Uniform Residential Appraisal Report

Uniform Residential Appraisal Report
File No.
10070JS
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 4070
BERMUDA DUNES PLACE
City BONITA/CHULA VISTA
State CA Zip Code 91902
YVONNE PALACIOS
Owner of Public Record PALACIOS
County SAN DIEGO
Legal Description MAP 5270 LOT 11 BONITA VERDE
Assessor's Parcel # 591-300-08-00
Tax Year 06/07
R.E. Taxes $ 7,214.98
Neighborhood Name BONITA VERDE ESTATES
Map Reference 1310 G3
Census Tract 32.07
Occupant X Owner
Tenant
Vacant
Special Assessments $ NONE
PUD
HOA $ NONE
per year
per month
Property Rights Appraised
X Fee Simple
Leasehold
Other (describe)
Assignment Type
Purchase Transaction X Refinance Transaction
Other (describe)
Lender/Client TRIPOINT MORTGAGE
Address 1011 CAMINO DEL RIO SOUTH, #100, SAN DIEGO, CA 92108
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 X No
SUBJECT
Borrower
Report data source(s) used, offering price(s), and date(s). THE SUBJECT WAS LAST TRANSFERRED ON 04/14/2006 FOR $870,000 AND HAS SINCE BEEN
FULLY REMODELED BY THE OWNER.
I
X 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.
did
CONTRACT
NOT APPLICABLE
Contract Price $
N/A
Date of Contract N/A
Is the property seller the owner of public record?
Yes
No
If Yes, report the total dollar amount and describe the items to be paid.
$0
1ST AMERICAN
Data Source(s)
X Yes
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?
No
NOT APPLICABLE
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
NEIGHBORHOOD
X Suburban
One-Unit Housing Trends
One-Unit Housing
X Stable
Built-Up X Over 75%
25-75%
Under 25% Demand/Supply
Shortage
X In Balance
Growth
Rapid
X Stable
Slow
Marketing Time
Under 3 mths X 3-6 mths
Neighborhood Boundaries PLEASE SEE ATTACHED ADDENDUM.
Location
Urban
Rural
Property Values
Increasing
AGE
One-Unit
Over Supply
$(000)
(yrs)
2-4 Unit
Over 6 mths
295 Low NEW Multi-Family
2250 High
50 Commercial
825 Pred. 20 Other VACANT
Market Conditions (including support for the above conclusions)
PLEASE SEE ATTACHED ADDENDUM.
Dimensions PLEASE REFER TO THE PLAT MAP.
Area
Specific Zoning Classification
RE
SITE
Public
Electricity
X
X
Gas
%
3%
7%
20 %
14,810 SQ FT
Shape RECTANGULAR
RESIDENTIAL ESTATES ZONE
X Legal
Legal Nonconforming (Grandfathered Use)
Other (describe)
No Zoning
Public
DIRECT GOLF CRSE
Illegal (describe)
X Yes
Sanitary Sewer
X Yes
No
Other (describe)
X
X
Water
FEMA Special Flood Hazard Area
View
Zoning Description
Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?
Utilities
70 %
PRICE
PLEASE SEE ATTACHED ADDENDUM.
Neighborhood Description
Zoning Compliance
Present Land Use %
Declining
AE
X Yes
No
If No, describe.
Off-site Improvements—Type
Public
Private
CONCRETE
X
Alley NONE
FEMA Map # 065021-1916F
FEMA Map Date 06/19/1997
Street
FEMA Flood Zone
Are the utilities and off-site improvements typical for the market area?
No
If No, describe.
Yes X No
If Yes, describe. PLEASE
SEE ATTACHED ADDENDUM. THE SUBJECT IS ACCESSED VIA A COMMON EASEMENT DRIVEWAY.
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
GENERAL DESCRIPTION
FOUNDATION
X One
One with Accessory Unit
X Concrete Slab
# of Stories 1
Full Basement
Type
X Det.
Att.
S-Det./End Unit Basement Area 0
X Existing
Proposed
Under Const. Basement Finish N/A
Units
Design (Style) SPANISH
Year Built
1970
Effective Age (Yrs) 1-5
Attic
Drop Stair
IMPROVEMENTS
Floor
(REMODELED)
None
Stairs
X Scuttle
EXTERIOR DESCRIPTION
Crawl Space
materials/condition INTERIOR
Foundation Walls
CONCRETE/UNK.
Partial Basement Exterior Walls
STUCCO / NEW
sq. ft. Roof Surface
CONC TILE / GD
% Gutters & Downspouts NONE/METAL
Outside Entry/Exit
Sump Pump
Window Type
WOOD CMNT/NEW
Evidence of
Infestation
Storm Sash/Insulated NO
Dampness
Settlement
Screens
YES / AVG.
Heating
X FWA
Cooling
HWBB
WoodStove(s) #1
Radiant Amenities
Fuel GAS
Other
X Central Air Conditioning
X Fireplace(s) # 1
X Patio/Deck
X Pool
X Fence BLK
materials/condition
Floors
LMSTN/WD / NEW
Walls
DRYWALL / NEW
Trim/Finish
WD-PAINT / NEW
Bath Floor
LIMESTN / NEW
Bath Wainscot LMSTN / NEW
Car Storage
None
X Driveway # of Cars 2+
Driveway Surface CONCRETE
X Garage # of Cars 2
Porch
Carport
# of Cars
X Att.
Det.
Built-in
Appliances
X Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave
Washer/Dryer X Other (describe) FAN/HOOD
Finished area above grade contains:
7 Rooms
3/D Bedrooms
3.5 Bath(s)
3,412 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.). PLEASE SEE ATTACHED ADDENDUM. APPRAISER'S MEASURED LIVING AREA IS
APPLIED, PLEASE REFER TO THE ADDITIONAL COMMENTS.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). PLEASE SEE ATTACHED ADDENDUM.
Finished
Heated
Individual
Other
Other
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?
Freddie Mac Form 70 March 2005
Produced using ACI software, 800.234.8727 www.aciweb.com
Page 1 of 6
X Yes
Yes
No
X No
If Yes, describe.
If No, describe.
Fannie Mae Form 1004 March 2005
1004_05 062906
Uniform Residential Appraisal Report
There are
There are
42
56
comparable properties currently offered for sale in the subject neighborhood ranging in price from $
SUBJECT
COMPARABLE SALE NO. 1
4070 BERMUDA DUNES PLACE
Address BONITA/CHULA VISTA
4050 ACACIA AVENUE
BONITA, CA 91902
1.11 MILES E
$
N/A
$
1,250,000
$
N/A sq. ft. $ 392.83 sq. ft.
INSP./OWNER
MLS/1ST AMERICAN
1ST AMER.
DOCUMENT #927627
Proximity to Subject
Sale Price
Sale Price/Gross Liv. Area
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
Sale or Financing
Condition
$1,124,950
12/29/2006
THRU ST / INF.
FEE SIMPLE
44,866 SQ FT \
PANO GOLF CRSE NO VIEWS
/
SPANISH / 1 LVL CNVNTNL / 1 LVL
VERY GOOD
SL. INFERIOR
1970/2005 EFF. 1982/2005 EFF.\
VERY GD/REMDL
SIM./REMDL /
Above Grade
Total Bdrms.
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
7 3/D
Room Count
85
Gross Living Area
Energy Efficient Items
Garage/Carport
GARAGE - 2 / RV
Porch/Patio/Deck
PATIOS
POOL ONLY
Rooms Below Grade
Functional Utility
Heating/Cooling
AMENITIES
Other
LANDSCAPING
Total Bdrms.
3.5
3,412 sq. ft.
NONE
UPGRADES
AVERAGE
FAU/CENTRAL
NONE
Basement & Finished
SALES COMPARISON APPROACH
Baths
FIREPLACE - 1
GOOD/RV
Adjusted Sale Price
of Comparables
3
3,182 sq. ft.
SUPERIOR
X $
-2.2 %
1,279,600 Gross Adj. 7.3 % $
29,600
+
Net Adj.
427 REZKO WAY
BONITA, CA 91902
1.43 MILES ESE
$
1,200,000
322.93 sq. ft.
MLS/1ST AMERICAN
DOCUMENT #21194
$
DESCRIPTION
+(-) $ Adjustment
CONVENTIONAL
$960,000
01/10/2007
NO ADJ HILLSIDE/TRAFF
FEE SIMPLE
18,000 SQ FT \
NO ADJ VALLEY VIEW /
10,000 CNVNTL. / 2 STRY
SIMILAR
NEW
EXCELLENT
-5,000 Total Bdrms.
Baths
10 6
4.5
-25,800
3,716 sq. ft.
NONE
25,000 SL. INFERIOR
SIMILAR
FAU/CENTRAL
NONE
-5,000 GARAGE - 2
-10,000 NO PATIOS
-10,000 NONE
3-FIREPLACES
-10,000 FRONT ONLY
30,800 X +
$
Net Adj.
5.8%
1,349,200 Gross Adj. 15.9% $
50,000
25,000
10,000
-10,000
-10,000
-10,000
-25,840
10,000
10,000
20,000
-5,000
5,000
69,160
1,269,160
did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research
Data source(s)
My research
5
NONE
SIMILAR
SIMILAR
FAU/CENTRAL
NONE
GARAGE - 2
SIMILAR
GUEST HOUSE
SIMILAR
SIMILAR
X +
$
Net Adj. 2.4 %
Gross Adj. 7.2 % $
Net Adjustment (Total)
X did
9
Baths
$1,000,000
11/16/2006
25,000 CDS END
FEE SIMPLE
11,761 SQ FT \
OFFSET PANO WEST /
MED. / 2 STRY
10,000 SIMILAR
1982/2005 EFF.\
SIM./REMDL /
-5,000 Total Bdrms.
Baths
5,000 9 5
3.5
19,600
3,715 sq. ft.
NONE
INFERIOR
SIMILAR
FAU/CENTRAL
NONE
NO ADJ GARAGE - 3
SUPERIOR
-25,000 SUP. POOL
SIMILAR
.
COMPARABLE SALE NO. 3
+(-) $ Adjustment
CONVENTIONAL
N/A
GOOD/GC
FEE SIMPLE
14,810 SQ FT
Date of Sale/Time
DESCRIPTION
+(-) $ Adjustment
CONVENTIONAL
Concessions
COMPARABLE SALE NO. 2
912 RAWHIDE COURT
BONITA, CA 91902
0.82 MILES SE
$
1,380,000
$ 371.47 sq. ft.
MLS/1ST AMERICAN
DOCUMENT #817728
10070JS
1,300,000
.
to $ 1,380,000
to $
comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $
FEATURE
I
759,000
750,000
File No.
did X did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
FIRST AMERICAN REAL ESTATE DATA
X 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.
FIRST AMERICAN REAL ESTATE DATA
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 NO. 1
COMPARABLE SALE NO. 2
COMPARABLE SALE NO. 3
09/01/2006
N/A
NEW HOME
Price of Prior Sale/Transfer
$965,000
$0
WITH NO PRIOR SALES
Data Source(s)
PER 1ST AMERICAN
PER 1ST AMERICAN
PER 1ST AMERICAN
Effective Date of Data Source(s)
04/27/2007
04/27/2007
04/27/2007
Analysis of prior sale or transfer history of the subject property and comparable sales THE SUBJECT TRANSFERRED OWNERSHIP AS NOTED ABOVE
AND APPEARS TO HAVE BEEN REMODELED SINCE THIS LAST SALE (BASED ON PRIOR MLS INFO). COMPARABLES #1 AND
#4 WERE PURCHASED FULLY REMODELED AND RESOLD. COMPARABLES #2, #3, #5 OR #6 HAD NO PRIOR SALES IN THE
12 MONTHS PRIOR TO THEIR DATE OF SALE.
Date of Prior Sale/Transfer
04/14/2006
$870,000
PER 1ST AMERICAN
04/27/2007
SALES #1 - #6 ARE CLOSED AND CONFIRMED (DATES INDICATED REFLECT THE DAY ESCROW
CLOSED). COMPARABLE IS A #7 A DISCOUNTED, ACTIVE LISTING. PLEASE REFER TO THE ATTACHED ADDENDUM FOR
SALES COMPARISON COMMENTS.
Summary of Sales Comparison Approach.
Indicated Value by Sales Comparison Approach $ 1,300,000
RECONCILIATION
Indicated Value by: Sales Comparison Approach $
1,300,000
Cost Approach (if developed) $
1,447,900
Income Approach (if developed) $
N/A
THE SALES COMPARISON APPROACH TO VALUE WAS WEIGHTED IN THE FINAL DETERMINATION OF VALUE AS IT BEST REFLECTS THE
ACTIONS OF BUYERS AND SELLERS IN THE MARKETPLACE. THE COST APPROACH WAS GIVEN SECONDARY CONSIDERATION WITH
SUPPORTIVE LAND SALES. THE INCOME APPROACH WAS NOT ATTEMPTED.
This appraisal is made
X "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: THIS APPRAISAL REPORT IS INTENDED FOR USE BY
THE LENDER/CLIENT IN A MORTGAGE FINANCE TRANSACTION ONLY. THIS REPORT IS NOT INTENDED FOR ANY OTHER USE.
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
04/30/2007
Freddie Mac Form 70 March 2005
1,300,000
, which is the date of inspection and the effective date of this appraisal.
Produced using ACI software, 800.234.8727 www.aciweb.com
Page 2 of 6
W/S Network
Fannie Mae Form 1004 March 2005
1004_05 062906
Uniform Residential Appraisal Report
10070JS
ADDITIONAL COMMENTS
File No.
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
COST APPROACH
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
ESTIMATED
X REPRODUCTION OR
REPLACEMENT COST NEW
AND SWIFT/AREA BUILDER'S
Quality rating from cost service GOOD
Effective date of cost data 4/2007
OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
Source of cost data MARSHALL
Dwelling
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
REPLACEMENT COSTS AND DEPRECIATION FIGURES WERE
DERIVED USING LOCAL BUILDER INFORMATION AND MARSHALL AND
SWIFT DATA. PLEASE SEE THE ATTACHED SKETCH FOR LIVING
AREA CALCULATIONS. ALL DIMENSIONS ARE APPROXIMATE. THIS
COST APPROACH IS AN ESTIMATE AND IS NOT INTENDED FOR
INSURANCE VALUATION PURPOSES.
Estimated Remaining Economic Life (HUD and VA only)
INCOME
PLEASE SEE ATTACHED ADDENDUM.
Estimated Monthly Market Rent $
3,412 Sq. Ft. @ $
225.00. . . . . . . . . . . . = $
Sq. Ft. @ $
. .. .. .. .. .. . = $
PATIOS; POOL/SPA; ETC.
Garage/Carport 716
Sq. Ft. @ $
45.00. . . . . . . . . . . . = $
Total Estimate of Cost-New
Less
65 Physical
. .. .. .. .. .. . = $
Functional
External
$10,000
Depreciation $16,998
= $(
Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
62 Years INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . .
INCOME APPROACH TO VALUE (not required by Fannie Mae)
X Gross Rent Multiplier
N/A = $
600,000
767,700
0
50,000
32,220
849,920
= $
26,998 )
822,922
25,000
1,447,900
N/A 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.
PUD INFORMATION
Legal name of project
Total number of phases
Total number of units
Total number of units rented
Total number of units for sale
Total number of units sold
Was the project created by the conversion of an existing building(s) into a PUD?
Does the project contain any multi-dwelling units?
Yes
No
Are the units, common elements, and recreation facilities complete?
Are the common elements leased to or by the Homeowners' Association?
Data source(s)
Yes
No
If Yes, date of conversion.
Data source(s)
Yes
No
Yes
If No, describe the status of completion.
No
If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Freddie Mac Form 70 March 2005
Produced using ACI software, 800.234.8727 www.aciweb.com
Page 3 of 6
Fannie Mae Form 1004 March 2005
1004_05 062906
Uniform Residential Appraisal Report
File No.
10070JS
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 this 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
Produced using ACI software, 800.234.8727 www.aciweb.com
Page 4 of 6
Fannie Mae Form 1004 March 2005
1004_05 062906
Uniform Residential Appraisal Report
File No.
10070JS
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
Produced using ACI software, 800.234.8727 www.aciweb.com
Page 5 of 6
Fannie Mae Form 1004 March 2005
1004_05 062906
Uniform Residential Appraisal Report
File No.
10070JS
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
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name JOHN STREB
Company Name J. STREB RESIDENTIAL APPRAISALS, INC.
Company Address 2621 DENVER STREET #D,
SAN DIEGO, CA. 92110
Telephone Number 619-276-8734
Email Address JSTREBAPPRAISALS@AOL.COM
Date of Signature and Report 05/01/2007
Effective Date of Appraisal 04/30/2007
State Certification # AR006943
or State License #
or Other (describe)
State #
State CA
Expiration Date of Certification or License 07/29/2008
Signature
Name
Company Name
Company Address
ADDRESS OF PROPERTY APPRAISED
4070 BERMUDA DUNES PLACE
BONITA/CHULA VISTA, CA 91902
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
APPRAISED VALUE OF SUBJECT PROPERTY $ 1,300,000
LENDER/CLIENT
Name JAMES ROTTA
Company Name TRIPOINT MORTGAGE
Company Address 1011 CAMINO DEL RIO SOUTH, #100
SAN DIEGO, CA 92108
Email Address
Freddie Mac Form 70 March 2005
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Produced using ACI software, 800.234.8727 www.aciweb.com
Page 6 of 6
W/S Network
Fannie Mae Form 1004 March 2005
1004_05 062906
Uniform Residential Appraisal Report
FEATURE
SUBJECT
COMPARABLE SALE NO. 4
4070 BERMUDA DUNES PLACE
Address BONITA/CHULA VISTA
Proximity to Subject
Sale Price
Sale Price/Gross Liv. Area
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS
1121 CARLOS CANYON DR.
CHULA VISTA, CA. 91910
1.53 MILES ESE
$
N/A
$
1,170,000
$
N/A sq. ft. $ 361.89 sq. ft.
INSP./OWNER
MLS/1ST AMERICAN/INSPTN
1ST AMER.
DOCUMENT #NOT AVAIL.
DESCRIPTION
DESCRIPTION
Sale or Financing
Condition
LOAN.
04/27/2007
SIMILAR
FEE SIMPLE
11,200 SQ FT \
PANO GOLF CRSE PANO NWEST /
SPANISH / 1 LVL CNVNTL. / 2 STRY
VERY GOOD
SIMILAR
1970/2005 EFF. 1994
VERY GD/REMDL
INFERIOR
Above Grade
Total Bdrms.
Concessions
N/A
GOOD/GC
FEE SIMPLE
14,810 SQ FT
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
7 3/D
Room Count
Gross Living Area
85
Total Bdrms.
3.5
3,412 sq. ft.
9
5
Baths
4
3,233 sq. ft.
Energy Efficient Items
NONE
UPGRADES
AVERAGE
FAU/CENTRAL
NONE
Garage/Carport
GARAGE - 2 / RV
Porch/Patio/Deck
PATIOS
POOL ONLY
NONE
FAR INFERIOR
SIMILAR
FAU/CENTRAL
NONE
GARAGE - 3
SIMILAR
NONE
FIREPLACE - 1
FIREPLACES - 3
GOOD/RV
SUPERIOR
X +
$
Net Adj. 15.0 %
Gross Adj. 20.1 % $
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
SALES COMPARISON APPROACH
Baths
AMENITIES
Other
LANDSCAPING
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
ITEM
SUBJECT
COMPARABLE SALE NO. 5
COMPARABLE SALE NO. 6
455 ACERO PLACE
CHULA VISTA, CA. 91910
1.27 MILES ESE
$
1,100,000
$ 381.55 sq. ft.
MLS/1ST AMERICAN/AGENT
DOCUMENT #31437
DESCRIPTION
10,000
10,000
50,000
-5,000
-5,000
15,200
$652,800
02/07/2007
SIMILAR
FEE SIMPLE
18,295 SQ FT
SIMILAR
RANCH / 1 LVL\
FAR INFERIOR/
1971
FAR INFERIOR
Total Bdrms.
8
4
NONE
100,000 FAR INFERIOR
SIMILAR
FAU/NONE
NONE
-5,000 GARAGE - 2
SIMILAR
20,000 NONE
-5,000 SIMILAR
-10,000 NO LANDSP
175,200 X +
$
Net Adj. 40.1 %
1,345,200 Gross Adj. 42.6 % $
COMPARABLE SALE NO. 4
$880,000
01/16/2007
SIMILAR/CDS
FEE SIMPLE
-10,000 12,196 SQ FT \
PANO NWEST /
Price of Prior Sale/Transfer
Freddie Mac Form 70 March 2005
Produced using ACI software, 800.234.8727 www.aciweb.com
10,000
CNVNTL. / 1 LVL
50,000 INFERIOR
1995
100,000 SL.. INFERIOR
Total Bdrms.
10,000
37,300
8
4
COMPARABLE SALE NO. 5
25,000
25,000
Baths
3
2,883 sq. ft.
NONE
100,000 INFERIOR
SIMILAR
5,000 FAU/NONE
NONE
5,000 GARAGE - 2
COV./BBQ
20,000 NONE
SIMILAR
10,000 SUPERIOR
327,300 X +
$
Net Adj. 13.2 %
1,143,300 Gross Adj. 15.9 % $
04/14/2006
01/31/2001
02/28/2005
$870,000
$625,000
$765,000
Data Source(s)
PER 1ST AMERICAN
PER 1ST AMERICAN
PER 1ST AMERICAN
Effective Date of Data Source(s)
04/27/2007
04/27/2007
04/27/2007
Summary of Sales Comparison Approach PLEASE REFER TO THE MAIN BODY OF THIS REPORT.
Date of Prior Sale/Transfer
+(-) $ Adjustment
CONVENTIONAL
Baths
2.5
2,973 sq. ft.
DESCRIPTION
+(-) $ Adjustment
CONVENTIONAL
SEE CMT
10070JS
4030 BERMUDA DUNES
BONITA, CA 91902
0.06 MILES WSW
$
816,000
$ 274.47 sq. ft.
MLS/1ST AMERICAN/AGENT
DOCUMENT #87237
+(-) $ Adjustment
CONVENTIONAL
File No.
5,000
45,000
25,000
5,000
-5,000
20,000
-10,000
145,000
1,245,000
COMPARABLE SALE NO. 6
N/A
0
PER 1ST AMERICAN
04/27/2007
Fannie Mae Form 1004 March 2005
1004_05 062906
Uniform Residential Appraisal Report
FEATURE
SUBJECT
COMPARABLE SALE NO. 7
File No.
COMPARABLE SALE NO. 8
COMPARABLE SALE NO. 9
4070 BERMUDA DUNES PLACE
Address BONITA/CHULA VISTA
Proximity to Subject
Sale Price
Sale Price/Gross Liv. Area
Data Source(s)
Verification Source(s)
1041 CALLE MESITA
BONITA, CA 91902
0.78 MILES ESE
$
N/A
$
1,180,000
$
N/A sq. ft. $ 402.87 sq. ft.
$
INSP./OWNER
MLS/1ST AMERICAN
1ST AMER.
LISTING #07-2013278
10070JS
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
Sale or Financing
Condition
DISCLOSED
ACTIVE -5%
SIMILAR
FEE SIMPLE
22,216 SQ FT \
PANO GOLF CRSE PANO VALLEY/
SPANISH / 1 LVL MED. / 1 LVL
VERY GOOD
INFERIOR
1970/2005 EFF. 1969/1990 EFF
VERY GD/REMDL
INFERIOR
Above Grade
Total Bdrms.
Room Count
7 3/D
N/A
GOOD/GC
FEE SIMPLE
14,810 SQ FT
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
85
Baths
Total Bdrms.
3.5
Energy Efficient Items
3,412 sq. ft.
NONE
UPGRADES
AVERAGE
FAU/CENTRAL
NONE
Garage/Carport
GARAGE - 2 / RV
Porch/Patio/Deck
PATIOS
POOL ONLY
Gross Living Area
$
$
DESCRIPTION
sq. ft.
DESCRIPTION
+(-) $ Adjustment
+(-) $ Adjustment
NONE
Concessions
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
SALES COMPARISON APPROACH
+(-) $ Adjustment
$
0.00 sq. ft.
AMENITIES
Other
LANDSCAPING
FIREPLACE - 1
GOOD/RV
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
ITEM
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
9 4+
04/14/2006
$870,000
PER 1ST AMERICAN
04/27/2007
-25,000
25,000
50,000
Baths
Total Bdrms.
3
2,929 sq. ft.
NONE
INFERIOR
SIMILAR
FAU/CENTRAL
NONE
GARAGE - 4
SIMILAR
NONE
SIMILAR
SUP./NONE
X +
$
Net Adj. 6.2 %
Gross Adj. 21.9 % $
SUBJECT
-55,000
Baths
5,000
41,100
Total Bdrms.
Baths
sq. ft.
sq. ft.
25,000
-2,500
-10,000
20,000
OFFSET
73,600
-
X +
Net Adj.
1,253,600 Gross Adj.
$
0.0 %
0.0 % $
COMPARABLE SALE NO. 7
0
X +
Net Adj.
0 Gross Adj.
COMPARABLE SALE NO. 8
-
$
0
0.0%
0.0% $
0
COMPARABLE SALE NO. 9
N/A
$0
PER 1ST AMERICAN
04/27/2007
Summary of Sales Comparison Approach
Freddie Mac Form 70 March 2005
Produced using ACI software, 800.234.8727 www.aciweb.com
Fannie Mae Form 1004 March 2005
1004_05 062906
ADDENDUM
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
File No.: 10070JS
Case No.:
State: CA
Zip: 91902
SCOPE OF APPRAISAL
THIS IS A SUMMARY APPRAISAL REPORT.
THE APPRAISAL PROCESS USED IN THIS APPRAISAL INCLUDED: A PHYSICAL INSPECTION OF THE SUBJECT (INTERIOR AND
EXTERIOR); DATA COLLECTION AND ANALYSES REGARDING THE PROPERTY, THE MARKET, COMPARATIVE DATA, AND
HIGHEST AND BEST USE; ANALYSES OF THE SALES COMPARISON APPROACH (INCLUDING EXTERIOR INSPECTIONS OF THE
COMPARABLES) AND THE COST APPROACH; AND A RECONCILIATION OF THE ABOVE APPROACHES.
PURPOSE AND USE OF THE APPRAISAL:
THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE SUBJECT PROPERTY, AS OF THE DATE OF
THE APPRAISAL. IT WAS NOT PREPARED AS A NEGOTIATING OR MARKETING TOOL. THE APPRAISAL IS INTENDED ONLY FOR
USE BY THE CLIENT AND (IF APPROPRIATE) THE MORTGAGEE, OR ITS SUCCESSORS AND ASSIGNS, AND MORTGAGE
INSURERS FOR LENDING AND/OR OTHER FINANCIAL PURPOSES. THE CLIENT IS THE PERSON/FIRM THAT ORDERED THE
APPRAISAL.
PLEASE BE ADVISED THAT IS NOT APPROPRIATE TO USE THIS APPRAISAL FOR ANY PURPOSE/USE OTHER THAN THE ONE
FOR WHICH IT WAS INTENDED (AS IDENTIFIED ABOVE), AS DOING SO MAY INVALIDATE ITS CONCLUSIONS.
DATA SOURCES:
VARIOUS SOURCES WERE USED FOR THIS REPORT INCLUDING, BUT NOT LIMITED TO: MULTIPLE LISTING SERVICE, FIRST
AMERICAN DATA, COST ESTIMATION SERVICES, THOMAS BROTHERS MAPS, NEWSPAPERS, REALTORS, PLANNING/ZONING
DEPARTMENTS, APPRAISER FILES, AND THE CHAMBER OF COMMERCE.
NEIGHBORHOOD BOUNDARIES
THE SUBJECT APPEARS TO BE LOCATED WITHIN THE INCORPORATED CITY OF CHULA VISTA WITHIN THE COMMUNITY OF
BONITA WITH A BONITA MAILING ADDRESS AND POSTAL DESIGNATION. THE SUBJECT COMMUNITY IS BOUNDED TO THE
NORTH BY THE SOUTH BAY FREEWAY, TO THE EAST BY THE MASTER PLANNED COMMUNITIES OF ROLLING HILLS RANCH, TO
THE SOUTH BY EAST H STREET AND TO THE WEST BY INTERSTATE 805.
NEIGHBORHOOD DESCRIPTION
THE SUBJECT IS LOCATED IN THE SEMI RURAL COMMUNITY OF BONITA. THE IMMEDIATE AREA IS COMPOSED MAINLY OF
SINGLE FAMILY HOMES SITUATED ON LOTS RANGING 1/4 TO 1 ACRE IN SIZE HAVING ABUNDANT RECREATIONAL
OPPORTUNITIES AND A SEMI RURAL ATMOSPHERE. MANY PROPERTIES ARE ZONED FOR HORSES WITH EXTENSIVE AREA
RIDING TRAILS AVAILABLE. AREA HOMES RANGE FROM OLDER TRACT HOUSES TO NEWER CUSTOM ESTATES. ACCESS TO
TYPICAL SUPPORTING FACILITIES IS EXCELLENT DUE TO IT'S CENTRAL LOCATION.
THE SUBJECT EXCEEDS THE PREDOMINATE AREA VALUE DUE TO ITS SIZE, LOT UTILITY, VIEWS AND LOCATION. BASED ON
THE PRESENCE OF NUMEROUS SIMILARLY PRICED AREA SALES MARKETABILITY APPEARS UNAFFECTED.
NEIGHBORHOOD MARKET CONDITIONS
BASED ON A REVIEW OF ALL RELEVANT AREA MARKET DATA IT WOULD APPEAR THAT DEMAND AND SUPPLY ARE
RELATIVELY IN BALANCE AT THE PRESENT TIME. PROPERTY VALUES ARE GENERALLY STABLE, WHICH IS MOST LIKELY THE
RESULT OF LOW INTEREST RATES AND STILL GOOD LOCAL ECONOMIC CONDITIONS. SALES CONCESSIONS IN THIS PRICE
RANGE ARE TYPICALLY LIMITED TO PRICE REDUCTIONS AND/OR THE PAYMENT OF SOME NON-RECURRING CLOSING COSTS.
FINANCING IS READILY OBTAINED THROUGH BOTH CONVENTIONAL AND GOVERNMENT BACKED SOURCES. MARKET TIMES
ARE GENERALLY LESS THAN THREE MONTHS IN DURATION FOR PROPERLY PRICED AREA HOMES.
SITE COMMENTS
NO APPARENT ADVERSE EASEMENTS, ENCROACHMENTS OR SOILS CONDITIONS WERE NOTED OR DISCLOSED ON
INSPECTION. THE PRESENCE OF EARTH QUAKE FAULTS IN THE GENERAL SAN DIEGO AREA CURRENTLY PRESENTS NO
ADVERSE IMPACT ON MARKETABILITY NOR VALUES.
THE SUBJECT IS A MOSTLY LEVEL AND FULLY USABLE LOT THAT DIRECTLY FRONTS TO THE CHULA VISTA MUNICIPAL GOLF
COURSE WITH PANORAMIC VIEWS OF THE SAME.
THE SITE IS IMPROVED WITH SOME NEWER LANDSCAPING, A CIRCULAR DRIVE, AN IN GROUND POOL AND A GATED RV DRIVE.
THE SUBJECT IS LOCATED IN A "AE" 100 YEAR FLOOD PLAIN, HOWEVER, THE HOME IS WELL ELEVATED ABOVE THE VALLEY
FLOOR. THIS CONDITION APPEARS TO HAVE NO ADVERSE AFFECT ON MARKETABILITY OR VALUE BASED ON THE PRESENCE
OF NUMEROUS OTHER SIMILARLY AFFECTED HOMES AND RECENT SALES.
THE SUBJECT'S SITE VALUE IS TYPICAL FOR SIMILAR PROPERTIES IN THIS AREA AND DOES NOT HAVE AN ADVERSE EFFECT
ON MARKETABILITY.
ADDITIONAL FEATURES
THE SUBJECT IS AN OLDER HOME THAT HAS JUST BEEN FULLY REMODELED AND UPGRADED. THE FOLLOWING IS A PARTIAL
FEATURES LIST: NEW LIMESTONE (WALKWAYS, KITCHEN, DINING ROOM, BATHS), DISTRESSED HARDWOOD AND CARPET
FLOORING THROUGHOUT THE HOME; NEW BATHROOMS WITH LIMESTONE COUNTERTOPS, CUSTOM FIXTURES, CUSTOM
ALDER CABINETRY AND LIMESTONE WAINSCOTTING; NEW KITCHEN WITH MOSS GREEN GRANITE SLAB COUNTERTOPS,
"VIKING" COMMERCIAL APPLIANCES, ALDER CABINETRY, NEW EXTERIOR STUCCO, NEWLY RESURFACED INTERIOR
WALLS/CEILINGS; CUSTOM FIRPELACE IN THE LIVING WITH VAULTED CEILINGS; "ANDERSON" WOOD CASEMENT WINDOWS
THROUGHOUT STAINED TO MATCH CABINETRY WITH ARCHED WINDOWS IN THE LIVING ROOM; MEDIA (DEN) ROOM WITH
SURROUND SOUND SYSTEM; CUSTOM HARDWOOD ENTRY DOORS; WROUGHT IRON EXTERIOR DETAIL AND RV PARKING
GATES; REFINISHED POOL AND OPEN PATIO AREAS.
CONDITION OF IMPROVEMENTS
THE SUBJECT WAS IN VERY GOOD OVERALL CONDITION AT THE TIME OF INSPECTION, REFLECTING LOWER THAN TYPICAL
PHYSICAL DEPRECIATION DUE TO A RECENTLY COMPLETED, FULL REMODEL (SEE ATTACHED PHOTOS). THE SUBJECT IS
EFFECTIVELY A NEW HOME. PLEASE REFER TO THE ABOVE FEATURES LIST FOR A PARTIAL LIST OF UPGRADES AND
RENOVATIONS. THE NO MAJOR PHYSICAL OR EXTERNAL INADEQUACIES WERE NOTED OR DISCLOSED UPON INSPECTION.
FUNCTIONAL OBSOLESCENCE IS APPLIED FOR THE POOL, AS THE MARKET WILL NOT RECOVER THE FULL COST OF THIS
ITEM.
Addendum Page 1 of 3
ADDENDUM
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
File No.: 10070JS
Case No.:
State: CA
Zip: 91902
COMMENTS ON SALES COMPARISON
SALES INDICATED WERE CONSIDERED THE MOST RECENT AND REFLECTIVE CURRENTLY AVAILABLE. LIVING AREA
DIFFERENCES WERE OFFSET AT $85.00 PER SQUARE FOOT, WITH HALF BATHROOM/BEDROOM COUNT DIFFERENCES OFFSET
AT $5,000 PER. CONDITION/UPGRADE ADJUSTMENTS WERE BASED ON AGENT/MLS INFORMATION, EXTERIOR APPEARANCE
AND A REVIEW OF ANY INTERIOR PHOTOS ON FILE WITH THE MLS. SITE ADJUSTMENTS WERE BASED ON OVERALL UTILITY
AS COMPARED TO THE SUBJECT SITE, WHILE VIEW ADJUSTMENTS WERE BASED ON ELEVATION AND ORIENTATION.
INTERIOR PHOTOS OF SALES #1 THRU #3 HAVE BEEN PROVIDED AS SUPPORT FOR THE ADJUSTMENTS APPLIED, PLEASE
REVIEW.
SALES APPLIED IN THIS REPORT WERE TAKEN FROM VARIOUS, GENERALLY SIMILAR NEIGHBORHOODS OF THE COMMUNITY
OF BONITA. LOCATION ADJUSTMENTS APPLIED WITHIN THE REPORT ARE MAINLY TAKEN FOR NOISE, TRAFFIC AND PRIVACY
CONSIDERATIONS. THE SLIGHTLY VARYING NEIGHBORHOODS ARE CONSIDERED MATTERS OF BUYER PREFERENCE.
SALE #1 IS A SIMILARLY SIZED HOME WHICH IS NEWER AND HAS BEEN FULLY REMODELED INSIDE AND OUT, REFLECTING
SIMILAR EXTENSIVE INTERIOR UPGRADES (CUSTOM FLOORING, CUSTOM KITCHEN, MARBLE IN ALL BATHROOMS, CROWN
MOLDINGS, VAULTED CEILINGS, ETC.) AND CONDITION. THIS HOME WAS RATED AS SIMILARLY INFERIOR IN QUALITY HAVING
LOWER GRADE, VINYL WINDOWS AND A COMPOSITION SHINGLE ROOF. THE LARGER SITE IS FAR SUPERIOR IN UTILITY BUT
LACKED AN APPRECIABLE VIEW, OFFSETTING FACTORS. THIS HOME HAD A GUEST HOUSE IN LIEU OF THE SUBJECT'S
POOL/SPA AND FRONTS A THRU STREET. LIST PRICE: $1,249,000-$1,399,000; SOLD IN 29 DAYS.
SALE #2 IS AN EXPANDED TRACT THAT APPEARS TO HAVE RECEIVED EXTENSIVE RENOVATION SIMILAR IN SCOPE TO THAT
OF THE SUBJECT BUT DOES HAVE INFERIOR UPGRADES LACKING MANY OF THE SUBJECT'S HIGH END INTERIOR
APPOINTMENTS. THE HOME WAS SITUATED ON A SMALLER, CUL DE SAC END LOT WITH PANORAMIC WEST FACING VIEWS
AND HAD A SUPERIOR POOL AND PATIO AREAS. LIST PRICE: $1,425,000-$1,575,000; SOLD IN 23 DAYS.
SALE #3 IS A NEW, "SPEC" BUILT HOME SITUATED IN A SMALL PROJECT LOCATED DIRECTLY OFF AND ABOVE OTAY LAKE
ROAD. THESE HOME RECEIVE CONSIDERABLE TRAFFIC NOISE AND HAVE DIFFICULT INGRESS/EGRESS DIRECTLY FROM THIS
MAJOR TRAFFIC ARTERY. THIS HOME WAS SITUATED ON A SLIGHTLY LARGER LOT THAT IS LESS USABLE (DUE TO SLOPE)
AND HAS VIEWS OF THE CANYON/AREA. THESE HOME WERE WELL APPOINTED AT SALE BEING CONSIDERED EQUAL IN
TERMS OF OVERALL QUALITY BUT HAVING AN INFERIOR TWO STORY FLOORPLAN AND SLIGHTLY LESSER UPGRADES
(SLIGHTLY LESSER FLOORING, APPLIANCES, ETC.). LIST PRICE: $1,275,000-$1,399,000, LISTING NOTED AS EXPIRED AFTER
31 DAYS.
SALE #4 IS A HOME FROM THE "SEMI" CUSTOM TRACT OF MIRANDA. THIS HOME WAS SOLD IN ORIGINAL CONDITION NOTED
HAVE NEEDED REAR LANDSCAPING BUT HAD NEW INTERIOR PAINT AS THE ONLY RECENT UPDATE. LISTED PRICE:
$1,290,000, REDUCED TO $1,199,000, SOLD IN 20 DAYS.
SALE #5 IS THE LAST CLOSED SALE FROM THE IMMEDIATE SUBJECT NEIGHBORHOOD. THIS HOME WAS SOLD AS A SHORT
SALE AND WAS FAR INFERIOR IN QUALITY, CONDITION AND UPGRADES TO THE POINT OF BEING ALMOST A FULLY
DEPRECIATED PROPERTY SELLING AT OR NEAR LAND VALUE ONLY. IN FACT, THIS SALE WAS WEIGHTED IN THE FINAL
DETERMINATION OF THE ESTIMATE OF LAND VALUE IN THIS REPORT. LISTED PRICE: $880,000, SOLD IN 25 DAYS.
SALE #6 IS A SINGLE LEVEL, UPPER END TRACT HOME FROM THE "ARAGON" PROJECT. AS A PRODUCTION BUILT HOME IT
WAS CONSIDERED IN INFERIOR IN QUALITY (LESSER WINDOWS, ETC), UPGRADES AND CONDITION. IT WAS SITUATED ON A
LEVEL, SLIGHTLY SMALLER VIEW LOT WITH NORTHWEST, VALLEY VIEWS. LISTED PRICE: $1,199,900-$999,000, SOLD IN 78
DAYS.
COMPARABLE #7 IS A DISCOUNTED, ACTIVE LISTING OF A SMALLER HOME FULLY RENOVATED 5-10 YEARS AGO. THE HOME
AS SITUATED ON A LARGER LOT WITH BONITA VALLEY VIEWS. THE SITE IS IMPROVED WITH MORE EXTENSIVE LANDSCAPING
(PALM TREES, ETC.) BUT LACKED AN RV AREA. LIST PRICE: $1,150,000-$1,180,000; ON MARKET 53 DAYS AT THE TIME OF THIS
REPORT. NOTE: THE INDICATED LINE ADJUSTMENT OF 5% WAS APPLIED TO OFFSET LIKELY BUYER/SELLER NEGOTIATIONS.
IN REVIEW, ALL SALES WERE CONSIDERED AS THE BEST VALUE INDICATORS AVAILABLE FOR THE SUBJECT; HOWEVER,
SALES #1-#3, BEING THE MOST AND SIMILAR IN TERMS OF CONDITION, UPGRADES, ETC WERE EMPHASIZED. FINALLY, THE
SUBJECT'S ESTIMATE OF VALUE IS BRACKETED ON BOTH AN ADJUSTED AND AN UNADJUSTED BASIS.
NOTE: LINE, NET AND/OR GROSS ADJUSTMENT GUIDELINES WERE EXCEEDED ON SOME SALES DUE TO NECESSARY
ADJUSTMENTS FOR SITE, VIEWS, CONDITION AND UPGRADES. DESPITE THIS FACTOR, THESE SALES ARE THE MOST
RELEVANT WHICH WERE AVAILABLE AT THE TIME OF THIS REPORT.
DIGITAL SIGNATURES
THIS REPORT MAY BE TRANSFERRED TO THE LENDER VIA E-MAIL IN PDF FORMAT. AS SUCH, THE SIGNATURES ON THIS
REPORT ARE ELECTRONIC IN NATURE. DIGITAL SIGNATURES ADHERE TO FNMA STANDARDS AND A REPORT CONTAINING
THEM SHOULD BE TREATED JUST AS INK SIGNATURES WOULD BE TREATED IN THE PROCESSING OF AN APPRAISAL.
SUPPORT FOR THE OPINION OF SITE VALUE
THE ESTIMATED SITE VALUE IS CONSIDERED TYPICAL FOR SIMILAR PROPERTIES IN THIS NEIGHBORHOOD. RELEVANT LAND
SALES ARE AS FOLLOWS: 368 SURREY DRIVE, 9,000 SQ FT, LEVEL PAD, PANO VIEWS; SOLD 04/26/2007 FOR $450,000. 3711
CRESTA BONITA DRIVE, 41,382 SQ FT SOLD 01/31/2007 FOR $750,000, NOTED VIEWS AND INCLUDED A FULLY DEPRECIATED,
MAJOR FIXER HOME. 4030 BERMUDA DUNES SOLD 02/07/2007 FOR $816,000 AND INCLUDED A LARGELY DEPRECIATED HOME
OF 2,973 SQ FT (MAJOR FIXER).
THIRD PARTY STUDIES
THIS APPRAISAL REPORT IS INTENDED TO BE A SELF-CONTAINED DOCUMENT INCLUDING ALL INFORMATION NECESSARY TO
ENABLE THE READER TO UNDERSTAND THE APPRAISER'S OPINION. ANY THIRD PARTY STUDIES, REPORTS, LETTERS OF
OPINION REFERRED TO, SUCH AS PEST CONTROL, HOME INSPECTION AND APPLIANCES, HEATING AND COOLING SYSTEMS,
HAZARDOUS MATERIALS OR WASTE, ELECTRO-MAGNETIC EMISSIONS, MECHANICAL, ELECTRICAL, PLUMBING, GEOLOGICAL,
STRUCTURAL, BUILDING AND PLANNING/ZONING COMPLIANCE ARE DEEMED RELIABLE. HOWEVER, NO WARRANTY IS MADE
AS TO THE ACCURACY OF THE THIRD PARTY REPORT, STUDY, OPINION OR THE COMPETENCY OF THE AUTHOR.
ADDITIONAL CERTIFICATIONS:
A. APPRAISER COMPETENCY:
Addendum Page 2 of 3
ADDENDUM
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
File No.: 10070JS
Case No.:
State: CA
Zip: 91902
THE APPRAISER HAS THE APPROPRIATE KNOWLEDGE AND EXPERIENCE REQUIRED TO COMPLETE THE ASSIGNMENT
COMPETENTLY.
B. APPRAISAL STANDARDS:
I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE REPORTED ANALYSES, OPINIONS AND CONCLUSIONS
WERE DEVELOPED, AND THE REPORT HAS BEEN PREPARED, IN CONFORMITY WITH THE REQUIREMENTS OF THE CODE OF
PROFESSIONAL ETHICS AND THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OF THE APPRAISAL
INSTITUTE / APPRAISAL FOUNDATION.
I CERTIFY THAT THE USE OF THIS APPRAISAL REPORT IS SUBJECT TO THE REQUIREMENTS OF THE APPRAISAL INSTITUTE
RELATING TO REVIEW BY ITS DULY AUTHORIZED REPRESENTATIVES.
Addendum Page 3 of 3
SUBJECT PROPERTY PHOTO ADDENDUM
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
State: CA
File No.: 10070JS
Case No.:
Zip: 91902
FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date: April 30, 2007
Appraised Value: $ 1,300,000
REAR VIEW OF
SUBJECT PROPERTY
STREET SCENE
COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: YVONNE PALACIOS
File No.: 10070JS
Property Address: 4070 BERMUDA DUNES PLACE
Case No.:
City: BONITA/CHULA VISTA
State: CA
Zip: 91902
Lender: TRIPOINT MORTGAGE
COMPARABLE SALE #1
4050 ACACIA AVENUE
BONITA, CA 91902
Sale Date: 12/29/2006
Sale Price: $ 1,250,000
COMPARABLE SALE #2
912 RAWHIDE COURT
BONITA, CA 91902
Sale Date: 11/16/2006
Sale Price: $ 1,380,000
COMPARABLE SALE #3
427 REZKO WAY
BONITA, CA 91902
Sale Date: 01/10/2007
Sale Price: $ 1,200,000
COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: YVONNE PALACIOS
File No.: 10070JS
Property Address: 4070 BERMUDA DUNES PLACE
Case No.:
City: BONITA/CHULA VISTA
State: CA
Zip: 91902
Lender: TRIPOINT MORTGAGE
COMPARABLE SALE #4
1121 CARLOS CANYON DR.
CHULA VISTA, CA. 91910
Sale Date: 04/27/2007
Sale Price: $ 1,170,000
COMPARABLE SALE #5
4030 BERMUDA DUNES
BONITA, CA 91902
Sale Date: 02/07/2007
Sale Price: $ 816,000
COMPARABLE SALE #6
455 ACERO PLACE
CHULA VISTA, CA. 91910
Sale Date: 01/16/2007
Sale Price: $ 1,100,000
COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: YVONNE PALACIOS
File No.: 10070JS
Property Address: 4070 BERMUDA DUNES PLACE
Case No.:
City: BONITA/CHULA VISTA
State: CA
Zip: 91902
Lender: TRIPOINT MORTGAGE
COMPARABLE SALE #7
1041 CALLE MESITA
BONITA, CA 91902
Sale Date: ACTIVE -5%
Sale Price: $ 1,180,000
COMPARABLE SALE #8
Sale Date:
Sale Price: $
COMPARABLE SALE #9
Sale Date:
Sale Price: $
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
State: CA
File No.: 10070JS
Case No.:
Zip: 91902
REFINISHED POOL/SPA
CUSTOM ENTRY DOOR
LIVING ROOM WITH CUSTOM
FIREPLACE, DISTRESSED WOOD
FLOORS, ARCHED WINDOWS, ETC.
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
State: CA
File No.: 10070JS
Case No.:
Zip: 91902
GOURMET KITCHEN WITH "VIKING"
APPLIANCES, CUSTOM CABINETS
GRANITE COUNTERTOPS, ETC.
ADDITIONAL KITCHEN PHOTO
POWDER ROOM WITH LIMESTONE
FLOORING/COUNTERTOPS, CUSTOM
SINK, ETC.
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
State: CA
File No.: 10070JS
Case No.:
Zip: 91902
MASTER BATH WITH SPA TUB
SEPARATE SHOWER
GUEST BATH
SIDE YARD WITH GATED, RV
PARKING AREA
FLOORPLAN
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
File No.: 10070JS
Case No.:
Zip: 91902
State: CA
56.9'
26.5'
Bath
8.0'
8.0'
17.5'
8.0'
Media Room
Foyer
Bath
27.0'
Living Room
27.0'
Bedroom
Half Bath
41.0'
Bedroom
26.5'
26.0'
70.0'
Dining Room
Kitchen
Master
47.0'
Bath
17.4'
Master
Bedroom
24.0'
Sketch by Apex IV Windows™
AREA CALCULATIONS SUMMARY
Code
Description
Size
GLA1
GAR
LIVING AREA
GARAGE
3411.60
715.50
TOTAL LIVABLE
(rounded)
LIVING AREA BREAKDOWN
Totals
3411.60
715.50
3412
Breakdown
Subtotals
LIVING AREA
17.4 x
15.0 x
49.0
65.0
852.60
975.00
0.1 x
8.0 x
24.0 x
8.0
56.9
47.0
0.80
455.20
1128.00
5 Areas Total (rounded)
3412
PLAT MAP
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
State: CA
File No.: 10070JS
Case No.:
Zip: 91902
LOCATION MAP
Borrower: YVONNE PALACIOS
Property Address: 4070 BERMUDA DUNES PLACE
City: BONITA/CHULA VISTA
Lender: TRIPOINT MORTGAGE
State: CA
File No.: 10070JS
Case No.:
Zip: 91902