Cata Scancels) FARES or NDC in its most recent update. Bapot De reads of the research and arubyhis of too poor sale or banister history of the pactject property and comparable sales fisport additional prior sales on page JI ITEN SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE 23 Date of Price Sale Transtor 08/20/2008 Price of Price S Trander Data Score(5) FARES & NDC. Effective Dude of Data Source's 05/13/2012 Analysts of poor sale or toaster history of the subject property and comparable gains The subject's point transfer was a childamidend of trust per NDC Additional Subject Transfer History: 07/15/1989 . $949.000. 06/01/1 897 - $747.500. There were no prior sales listed in FARES for Comparables 1, 2 and 3 athin the past 12 months Summary of Sales Comparison Approach No ste size was adustments given as all the sites are within 1000 of. Hall-boths were adusted $5.000 and bathrooms ware adjusted $10,000. Room count was included in the gross living area which was adjusted at $75 per square foot No bedroom adjustments given as the subject's bonus mom could be converted to a bedroom (as it is now). No age adustment given to Comparable 1 as it appeared much nower than 50 years old and was fully remodeled. Comparable 2 was located on a neighborhood tramp street however was in closer proximity to the ocean. As these factor appear to cancel each other out, no adjustment given No time adusimants given as all the sales are recent Indicated Value by Sales Cornaaries Approach $ 2,300.000 Indicated Value by: Sales Comparison Approach $ 2,300.000 Cost Approach (if developed)$ 1,826,507 incame Approach ill developed) $ The Sales Comparison Andyais is considered to be the most re lable indicator of market value for the to bjet as it uses the principal of substitution However as the estimated land value was derived through extrapolation due to limited land sales. no weight was alven to Cost TOK Accroach. Since most of the single family residences in the area are owings-occupied there was insufficient data available to derive an estimate of y This appraisal is write X "75 'seject to completion por plans and specifications on the basis sl. a hypothetical condoon fat he improvements towe bean corpind. abject to the following rapers or Exercices ca the bass of a hypothetical condition that the tigers or abortions have tem completed or subject to to following received inspection based on the Edracedmary assumptive foof the condition or deficiency toes not inquire alteration of repair. There are no condions of this HECON appraisal Based on a campione visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and Imting cand tions, and appraiser's certification, my jour) opinion of the market value, as defined at the seal property that is the subject of this report is $ 2.300,000 as of 05108/2012 which is the date of inspection and the effective date of this appraisal Much 2005 LAD VE