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Brian Ward Appraisal File No.

CONFIDENTIAL
Case No. CONFIDENTIAL

Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

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Brian Ward Appraisal
File No. CONFIDENTIAL
Case No. CONFIDENTIAL

Table of Contents
Page Title Page #
Brian Ward Appraisal 1

Table of Contents 2

Transmittal Letter 3

Comments / Scope of Work 4

URAR Page 1 5

URAR Page 2 6

URAR Page 3 7

Extra Comps 4-5-6 8

FNMA 1004MC 9

URAR Page 4 10

URAR Page 5 11

URAR Page 6 12

Photo Subject Lg 13

Photo Subject Extra 14

Photo Subject Extra 15

Photo Subject Extra 16

Photo Subject Extra 17

Photo Subject Extra 18

Photo Subject Extra 19

Photo Comparables 1-2-3 20

Photo Comparables 4-5-6 21

Residential Cost Analysis 22

Sketch 23

Location Map 24

Plat Map 25

Brian Ward Appraisal - License 26

Brian Ward Appraisal - Insurance 27

Invoice 28

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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. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

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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Brian Ward Appraisal
File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Uniform Residential Appraisal Report
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 City San Diego State CA Zip Code 92127
Borrower CONFIDENTIAL Owner of Public Record CONFIDENTIAL County San Diego
Legal Description CONFIDENTIAL
Assessor's Parcel # CONFIDENTIAL Tax Year 2008 R.E. Taxes $ 11,139.00
SUBJECT

Neighborhood Name 4S Ranch Map Reference 1169-E4 Census Tract 170.32


Occupant Owner Tenant X Vacant Special Assessments $ 169/Month/Mello Roos X PUD HOA $ 75 per year X per month
Property Rights Appraised X Fee Simple Leasehold Other (describe)
Assignment Type X Purchase Transaction Refinance Transaction Other (describe)
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

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 One-Unit Housing Present Land Use %
Location Urban X Suburban Rural Property Values Increasing Stable X Declining PRICE AGE One-Unit 40 %
Built-Up Over 75% X 25-75% Under 25% Demand/Supply Shortage X In Balance $ (000) (yrs) 2-4 Unit %
NEIGHBORHOOD

Over Supply
Growth Rapid X Stable Slow Marketing Time X Under 3 mths 3-6 mths Over 6 mths 385 Low 3 Multi-Family 10 %
Neighborhood Boundaries The subject's market area located within the master planned community of 4S Ranch, bound 1,011 High 9 Commercial 20 %
by I15 Freeway (east), Camino del Sur (west), Del Dios Hwy (north), and Black Mountain Park (south). 765 Pred. 6 Other Schl,Prks 30 %
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.
Dimensions 105 x 101.35 x 114.06 x 10.48 x 33.02 x 10 Area Assr: 6,999 SqFt Shape Irregular View Hills, Valley
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
SITE

Electricity X Water X Street Asphalt X


Gas X Sanitary Sewer X 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.
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.

General Description Foundation Exterior Description materials/condition Interior materials/condition


Units X One One with Accessory Unit X Concrete Slab Crawl Space Foundation Walls Concrete/Good Floors Wood,Tile,Carpet/Avg+Good
# of Stories 2 Story Full Basement Partial Basement Exterior Walls Stucco/Good Walls Paint,Drywall/Avg+Good
Type X Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Concrete Tile/Good Trim/Finish Wood,Paint/Avg+Good
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
Year Built 2003 Evidence of Infestation Storm Sash/Insulated Alum-Yes/Good Car Storage None
Effective Age (Yrs) 6 Dampness Settlement Screens Standard/Good X Driveway # of Cars 3
Attic None Heating X FWA HWBB Radiant Amenities Woodstove(s) # Driveway Surface Concrete
Drop Stair Stairs Other Fuel Gas X Fireplace(s) # 2 X Fence Mason,Wood,Iron X Garage # of Cars 3
Floor X Scuttle Cooling X Central Air Conditioning X Patio/Deck CvSlb X Porch Covrd.Slab Carport # of Cars
IMPROVEMENTS

Finished Heated Individual Other Pool Other X Att. Det. Built-in


Appliances P Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave P Washer/Dryer X Other (describe) Double Oven
Finished area above grade contains: 7 Rooms 4 Bedrooms 3.50 Bath(s) 2,925 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? Yes X No If Yes, describe

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No If No, describe

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
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Brian Ward Appraisal
File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Uniform Residential Appraisal Report
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
San Diego, CA 92127 San Diego, CA 92127 San Diego, CA 92127 San Diego, CA 92127
Proximity to Subject 0.30 miles E 0.54 miles N 0.38 miles E
Sale Price $ CONFIDENTIAL $ 705,000 $ 684,000 $ 755,000
Sale Price/Gross Liv. Area $ 0.00 sq. ft. $ 232.75 sq. ft. $ 236.68 sq. ft. $ 252.00 sq. ft.
Data Source(s) MLS#090024779 ADOM:25 MLS#090014725 ADOM:30 MLS#090015798 ADOM:5
Verification Source(s) First American/Realist First American/Realist First American/Realist
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment
Sale or Financing None None None
Concessions Cash Equivalent Cash Equivalent Cash Equivalent
Date of Sale/Time 06/11/20009 05/29/2009 05/15/2009
Location Very Good/4S Ranch Good/Bernardo Springs 19,000 Very Good/4S Ranch Very Good/4S Ranch
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site Assr: 6,999 SqFt 7,565 Sqft 8,671 Sqft -12,000 6,932 Sqft
View Hills, Valley Hills Over Busy Street 15,000 Hills, Apts,Commer,Street 15,000 Hills, Valley
Design (Style) Conventional Conventional Conventional Conventional
Quality of Construction Very Good Very Good Good 38,000 Very Good/Excellent
Actual Age 6 yrs 9 yrs 9,000 7 yrs 3,000 6 yrs
Condition Average/Good Average/Good Average 10,000 Average/Good
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 7 4 3.50 7 4 3.00 1,000 6 3 2.50 2,000 7 4 3.50
Gross Living Area 2,925 sq. ft. 3,029 sq. ft. -9,000 2,890 sq. ft. 2,996 sq. ft.
Basement & Finished N/A N/A N/A N/A
Rooms Below Grade N/A N/A N/A N/A
SALES COMPARISON ANALYSIS

Functional Utility Average Average Average Average


Heating/Cooling FWA/Central FWA/Central FWA/Central FWA/Central
Energy Efficient Items Not a Value Infl. Not a Value Infl. Not a Value Infl. Not a Value Infl.
Garage/Carport 3 Car Garage 2 Car Garage 5,000 2 Car Garage 5,000 2 Car Garage 5,000
Porch/Patio/Deck Patio,Porch Patio, Porch Patio, Porch Patio, Porch
Pool,Spa None None None Pool,Spa -15,000

Net Adjustment (Total) X + - $ 40,000 X + - $ 61,000 + X - $ -10,000


Adjusted Sale Price Net Adj: 6% Net Adj: 9% Net Adj: -1%
of Comparables Gross Adj : 8% $ 745,000 Gross Adj: 12% $ 745,000 Gross Adj: 3% $ 745,000
I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

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 $ 745,000


Indicated Value by: Sales Comparison Approach $ 745,000 Cost Approach (if developed) $ 747,000 Income Approach (if developed) $ N/A
PLEASE SEE THE ADDITIONAL COMMENTS SECTION ON THE NEXT PAGE
RECONCILIATION

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 , as of 06/22/2009 , 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
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Brian Ward Appraisal
File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Uniform Residential Appraisal Report
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.

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.
ADDITIONAL COMMENTS

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
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.
COST APPROACH

ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 300,000


Source of cost data AppraiserBASE/First American Real Estate Solutions Dwelling 2,925 Sq. Ft. @ $ 137.00 =$ 400,725
Quality rating from cost service Builder/Custom Effective date of cost data June 2009 Sq. Ft. @ $ =$
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
AppraiserBASE Residential Cost Analysis attached. A building sketch with square feet Garage/Carport 694 Sq. Ft. @ $ 44.00 =$ 30,536
area calculations attached. Physical depreciation by strait line method. The site to Total Estimate of Cost-new =$ 431,261
total value ratio is reasonable for the area. "As-is' Value of Site Improvements Less Physical 9 Functional 0 External 0
includes any porches, patios, driveways, courtyards, landscaping, decking, Depreciation 38,813 0 0 =$ ( 38,813 )
walls/fences, and any other items external to the subject's house. This cost approach Depreciated Cost of Improvements =$ 392,448
is not intended to be used for insurance purposes and cannot be considered reliable "As-is" Value of Site Improvements =$ 55,000
for that purpose.
Estimated Remaining Economic Life (HUD and VA only) 54 Years Indicated Value By Cost Approach =$ 747,000
INCOME APPROACH TO VALUE (not required by Fannie Mae.)
INCOME

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.
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
PUD INFORMATION

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 Fannie Mae Form 1004 March 2005
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Brian Ward Appraisal
EXTRA COMPARABLES 4-5-6
File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6


Address CONFIDENTIAL 16608 Santa Mariana Ct 9842 Deer Ridge Pl
San Diego, CA 92127 San Diego, CA 92127 San Diego, CA 92127
Proximity to Subject 0.48 miles NE 0.30 miles NW
Sale Price $ CONFIDENTIAL $ 780,000 $ 749,000 $
Sale Price/Gross Liv. Area $ 0.00 sq. ft. $ 245.82 sq. ft. $ 226.97 sq. ft. $ sq. ft.
Data Source(s) MLS#090003393 ADOM:6 MLS#090027878 ADOM:39
Verification Source(s) First American/Realist Agent#(858) 208-7713
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment
Sale or Financing None None
Concessions Cash Equivalent Cash Equivalent
Date of Sale/Time 02/23/2009 -30,000 Active Listing 3.07% -23,000
Location Very Good/4S Ranch Good/Bernardo Springs 19,000 Very Good/4S Ranch
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple
Site Assr: 6,999 SqFt 6,866 Sqft 7,292 Sqft
View Hills, Valley Hills, Valley No Desirable View 45,000
Design (Style) Conventional Conventional Conventional
Quality of Construction Very Good Very Good Good 38,000
Actual Age 6 yrs 8 yrs 6,000 6 yrs
Condition Average/Good Good -10,000 Average/Good
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 7 4 3.50 7 4 3.00 1,000 7 4 3.00 1,000
Gross Living Area 2,925 sq. ft. 3,173 sq. ft. -21,000 3,300 sq. ft. -32,000 sq. ft.
Basement & Finished N/A N/A N/A
Rooms Below Grade N/A N/A N/A
Functional Utility Average Average Average
Heating/Cooling FWA/Central FWA/Central FWA/Central
SALES COMPARISON ANALYSIS

Energy Efficient Items Not a Value Infl. Not a Value Infl. Not a Value Infl.
Garage/Carport 3 Car Garage 3 Car Garage (tandem) 3 Car Garage (tandem)
Porch/Patio/Deck Patio,Porch Patio, Porch Patio, Porch
Pool,Spa None None None

Net Adjustment (Total) + X - $ -35,000 X + - $ 29,000 + - $ 0


Adjusted Sale Price Net Adj: -4% Net Adj: 4% Net Adj: 0%
of Comparables Gross Adj : 11% $ 745,000 Gross Adj: 19% $ 778,000 Gross Adj: 0% $ 0

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 # 5 COMPARABLE SALE # 6
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 Please see previous Summary of Sales Comparison section.

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Brian Ward Appraisal
File No. CONFIDENTIAL
Market Conditions Addendum to the Appraisal Report Case No. 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.
Property Address CONFIDENTIAL City San Diego State CA ZIP Code 92127
Borrower CONFIDENTIAL
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.
Inventory Analysis Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend
Total # of Comparable Sales (Settled) 61 28 22 Increasing Stable X Declining
Absorption Rate (Total Sales/Months) 10.2 9.3 7.3 Increasing Stable X Declining
Total # of Comparable Active Listings 156 112 110 X Declining Stable Increasing
Months of Housing Supply (Total Listings/Ab. Rate) 15.29 12.04 15.07 Declining X Stable Increasing
Median Sales & List Price, DOM, Sale/List % Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend
Median Comparable Sales Price 715,000 701,000 685,000 Increasing Stable X Declining
Median Comparable Sales Days on Market 40 55 43 Declining X Stable Increasing
MARKET RESEARCH & ANALYSIS

Median Comparable List Price 779,000 794,000 777,000 Increasing X Stable Declining
Median Comparable Listing Days on Market 82 76 59 X Declining Stable Increasing
Median Sale Price as % of List Price 97.07 95.82 96.97 Increasing X Stable Declining
Seller-(developer, builder, etc,) paid financial assistance prevalent? Yes X 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.

Are foreclosure sales (REO sales) a factor in the market? X Yes 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.
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
CONDO/CO.OP PROJECTS

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 Signature
APPRAISER

Appraiser Name Brian A. Ward Supervisor Name


Company Name Brian Ward Appraisal Company Name
Company Address 16358 Calloway Dr, San Diego, CA 92127 Company Address
State License/Certification # AL036053 State CA State License/Certification # State
Email Address brian@brianward.com Email Address
Freddie Mac Form 71 March 2009 ClickFORMS Appraisal Software 800-622-8727 Fannie Mae Form 1004MC March 2009
Page 9 of 28
Brian Ward Appraisal
File No. CONFIDENTIAL
Uniform Residential Appraisal Report Case No. 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 Fannie Mae Form 1004 March 2005
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Brian Ward Appraisal
File No. CONFIDENTIAL
Uniform Residential Appraisal Report Case No. 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
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Brian Ward Appraisal File No. CONFIDENTIAL
Case No. 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 Signature
Name Brian A. Ward Name
Company Name Brian Ward Appraisal Company Name
Company Address 16358 Calloway Dr Company Address
San Diego, CA 92127
Telephone Number (888) 844-1733 Telephone Number
Email Address brian@brianward.com Email Address
Date of Signature and Report 06/23/2009 Date of Signature
Effective Date of Appraisal 06/22/2009 State Certification #
State Certification # or State License #
or State License # AL036053 State
or Other (describe) State # Expiration Date of Certification or License
State CA
Expiration Date of Certification or License 12/30/2010
SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED
CONFIDENTIAL Did not inspect subject property
San Diego, CA 92127 Did inspect exterior of subject property from street
Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY $ 745,000 Did inspect interior and exterior of subject property
LENDER/CLIENT Date of Inspection
Name CONFIDENTIAL
Company Name CONFIDENTIAL COMPARABLE SALES
Company Address CONFIDENTIAL Did not inspect exterior of comparable sales from street
CONFIDENTIAL Did inspect exterior of comparable sales from street
Email Address CONFIDENTIAL Date of Inspection

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
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Brian Ward Appraisal
SUBJECT PHOTO ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

FRONT OF
SUBJECT PROPERTY
CONFIDENTIAL
San Diego, CA 92127

REAR OF
SUBJECT PROPERTY

STREET SCENE

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Brian Ward Appraisal
SUBJECT PHOTO ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

View from patio

Additional rear view

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Brian Ward Appraisal
SUBJECT PHOTO ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

Barbecue and yard

Bedroom

Bathroom

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Brian Ward Appraisal
SUBJECT PHOTO ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

Bedroom

Laundry

Bedroom

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Brian Ward Appraisal
SUBJECT PHOTO ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

Bathroom

Bedroom

Interior view

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Brian Ward Appraisal
SUBJECT PHOTO ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

Bathroom

Living room

Family room

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Brian Ward Appraisal
SUBJECT PHOTO ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

1/2 bath + cabinetry

Dining room

Kitchen

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Brian Ward Appraisal
COMPARABLES 1-2-3 File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

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. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

COMPARABLE SALE # 4
16608 Santa Mariana Ct
San Diego, CA 92127

COMPARABLE SALE # 5
9842 Deer Ridge Pl
San Diego, CA 92127

COMPARABLE SALE # 6

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Residential Cost Analysis File No. CONFIDENTIAL
Case No. CONFIDENTIAL

Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

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Brian Ward Appraisal
SKETCH ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

40'

Nook
Family

Kitchen

33'
1/2 Bath

38.5'
First Floor
Dining Room

Living Room

22'

5.5'
18'
10.5'
23.5'

Garage

17'
1'

12.5'
20'

29.5'

Bath
20'

Bedroom

11.5'
Bath
13'
55.5'

Second Floor
Stairs

3.8'
Bedroom
6.2'

10'
Laundry
18.5'

Bedroom Bath Bedroom

19'

12.8'

Sketch by Apex Medina™

Comments:

AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN


Code Description Net Size Net Totals Breakdown Subtotals
GLA1 First Floor 1419.0 First Floor
First Floor 1505.7 2924.7 33.0 x 40.0 1320.0
GAR Garage 693.5 693.5 5.5 x 18.0 99.0
12.8 x 2.2 28.2
31.8 x 16.3 518.3
20.0 x 29.5 590.0
13.0 x 18.0 234.0
6.2 x 21.8 135.2

Net LIVABLE Area (rounded) 2925 7 Items (rounded) 2925

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Brian Ward Appraisal
LOCATION MAP ADDENDUM File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

SALE 2

SALE 4
SALE 5

SALE 1
SUBJECT

SALE 3

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Brian Ward Appraisal
PLAT MAP File No. CONFIDENTIAL
Case No. CONFIDENTIAL
Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

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Brian Ward Appraisal File No. CONFIDENTIAL
Case No. CONFIDENTIAL

Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

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Brian Ward Appraisal File No. CONFIDENTIAL
Case No. CONFIDENTIAL

Borrower CONFIDENTIAL
Property Address CONFIDENTIAL
City San Diego County San Diego State CA Zip Code 92127
Lender/Client CONFIDENTIAL Address CONFIDENTIAL, CONFIDENTIAL

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Brian Ward Appraisal File No. CONFIDENTIAL
Case No. CONFIDENTIAL

INVOICE

Invoice #: CONFIDENTIAL
Invoice Date: 06/22/2009
Fee: CONFIDENTIAL
Due Date: CONFIDENTIAL

Lender or Client: Borrower:


CONFIDENTIAL CONFIDENTIAL
CONFIDENTIAL CONFIDENTIAL
CONFIDENTIAL San Diego, CA 92127

Item Cost
Form Real Estate Appraisal $ CONFIDENTIAL
CONFIDENTIAL $
$
$
$
$
$
$
$
Total Amount Due: $ CONFIDENTIAL

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 brian@brianward.com

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