appraisal of real property - vermont€¦ · appraisal was developed and the report was prepared in...

FHA/VA Case No.

APPRAISAL OF REAL PROPERTY

4452 Darling Hill RdBurke, VT 05832

See attached deed

State of Vermont4 Governor Aiken AveMontpelier, VT 05633

650,000

09/18/2019

Annie GuyerReynolds Real Estate Appraisal Services

791 Broad StLyndonville, VT 05851

(802) [email protected]

Annie Guyer

Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

LOCATED AT

FOR

OPINION OF VALUE

AS OF

BY

FHA/VA Case No.

Reynolds Real Estate Appraisal Services791 Broad StLyndonville, VT 05851(802) 626-9357Annie Guyer

10/07/2019

Amy T. McCaffreyState of Vermont4 Governor Aiken AveMontpelier, VT 05633

Re: Property: 4452 Darling Hill RdBurke, VT 05832

Borrower: State of VermontFile No.: 0519-195R

Opinion of Value: $650,000Effective Date: 09/18/2019

In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached.

The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership.

This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you.

Sincerely,

Annie GuyerCertified Residential AppraiserLicense or Certification #: 079-0000221State: VT Expires: 05/31/[email protected]

FHA/VA Case No.

State of Vermont 0519-195R4452 Darling Hill RdBurke Caledonia VT 05832State of Vermont

APPRAISAL AND REPORT IDENTIFICATION

2-2(a)

2-2(b)

Comments on Standards Rule 2-3

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

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

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

analyses, opinions, and conclusions.

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

- Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year

period immediately preceding acceptance of this assignment.

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

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

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

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

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

were in effect at the time this report was prepared.

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

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

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

Comments on Appraisal and Report IdentificationNote any USPAP related issues requiring disclosure and any State mandated requirements:

Appraisers USPAP/A.I.RI have no current or prospective interest in the subject property or the parties involved; and no serviceswere performed by the appraiser within the 3 year period immediately preceding acceptance of thisassignment, as an appraiser or in any capacity.If any of this information is to the contrary, I have appropriately commented and remarked in my report.XI FIRREATitle XI FIRREA compliance statement: Appraiser certifies that the appraisal was prepared in accordancewith the requirements of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of1989, as amended (12 U.S.C. 3331 et seq), and any implementing regulations.

Annie GuyerCertified Residential Appraiser

079-0000221

VT 05/31/202010/07/2019

09/18/2019

09/18/2019

Form ID14 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Borrower

Lender/Client

File No.

Property Address

City County State Zip Code

This Report is one of the following types:

Appraisal Report (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)

RestrictedAppraisal Report

(A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report,restricted to the stated intended use by the specified client or intended user.)

APPRAISER:

Signature:

Name:

State Certification #:

or State License #:

State: Expiration Date of Certification or License:

Date of Signature and Report:

Effective Date of Appraisal:

Inspection of Subject: None Interior and Exterior Exterior-Only

Date of Inspection (if applicable):

SUPERVISORY or CO-APPRAISER (if applicable):

Signature:

Name:


or State License #:


Date of Signature:

Inspection of Subject: None Interior and Exterior Exterior-Only

Date of Inspection (if applicable):

FHA/VA Case No. Reynolds Real Estate

0519-195RRESIDENTIAL APPRAISAL REPORT4452 Darling Hill Rd Burke VT 05832

Caledonia See attached deed07020043.000

2019 10,471.85 0 State of VermontState of Vermont

0Town of Burke See attached map 9571

Determine current market value

State of VermontState of Vermont 4 Governor Aiken Ave, Montpelier, VT 05633

Annie Guyer 791 Broad St, Lyndonville, VT 05851

9575

900650

030030

50017

Agric/Timb 42Town of Burke and surrounding

townships; North; Bugbee Crossing Rd, South; Darling Hill Rd, East; Darling Hill Rd, West; Bumps Rd.

See attached deed 16.50 acResidential 2 acre minimum lot size

Single family residence Single family residenceMost recently the subject has been used as a single family residence. Based on the area and

predominant use of property, a single family residence appears to be the highest and best use.

Private, propanePrivate,drilled wellPrivate, septic/LFNone

GravelNoneNoneNoneNone

Rolling16.50 acIrregularAppears adequateMtns

C 5000250008B 6/4/1980This appraiser is not qualified to determine adverse environmental conditions, an environmental engineer could be

consulted to make such determinations. Private water and private septics are typical for the area. Public water and sewer is not available. Propane is used since natural gas is not available.

11.5

Cape

2713

CementWdClpbSSMetalSomeDblHngYes

Full

1,2660

CementBulkhead

HWBBOil

None

Wd/Crpt//TileDrywallWoodTileFBGWood

101100

1 62

4Gravel

6 3 2.0 2,491Finished room over garage.

In December of 2012 the home was purchased and over the next 4 years many renovations were completed. Then the subject property was vacated in the spring of 2016. While vacant the heating system was damaged. In April of 2019 the current owners repaired the heating system and any other related damages. See the attached list of the repairs that were made. The home appears in good condition and of better than average construction. I am completing this appraisal with the extraordinary assumption that the utilities and mechanical systems in the home are in good condition and function properly.

Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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Property Address: City: State: Zip Code:

County: Legal Description:

Assessor's Parcel #:

Tax Year: R.E. Taxes: $ Special Assessments: $ Borrower (if applicable):

Current Owner of Record: Occupant: Owner Tenant Vacant Manufactured Housing

Project Type: PUD Condominium Cooperative Other (describe) HOA: $ per year per month

Market Area Name: Map Reference: Census Tract:

AS

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NM

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The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)

This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective

Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work)

Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)

Intended Use:

Intended User(s) (by name or type):

Client: Address:

Appraiser: Address:

MA

RK

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EA

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SC

RIP

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Location: Urban Suburban Rural

Built up: Over 75% 25-75% Under 25%

Growth rate: Rapid Stable Slow

Property values: Increasing Stable Declining

Demand/supply: Shortage In Balance Over Supply

Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos.

PredominantOccupancy

Owner

Tenant

Vacant (0-5%)

Vacant (>5%)

One-Unit Housing

PRICE

$(000)

Low

High

Pred

AGE

(yrs)

Present Land Use

One-Unit %

2-4 Unit %

Multi-Unit %

Comm'l %

%

Change in Land Use

Not Likely

Likely * In Process *

* To:

Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):

SIT

E D

ES

CR

IPT

ION

Dimensions: Site Area:

Zoning Classification: Description:

Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning

Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) $ /

Highest & Best Use as improved: Present use, or Other use (explain)

Actual Use as of Effective Date: Use as appraised in this report:

Summary of Highest & Best Use:

Utilities Public Other Provider/Description Off-site Improvements Type Public Private

Electricity

Gas

Water

Sanitary Sewer

Storm Sewer

Street

Curb/Gutter

Sidewalk

Street Lights

Alley

Topography

Size

Shape

Drainage

View

Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe)

FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Site Comments:

DE

SC

RIP

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N O

F T

HE

IM

PR

OV

EM

EN

TS

General Description

# of Units Acc.Unit

# of Stories

Type Det. Att.

Design (Style)

Existing Proposed Und.Cons.

Actual Age (Yrs.)

Effective Age (Yrs.)

Exterior Description

Foundation

Exterior Walls

Roof Surface

Gutters & Dwnspts.

Window Type

Storm/Screens

Foundation

Slab

Crawl Space

Basement

Sump Pump

Dampness

Settlement

Infestation

Basement None

Area Sq. Ft.

% Finished

Ceiling

Walls

Floor

Outside Entry

Heating

Type

Fuel

Cooling

Central

Other

Interior Description

Floors

Walls

Trim/Finish

Bath Floor

Bath Wainscot

Doors

Appliances

Refrigerator

Range/Oven

Disposal

Dishwasher

Fan/Hood

Microwave

Washer/Dryer

Attic None

Stairs

Drop Stair

Scuttle

Doorway

Floor

Heated

Finished

Amenities

Fireplace(s) #

Patio

Deck

Porch

Fence

Pool

Woodstove(s) #

Car Storage None

Garage # of cars ( Tot.)

Attach.

Detach.

Blt.-In

Carport

Driveway

Surface

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

Additional features:

Describe the condition of the property (including physical, functional and external obsolescence):

Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

FHA/VA Case No.

0519-195RRESIDENTIAL APPRAISAL REPORT

Vermont RE Sales

05/09/190TR/MLS/VT RE Sales

Per the local MLS-NEREN, VT RE Sales Data and town records, the subject was purchased on 05/09/2019 for $0. There have been no other sales or transfers in the past 3 years. Per the same sources the comparables have not sold or transferred in the past year.


Fee SimpleRural16.50 acMtnsCapeGood27Good

6 3 2.02,491

Full, unfinishedNoneAverageHWBB/NoneInsulation2 Car Garage1Porch/1Deck

Fireplace/Stove 1FPMisc. FinRoomLand Value 175A

3298 Darling Hill RdBurke, VT 058321.15 miles SW

630,000250.10

NEREN#4623554;DOM 356Inspec/TownRec/NEREN-MLS

ArmLthConv;004/19/2018Fee SimpleResidential8.46 ac +35,000MountainContempGood21Good

6 1 2.0 +6,0002,519

Full, part finish4Rooms/1Bath -15,000AverageHWBB/NoneInsulation2 Car Garage1EP/2P/1Stp -7,0001FPNone +5,000140A

24,000

Net 3.8 %

Gross 10.8 % 654,000

29 Dashney RdEast Burke, VT 058321.90 miles SE

629,000111.76

NEREN#4715183;DOM 9Inspec/TownRec/NEREN-MLS

ArmLthConv;011/30/2018Fee SimpleRural4.88 ac +78,000PastoralColonialExcellent -10,000~11Good

14 6 4.0 -6,0005,628 -62,740

Full, part finish4Room/1/2Bath -13,500AverageHWRad/NoneInsulation2 Car GarageNone +4,0001FPPond 097A

-10,240

Net 1.6 %

Gross 27.7 % 618,760

6277 Kirby Mt RdKirby, VT 058246.11 miles S

550,000195.94

NEREN#4694300;DOM 66Driveby/TR/NEREN-MLS

ArmLthConv;009/28/2018Fee SimpleRural16.00 ac +84,000MountainsContemporaryGood11Excellent -10,000

6 3 2.02,807 -6,320

0sf +5,000

AverageHWRad/NoneInsulation2 Car Garage1Porch/1Patio2FP -2,000Shop/3Shds -3,00091A

67,680

Net 12.3 %

Gross 20.1 % 617,680See comments on "Additional Comparables" page.

650,000


File No.:

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

Data Source(s):

1st Prior Subject Sale/Transfer

Date:

Price:

Source(s):

2nd Prior Subject Sale/Transfer

Date:

Price:

Source(s):

Analysis of sale/transfer history and/or any current agreement of sale/listing:

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SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal.

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

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.

Sales or Financing

Concessions

Date of Sale/Time

Rights Appraised

Location

Site

View

Design (Style)

Quality of Construction

Age

Condition

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

Room Count

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

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

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

Adjusted Sale Price

of Comparables $ $ $

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

FHA/VA Case No.

0519-195RRESIDENTIAL APPRAISAL REPORT

3 recent sales in the local area ranging in sold price from $141000 to $206000 and in lot size from 9.60 acres to 38.40 acres. MLS #4609449, 4728541, and 4710060.

175,000

0

Per Fannie Mae the cost approach is not neccessary for credible results and may be misleading for credible results.

47

650,000After considering all 3 approaches to value this appraiser used the sales comparison approach since this type of

property is seldom purchased for income purposes as there is little data for the income approach, and the cost approach is not considered to be accurate due to the difficulty in figuring depreciation.

650,000 09/18/2019

35

Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum

Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House AddendumHypothetical Conditions Extraordinary Assumptions

Amy T. McCaffrey State of [email protected] 4 Governor Aiken Ave, Montpelier, VT 05633

Annie GuyerReynolds Real Estate Appraisal Services

(802) 626-9357 (802) [email protected]

10/07/2019079-0000221 VT

Certified Residential Appraiser05/31/2020

09/18/2019


File No.:

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COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal.

Provide adequate information for replication of the following cost figures and calculations.

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value):

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost data:

Quality rating from cost service: Effective date of cost data:

OPINION OF SITE VALUE =$

DWELLING Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

Sq.Ft. @ $ =$

=$

Garage/Carport Sq.Ft. @ $ =$

Total Estimate of Cost-New =$

Less Physical Functional External

Depreciation =$( )

Depreciated Cost of Improvements =$

''As-is'' Value of Site Improvements =$

=$

=$

INDICATED VALUE BY COST APPROACH =$

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

Estimated Remaining Economic Life (if required): Years

INC

OM

E A

PP

RO

AC

H INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal.

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

Summary of Income Approach (including support for market rent and GRM):

PU

D

PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development.

Legal Name of Project:

Describe common elements and recreational facilities:

RE

CO

NC

ILIA

TIO

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

Final Reconciliation

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been

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

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

This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.

Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subjectof this report is: $ , as of: , which is the effective date of this appraisal.If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.

AT

TA

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ME

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S A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be

properly understood without reference to the information contained in the complete report.

Attached Exhibits:

SIG

NA

TU

RE

S

Client Contact: Client Name:

E-Mail: Address:

APPRAISER

Appraiser Name:

Company:

Phone: Fax:

E-Mail:

Date of Report (Signature):

License or Certification #: State:

Designation:

Expiration Date of License or Certification:

Inspection of Subject: Interior & Exterior Exterior Only None

Date of Inspection:

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

Supervisory orCo-Appraiser Name:

Company:

Phone: Fax:

E-Mail:

Date of Report (Signature):

License or Certification #: State:

Designation:

Expiration Date of License or Certification:

Inspection of Subject: Interior & Exterior Exterior Only None

Date of Inspection:Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

FHA/VA Case No.

0519-195RADDITIONAL COMPARABLE SALES


Fee SimpleRural16.50 acMtnsCapeGood27Good

6 3 2.02,491

Full, unfinishedNoneAverageHWBB/NoneInsulation2 Car Garage1Porch/1Deck

Fireplace/Stove 1FPMisc. FinRoomLand Value 175A

552 Alpine LnBurke, VT 058322.53 miles SE

713,200291.22

NEREN#4719118;DOM 335Driveby/TR/NEREN-MLS

ArmLthConv;012/21/2018Fee SimpleSki Resort1.27 ac +25,000MtnsCapeExcellent -10,00015Excellent -10,000

8 3 2.1 -1,5002,449

Full, part finish5Room/1Bath -18,000AverageHWRad/NoneInsulation2 Car Garage1EP/1P/1Deck -5,0002FP/GS -2,500None +5,000150A

-17,000

Net 2.4 %

Gross 10.8 % 696,200Net %

Gross %

Net %

Gross %See addendum #1.

Form GPRES2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #

Address

Proximity to Subject

Sale Price $ $ $ $

Sale Price/GLA $ /sq.ft. $ /sq.ft. $ /sq.ft. $ /sq.ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.

Sales or Financing

Concessions

Date of Sale/Time

Rights Appraised

Location

Site

View

Design (Style)

Quality of Construction

Age

Condition

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

Room Count

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

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

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

Adjusted Sale Price

of Comparables $ $ $

Summary of Sales Comparison Approach

Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

3/2007

FHA/VA Case No.

0519-195R

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 they consider their own best interests; (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. (Source: FDIC Interagency Appraisal and

Evaluation Guidelines, 2010.)

* 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 LIMITING CONDITIONS AND CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the

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

The property is valued on the basis of it being under responsible ownership.

2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to

assist the reader of the report in visualizing the property. The appraiser has made no survey of the property.

3. 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.

4. Any distribution of valuation between land and improvements in the report applies only under the existing program of

utilization. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal

and are invalid if they are so used.

5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental

conditions (including the presence of hazardous waste, toxic substances, etc.) that would make the property more or less

valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied,

regarding the condition of the property. 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. This appraisal report must not be

considered an environmental assessment of the subject property.

6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources

that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility

for the accuracy of such items that were furnished by other parties.

7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of

Professional Appraisal Practice, and any applicable federal, state or local laws.

8. 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 completion of the improvements will be performed in a workmanlike

manner.

9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can

distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional

designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to

anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional

appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of

the United States or any state or the District of Columbia; except that the lender/client may distribute the property description

section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written

consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone

to the public through advertising, public relations, news, sales, or other media.

10. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent

upon the reporting of a predetermined value or direction of value or upon an action or event resulting from the analysis,

opinions, conclusions, or the use of this report. This assignment is not based on a required minimum, specific valuation, or

the approval of a loan.

Form ACR2_DEFD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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Page 1 of 2

FHA/VA Case No.

0519-195R

CERTIFICATION: The appraiser certifies and agrees that:

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

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and

are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no

personal interest with respect to the parties involved.

4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property

that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

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

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

7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined

value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated

result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform

Standards of Professional Appraisal Practice that were in effect at the time this report was prepared.

9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the

subject of this report, and the exteriors of all properties listed as comparables.

10. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this

certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is

stated elsewhere in this report).

4452 Darling Hill Rd, Burke, VT 05832

Annie GuyerTitle: Certified Residential Appraiser

079-0000221

VT 05/31/202010/07/2019

Form ACR2_DEFD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.

ADDRESS OF PROPERTY ANALYZED:

APPRAISER:

Signature:

Name:


or State License #:


Date Signed:

SUPERVISORY or CO-APPRAISER (if applicable):

Signature:

Name:


or State License #:


Date Signed:

Did Did Not Inspect Property

Page 2 of 2

FHA/VA Case No.

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

0519-195RState of Vermont4452 Darling Hill RdBurke Caledonia VT 05832State of Vermont

Sales Comparison Comments: After carefully analyzing recent sales in the Burke area, 4 sales were found that were

similar after expanding the range to nearby towns and sales over a year. These 4 sales were thought to be the best to help

determine the value of the subject. Recent market activity seems to indicate that property on Darling Hill and near the

Kingdom Trails (located in Lyndon and East Burke with connector trails in Kirby and East Haven) sells higher than towns

farther away in northern Caledonia County.

-In arriving at a final indicated value, I have placed most emphasis on the sales comparison approach as it reflects the

actions of buyers and sellers in the market. The adjusted sales indicate a value range from $612000 to $696000 on the

most recent sales. All sales were given consideration in my final reconcilation of value with the most weight on comparable

sale #1 due to the similar proximity on Darling Hill and I have selected $650000 as being the most representative of value.

Adjustments made for items the appraiser considers to have value in the marketplace. Adjustments are derived from the

market/matched paired analysis and the appraisers own knowledge and experience in the field. Some information comes

from local contractors and professionals in the area. Site; (adjusted $35000 for comp 1, $78000 for comp 2, $84000 for

comp 3 and $25000 for comp 4. View, lot size and location are all considered when determining site values. Site values in

the subject market area are affected by view, lot size, location, ability to develop and proximity to recreation areas. These

are the main attributes that impact site value and have the largest impact on the overall value. Due to a lack of matched

paired data the appraiser uses land sales which offer similar site attributes to each comparable. A value is given to each

comparables site and then adjusted with the subjects site value. This is how site adjustments are determined in the report.)

Quality of construction; (adjusted $10000 for excellent quality) condition; (adjusted $10000 for excellent condition)

bedrooms; (adjusted $3000 for the difference between 1, 2 & 3 bedroom) baths; (adjusted $1500 for a half bath and $3000

for a full bath) square footage; (adjusted $20 per square foot for any difference over 100 sq. ft.) finished rooms below

grade; (adjusted $3000 per room or bath) garage; (adjusted $5000 per car space) stoop/deck/patio/porch; (adjusted $1000

for a stoop, $1500 for a patio or deck, $2500 for an open porch and $5000 for an enclosed porch) stove/fireplace; (adjusted

$500 for a gas stove or woodstove and $2000 for a fireplace). There was also an adjustment of $1000 for a shed and

$5000 for a pond or shop.

Site value is estimated to be $175000 and remaining economic life is estimated to be 47 years.

This report is for use only by, the State of Vermont, the Client. Use of this report by others is not intended by this

appraiser.

The "other" in the current land use percentage is for agricultural or timber use.

Additional Comments:

*The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized

representatives.

Final Reconciliation: After considering all 3 approaches to value the appraiser applied the sales comparison approach.

The income approach was considered but was not completed due to the lack of crucial data and information and the cost

approach is not always considered accurate due to the difficulty figuring depreciation. No sales within the past three years

for the subject, except for the one previously noted, or the past one year for the comparables other than those listed. The

appraisers conclusion of value is based on the assumption that there are no hidden or unapparent conditions on the

property that might impact upon buildabilty. A title search could determine if the if the property is suitable for the intended

use. This appraiser makes no representations, guarantees or warranties.

Intended Use: The intended use of this report is to evaluate the property that is the subject of this appraisal to determine

the current market value. The appraisal is subject to the stated scope of work, purpose of the appraisal reporting

requirements of this appraisal form and definition of market value. This appraisal is not intended for Fannie Mae or Freddie

Mac use. No additional intended users are identified by the appraiser. Use of this report by others is not intended by this

appraiser.

The fee for this appraisal is $1000. If I am required to appear in court as an expert witness, hourly charges will be added as

well as appropriate mileage reimbursement.

Addendum Page #1Borrower

Lender/Client

File No.

Property Address


FHA/VA Case No.

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

0519-195RState of Vermont4452 Darling Hill RdBurke Caledonia VT 05832State of Vermont

Intended Purpose and Function: The enclosed appraisal report is considered an Appraisal Report as defined in section

2-2 (a) of the Uniform Standards of professional Appraisal Practice. The reviewer of this report must be reminded that this

is not a narrative and most adjustments, appraisal theories, etc., are not explained in detail, nor are they required to be.

Neighborhood Description: Burke has schools K-8 with 2 private high schools and some employment, shopping and

services. More schools, shopping, employment and services can be found in the nearby town of Lyndonville. Employment

in the area is stable and roads are good for commuting if needed. There are ski areas, lakes & golf courses nearby for

recreation & tourism. The subject is a cape style home on 16.50+/- acres and is typical for the area.

The Burke area has become a hot spot with the Kingdom Trails being centered in East Burke with trails extending south

into Lyndon, north into East Haven and east into Kirby. Darling Hill is especially sought after due to the panoramic views

and easy access to the Kingdom Trails year round and just 5 minutes to the Burke Mountain ski resort.

Market Conditions: The market appears steady and interest rates are available from 3.0 - 8% depending on points, term

& credit history. Marketing time is typically over 6 months but can increase slightly over the winter months since few people

want to move at that time and it is not uncommon for homes to remain on the market for over 12 months.

There are several banks and mortgage companies in the area to choose from. Financing available includes VA, FHA and

VHFA as well as conventional.

Scope of Work: This appraisal assignment was completed with an interior and exterior inspection of the property. The

appraiser obtained data from the local town office, MLS-NEREN, local brokers, the owner and contractors. The majority of

the weight was placed on the sales comparison approach for this appraisal. The appraiser obtains information on the

comparables through area brokers, MLS database, buyers, and public records. The cost approach is considered most

accurate for new homes and would not be considered necessary or applicable for this assignment. The income approach

was considered but was not utilized due to the lack of market rental data.

The appraiser is not a building/residential home inspector. This appraisal is not a home inspection. The appraiser

performed a visual observation of accessible areas and the appraisal report can not be relied upon to disclose conditions

and/or defects in the property. The services of a qualified individual are recommended if a building inspection is desired.

Highest & Best Use: Highest and best use both vacant and improved is for residential or recreational purposes. This

appraiser did not find any information to support the change in use of the subject property.

Site Comments: The subject site is mostly open with a mountain view. No adverse easements, encroachments or any

other adverse conditions were present or seen to affect the subject property.

Additional Certification: The reported analysis, opinions and conclusions were developed, and this report has been

prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal

Practice of the Appraisal Institute, which includes the Uniform Standards of Professional Appraisal Practice.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized

representatives.

Addendum Page #2Borrower

Lender/Client

File No.

Property Address


FHA/VA Case No.

Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page

State of Vermont4452 Darling Hill RdBurke Caledonia VT 05832State of Vermont

Subject Front

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

4452 Darling Hill Rd

2,491632.0RuralMtns16.50 acGood27

Subject Rear

Subject Street

Borrower

Lender/Client

Property Address


FHA/VA Case No.


Subject Photo Page


Subject Side

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age



Subject Garage

Subject Street

Borrower

Lender/Client

Property Address


FHA/VA Case No.


Subject Photo Page


Subject View

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age



Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PIC3X5.SI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Interior Photo Page


Subject Kitchen

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age



Subject Bath

Subject Living

Borrower

Lender/Client

Property Address


FHA/VA Case No.




Subject Den

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age



Subject Bedroom

Subject Bedroom

Borrower

Lender/Client

Property Address


FHA/VA Case No.




Subject Bath

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age



Subject Bedroom

Subject Oil Tanks

Borrower

Lender/Client

Property Address


FHA/VA Case No.




Subject Electric

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age



Subject Boiler

Subject Basement

Borrower

Lender/Client

Property Address


FHA/VA Case No.




Finished room over Garage

Sales Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age



Subject Garage Interior

Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page


Comparable 1

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

3298 Darling Hill Rd1.15 miles SW630,0002,519612.0ResidentialMountain8.46 acGood21

Comparable 2

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

29 Dashney Rd1.90 miles SE629,0005,6281464.0RuralPastoral4.88 acExcellent~11

Comparable 3

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

6277 Kirby Mt Rd6.11 miles S550,0002,807632.0RuralMountains16.00 acGood11

Borrower

Lender/Client

Property Address


FHA/VA Case No.

Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page


Comparable 4

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

552 Alpine Ln2.53 miles SE713,2002,449832.1Ski ResortMtns1.27 acExcellent15

Comparable 5

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Comparable 6

Prox. to Subject

Sale Price

Gross Living Area

Total Rooms

Total Bedrooms

Total Bathrooms

Location

View

Site

Quality

Age

Borrower

Lender/Client

Property Address


FHA/VA Case No.

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

Building Sketch (Page - 1)


Borrower

Lender/Client

13'

7'

16'

32'

30'

5'10'

11'

5'

22'

Deck

Den

Garage

Kitchen

Foyer Bedroom

Bath

Living

Dining

Porch

1st Floor

13'

13'

12'

1.5'

23'

40'

8'

Bedroom

Bath

Bedroom

Open to Below

2nd Floor

Sketch only, not to scale.

18'

32'Finished Room

Over Garage

13'

7'

16'

32'

30'

5'10'

27'

BH

OT EP

WS

BLR

Basement

TOTAL Sketch by a la mode, inc.

Property Address


FHA/VA Case No.

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

Building Sketch (Page - 2)


Borrower

Lender/Client

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

Living Area Calculation Details

First Floor 1443.5 Sq ft 0.5 × 2 × 4 = 4

0.5 × 4 × 2 = 4

7 × 4 = 28

32 × 30 = 960

10 × 22 = 220

5 × 10 = 50

11 × 5 = 55

0.5 × 6 × 5 = 15

10 × 4.5 = 45

0.5 × 10 × 12.5 = 62.5

Second Floor 1047 Sq ft 40 × 18 = 720

13 × 12 = 156

5 × 1.5 = 7.5

13 × 12 = 156

5 × 1.5 = 7.5

Total Living Area (Rounded): 2491 Sq ft

Non-living Area

Third Floor 576 Sq ft 18 × 32 = 576

Undefined Area 1266 Sq ft 0.5 × 2 × 4 = 4

0.5 × 4 × 2 = 4

7 × 4 = 28

32 × 30 = 960

27 × 10 = 270

Property Address


FHA/VA Case No.

Repairs since purchase by State of Vermont

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

FHA/VA Case No.

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

Location Map


Borrower

Lender/Client

Property Address


FHA/VA Case No.

Deed


FHA/VA Case No.

Sales Data


FHA/VA Case No.

Map


FHA/VA Case No.

Appraisers License


FHA/VA Case No. Reynolds Real Estate

Annie Guyer

Reynolds Real Estate Appraisal Services

791 Broad St

Lyndonville, VT 05851-8799

(802) 626-9357 (802) 626-6913

Amy T. McCaffrey

State of Vermont

4 Governor Aiken Ave

Montpelier, VT 05633

0519-195R

09/30/2019

0519-195R

0519-195R

41-2224103

State of Vermont State of Vermont

State of Vermont


Burke

Caledonia VT 05832

See attached deed

Appraisal for the State of Vermont 1,000.00

Please make checks payable to Annie Guyer,

Thank you.

1,000.00

1,000.00

Form NIV5D - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

FROM:

Telephone Number: Fax Number:

TO:

E-Mail:

Telephone Number: Fax Number:

Alternate Number:

INVOICEINVOICE NUMBER

DATES

Invoice Date:

Due Date:

REFERENCE

Internal Order #:

Lender Case #:

Client File #:

FHA/VA Case #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

DESCRIPTION

Lender: Client:

Purchaser/Borrower:

Property Address:

City:

County: State: Zip:

Legal Description:

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:

Date:Check #: Description:

Check #: Date: Description:

SUBTOTAL

TOTAL DUE $

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