Professional Documents
Culture Documents
1410139
2711 Dorson Way
Lordeus, Luciana
Delray Shores 1St Add Lt 19 Blk 15
12-43-46-07-02-015-0190
Delray Shores First Add
X
X
Delray Beach
Lordeus, Luciana
FL
33445
Palm Beach
2013
46-43-07
2,348
0066.05
X
Closeout on FHA Reverse Mortage
3 Piedmont Center, Suite 300, Atlanta, GA 30305
Generation Mortgage
X
The primary data sources used to research the transaction and listing history of subject
property include, the MLS (fl.flexmls.com) and CRS Public Records. Owner(s) and Realtor agents may also < continued in addendum >
85
2
3
10
X
X
X
X
The subject is bound by Lake Ida Rd to the north, Atlantic Ave to the
south, I-95 to the east, and Military Trl to the west.
See Attached Addendum
25
450
75
9
60
35
Subject to Survey
R1AB
X
12632 sf
Appears Rectangular
Residential Single Family
X
N;Res;
See Attached
Addendum
X
X
X
None
X
Asphalt
None
A7
1201920205B
X
10/15/1982
X
X
See Attached
Addendum
X
1
0
Ranch
1973
20
X
Elec
X
X
X
Concrete Slab/Avg
Stucco/Avg
Asphalt Shngl/Avg
None
Sgl Hung/Avg
Yes/Yes/Avg
X
Yes/Avg
0
X
0
None
Cov
None
X
None
None
X
X
X
7
3
2.0
Satisfactory floor plan and traffic flow pattern.
Cer/Crpet/Avg
Drywall/Avg
Wood/Avg
Ceramic/Avg
Ceramic/Avg
2
Concrete/Avg
2
0
1,531
X
The overall utility,
style, condition, use and construction of the subject property appears to adequately conform to other typical residential dwellings in this
general market area.
0950751253952
1410139
14
41
40,000
75,000
509 Cortez Ln
4093 Maurice Dr
3111 Lake Ida Rd
Delray Beach, FL 33445
Delray Beach, FL 33445
Delray Beach, FL 33445
0.24 miles NE
0.61 miles SW
0.29 miles NW
110,000
109,000
130,000
76.02
72.09
103.67
0.00
N;Res;
Fee Simple
12632 sf
N;Res;
DT1;Ranch
Q4
41
C5
7
35
Additional Feat
375,000
450,000
2.0
1,531
FLEXMLS #RX-10014685;DOM 74
Assessment Records
Assessment Records
Assessment Records
Short
Cash;0
s08/14;c05/14
N;Res;
Fee Simple
8712 sf
N;Res;
DT1;Ranch
Q4
57
C4
REO
Cash;0
s07/14;c05/14
N;Res;
Fee Simple
36590 sf
N;Res;
DT1;Ranch
Q4
56
C5
0
-3,000
2.0
1,447
0sf
0sf
Average
FWA C/Air
None Noted
2ga2dw
Patio
None
Average
Units
None Noted
1cp2dw
Patio
None
7
0
2.0
1,512
REO
Conv;0
0 s04/14;c04/14
N;Res;
Fee Simple
-13,750 9583 sf
N;Res;
DT1;Ranch
Q4
0 43
C4
0
0
0sf
Average
+2,500 FWA C/Air
None Noted
+4,500 1ga2dw
Patio
None
Average
FWA C/Air
None Noted
+3,000 1ga2dw
Patio
None
X
-9.9
15.4
10,750
0
-3,000
2.0
1,254
0sf
4,000
0
+9,700
+3,000
9,700
7.5
114,000
98,250
12.1
139,700
X
I have searched public realty records as well as
MLS to identify the previous sale or transfer history of the subject property and comparable sales.
3.6
9.1
X
Public Records, Multiple Listing Service, Owner of Record
X
Public Records, Multiple Listing Service, Realtor Agent(s)
02/27/2014
$1
12/13/2013
$1
FlexMLS/Assessment Records #0
FlexMLS/Assessment Records #0
FlexMLS/Assessment Records #0
FlexMLS/Assessment Records #0
10/30/2014
10/30/2014
10/30/2014
See Attached Addendum
10/30/2014
114,000
114,000
132,300
X
See Attached Addendum
114,000
10/30/2014
We appreciate your business!
0950751253952
1410139
See Attached Addendum
1,531
80.00
25,000
122,480
2014
Patio
429
5,000
21,450
148,930
60
$49,147
40
50.00
49,147
99,783
7,500
132,300
0950751253952
1410139
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 appraisers 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 appraisers 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 appraisers 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.
0950751253952
1410139
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.
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 appraisers or
supervisory appraisers (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).
0950751253952
1410139
2711 Dorson Way
Delray Beach, FL 33445
0.00
N;Res;
Fee Simple
12632 sf
N;Res;
DT1;Ranch
Q4
41
C5
7
35
Additional Feat
2.0
1,531
FLEXMLS #RX-10074929;DOM 36
Assessment Records
Assessment Records
Assessment Records
Listing
;0
c09/14
N;Res;
Fee Simple
8276 sf
N;Res;
DT1;Ranch
Q4
37
C6
Listing
;0
c10/14
N;Res;
Fee Simple
6534 sf
N;Res;
DT1;Ranch
Q4
37
C4
Listing
;0
c10/14
N;Res;
Fee Simple
7405 sf
N;Res;
DT1;Ranch
Q4
30
C4
-1,120
0
+10,000
2.0
1,587
0sf
0sf
Average
FWA C/Air
None Noted
2ga2dw
Patio
None
Average
FWA C/Air
None Noted
2dw
Patio
Pool
7
0
2.0
1,518
0
-3,000
7
0
0sf
Average
FWA C/Air
None Noted
+6,000 1ga2dw
Patio
-7,500 None
Average
FWA C/Air
None Noted
+3,000 2ga2dw
Patio
Pool
119,380
X
-1.0
5.8
1,250
123,750
10/15/2013
$102,600
-1,696
0
-3,000
2.0
1,571
0sf
7,380
6.6
22.0
-1,250
X
-7.2
7.2
-7,500
12,196
157,404
08/08/2014
$161,000
FlexMLS/Assessment Records #0
FlexMLS/Assessment Records #0
FlexMLS/Assessment Records #0
FlexMLS/Assessment Records #0
10/30/2014
10/30/2014
10/30/2014
10/30/2014
0950751253952
1410139
0950751253952
1410139
Abbreviations Used in Data Standardization Text
ADDENDUM
Borrower: Lordeus, Luciana
Property Address: 2711 Dorson Way
City: Delray Beach
Lender: Generation Mortgage
State: FL
Addendum Page 1 of 5
ADDENDUM
Borrower: Lordeus, Luciana
Property Address: 2711 Dorson Way
City: Delray Beach
Lender: Generation Mortgage
State: FL
Addendum Page 2 of 5
ADDENDUM
Borrower: Lordeus, Luciana
Property Address: 2711 Dorson Way
City: Delray Beach
Lender: Generation Mortgage
State: FL
Appraisal contains digital photos, map and signatures which have not been altered in any way and are considered to be
originals.
The purchaser, owner or mortgage lender should be aware of the fact that this appraisal report is not a home inspection
report and that appraisers are not home inspectors. Our training, experience, and areas of expertise are very different. You
should not rely on this report as a warranty to the condition of the mechanical, structural, or roofing systems. Our analysis
is based on our general observations, from readily observable conditions, that were or were not present, at the time of our
visit to the subject property. A home inspection from an ASHI member is always suggested.
At the request of the client, this appraisal report has been prepared in compliance with the Uniform Appraisal Dataset
(UAD) from Fannie Mae and F reddie Mac. The UAD requires the appraiser to use standardized responses that include
specific formats, definitions, abbreviations, and acronym. The appraiser attempted to obtain an adequate amount of
information in the normal course of business regarding the subject and comparable properties. Some of the standardized
responses required by the UAD, especially those in which the appraiser has NOT had the opportunity to verify personally or
measure, could mistakenly imply greater precision and reliability in the data than is factually correct or typical in the normal
course of business. Examples include condition and quality ratings as well as comparable sales and listing data (example:
Basement SF of comparables as well as SF of finished area in basement, date of recent improvements in comparables).
The appraiser makes no representations, guarantees or warranties, express or implied, regarding building materials, their
fitness, quality, condition or remaining economic life.
Not every element of the subject property was viewable. The appraiser did not move any personal property, due to liability
concerns for potential damage to the property, to disclose or reveal any unapparent or hidden defects to the structure, nor
did the appraiser dismantle or probe the structure to observe enclosed, encased, or otherwise concealed areas.
Comparable data was generally obtained from third-party sources including but not limited to the local MLS, County
Assessor, Township Assessor, online resources and additional public data sources. Consequently, this information should
be considered and "estimate" unless otherwise noted by the appraiser.
The completion date of the improvements/updates to the kitchen/bathroom(s) is an estimate only. When reporting this
information, I rely on the owner to provide me with the specific information. Their recollection is often not completely
accurate but this source is the most reliable available. It is assumed to be reasonably correct as there is no other way in
which to obtain this information. No receipts for purchase were available and no dates of installation were visible on site.
I have performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of
the work under review within the three-year period immediately preceding acceptance of this assignment.
Statement 6 (SMT-6) of USPAP defines exposure time as follows:
The estimated length of time the property interest being appraised would have been offered on the market prior to the
hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective opinion based
on an analysis of past events assuming a competitive and open market.
The purpose of this appraisal assignment is to develop an opinion of market value. As such it is an appraisal requirement of
this assignment to also develop an opinion of reasonable exposure time linked to the value opinion.
In arriving at my conclusion for reasonable exposure time I have evaluated statistical information regarding the days on
market for the comparable sales contained in this report. In addition I have reviewed statistical local and regional data that
was available in my Multiple Listing service. These reports are available on a quarterly basis as well as analysis that was
extracted on a monthly basis. Lastly, I have considered conversations that I have had with local Realtors and market
professionals in this market.
Reasonable exposure time can be described as a range but is specific to the subject being appraised. In arriving at my
conclusion, I have considered the specific physical characteristics of this home as well as the external factors affecting the
home. I have considered the overall appeal, number of bedrooms and bathrooms, design and condition of the property.
Based on all of these factors I have determined that the current reasonable exposure time for the subject is 0-6 months.
The subject neighborhood exhibits a wide range in values. The estimated value of the subject property is somewhat above
the predominant value, but well within the range exhibited for the neighborhood. The sales exhibited are all situated within
the subject's market and demonstrate the marketability of homes in the subject's value range. The appraised value of the
subject property is bracketed on both an adjusted and unadjusted basis. Therefore, the subject is not underimproved or
overimproved.
The subject property is located in a Termite Infestation Probability Zone #1 (TIP Zone 1 - "VERY HEAVY"). The
appraier did NOT observe any evidence of wood destroying organisms during the inspection. However, it is
recommended that a local certified exterminator inspect the propoerty and provide a termite certification.
The Intended User of this appraisal report is the M&M Contractor-Lender/Client-HUD. The intended use for this
REO appraisal is to estimate the 'as-is' market value of the Subject property in order to provide a basis for
determining the listing price of the property for marketing purposes, 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.
A head and shoulders inspection was completed for the attic area (and crawl space if applicable) and the appraiser found
no abnormalities based on readily observable conditions. Based on this, it appears as though the attic area is in conforms
to FHA minimum guidelines.
Addendum Page 3 of 5
ADDENDUM
Borrower: Lordeus, Luciana
Property Address: 2711 Dorson Way
City: Delray Beach
Lender: Generation Mortgage
State: FL
Because this appraisal was originally for a Reverse Mortgage, no "Property Condition Report" was provided by the
M& M contractor.
As directed by the Lender/Client (Contractor), the "as-is" opinion of value estimate is based upon the anticipation
of a consummated sale of the property within the time frame defined by Section 24 CFR 206.125, paragraph (g) of
the Federal Register.
The subject property was vacant at the time of inspection and the utilities were turned off. This appraisal assumes
that the utilites will be functional once they are turned back on. No warranties are implied in this statement.
This appraisal is being completed "as-is" at the request of the lender/client.
Additional Features, or lack of them, for all comparables were verified with the data source identified.
Any seller concessions toward purchaser closing costs had no impact in this analysis.
This appraisal is not a home inspection and the appraiser is not acting as a home inspector when preparing the report. The
borrower has the right to have the home inspected by a professional home inspector.
When performing the inspection of this property, the appraiser visually observed areas that were readily accessible. The
appraiser is not required to disturb or move anything that obstructs access or visibility.
When completing the appraisal, a visual inspection was done in accordance with FHA guidelines. The inspection is not
technically exhaustive. The inspection does not offer warranties or guarantees of any kind. The intended user of this
appraisal is the M&M Contractor-Lender/Client-HUD.
The property condition report has NOT been provided by the M&M Contractor-Lender/Client-HUD.
The subject property is insurable with repair escrow (will meet FHA minimum property requirements without
repairs estimated to exceed $5,000).
The subject property will meet all FHA/HUD minimum property requirements (MPR) as outlined by Handbooks
4150.2 Appendix A, C, & D and 4905.1, and all applicable mortgagee letters, one the following MPR items are
satisfied.
MPR:
There is exterior wood rot and defective paint surfaces throughout some areas of the exterior. ($500)
The HVAC system is not functional and must be repaired. ($2,500)
There is water damage in the master bath from a defective exterior door that must be repaired. ($500)
Total MPR: $3,000
Non-MPR:
There is previous water damage to the celing in the garage and guest bedroom from a defective roof. Per the
owner, the roof was replaced around 5 years ago and the discolored ceiling needs to be painted. ($500)
Total non-MPR: $500
Additional Comments
Clarification of Intended Use and Intended User:
The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal,
reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are
identified by the appraiser.
ADDENDUM CLARIFYING SCOPE OF WORK AND INTENDER USER
Appraisal: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to
appraising and related functions such as appraisal practice or appraisal services.
Appraiser: a state licensed or state certified individual who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.
Appraisal is a branch of applied economics. It is distinct from the applied sciences (engineering, surveying, mold or
environmental testing, etc), from the building trades (home inspection, pest and dry rot inspection, roof inspection,
construction, etc.), and from the applied arts (architecture, home design or drafting).
The purchaser, owner or mortgage lender should be aware of the fact that this appraisal report is not a home inspection
report and that appraisers are not home inspectors. Our training, experience and areas of expertise are very different. You
Addendum Page 4 of 5
ADDENDUM
Borrower: Lordeus, Luciana
Property Address: 2711 Dorson Way
City: Delray Beach
Lender: Generation Mortgage
State: FL
should not rely on this report as a warranty to the condition of the mechanical, structural or roofing systems. Our analysis is
based on our general observations, from readily observable conditions, that were or were not present, at the time of our
visit to the subject property. A home inspection from an ASHI member is always suggested.
The testing of systems (structural, electrical, mechanical, heating, cooling, plumbing) and components (such as appliances,
fixtures, doors, windows, etc.) lies outside of the scope of this appraisal assignment.
The appraiser is not licensed as a home inspector, and for the appraiser to perform the actions of a home inspector such as
testing could subject the appraiser to sanctions for unlicensed home inspection activity in this State.
Inspection: A visual observation of the unobstructed, exposed surfaces of accessible areas from standing height at ground
level.
Complete visual inspection of the interior areas of the subject property: A visual observation from standing height at
ground level of the accessible areas and unobstructed, exposed surfaces of the living area without removal of personal
possessions. It includes the visual observation of attached automobile storage, if any, as well as of any attached accessory
buildings judged by the appraiser to have contributory value.
Complete visual inspection of the exterior of the subject property: A visual observation of the unobstructed, exposed, and
accessible perimeter of the residential improvements and subject site from standing height at ground level. It includes the
visual observation of detached automobile storage, if any, as well as of any detached accessory buildings judged by the
appraiser to have contributory value.
Living area: Living area is defined as legal, finished, permanently heated, living space contiguous with other living area and
regarded by a typical purchaser as being habitable and as having utility. Unless otherwise specified and the reason given
why, the visual observation excludes the attic, the crawl space, any unfinished basement, and below grade storage.
Intended User: The intender user of this report is the client named in this report and its ultimate funding source. In
accordance with the Appraisal Standard Board's interpretation of Certification # 23, the use of this appraisal 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 fo this appraisal report form, and Definition of Market Value. No additional
Intended Users are indentified by the appraiser.
This report is not intended for use by the borrower for the purpose of identifying any adverse conditions in the subject's
systems and components which might be revealed by any inspections by licensed professionals in any relevant field. This
appraisal does not guarantee that the subject property is free of undetected problems, possible defects or environmental
hazards that could exist.
Use: Reading the appraisal report or possessing the report does not constitute use. Relying on the appraisal report to
understand how the appraiser developed the opinion of value does not constitute use. Use means relying on the appraisal
report to make a decision or to take an action.
The MLS utilized in this appraisal is www.fl.flexmls.com. The public records/assessment records are obtained through
CRS, which are the assessor's records.
The location map generated by the appraiser in this appraisal is the most representative of the subject and comparables
with the mapping software utilized. The extent of the detail and magnification is the best available, that depicts the subject
property and all comparables. As with all software there are limitations.
Based on readily observable conditions, the subject property is NOT known to have "Chinese Drywall." "Chinese Drywall" is
known to emit abnormally high levels of sulfur resulting in a "rotten egg" smell and corrosion and discoloration of copper in
the home including electrical wiring, plumbing, and HVAC. The FDA is also investigating "Chinese Drywall" for potential
health hazards relating to the sulfur secretions in residential property. The appraiser highly recommends that drywall
testing is done by the appropriate trained professional to determine if the property does in fact contain "Chinese Drywall"
because this is beyond the appraiser's scope of work and area of expertise. Readily observable conditions do NOT
indicaste the presence of "Chinese Drywall." If the subject property is found to have "Chinese Drywall" after additional
testing, the appraiser reserves the right to ammend this appraisal.
External factors/influences observed during the inpsection or from aerial photography (e.g. Google mas, Bing maps, etc.)
for the subject and all comparables do not yeild negative market reactions to marketability, unless otherwise noted.
No employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent
contractor, appraisal company, appraisal management company, or partner on behalf of the Seller has influenced or
attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion,
collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner.
I represent and warrant that, as of the date of this Report, I have had no contact with anyone that would in any way be
construed as a violation of the Appraiser Independence Requirements; the only individuals with whom I have had any
contact regarding my preparation of this Report have been limited to representatives of LRES Corporation and the
designated individual required for entry into the subject property for purposes of inspection. No agent or representative of
lender/client whose name appears on the first page of this Report has contacted me directly and I am obligated to and
would report any such unauthorized contact, whether in person, by phone, or electronically, to LRES Corporation
immediately.
Addendum Page 5 of 5
ADDENDUM
Borrower: Lordeus, Luciana
Property Address: 2711 Dorson Way
City: Delray Beach
Lender: Generation Mortgage
State: FL
Addendum Page 1 of 1
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
509 Cortez Ln
Delray Beach, FL 33445
s08/14;c05/14
110,000
4093 Maurice Dr
Delray Beach, FL 33445
s07/14;c05/14
109,000
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
587 NW 45th Dr
Delray Beach, FL 33445
c10/14
169,600
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Subject Patio
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Subject Kitchen
Subject Bath
Subject Bedroom
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
Subject Bedroom
Subject Bedroom
Subject Bath
Lordeus, Luciana
2711 Dorson Way
Delray Beach
Generation Mortgage
FL
1410139
0950751253952
33445
FL
1410139
0950751253952
33445