Appraisal Sample, San Diego, Ca - Sample 1

Brian Ward Appraisal

File No. Case No.

Borrower CONFIDENTIAL Property Address CONFIDENTIAL City San Diego Lender/Client CONFIDENTIAL

County

San Diego State Address CONFIDENTIAL, CONFIDENTIAL

ClickFORMS Appraisal Software 800-622-8727

CA

CONFIDENTIAL CONFIDENTIAL

Zip Code

Page

92127

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File No. Case No.

CONFIDENTIAL CONFIDENTIAL

Table of Contents Page Title

Page #

Brian Ward Appraisal

1

Table of Contents

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Transmittal Letter

3

Comments / Scope of Work

4

URAR Page 1

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URAR Page 2

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URAR Page 3

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Extra Comps 4-5-6

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FNMA 1004MC

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URAR Page 4

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URAR Page 5

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URAR Page 6

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Photo Subject Lg

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Photo Subject Extra

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Photo Subject Extra

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Photo Subject Extra

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Photo Subject Extra

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Photo Subject Extra

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Photo Subject Extra

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Photo Comparables 1-2-3

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Photo Comparables 4-5-6

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Residential Cost Analysis

22

Sketch

23

Location Map

24

Plat Map

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Brian Ward Appraisal - License

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Brian Ward Appraisal - Insurance

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Invoice

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ClickFORMS Appraisal Software 800-622-8727

Brian Ward Appraisal 16358 Calloway Dr San Diego, CA 92127 Loan File: 476538

6/22/2009 CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

RE:

CONFIDENTIAL CONFIDENTIAL San Diego, CA 92127 File No. CONFIDENTIAL Case No. CONFIDENTIAL

Dear Amerisave Mortgage Corporation, In accordance with your request, I have personally inspected and prepared an appraisal report of the real property located at: CONFIDENTIAL, San Diego, CA 92127

The purpose of this appraisal is to estimate the market value of the property described in the body of this appraisal report. Enclosed, please find the appraisal report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of 06/22/2009 is: 745,000 $ The opinion of value expressed in this report is contingent upon the limiting conditions attached to this report. It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know.

Respectfully submitted,

Signature:

Brian A. Ward

Brian Ward Appraisal

COMMENT ADDENDUM File No. Case No.

Borrower CONFIDENTIAL Property Address CONFIDENTIAL City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code 92127

SCOPE OF WORK NO PERSONAL PROPERTY IS INCLUDED IN THIS VALUATION, INCLUDING THE PERSONAL PROPERTY DECLARED IN THE PURCHASE CONTRACT AND AN ABOVE GROUND SPA PRESENT ON THE PROPERTY. The purpose of this appraisal report is to develop an opinion of the market value of the fee simple interest of the real property rights of the property identified as the "subject property" or 'subject" in the body of this report. The Intended User of this appraisal report is the Lender/Client, or assignee. 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 appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. In this report, the subject property is identified by physical address, tax assessor parcel number, and legal description, where available. The subject property has been inspected by the appraiser which includes the personal physical examination of the visible exterior and interior areas of the subject property without the disassembly or relocation of any portion or feature at the property and the physical examination of the areas external to the subject, the subject's neighborhood, and nearby neighborhoods. The inspection was focused on the features, condition, safety, suitability, compatibility, limitations, and quality of the subject property and its neighborhood, and on any other value influences external to the subject's site. Any observed/discovered physical, functional, or external value influences have been noted and considered in the relevant approaches to value, analysis, comments, and reconciliation areas of the attached appraisal form. Commonly used and accepted data and research were utilized in the this report. In this report, First American Title, National Data Collective, and the local Multiple Listing Service have been employed for data collection and the compilation of statistical data. In addition to these data services, other services identified below under the Data services/Software heading may also be utilized. When possible and relevant, interviews and data collection from local agents, the client, the borrower, the owner, and local governmental authorities are also conducted and utilized. The specific research and data sources used are indicated on the relevant areas of the attached appraisal form. The appraiser relies on information supplied by parties knowledgeable about the subject property, such as the owner, borrower, or sales agent, and the terms and conditions of any past or present sale but does not guarantee the accuracy of the information. Examples include motivations of buyers and sellers, legality or permit status of site improvements, and home owner's association fees. A sketch of the subject property has been provided as a supporting document for the purpose of illustrating the basic configuration (size and shape) of the subject property, and reflects the physical measurements of the property on the day of the inspection. It is intended for illustration only. It is not unusual to see minor discrepancies between public records and actual measurements as a result of inexact construction methods or exterior cosmetic features - such as a stone veneers. Features that add significantly to size but do not contribute to living space have been removed from the sketch. Adjustments for size in the comparable sales grid provide for a tolerance to account for minor variations, (and other such concerns.) Significant discrepancies between physical measurements and public record will be reconciled and noted in the addendum. In the event that physical measurements are confirmed to be significantly less than or greater than public record, the actual measured size will be used in the report, superseding public record. Room locations are approximate. Rooms may have more than one use, and may be labeled in more than one way on the sketch. Rooms are labeled first to reflect public record and second to match the use of space observed at the time of the inspection. Pool, spa, patio(s,) balcony(s) and driveway(s) are not to necessarily scale. Relative position of any exterior amenities is approximate, unless noted otherwise. About Quality and Condition in the Sales Comparison Quality describes a degree of worth and the character of the workmanship and material used and describes the structure and the features - such as counter tops and flooring. In contrast, condition is used to describe the degree of defects or physical deterioration present, also in the structure and in the features. Every effort is made to adhere as closely as possible to the Marshall & Swift definitions of quality and condition, but it is also common for the descriptions to be relative references between properties to accurately illustrate the differences in property quality and condition. Comparable property photographs with a palm tree watermark are from the local MLS and are included due to property photograph restrictions such as people being present in front of a property which could support a racial bias. Data Services/Software: First American Title / Realist Fidelity National Title Desert Area MLS (Coachella Valley/Riverside, CA & High Desert /San Bernardino, CA) High Desert MLS (High Desert /San Bernardino, CA) MRMLS (Inland Empire of Southern California) SocalMLS SandicorMLS Google Maps Microsoft MapPoint, Streets & Trips, and Live Mapping Map references taken from "The Thomas Guide" or represent latitude or longitude County Property Information and Tax Websites Other resources utilized are specifically identified in the attached report.

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File No. Case No.

SITE

NEIGHBORHOOD

CONTRACT

SUBJECT

Uniform Residential Appraisal Report

CONFIDENTIAL CONFIDENTIAL

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 CONFIDENTIAL San Diego 92127 City State CA Zip Code Borrower CONFIDENTIAL CONFIDENTIAL San Diego Owner of Public Record County Legal Description CONFIDENTIAL Assessor's Parcel # CONFIDENTIAL 2008 Tax Year R.E. Taxes $ 11,139.00 Map Reference 1169-E4 Census Tract 170.32 Neighborhood Name 4S Ranch Occupant Owner Tenant X Vacant Special Assessments $ 169/Month/Mello Roos X 75 per year X per month PUD HOA $ Leasehold Other (describe) Property Rights Appraised X Fee Simple Assignment Type X Purchase Transaction Other (describe) Refinance Transaction Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL 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? X Yes No Report data source(s) used, offerings price(s), and date(s). CONFIDENTIAL I X 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. CONFIDENTIAL Contract Price $ CONFIDENTIAL Date of Contract CONFIDENTIAL Is the property seller the owner of public record? X Yes No Data Source(s) First American Title 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 X No If Yes, report the total dollar amount and describe the items to be paid. CONFIDENTIAL

Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends Location X Suburban Property Values X Declining Urban Rural Increasing Stable Built-Up Under 25% Demand/Supply X In Balance Shortage Over Supply Over 75% X 25-75% X Stable Marketing Time X Under 3 mths Growth Rapid Slow 3-6 mths Over 6 mths Neighborhood Boundaries The subject's market area located within the master planned community of 4S Ranch, bound

One-Unit Housing Present Land Use % 40 PRICE AGE One-Unit $ (000) (yrs) 2-4 Unit 385 3 Multi-Family 10 Low 1,011 High 9 Commercial 20 765 6 Pred. Other Schl,Prks 30

by I15 Freeway (east), Camino del Sur (west), Del Dios Hwy (north), and Black Mountain Park (south). Neighborhood Description The neighborhood is a master planned community that appeals to young families. Within the community are elementary schools, multiple parks, hiking trails, and shopping and commercial areas. Properties are subject to a Mello Roos tax that is used to support the community facilities and helps protect the community from governmental financial problems, like the current California budget crisis, and provide higher quality services. Properties are newer and are generally well maintained. Market Conditions (including support for the above conclusions) The Property Values trend is Declining, evidenced by the median sales price change of -6.1% over the past 9 months (average -0.7%/month). The Demand/Supply trend is in Balance, evidenced by the 12 months of current housing supply. The Marketing Time trend is Under 3 Months, evidenced by the median Days on Market of 44 days over the most recent quarter. Pending sales indicate that these trends will continue. 105 x 101.35 x 114.06 x 10.48 x 33.02 x 10 Assr: 6,999 SqFt Irregular Hills, Valley Dimensions Area Shape View Specific Zoning Classification RS4 Zoning Description Single Family Residence / 4 Units per Acre Zoning Compliance X 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? X Yes No If No, describe.

% % % % %

Utilities Public Other (describe) Public Other (describe) Off-site Improvements--Type Public Private X X Electricity X Water Street Asphalt X X Gas Sanitary Sewer Alley None FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map # 0602841088F FEMA Map Date 06/19/1997 Are the utilities and/or off-site improvements typical for the market area? X Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes X No If Yes, describe.

IMPROVEMENTS

No adverse site conditions observed or reported. A title report was not available for review by this appraiser. The value opinion of this report assumes a marketable title.

materials/condition Interior materials/condition General Description Foundation Exterior Description Units X One One with Accessory Unit X Concrete Slab Crawl Space Foundation Walls Concrete/Good Floors Wood,Tile,Carpet/Avg+Good Full Basement Stucco/Good Paint,Drywall/Avg+Good # of Stories 2 Story Walls Partial Basement Exterior Walls S-Det./End Unit Basement Area sq. ft. Roof Surface Concrete Tile/Good Trim/Finish Wood,Paint/Avg+Good Type X Det. Att. X Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Aluminum/Good Bath Floor Tile,Carpet,Wood/Avg+Good Design (Style) Conventional Outside Entry/Exit Sump Pump Window Type Dbl-Hung,Fxd,Sldrs/Good Bath Wainscot Tile/Good 2003 Evidence of Infestation Storm Sash/Insulated Alum-Yes/Good Year Built Car Storage None Dampness Standard/Good X Driveway # of Cars 3 Effective Age (Yrs) 6 Settlement Screens Attic None Woodstove(s) # Driveway Surface Concrete HWBB Radiant Amenities Heating X FWA Other Fuel Gas X Fireplace(s) # 2 X Fence Mason,Wood,Iron X Garage # of Cars 3 Drop Stair Stairs X Scuttle Floor Cooling X Central Air Conditioning X Patio/Deck CvSlb X Porch Covrd.Slab Carport # of Cars Other Pool Other X Att. Finished Heated Individual Det. Built-in Appliances P Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave P Washer/Dryer X Other (describe) Double Oven 7 4 Bedrooms 3.50 Bath(s) 2,925 Finished area above grade contains: Rooms Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.) Crown molding, very good quality wood flooring, professional landscaping, built-in barbecue, built-in sound system, security system, insulated garage door, ceiling fans, glass facing cabinetry, granite slab kitchen counter top, 6 burner range, extensive patio area Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). The subject property is in average/good condition and shows near regular general maintenance. There are no needed repairs, no unusual deterioration, and there has been no remodeling. All minor deferred maintenance, such as nail holes and minor carpet stains, are included in the condition description of the subject property.

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 ClickFORMS Appraisal Software 800-622-8727

X Yes

Yes X No If Yes, describe

No If No, describe

Fannie Mae Form 1004 March 2005 5 of 28 Page

Brian Ward Appraisal

File No. Case No.

Uniform Residential Appraisal Report

CONFIDENTIAL CONFIDENTIAL

There are 110 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 615,000 to $ 1,395,000 . There are 111 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 579,000 to $ 1,350,000 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address CONFIDENTIAL 16390 Alipaz Ct 10108 Prairie Fawn Dr 16310 Cayenne Ridge Rd

SALES COMPARISON ANALYSIS

San Diego, CA 92127

Proximity to Subject Sale Price Sale Price/Gross Liv. Area Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Pool,Spa

San Diego, CA 92127 0.30 miles E

$ CONFIDENTIAL $ 0.00 sq. ft. $ 232.75

San Diego, CA 92127 0.54 miles N

$ 705,000 sq. ft.

MLS#090024779 ADOM:25 First American/Realist

DESCRIPTION

DESCRIPTION None Cash Equivalent 06/11/20009

Very Good/4S Ranch Fee Simple Assr: 6,999 SqFt Hills, Valley Conventional Very Good 6 yrs Average/Good

Good/Bernardo Springs

Fee Simple 7,565 Sqft Hills Over Busy Street

Conventional Very Good 9 yrs Average/Good

+(-) $ Adjustment

4 3.50 2,925 sq. ft.

N/A N/A Average FWA/Central Not a Value Infl. 3 Car Garage Patio,Porch None

7

4 3.00 3,029 sq. ft.

N/A N/A Average FWA/Central Not a Value Infl. 2 Car Garage Patio, Porch None

DESCRIPTION

MLS#090015798 ADOM:5 First American/Realist

+(-) $ Adjustment

None Cash Equivalent 05/29/2009 19,000 Very Good/4S Ranch Fee Simple 8,671 Sqft 15,000 Hills, Apts,Commer,Street Conventional Good 9,000 7 yrs Average 6

3 2.50 2,890 sq. ft.

N/A N/A Average FWA/Central Not a Value Infl. 5,000 2 Car Garage Patio, Porch None

DESCRIPTION

+(-) $ Adjustment

None Cash Equivalent 05/15/2009 Very Good/4S Ranch Fee Simple -12,000 6,932 Sqft 15,000 Hills, Valley Conventional 38,000 Very Good/Excellent 3,000 6 yrs 10,000 Average/Good

Total Bdrms. Baths 1,000 -9,000

$ 755,000 sq. ft.

$ 252.00

MLS#090014725 ADOM:30 First American/Realist

Total Bdrms. Baths Total Bdrms. Baths 7

San Diego, CA 92127 0.38 miles E

$ 684,000 sq. ft.

$ 236.68

.

Total Bdrms. Baths 2,000

7

4 3.50 2,996 sq. ft.

N/A N/A Average FWA/Central Not a Value Infl. 5,000 2 Car Garage Patio, Porch Pool,Spa

Net Adjustment (Total) X + 40,000 X + 61,000 $ $ Net Adj: 6% Net Adj: 9% Adjusted Sale Price 745,000 745,000 Gross Adj : 8% Gross Adj: 12% of Comparables $ $ I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

+ X Net Adj: -1% Gross Adj: 3%

5,000 -15,000

$

-10,000

$

745,000

My research 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. Data source(s) First American Data Services/Realist My research did X 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) First American Data Services/Realist 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 CONFIDENTIAL 08/10/2000 05/24/2002 12/01/2003 Price of Prior Sale/Transfer CONFIDENTIAL $445,000 $558,000 $627,000 Data Source(s) First American/Realist First American/Realist First American/Realist First American/Realist Effective Date of Data Source(s) 06/23/2009 06/23/2009 06/23/2009 06/23/2009 Analysis of prior sale or transfer history of the subject property and comparable sales There are no prior sales or transfers of the subject within 36 months of the effective date of this report. There are no prior comparables sales or transfers within 12 months of the effective date of this report.

Summary of Sales Comparison Approach Comparable listing and sales data at the top of this section are derived from properties: within 20% gross livable area of the subject property, within 10 years of age of the subject property's actual age, and in the subject's zip code. PLEASE SEE THE ADDITIONAL COMMENTS SECTION ON THE NEXT PAGE FOR THE COMPLETE SUMMARY

Indicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $

RECONCILIATION

745,000 745,000 Cost Approach (if developed) $ PLEASE SEE THE ADDITIONAL COMMENTS SECTION ON THE NEXT PAGE

747,000

Income Approach (if developed) $

N/A

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: There are no special conditions of this appraisal beyond the work scope and attached conditions/certifications/and assumptions.

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 745,000 06/22/2009 $ , as of , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 ClickFORMS Appraisal Software 800-622-8727 6 of 28 Page

Brian Ward Appraisal

File No. Case No.

Uniform Residential Appraisal Report

CONFIDENTIAL CONFIDENTIAL

SUMMARY OF THE SALES COMPARISON No adjustments for property value changes to comparables 1-3 as there are signs of a recent steading in the market as preferable summer months approach. Each of these 3 properties sold within the past 38 days.

ADDITIONAL COMMENTS

Notes on the Subject and Comparables: * Comparables 1 and 4 are not in the subject's master planned community of 4S Ranch and are not entitled to 4S Ranch's superior community features making their community of Bernardo Springs slightly less desirable, reflected in their Location rows. * The subject has a desirable elevated view of hills and valleys over other residences. Comparable 1 has an elevated view of a busy street with equal elevation to properties across the street, rendering their view inferior. Comparable 2 has an elevated view over the busiest street in the market area with commercial areas and high density apartments within the near view resulting in a less desirable view. * Comparable 4's Date of Sale/Time adjustment is derived using paired sales analysis. * Comparable 5 is an actively listed property that is the most aggressively priced, similar, and proximate property to the subject available for comparison that is not a bank or short sale listing. The comparable does not have a desirable view and there are no similar properties currently listed for sale with desirable views. The Date of Sale/Time adjustment applied to comparable 5 is derived from the average sales price to list price ratio as detailed on the 1004MC form and over the past quarter. In developing my opinion of the subject's market value by sales comparison, I place strong emphasis on the following: * Comparables 1-3 for being strong reflections of the most current market trends. * Comparables 2, 3, and 5 for being strong reflections of the appeal of the subject's Location within the community of 4S Ranch. * Comparables 3 and 4 for being the best reflections of the appeal of the subject's view. * Comparable 5 for supporting that there is no active competition in the market area that indicates a lesser value than the value indicated by the sold properties in this comparison. * The mode value of this sales comparison. * The purchase price. Under typical market conditions the purchase price is a strong indicator of market value because it reflects the actions of market participants on the subject property. In the case of the current sale of the subject property, the purchase price falls within the range of the comparables indicating that the purchase price is a reliable indicator of market value. The property characteristics of the comparables used on this form were collected from listing agents and the MLS. In some cases they differ from what is reported in public record. In all cases where they differ, except one (public record reports comparable 1 has a 3 car garage), the difference favors a lesser value for the subject property. In the area, public record is often incorrect due to a significant number builder/buyer options that were chosen after the initial plans were reported to the planning department and not updated, and I rely on the agents' descriptions because they have first-hand knowledge of the properties. RECONCILIATION I place sole emphasis on the sales comparison approach as it reflects the actions of market participants and it satisfies the client's purpose for the appraisal report. The cost approach supports the sales comparison but it is a less reliable measure of market value when there is an active housing market and because there are no vacant site sales to derive site value from. The income approach is not considered because properties in the market area are not typically purchased for their income producing qualities. I interviewed the listing agent for the sale of the subject property and he stated that the subject property initially received 9 offers when listed and the seller raised the price to its final list price of $749,000 after witnessing the appeal of their house on the market. The listing agent's statement is supported by the low typical marketing time of similar properties and the scarcity of view properties, like the subject, which could logically be cause for multiple competing offers.

COST APPROACH TO VALUE (not required by Fannie Mae.) Provide adequate information for the lender/client to replicate your cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) There is not an adequate supply of site sales in the

INCOME

COST APPROACH

subject's neighborhood to develop an opinion of site value by site comparison according to local MLS data. Site value can most accurately be developed through abstraction from improved sales. The indicated value of the subject's site by abstraction is: $300,000.

ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW Source of cost data AppraiserBASE/First American Real Estate Solutions Quality rating from cost service Builder/Custom Effective date of cost data

OPINION OF SITE VALUE Dwelling 2,925

=$ =$ =$

300,000 400,725

Garage/Carport 694 Sq. Ft. @ $ 44.00 Total Estimate of Cost-new Less 9 Functional 0 External 0 Physical Depreciation 38,813 0 0 Depreciated Cost of Improvements "As-is" Value of Site Improvements

=$ =$

30,536 431,261

=$ ( =$ =$

38,813 392,448 55,000

Indicated Value By Cost Approach

=$

747,000

June 2009

Sq. Ft. @ $ Sq. Ft. @ $

137.00

Comments on Cost Approach (gross living area calculations, depreciation, etc.) AppraiserBASE Residential Cost Analysis attached. A building sketch with square feet area calculations attached. Physical depreciation by strait line method. The site to total value ratio is reasonable for the area. "As-is' Value of Site Improvements includes any porches, patios, driveways, courtyards, landscaping, decking, walls/fences, and any other items external to the subject's house. This cost approach is not intended to be used for insurance purposes and cannot be considered reliable for that purpose. Estimated Remaining Economic Life (HUD and VA only) 54 Years

)

INCOME APPROACH TO VALUE (not required by Fannie Mae.) Estimated Monthly Market Rent $ N/A X Gross Multiplier N/A =$ N/A Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) The income approach is not considered because the subject property would not typically be purchased for its income producing qualities.

PUD INFORMATION

PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowner's Association (HOA)? Yes X No Unit type(s) X Detached X 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 Homeowner's Association?

Yes

No

If Yes, describe the rental terms and options.

Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 ClickFORMS Appraisal Software 800-622-8727

Fannie Mae Form 1004 March 2005 7 of 28 Page

Brian Ward Appraisal EXTRA COMPARABLES 4-5-6

File No. Case No.

Borrower CONFIDENTIAL Property Address CONFIDENTIAL San Diego City County CONFIDENTIAL Lender/Client

FEATURE Address CONFIDENTIAL

SUBJECT

SALES COMPARISON ANALYSIS

VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck

COMPARABLE SALE #

Pool,Spa

DESCRIPTION

DESCRIPTION

Fee Simple 6,866 Sqft Hills, Valley Conventional Very Good 8 yrs Good

4 3.50 2,925 sq. ft.

N/A N/A Average FWA/Central Not a Value Infl. 3 Car Garage Patio,Porch None

Net Adjustment (Total) Adjusted Sale Price of Comparables

7

DESCRIPTION

+(-) $ Adjustment

1,000 -21,000

7

DESCRIPTION

+(-) $ Adjustment

-23,000

45,000 38,000

Total Bdrms. Baths

4 3.00 3,300 sq. ft.

1,000 -32,000

sq. ft.

N/A N/A Average FWA/Central Not a Value Infl. 3 Car Garage (tandem) Patio, Porch None

$

-35,000

$

745,000

X + Net Adj: 4% Gross Adj: 19%

$

29,000

$

778,000

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # Date of Prior Sale/Transfer CONFIDENTIAL No Prior Sales or Xfer Data 11/19/2002 Price of Prior Sale/Transfer CONFIDENTIAL No Prior Sales or Xfer Data $495,000 Data Source(s) First American/Realist First American/Realist First American/Realist Effective Date of Data Source(s) 06/23/2009 06/23/2009 06/23/2009 Analysis of prior sale or transfer history of the subject property and comparable sales Please see previous analysis section.

Summary of Sales Comparison Approach

sq. ft.

MLS#090027878 ADOM:39 Agent#(858) 208-7713

N/A N/A Average FWA/Central Not a Value Infl. 3 Car Garage (tandem) Patio, Porch None

+ X Net Adj: -4% Gross Adj : 11%

6

$ $

Total Bdrms. Baths

4 3.00 3,173 sq. ft.

COMPARABLE SALE #

5

$ 749,000 sq. ft.

$ 226.97

None Cash Equivalent -30,000 Active Listing 3.07% 19,000 Very Good/4S Ranch Fee Simple 7,292 Sqft No Desirable View Conventional Good 6,000 6 yrs -10,000 Average/Good

Good/Bernardo Springs

92127

9842 Deer Ridge Pl San Diego, CA 92127 0.30 miles NW

Total Bdrms. Baths Total Bdrms. Baths 7

COMPARABLE SALE #

4

+(-) $ Adjustment

None Cash Equivalent 02/23/2009 Very Good/4S Ranch Fee Simple Assr: 6,999 SqFt Hills, Valley Conventional Very Good 6 yrs Average/Good

Zip Code

CA State Address CONFIDENTIAL, CONFIDENTIAL

San Diego

16608 Santa Mariana Ct San Diego, CA 92127 San Diego, CA 92127 0.48 miles NE Proximity to Subject Sale Price $ CONFIDENTIAL $ 780,000 Sale Price/Gross Liv. Area $ 0.00 sq. ft. $ 245.82 sq. ft. MLS#090003393 ADOM:6 Data Source(s) First American/Realist Verification Source(s)

CONFIDENTIAL CONFIDENTIAL

+ Net Adj: 0% Gross Adj: 0%

5

$

0

$

0

COMPARABLE SALE #

6

Please see previous Summary of Sales Comparison section.

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File No.

MARKET RESEARCH & ANALYSIS

Market Conditions Addendum to the Appraisal Report

Case No.

CONFIDENTIAL CONFIDENTIAL

The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. CONFIDENTIAL San Diego CA 92127 Property Address City State ZIP Code CONFIDENTIAL Borrower Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include that data in the analysis. If data sources provide all the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Inventory Analysis 61 28 22 X Declining Total # of Comparable Sales (Settled) Increasing Stable 10.2 9.3 7.3 X Declining Absorption Rate (Total Sales/Months) Increasing Stable 156 112 110 X Total # of Comparable Active Listings Declining Stable Increasing 15.29 12.04 15.07 Months of Housing Supply (Total Listings/Ab. Rate) Declining X Stable Increasing Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Median Sales & List Price, DOM, Sale/List % 715,000 701,000 685,000 X Declining Median Comparable Sales Price Increasing Stable 40 55 43 Median Comparable Sales Days on Market Declining X Stable Increasing 779,000 794,000 777,000 Median Comparable List Price Increasing X Stable Declining 82 76 59 X Median Comparable Listing Days on Market Declining Stable Increasing 97.07 95.82 96.97 Median Sale Price as % of List Price Increasing X Stable Declining X Seller-(developer, builder, etc,) paid financial assistance prevalent? Yes No Declining X Stable Increasing Explain in detail seller concessions trends for the past 12 months (e.g. seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs condo fees, options, etc.) Seller concessions are not common for comparables of the subject property.

X Yes Are foreclosure sales (REO sales) a factor in the market? No If yes, explain (including the trends in listings and sales of foreclosed properties). Foreclosures and short sales have been spurring property value declines over the past 2+ years. According to the local MLS 44.3% of all sales over the past quarter in the subject's zip code are bank sales or short sales which is an increase from 29.2% 7-12 months ago. The ratio of short sale and bank listings has increased over the past year and currently 28.9% of all listings are short sale or bank listings which is a change from 22.1% 7-12 months ago. These statistics are derived from the local MLS and rely on accurate reporting by local real estate agents. While the statistics may not be accurate, the trends indicated by the statistics are the best available and should be reliable.

Cite data sources for above information. Real estate sales agents active in the market area, MLS listings, and a review of sales in public record over the past year.

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales, and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.

CONDO/CO.OP PROJECTS

Properties considered comparables on this form are within 20% gross livable area of the subject property, within 10 years of age of the subject property's actual age, and within the subject's zip code. The descriptive areas of the neighborhood section and the One-Unit Housing statistics are derived using all properties within 1 mile of the subject property as it is not possible to select properties in the subject's community of 4S Ranch only from the available dataservices. The comparable properties included on this form represent 31.4% of all sales and 27.7% of all listings in the subject's zip code over the past year. My statistical conclusions in the neighborhood section are derived by using an analysis similar to this 1004 Form on all properties in the subject's zip code. The descriptive sections of the neighborhood section reflect the subject's community of 4S Ranch only.

If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Total # of Comparable Sales (Settled) Increasing Stable Declining Absorption Rate (Total Sales/Months) Increasing Stable Declining Total # of Active Comparable Listings Declining Stable Increasing Months of Unit Supply (Total Listings/Ab. Rate) Declining Stable Increasing Are foreclosures sales (REO sales) a factor in the project? Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. The subject property is not in a condominium or cooperative project.

Summarize the above trends and address the impact on the subject unit and project. The subject property is not in a condominium or cooperative project.

Signature

APPRAISER

Signature

Brian A. Ward Appraiser Name Supervisor Name Brian Ward Appraisal Company Name Company Name Company Address 16358 Calloway Dr, San Diego, CA 92127 Company Address CA State License/Certification # AL036053 State State License/Certification # [email protected] Email Address Email Address ClickFORMS Appraisal Software 800-622-8727 Freddie Mac Form 71 March 2009

State Fannie Mae Form 1004MC March 2009 9 of 28 Page

Brian Ward Appraisal

File No.

Uniform Residential Appraisal Report

Case No.

CONFIDENTIAL CONFIDENTIAL

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 ClickFORMS Appraisal Software 800-622-8727

Fannie Mae Form 1004 March 2005 10 of 28 Page

Brian Ward Appraisal

Uniform Residential Appraisal Report

File No. Case No.

CONFIDENTIAL CONFIDENTIAL

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 Fannie Mae Form 1004 March 2005 ClickFORMS Appraisal Software 800-622-8727 Page 11 of 28

File No.

Brian Ward Appraisal

Case No.

CONFIDENTIAL CONFIDENTIAL

Uniform Residential Appraisal Report 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 Brian A. Ward Name Company Name Brian Ward Appraisal Company Address 16358 Calloway Dr

Signature Name Company Name Company Address

San Diego, CA 92127

Telephone Number (888) 844-1733 Email Address [email protected] Date of Signature and Report 06/23/2009 Effective Date of Appraisal 06/22/2009 State Certification # or State License # AL036053 or Other (describe) State # CA State Expiration Date of Certification or License 12/30/2010

Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License

SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED CONFIDENTIAL San Diego, CA 92127

APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name CONFIDENTIAL Company Name CONFIDENTIAL Company Address CONFIDENTIAL CONFIDENTIAL

Email Address CONFIDENTIAL

745,000

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 ClickFORMS Appraisal Software 800-622-8727

Fannie Mae Form 1004 March 2005 12 of 28 Page

Brian Ward Appraisal

SUBJECT PHOTO ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

FRONT OF SUBJECT PROPERTY CONFIDENTIAL San Diego, CA 92127

REAR OF SUBJECT PROPERTY

STREET SCENE

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SUBJECT PHOTO ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

View from patio

Additional rear view

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SUBJECT PHOTO ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

Barbecue and yard

Bedroom

Bathroom

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SUBJECT PHOTO ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County

CA State Address CONFIDENTIAL, CONFIDENTIAL

San Diego

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

Bedroom

Laundry

Bedroom

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SUBJECT PHOTO ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County

CA State Address CONFIDENTIAL, CONFIDENTIAL

San Diego

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

Bathroom

Bedroom

Interior view

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SUBJECT PHOTO ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County

CA State Address CONFIDENTIAL, CONFIDENTIAL

San Diego

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

Bathroom

Living room

Family room

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SUBJECT PHOTO ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County

CA State Address CONFIDENTIAL, CONFIDENTIAL

San Diego

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

1/2 bath + cabinetry

Dining room

Kitchen

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Brian Ward Appraisal COMPARABLES 1-2-3

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

COMPARABLE SALE #

1

16390 Alipaz Ct San Diego, CA 92127

COMPARABLE SALE #

2

10108 Prairie Fawn Dr San Diego, CA 92127

COMPARABLE SALE #

3

16310 Cayenne Ridge Rd San Diego, CA 92127

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Brian Ward Appraisal COMPARABLES 4-5-6

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

COMPARABLE SALE #

4

16608 Santa Mariana Ct San Diego, CA 92127

COMPARABLE SALE #

5

9842 Deer Ridge Pl San Diego, CA 92127

COMPARABLE SALE #

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Residential Cost Analysis

File No. Case No.

Borrower CONFIDENTIAL Property Address CONFIDENTIAL City San Diego Lender/Client CONFIDENTIAL

County

San Diego State Address CONFIDENTIAL, CONFIDENTIAL

ClickFORMS Appraisal Software 800-622-8727

CA

CONFIDENTIAL CONFIDENTIAL

Zip Code

Page

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SKETCH ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

40' Nook Family

1/2 Bath

38.5'

33'

Kitchen

First Floor

Dining Room Living Room 5.5'

22'

18'

23.5'

10.5'

1'

17'

Garage

12.5'

20' 29.5'

20'

Bath Bedroom

11.5'

55.5'

13'

Bath

Second Floor Stairs

3.8' 6.2'

Bedroom

10'

Bedroom

Bath

Bedroom

18.5'

Laundry

19' 12.8' Sketch by Apex Medina™

Comments:

AREA CALCULATIONS SUMMARY Code

Description

Net Size

GLA1

First Floor First Floor Garage

1419.0 1505.7 693.5

GAR

Net LIVABLE Area

(rounded)

LIVING AREA BREAKDOWN Net Totals

2924.7 693.5

2925

Breakdown

First Floor 33.0 5.5 12.8 31.8 20.0 13.0 6.2

7 Items

ClickFORMS Appraisal Software 800-622-8727

x x x x x x x

Subtotals

40.0 18.0 2.2 16.3 29.5 18.0 21.8

1320.0 99.0 28.2 518.3 590.0 234.0 135.2

(rounded)

2925

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LOCATION MAP ADDENDUM

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL

Zip Code 92127

SALE 2

SALE 4 SALE 5 SUBJECT

SALE 1

SALE 3

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PLAT MAP

File No. Case No.

CONFIDENTIAL Borrower CONFIDENTIAL Property Address City San Diego Lender/Client CONFIDENTIAL

County San Diego

State CA Address CONFIDENTIAL, CONFIDENTIAL

ClickFORMS Appraisal Software 800-622-8727

CONFIDENTIAL CONFIDENTIAL

Zip Code

92127

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Borrower CONFIDENTIAL Property Address CONFIDENTIAL City San Diego Lender/Client CONFIDENTIAL

County

San Diego State Address CONFIDENTIAL, CONFIDENTIAL

ClickFORMS Appraisal Software 800-622-8727

CA

CONFIDENTIAL CONFIDENTIAL

Zip Code

Page

92127

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File No. Case No.

Borrower CONFIDENTIAL Property Address CONFIDENTIAL City San Diego Lender/Client CONFIDENTIAL

County

San Diego State Address CONFIDENTIAL, CONFIDENTIAL

ClickFORMS Appraisal Software 800-622-8727

CA

CONFIDENTIAL CONFIDENTIAL

Zip Code

Page

92127

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File No. Case No.

CONFIDENTIAL CONFIDENTIAL

INVOICE

Invoice #: Invoice Date: Fee: Due Date:

CONFIDENTIAL 06/22/2009 CONFIDENTIAL CONFIDENTIAL

Lender or Client:

Borrower:

CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

CONFIDENTIAL CONFIDENTIAL San Diego, CA 92127

Item

Cost

Form Real Estate Appraisal CONFIDENTIAL

Total Amount Due:

Terms: CONFIDENTIAL

Please remit payment to: Brian A. Ward Brian Ward Appraisal 16358 Calloway Dr San Diego, CA 92127 P:888-844-1733 F:888-646-4864 [email protected]

ClickFORMS Appraisal Software 800-622-8727

$ $ $ $ $ $ $ $ $ $

CONFIDENTIAL

CONFIDENTIAL