of acreage in this area. The appraiser notes per visual inspection there was no observable indication of septic failure.

The appraiser did not observe any commercial or agricultural/farming use. The subject is not income producing or a working farm.

The appraiser notes that the land value is greater than 30% of the total value of the subject. This is typical when dealing with properties in this 

market segment. The subject home is the highest and best use for the parcel. 

Tax Records

Marshall and swift

Avg 2015

65,000

1,008 175.00 176,400

0

176,400

102,894 102,894

73,506

5,500

144,006

Replacement cost based on current market standards per M&S. 

Depreciation estimated at 13%.

25

Not requested by client.

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File #

ADDITIONAL C

O

M

MENTS C

OST APPR

O

A

CH INC

O

ME PUD INFO

R

M

ATION

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

Source of cost data

Quality rating from cost service Effective date of cost data

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE =$

DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

=$

Garage/Carport Sq.Ft. @ $ =$

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 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)

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 building(s) 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 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005

Serial# 7B60EC88

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0060753

0060753

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File #

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;

including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a

manufactured home or a unit in a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,

statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended

use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may

expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal

assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do

not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's

continuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the

reporting requirements of this appraisal report form, including the following definition of market value, statement of

assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual

inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the

comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,

and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the

subject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open

market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming

the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and

the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both

parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a

reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms

of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold

unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are

necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are

readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing

adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional

lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical

dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's

reaction to the financing or concessions based on the appraiser's judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is

subject to the following assumptions and limiting conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title

to it, except for information that he or she became aware of during the research involved in performing this appraisal. The

appraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.

The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination

of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency

(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an

identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or

implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,

unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the

presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or

she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal

report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the

property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,

adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such

conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such

conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.

Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as

an environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory

completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will

be performed in a professional manner.

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005

Serial# 7B60EC88

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0060753

0060753

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File #

APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in

this appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition

of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the

livability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal

Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in

place at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales

comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach

for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop

them, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for

sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject

property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior

to the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that

has been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject

property and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in

the sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing

services, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from

reliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject

property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I

have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the

presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the

subject property or that I became aware of during the research involved in performing this appraisal. I have considered these

adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and

marketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all

statements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which

are subject only to the assumptions and limiting conditions in this appraisal report.

17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or

prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or

completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital

status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the

present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not

conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a

predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of

any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending

mortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I

relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal

or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this

appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make

a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no

responsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that

ordered and will receive this appraisal report.

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005

Serial# 7B60EC88

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Serial# 7B60EC88

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0060753

0060753

Kevin T Anderson

Kevin Anderson

Anderson Appraisal

10908 Courthouse Rd, ste 102-177

Fredericksburg, VA 22408

(540) 642-7048

andersonkevin@msn.com

12/07/2018

07/24/2018

4001005556

VA

11/30/2020

89 Clark Patton Rd

Fredericksburg, VA 22406

145,000

No AMC

Private

N/A

Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Uniform Residential Appraisal Report File #

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the

borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other

secondary market participants; data collection or reporting services; professional appraisal organizations; any department,

agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to

obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal

report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public

relations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain

laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice

that pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage

insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part

of any mortgage finance transaction that involves any one or more of these parties.

24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are

defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this

appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and

valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or

criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States

Code, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's

analysis, opinions, statements, conclusions, and the appraiser's certification.

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,

statements, conclusions, and the appraiser's certification.

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the

appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and

promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal

report was prepared.

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are

defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this

appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and

valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature and Report

Effective Date of Appraisal

State Certification #

or State License #

or Other (describe) State #

State

Expiration Date of Certification or License

ADDRESS OF PROPERTY APPRAISED

APPRAISED VALUE OF SUBJECT PROPERTY $

LENDER/CLIENT

Name

Company Name

Company Address

Email Address

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature

Name

Company Name

Company Address

Telephone Number

Email Address

Date of Signature

State Certification #

or State License #

State

Expiration Date of Certification or License

SUBJECT PROPERTY

Did not inspect subject property

Did inspect exterior of subject property from street

Date of Inspection

Did inspect interior and exterior of subject property

Date of Inspection

COMPARABLE SALES

Did not inspect exterior of comparable sales from street

Did inspect exterior of comparable sales from street

Date of Inspection

Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005

Serial# 7B60EC88

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Serial# 7B60EC88

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0060753

0060753

Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM

(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Condition Ratings and Definitions

C1

The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new

and the dwelling features no physical depreciation.

Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings

provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been

rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they

have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without

adequate maintenance or upkeep).

C2

The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components

are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced

with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and

are similar in condition to new construction.

Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical

depreciation, or an older property that has been recently completely renovated.

C3

The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every

major building component, may be updated or recently rehabilitated. The structure has been well maintained.

Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is

being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of

short-lived building components have been replaced but not to the level of a complete renovation.

C4

The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been

adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building

components have been adequately maintained and are functionally adequate.

Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building

components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,

they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

C5

The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,

rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains

useable and functional as a residence.

Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many

of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.

C6

The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,

soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many

or most major components.

Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property

with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

Quality Ratings and Definitions

Q1

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such

residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship

and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality

exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes

throughout the dwelling are of exceptionally high quality.

Q2

Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in

this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly

modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The

workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

UAD Version 9/2011 (Updated 4/2012)

Serial# 7B60EC88

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Serial# 7B60EC88 Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM

(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Quality Ratings and Definitions (continued)

Q3

Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard

residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors

that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been

upgraded from “stock” standards.

Q4

Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans

are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,

finish, and equipment are of stock or builder grade and may feature some upgrades.

Q5

Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a

plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation

and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials

with limited refinements and upgrades.

Q6

Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings

are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or

expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical

systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions

to the original structure

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating or modernization. This description includes, but is not limited to, new homes.

Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major

components have been replaced or updated. Those over fifteen years of age are also considered not updated if the

appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained

and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.

Updated

The area of the home has been modified to meet current market expectations. These modifications

are limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute

updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not

include significant alterations to the existing structure.

Remodeled

Significant finish and/or structural changes have been made that increase utility and appeal through

complete replacement and/or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include

some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation

of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)

square footage). This would include a complete gutting and rebuild.

Explanation of Bathroom Count

Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not

included in the bathroom count. The number of full and half baths is reported by separating the two values using a

period, where the full bath count is represented to the left of the period and the half bath count is represented to the

right of the period.

Example:

3.2 indicates three full baths and two half baths.

UAD Version 9/2011 (Updated 4/2012)

Serial# 7B60EC88

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UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM

(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)

Abbreviations Used in Data Standardization Text

Abbreviation Full Name Fields Where This Abbreviation May Appear

ac Acres Area, Site

AdjPrk Adjacent to Park Location

AdjPwr Adjacent to Power Lines Location

A Adverse Location & View

ArmLth Arms Length Sale Sale or Financing Concessions

ba Bathroom(s) Basement & Finished Rooms Below Grade

br Bedroom Basement & Finished Rooms Below Grade

B Beneficial Location & View

Cash Cash Sale or Financing Concessions

CtySky City View Skyline View View

CtyStr City Street View View

Comm Commercial Influence Location

c Contracted Date Date of Sale/Time

Conv Conventional Sale or Financing Concessions

CrtOrd Court Ordered Sale Sale or Financing Concessions

DOM Days On Market Data Sources

e Expiration Date Date of Sale/Time

Estate Estate Sale Sale or Financing Concessions

FHA Federal Housing Authority Sale or Financing Concessions

GlfCse Golf Course Location

Glfvw Golf Course View View

Ind Industrial Location & View

in Interior Only Stairs Basement & Finished Rooms Below Grade

Lndfl Landfill Location

LtdSght Limited Sight View

Listing Listing Sale or Financing Concessions

Mtn Mountain View View

N Neutral Location & View

NonArm Non-Arms Length Sale Sale or Financing Concessions

BsyRd Busy Road Location

o Other Basement & Finished Rooms Below Grade

Prk Park View View

Pstrl Pastoral View View

PwrLn Power Lines View

PubTrn Public Transportation Location

rr Recreational (Rec) Room Basement & Finished Rooms Below Grade

Relo Relocation Sale Sale or Financing Concessions

REO REO Sale Sale or Financing Concessions

Res Residential Location & View

RH USDA - Rural Housing Sale or Financing Concessions

s Settlement Date Date of Sale/Time

Short Short Sale Sale or Financing Concessions

sf Square Feet Area, Site, Basement

sqm Square Meters Area, Site

Unk Unknown Date of Sale/Time

VA Veterans Administration Sale or Financing Concessions

w Withdrawn Date Date of Sale/Time

wo Walk Out Basement Basement & Finished Rooms Below Grade

wu Walk Up Basement Basement & Finished Rooms Below Grade

WtrFr Water Frontage Location

Wtr Water View View

Woods Woods View View

Other Appraiser-Defined Abbreviations

Abbreviation Full Name Fields Where This Abbreviation May Appear

UAD Version 9/2011 (Updated 4/2012)

Serial# 7B60EC88

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0060753

0060753

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Reasonable exposer time estimate at 30-90 days. 

- The statements of fact contained in this report are true and correct.

- The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased 

professional analyses, opinions, and conclusions.

- Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties 

involved.

- I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.

- My engagement in this assignment was not contingent upon developing or reporting predetermined results.

- My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of 

the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

- My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that 

were in effect at the time this report was prepared.

- Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.

- Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each 

individual providing significant real property appraisal assistance is stated elsewhere in this report).

The appraiser was paid a fee of $300 for this report.

Kevin Anderson

12/07/2018

4001005556

VA

11/30/2020

07/24/2018

Form ID14AP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

USPAP ADDENDUM File No.

Borrower

Property Address

City County State Zip Code

Lender

This report was prepared under the following USPAP reporting option:

Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(a).

Restricted Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(b).

Reasonable Exposure Time

My opinion of a reasonable exposure time for the subject property at the market value stated in this report is:

Additional Certifications

I certify that, to the best of my knowledge and belief:

I have NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the

three-year period immediately preceding acceptance of this assignment.

I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year

period immediately preceding acceptance of this assignment. Those services are described in the comments below.

Additional Comments

APPRAISER:

Signature:

Name:

Date Signed:

State Certification #:

or State License #:

State:

Expiration Date of Certification or License:

Effective Date of Appraisal:

SUPERVISORY APPRAISER: (only if required)

Signature:

Name:

Date Signed:

State Certification #:

or State License #:

State:

Expiration Date of Certification or License:

Supervisory Appraiser Inspection of Subject Property:

Did Not Exterior-only from Street Interior and Exterior

Serial# 7B60EC88

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COMMENTS ON SALES COMPARISON

It was necessary to expand the general acceptable market area to a 7 mile radius from the subject. This is due to

the relative stability or low turn over of properties in the subjects price range, gla and lot size. This is typical for the

area. The appraiser has searched back 12 months for sales within 1 mile , however there were no sales of similar

design and GLA to the subject. Going over 1 mile in this market segment is considered typical for the area. 

No adjustment was made for financing because, in the appraisers opinion, there were similar terms readily available

in the market place and financing thus did not affect sales price.

Comparables are less than 6 six months old, are the most similar types of properties that have sold in the market

area and were the best available at the time of the appraisal. Every effort has been made to use comparables that

have been sold within 6 months of the date of the appraisal. Paramount to time is the matching of the most similar

sales to the subject. 

Adjustment for site size is based on market abstraction and contributory value. Above a certain point each additional

increment of land area contributes less on a per square foot basisthan the initial minimum site size for the area. A

constant dollar per square foot per acre adjustment was not utilized. 

The appraiser has made a condition adjustment for sale 3. This was for the inferior condition compared to homes in

current market condition. This is typical for this market segment. There were no other sales in need of repair at the

time of inspection other than sale #1. 

Please be advised that, in the market approach when there is a variance, bathrooms are adjusted for on the first line

and the square footage on the second line. The floor plan variation is adjusted for under functional utility, when

relevant. The appraiser, as a general rule, will adjust for one or the other, but not both.

Gross living areas shown for comparable sales are estimated based on actual field measurements. When taking

measurements is not feasible, the information is gathered from various sources including Multiple Listing Service,

County tax records, Realtors, builders, buyers and/or sellers, and when feasible, our files. Slight variations in size will

not typically have an effect on the estimate of value.

Gross living area adjusted at $35 per square foot.

The appraiser notes that in comparing the comparables to the subject, no attempt was made to isolate or reconcile

every amenity, but rather adjustment was made only for major differences.

The appraiser notes that in the event that the pictures the appraiser takes of the subject or comparable sales do not

come out or are not legible or the appraiser is unable to take a picture of a property located on acreage or not able to

stop due to traffic, the appraiser will substitute in pictures from online sources and MLS. All sales were verified by

the appraiser at the street. 

FINAL RECONCILIATION

For purposes of this report, most weight has been given the market approach to value to determine a final value

estimate. All comparables were similar in size and utility and taken from the same market area as the subject. In our

determination of a final value, most weight was given to comparable # 2 as this sale had the least amount of

adjustments. Sale #1 was given the second most weight due to this sale requiring the second least amount of

adjustments. 

Clarification of Assumptions, Limiting Conditions, Certifications and Scope of Work

The following is noted in order to define terms as they are used in the appraisal report. This is not intended to be a

modification of the certification, but a clarification, which is required to be in compliance with USPAP.

The URAR appraisal form was used to report the results of my (our) appraisal. The scope of work explanations

discussed here and within the body of the report, reference by number and page, the Scope of Work, Assumptions

and Limiting Conditions and Certifications as shown on pages 4-6 of the FNMA Form 1004/Freddie Mac Form 70 to

further define, clarify and document what the appraiser(s) did and or did not do in order to develop the appraisal and

report the value opinion, based on the complexity of this appraisal assignment and or as a result of a supplementary

Agreement or Engagement Letter as accepted by the appraiser(s) and client identified within the appraisal report. 

EXPOSURE TIME:

Defined as: "The estimated length of time that the property interest being appraised would have been offered on the market

prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal."

Exposure time is always presumed to precede the effective date of the appraisal. It is the estimated length of time the property

would have been offered on the market, prior to the hypothetical sale, at the appraised value, on the effective date of the

appraisal. It is a retrospective estimate based on an analysis of past events assuming a competitive and open market. This

includes not only adequate, sufficient and reasonable time, but adequate, sufficient and reasonable effort. It is often expressed

as a range and is based on the following:

1. Statistical information about DOM (most commonly obtained from the local MLS).

2. Information gathered through sales verification.

3. Interviews with market participants.

Based upon historical market conditions, reasonable exposure time for the subject property would have been approximately 30

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0060753

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Borrower

Lender/Client

Property Address

City County State Zip Code

File No.

Serial# 7B60EC88

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Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 16 of 25
to 120 days. This is based on the analysis of current market trends within the subject's sub-market, seasonal considerations and

takes into account the size, condition and price range of the subject property and surrounding area. It presupposes the list price

would be at or near the appraised value. It also assumes professional (proactive) marketing by reputable local real estate

offices.

If no written specific and or supplemental Scope of Work was agreed upon with the client (prior to accepting the

assignment, by formal engagement letter and included in this report) the Scope of Work outlined here and within the

report, is considered to be representative of what typical users of appraisal services would require and in general,

what appraisers would provide as reasonable, acceptable and sufficient for the stated intended user’s needs.

SCOPE OF WORK (Pg 4 & Pg 5, Cert. 2): Item (1) - it should be noted that the Appraiser(s) conducted a visual

inspection of only the readily accessible areas of the property, viewing only those components of the property which

were clearly visible from the ground or floor level. No tests we made of the mechanical, plumbing and electrical

systems as such tests are not within the standard guidelines of FNMA or FHLMC. Comments on the condition of the

foundation, roof, exterior, interior, floors, mechanical, plumbing, electrical, insulation and all other matters relating to

the construction of the subject property is based on a casual observation only and which may have been limited by

the placement of personal property, furnishings, etc. so as to preclude observation of the items blocked by same.

There was not observation of the attic, crawl space or other areas that would not be visible by the typical visitor to

the home and or components that are hidden within walls.

Although the report may cite a general rating of the adequacy and or condition (based on observation only) it should

be clearly understood that these statements are a general guide for comparison purposes (as part of the valuation

process) and are not a detailed report on the physical and or operational condition of these items. The appraiser(s)

is not an expert in these matters and any opinion stated is advisory based only upon observation. This report is not

a home inspection. While others may choose to rely on the report, they should not rely on it to disclose condition

and defects. Such knowledge goes beyond the scope of this appraisal and as such, comments on observed

conditions given in this report should not be taken as a guarantee that a problem does not exist. 

The following chart is to assist the intended user in understanding the scope of a complete visual inspection:

Complete Visual Inspection Includes: Complete Visual Inspection Does/Did NOT Include:

List the amenities Testing or activating mechanical systems

View readily observable exterior areas Activating appliances

View readily observable interior areas Observation of crawl spaces and attics

Note quality of materials and workmanship Observation of areas not readily accessible

Measure the exterior of the improvements Building Code compliance issues

Observe the floor plan and room layout Moving furniture or personal property

Assess the functional utility of the property Mold Assessment

Note the subject’s conformity to the market area. Removing (or moving) floor coverings

Note style / design. Testing or inspection of the well and septic.

Observe the general condition of the improvements Reporting personal property.

Observe a representative sampling of closets, windows,

electrical switches, and doors.

Roof Condition report beyond an observation from ground

level.

Photograph exterior and view site around the

improvements

Radon Assessment

Item (2,3,4 & 5) where it states “inspect the neighborhood” the observation was limited to driving through the area

and a representative number of streets, reviewing maps and other appropriate data including observing the

comparables from the street, to determine the general factors that may or may not influence the value of the subject

property and research to the extent further defined in the sections below. 

REPAIRS/DETERIORATION (Pg. 4, item 5 & Pg. 5, Cert. 2): The terms deficiency and livability have not been

defined in the appraisal report. An effort was made to report ONLY those repair items that, in the appraiser’s

opinion, will affect safety, adequacy, and marketability of the property. Deterioration consistent with the age of the

home has not been itemized.

COST APPROACH (Pg. 5, Cert. 4): The cost approach is typically utilized when improvements are new, near new

or are of an unusual construction method. Additionally, the cost approach is only considered appropriate when

sufficient land; building sites, etc. are available to a potential purchaser so as to make construction of improvements

similar to the subject, a viable alternative to purchasing the subject. In areas where vacant sites (similar to the

subject property in location, zoning, use and utility) are not available to a potential purchaser, use of the cost

approach and reliability on the same as a value indicator could be misleading. In cases where the Cost Approach is

not required (per USPAP) or deemed necessary to the development of a reliable value opinion, the cost approach

has been excluded.

If the cost approach was used it represents the “replacement cost estimate,” and is for “valuation purposes only. ” As

such, it should not be relied upon for insurance purposes. The definition of “market value” on page 4 of this report is

not consistent with the definition of “insurable value.” If the cost approach was presented, a cost service such as

“Marshall & Swift” (or other similar source) was used to develop the estimate. The site value opinion is based on one

of several methods: extraction, allocation, the developmental method or from a review and analysis of sales of

similar sites within the market area.

INCOME APPROACH (Pg. 5, Cert. 4): The income approach is typically utilized when sufficient investor owned

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Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

0060753

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Borrower

Lender/Client

Property Address

City County State Zip Code

File No.

Serial# 7B60EC88

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Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 17 of 25
properties exist with the subject’s immediate area or neighborhood and when investors regularly acquire such

properties that are similarly desirable to the subject for the express purpose of the investment income they provide.

While rental properties may exist within any area, their existence alone should not be considered as evidence of a

viable rental and investor marketplace. As such, in areas dominated by “owner occupied” units, it may not be

appropriate to present or employ the income approach, unless the approach clearly represents the motivations and

actions of investors in the marketplace as it relates to the subject property and immediate area. If the approach is

included within the report, it was because sufficient data was found to support conclusions by the appraiser(s) that it

was appropriate and meaningful to the analysis and value opinion. If the approach was not included, it was the

appraiser’s opinion that the data was insufficient to provide a useful and meaningful conclusion. 

EXTENT OF DATA RESEARCH – SALES/LISTINGS (Pg. 5, Cert. 5 thru 9): Sales and listings of the subject

property and comparables have been researched, verified, analyzed, and reported in compliance with Certifications

5 thru 9 of this URAR. Sales data (including listed, closed, pending and expired listings) of properties that are

geographically, physically, functionally and economically similar to the subject property and that are sufficiently

recent to reflect current buyer and seller actions were researched and considered. If necessary and applicable, the

appraiser(s) also researched data on comparable land and improved sales, income and expense information and

construction costs; confirmed comparable sales information (as noted under “EXTENT OF INFORMATION

VERIFICATION;”(see next section) and analyzed the information in applying the approach (es) used. 

Depending upon the availability and reliability of various data sources, the appraiser(s) used any combination of

reasonably available information from city/county records, real estate agents, owner's comments, buyer's

description, assessor's records, multiple listing service (MLS) data, brochures, web site listings and visual

observation to identify the relevant characteristics of the subject property. Comparables were selected based on

physical, functional, economic and location characteristics with the sales cited in the report considered to be most

relevant to the analysis of subject property. These sales were adjusted to the subject to reflect the market’s reaction

to differences (if any). 

EXTENT OF INFORMATION VERIFICATION (Pg. 5, Cert. 10 & 13): Representative samples of disinterested

sources for information and data verification include but are not limited to County/City online records – Recorder,

Treasurer, Zoning, GIS, Online Assessor Property Databases – Sales, Property Characteristics, Personal

observation – Condition, Location, Physical attributes, Real Estate Transaction Declaration documents – Sale date,

Personal property. In addition, the subject's market area was examined to determine the demand for and

marketability of the property within the subject's classification.

When and where possible, the applicable information was verified with sources deemed to be reliable and from a

disinterested party or corroborated with a 3rd party source. In some cases, the motivations of the parties and other

factors (terms, arms-length transactions, etc.) may not have been available and the data was used at “face value as

factually accurate.” 

The appraiser(s) was not supplied with a survey of the subject site and did not check the land records for recorded

easements and have reported only apparent easements and encroachments. Unless otherwise stated within the

report, no effort was made to ascertain whether the subject is located within the appropriate setbacks, as dictated by

zoning, building or other regulations. 

PUBLIC / PRIVATE DATA SOURCES (Pg. 5, Cert. 12): With regard to this assignment I have access to public

data; the local Multiple Listing Service; a nationally recognized cost estimation service; FNMA flood data and maps;

and private information contained within my office files considered necessary and appropriate for this assignment.

ADVERSE FACTORS (Pg 4 item 5 & Pg. 5, Cert. 14): As cited in the “Assumptions & Limiting Conditions,” is

subjective and subject to broad interpretation. Many properties will have some form of physical depreciation,

deficiency or livability issues, dependent upon the motivations and standards of the party observing the property. A

property may also be impacted to varying degrees by a wide-range of factors internal or external to the property that

could be considered “adverse” by someone. 

Absent detailed written directives and specific guidelines from the lender/client, the appraiser(s) made a visual

inspection of the property and its market environment (as cited elsewhere in the Scope of Work) and noted factors

that may impact the marketability and livability to potential buyers based upon the appraiser’s knowledge of the

market and or as evidenced by sales of properties with similar or comparable conditions. Such items noted in the

report were considered within the valuation approaches that were applied to the analysis.

While some in the market may consider factors such as drug labs, registered sex offenders, criminal activity, interim

rehabilitation facilities halfway houses or similar uses as “adverse, ” unless cited within the report, the appraiser(s)

has made no attempt to investigate or discover such activities as part of this assignment, unless such factors were

readily apparent and obviously impacting the subject property as evidenced by market data. If the intended user has

concerns in these areas, it is highly recommended that they secure this information from a reliable source. 

DISCLOSURE/DISTRIBUTION (Pg. 6, Cert. 21 & Cert. 23): Regardless of who paid for this assignment, the

intended user is only the lender/client stated within the report. The appraisal and report may be inappropriate for use

by parties other than the intended user and could place them at risk. Despite the means of possession of the report,

this appraisal should not be used or relied on by anyone other than the stated intended user and for the

stated/intended purpose. Certification 23 – Per FNMA - “The Intended User of this appraisal report is the

Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage

finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this

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Supplemental Addendum

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

0060753

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Borrower

Lender/Client

Property Address

City County State Zip Code

File No.

Serial# 7B60EC88

esign.alamode.com/verify

Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 18 of 25
appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.”

Also with respect to Certification 23, the term "may rely" is defined to mean "may choose to rely on".

THE VALUE OPINION: The value opinion stated in the report is based on my (our) analysis as of the effective date

shown in the report. The value opinion considers the productivity, economic and physical conditions of the property

only as of the date of value cited. As market conditions change, this value opinion may not be valid in another time

period. Personal property such as furnishings, equipment or other items that may be included with a sale or transfer

of the property were excluded from the value unless such items are necessary for the operations of the property

(garage door remotes, pool remotes, etc) and would normally be a part of the mechanical or operational equipment

that is considered realty.

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Supplemental Addendum

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

0060753

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Borrower

Lender/Client

Property Address

City County State Zip Code

File No.

Serial# 7B60EC88

esign.alamode.com/verify

Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 19 of 25
Serial# 7B60EC88 Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

Subject Photo Page

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Subject Front

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

89 Clark Patton Rd

1,008

6

3

1.0

N;Res;

N;Res;

1.88 ac

Q4

48

Subject Rear

Subject Street

Borrower

Lender/Client

Property Address

City County State Zip Code

Serial# 7B60EC88

esign.alamode.com/verify

Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 20 of 25
Serial# 7B60EC88 Form PICINT15 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

Subject repairs needed

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Borrower

Lender/Client

Property Address

City County State Zip Code

Serial# 7B60EC88

esign.alamode.com/verify

Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 21 of 25
Serial# 7B60EC88 Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

Comparable Photo Page

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

Comparable 1

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

85 Truslow Rd

5.68 miles SE

142,000

884

6

3

1.0

N;Res;

N;Res;

15682 sf

Q4

30

Comparable 2

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

650 Holly Corner Rd

1.84 miles SW

129,900

1,056

6

3

1.0

N;Res;

N;Res;

1.00 ac

Q4

40

Comparable 3

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

41 Whispering Oaks Ln

6.92 miles NW

214,900

960

6

3

2.0

N;Res;

N;Res;

3.00 ac

Q4

25

Borrower

Lender/Client

Property Address

City County State Zip Code

Serial# 7B60EC88

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Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 22 of 25
Serial# 7B60EC88 Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

Building Sketch

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

This sketch is provided in all good faith and intention. The appraiser is neither architect nor surveyor. Dimensions noted are those

recorded by the appraiser in the field. They may or may not match those dimensions reported by a survey crew or architectural

drawings. No attempt has been made to create a perfect architectural rendering of the improvement.

Borrower

Lender/Client

First Floor

[1008 Sq ft]

42'

2

4'

42'

2

4'

Dining Kitchen

Living Bedroom

Bath

Bedroom

Bedroom

Bath (half)

TOTAL Sketch by a la mode, inc. Area Calculations Summary

Living Area Calculation Details

First Floor 1008 Sq ft 24 × 42 = 1008

Total Living Area (Rounded): 1008 Sq ft

Property Address

City County State Zip Code

Serial# 7B60EC88

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Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 23 of 25
Serial# 7B60EC88 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

Aerial Map

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

House locations on map below are approximate. The location map is provided in good faith as a representation. The location of the subject

and comparables on this map, and the distance between them is approximated by geo-locator software.

Borrower

Lender/Client

Property Address

City County State Zip Code

Serial# 7B60EC88

esign.alamode.com/verify

Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 24 of 25
Serial# 7B60EC88 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE esign.alamode.com/verify

Location Map

Private

89 Clark Patton Rd

Fredericksburg Stafford VA 22406

Private

House locations on map below are approximate. The location map is provided in good faith as a representation. The location of the subject

and comparables on this map, and the distance between them is approximated by geo-locator software.

Borrower

Lender/Client

Property Address

City County State Zip Code

Serial# 7B60EC88

esign.alamode.com/verify

Case 18-12579-BFK Doc 22 Filed 01/08/19 Entered 01/08/19 14:07:38 Desc Main

 Document Page 25 of 25