william a. jackson (708) 372-2511 - property for sale by ... · william a. jackson 5739 s austin...

Form NIV3 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

William A. Jackson (708) 372-2511

William A. Jackson

William Jackson Appraisals

5739 S Austin Ave

Chicago, IL 60638-3525

(708) 372-2511

08/25/2016

1540 Springfiled

1540 Springfiled

Corey Minniefield

N/A

1540 S Springfield Ave

Chicago

Cook IL 60623

See title policy

Single Family Residential Appraisal 225.00

225.00

225.00

(708) 260-0571

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:

Alternate Number: E-Mail:

INVOICE NUMBER

DATE

REFERENCE

Internal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:

Purchaser/Borrower:

Property Address:

City:

County: State: Zip:

Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:



SUBTOTAL

TOTAL DUE

APPRAISAL OF REAL PROPERTY


Chicago, IL 60623

See title policy

170,000

08/26/2016

William A. Jackson


5739 S Austin Ave

Chicago, IL 60638

(708) 372-2511

[email protected]

Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

LOCATED AT

FOR

OPINION OF VALUE

AS OF

BY

William A. Jackson (708) 372-2511

1540 SpringfiledRESIDENTIAL APPRAISAL SUMMARY REPORT1540 S Springfield Ave Chicago IL 60623

Cook See title policy

16-23-123-032-0000

2014 1,812 0 N/A

Corey Minniefield

North Lawndale 16974 8387.00

Determine fair market value as of 08/26/2016

Corey Minniefield

Corey Minniefield 5910 W Rice St Chicago, IL 606

William A. Jackson 5739 S Austin Ave, Chicago, IL 60638

10

171

80

1

141

78

60

35

5

The market conditions are increasing. Interest

rates are found at affordable rates with some seller concessions noted not prevelant in the subject's market place. List to sales ratio is noted at 106%. The market is in balance. Opinion

of value is based on exposure time of between 1-50 days similar to the subject's current marketing time.

Boundaries;

Roosevelt Rd. to the north, Cermak Rd. to the south, Kedzie Ave. to the east and Kostner Ave. to the west.

38' x 125' Subject to Survey 4,687 sf

RT-4 Residential, Townhome and Multi Unit Districts

Single Family Residential Use Detached Single Family Use

Single Family Residential Use

private

private

Municipal

Municipal

Municipal

Asphalt

Concrete

Concrete

Mercury Vapor

None

Gently Rolling

Typical

Rectangular

Adequate

Residential

X 17031C0505J 8/19/2008

The subject site area is located on south Springfield Ave. in Chicago, IL. The views consists of mature landscaping and

residential housing. No adverse marketing conditions were noted.

1

2

Bungalow

1915

20

Concrete

Brick/Avg

Asp.Shngl/New

Aluminum/New

DblHung/New

Aluminum/New

None

None

Concrete

None Noted

None Noted

948

95

Drywall

Drywall

tile

Yes

FWA

NatGas

No

Wd/Tile/New

Drywall/Good

Wood/Good

Tile/New

Tile/New

Wood/Steel/Avg

0

None

Wooden

None

Chain link

N/A

0

6 3 2.0 1,648

Typical for market place

The subject property is in good condition and was vacant at

time of inspection with all utilities (natural gas, water service and electrical service) on and operational at time of inspection. The subject is

an ongoing rehabilitation that is not yet complete. This appraisal is made subject to completion of improvements.

Functional Obsolescence: None External Obsolescence: None

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

File No.:

SU

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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

SIG

NM

EN

T

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

ET

AR

EA

DE

SC

RIP

TIO

N

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 HousingPRICE$(000)

Low

High

Pred

AGE(yrs)

Present Land UseOne-Unit %

2-4 Unit %

Multi-Unit %

Comm'l %

%

Change in Land UseNot 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

TIO

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

1540 SpringfiledRESIDENTIAL APPRAISAL SUMMARY REPORT

Office of Cook County Assessor

02/05/2012

$0

Cook County Assessor

There is no evidence that the

comparable sales have sold or been offered for sale during the past 12 months other than reported in

this report. However, a review of the chain of title is recommended, as county records, while the most

reliable means, within the normal course of business, are not always up to date.


Chicago, IL 60623

N/A

Inspection

Home Owner

N/A

N/A

N/A

Fee Simple

Residential

4,687 sf

Residential

Bungalow

Brick/Avg

101

Good

6 3 2.0

1,648

Full

Finished

Typical for market

FWA/NoCAC

Typical for mrkt

No Garage

Deck

List to Sales Ratio N/A

Fireplace No fireplaces

1413 S Tripp Ave

Chicago, IL 60623

0.44 miles NW

170,900

100.89

MRED #09030098 DOM 38

CookCountyAssessor

ArmLth

FHA;0

11/15/2015

Fee Simple

Residential

3773 sf 0

Residential

2 Story

Brick/Avg

20 0

Good

5 3 2.0

1,694

Full

Finished

Typical for market

FWA/CAC -2,000

Typical for mrkt

2 Car Garage -5,000

Porch, patio

N/A

No fireplaces

-7,000

163,900

1260 S Saint Louis Ave

Chicago, IL 60623

0.60 miles NE

170,000

104.04

MRED #09074002 DOM 8

CookCountyAssessor

ArmLth

FHA;0

01/13/2016

Fee Simple

Residential

3378 sf 0

Residential

2 Story

Brick/Avg

8 0

Good

+5,000

5 3 1.1 0

1,634

Full

Finished

Typical for market

FWA/CAC -2,000

Typical for mrkt

2 Car Garage -5,000

Deck

N/A

1 Fireplace -2,000

-4,000

166,000

1225 S Spaulding Ave

Chicago, IL 60623

0.87 miles NE

167,000

115.97

MRED #09055524 DOM 134

CookCountyAssessor

ArmLth

FHA;0

05/13/2016

Fee Simple

Residential

3100 sf 0

Residential

2 Story

Brick/Avg

20 0

Good

+5,000

7 3 1.1 0

1,440 +4,200

Full

Finished

Typical for market

FWA/CAC -2,000

Typical for mrkt

No Garage

None Reported

N/A

No fireplaces

7,200

174,200

The properties selected are considered to be the best available. The comparables are adjusted for varying modernization, GLA,

basement finish and fireplaces as compared to the subject if any were found. The market does not appear to adjust for age (due to similar effective ages), design, room/bedroom count

or outdoor amenities in comparison to the subject if any. Per the local MLS the average market value has been increasing during the past 12 months. All comparables were considered

in the determination of market value as each has meaningful attributes when compared to the subject. The sales price range is $167,000 to $170,900.

The opinion of value is $170,000 as of August 26/2016

170,000


File No.:

TR

AN

SF

ER

HIS

TO

RY

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:

SA

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ON

AP

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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

1540 SpringfiledADDITIONAL COMPARABLE SALES


Chicago, IL 60623

N/A

Inspection

Home Owner

N/A

N/A

N/A

Fee Simple

Residential

4,687 sf

Residential

Bungalow

Brick/Avg

101

Good

6 3 2.0

1,648

Full

Finished

Typical for market

FWA/NoCAC

Typical for mrkt

No Garage

Deck

List to Sales Ratio N/A

Fireplace No fireplaces

1852 S Sawyer Ave

Chicago, IL 60623

0.86 miles E

149,900

80.42

MRED #09261846 DOM 73

CookCountyAssessor

Active

Listing

Fee Simple

Residential

3125 sf 0

Residential

2 Story

Brick/Avg

121

Good

+5,000

7 4 1.1 0

1,864 -4,300

Full

Finished

Typical for market

FWA/NoCAC

Typical for mrkt

No Garage

None Reported

106%

No fireplaces

700

150,600

1228 S Sawyer Ave

Chicago, IL 60623

0.92 miles NE

195,000

114.57

MRED #09295041 DOM 38

CookCountyAssessor

Active

Con-08/14/2016

Fee Simple

Residential

3125 sf 0

Residential

2 Story

Brick/Avg

8 0

Good

7 4 2.0

1,702

Full

Finished

Typical for market

FWA/CAC -2,000

Typical for mrkt

No Garage

None Reported

106%

No fireplaces

-2,000

193,000 0

Fannie Mae suggests that line item adjustments not exceed 10% per line. Net adjustments not exceed

15% and gross adjustments not exceed 25%. FannieMae further suggests that sales be within 1/4 mile of the subject, have settled within 90

days and bracket site area, GLA, room count, condition and bracket the subject's age. The North lawndale market has numerous sales,

however none were present with the subject's level of rehabilitation that were of vintage construction. Thus, it was not possible to bracket the

subject's age (1915 year built). As the subject now has a lower effective age no age adjustment is warranted for sales in position 1-3.

The list to sales ratio is a reaction of the prior sales data reflecting the difference from listing price to the settlement price at close. This

should only be considered as a reaction of former buyers and sellers and not of future negotiations in this market. This is reported only as a

requirement of the 1004MC. Thus the 106% list to sales ratio is only an approximation future of market reaction.

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

4 5 6

File No.:

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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


3/2007

1540 SpringfiledRESIDENTIAL APPRAISAL SUMMARY REPORT

170,000

The sales comparison approach to value received the greatest consideration in the final opinion of market value. The

income approach was not developed. The cost approach receives no consideration in arriving at the final opinion of value as buyers/sellers

place no weight on this method of valuation.

completion of ongoing

rehabilitation

170,000 08/26/2016

20

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

By phone Corey Minniefield

[email protected] 5910 W Rice St Chicago, IL 606

William A. Jackson


(708) 372-2511 (708) 260-0571

[email protected]

08/28/2016

556.002162 IL

Certified Residential Appraiser

09/30/2017

08/26/2016


File No.:

CO

ST

AP

PR

OA

CH

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

N

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

CH

ME

NT

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):


Designation:



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

1540 SpringfiledAssumptions, Limiting Conditions & Scope of Work1540 S Springfield Ave Chicago IL 60623

Corey Minniefield


STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS- 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 appraised on the basis

of it being under responsible ownership.- The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed.- If so indicated, 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 the appraisal report whether 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.- 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.- If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. 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. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such.- The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, 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 normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous

wastes, 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. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property.- 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.- 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.- If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner.- An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the

client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment.- The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate.

The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions.

Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.):

Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.:Property Address: City: State: Zip Code:

Client: Address:

Appraiser: Address:


3/2007

1540 SpringfiledCertifications1540 S Springfield Ave Chicago IL 60623

Corey Minniefield


APPRAISER'S CERTIFICATIONI certify that, to the best of my knowledge and belief:- The statements of fact contained in this report are true and correct.- The credibility of this report, for the stated use by the stated user(s), of 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.- 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.- I have no bias with respect to the property that is the subject of this report or to 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.- I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, 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.- 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.

Additional Certifications:

DEFINITION OF MARKET VALUE *:Market value means 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 and 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 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. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994.

By phone Corey Minniefield

[email protected]

William A. Jackson


(708) 372-2511 (708) 260-0571

[email protected]

08/28/2016

556.002162 IL

Certified Residential Appraiser

09/30/2017

08/26/2016

Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.:Property Address: City: State: Zip Code:

Client: Address:

Appraiser: Address:

SIG

NA

TU

RE

S

Client Contact: Client Name:

E-Mail: Address:

APPRAISER

Appraiser Name:

Company:

Phone: Fax:

E-Mail:

Date Report Signed:


Designation:



Date of Inspection:

SUPERVISORY APPRAISER (if required)or CO-APPRAISER (if applicable)

Supervisory orCo-Appraiser Name:

Company:

Phone: Fax:

E-Mail:

Date Report Signed:


Designation:



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

Pursuant to Section 1455 of the Illinois Administrative Code for Real Estate Appraiser Licensing,

The "Client" means the party or parties who engage an appraiser, by employment or contract, in a specific assignment. If anappraisal management company is the party or parties engaging the appraiser, the appraisal management company isconsidered the client. This appraisal assignment was ordered by the home owner who is identified on the first line of theLENDER/CLIENT section on the Certification/Signature Page. ILLINOIS PUBLIC ACT 92-0180

"In accordance with Illinois Public Act 92-0180 Section 10-15, the entity ordering the appraisal was an and this appraiser'sclient/intended user on behalf of himself as indicated on page one of the appraisal report an additional client/intended user"

Legal Description

FIRREA requires that a legal description be attached as part of the appraisal. No survey, deed, or title policy was madeavailable to the appraiser by our client the borrower. It is outside an appraiser's expertise to compose a legal description. FIRREA has a provision for instances when information is unavailable to the appraiser and in those instances, the appraisermust disclose the unavailability of this information. As such, this appraiser is disclosing that every effort has been made toobtain and enclose the subject's legal description, however, the effort was fruitless.

Statement of Exclusivity

The Intended User of this appraisal report is the Client. The Intended Use is to evaluate the property that is the subject of thisappraisal for a determination of fair market value as of 02/17/2014, subject to the stated Scope of Work, purpose of theappraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users areidentified by the appraiser.”

DIGITAL SIGNATURE

This report contains digital signatures in conformance with USPAP Standards. The software package that was used to createthis appraisal report is nationally recognized and has built in security features which prevent altering or modifying the signatureor the report after transmission. This security feature is in compliance with Standard 8 of the Uniform Standards of ProfessionalAppraisal Practice.

ELECTRONIC DELIVERY

The Uniform Standards of Professional Appraisal Practice USPAP (2001 Edition, No.8, line 4304-4336) and the AppraisalStandards Board state: "Electronically affixing a signature to a report carries the same level of authenticity and responsibility asan ink signature on a paper copy report...The appraiser should ensure that the signature(s) are protected and that only theappraiser(s) maintain control of the signature."

The appraiser may electronically affix a signature to an appraisal by the use of any software program that provided, at aminimum, a digital signature security feature for all appraisers' signing the certification in a report. This control device may bemaintained by passwords, PIN numbers, secure cards, or other means.

SCOPE OF THE APPRAISAL

The photographs used in this report are from a digital camera and are not altered or re-enhanced by any means. Allphotographs in this report are the original photographs of the subject property and comparable sales.

This report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the UniformStandards of Professional Appraisal Practice as a Summary Appraisal Report. As such, it presents only a summary discussionof the data, reasoning and analyses that were utilizes in the appraisal process to develop the appraiser's opinion of value.Supporting documentation that is not provided with this report concerning data, reasoning and analyses is retained in theappraiser's work file.The depth of the discussion contained in the report is specific to the needs of the client and for the intended user stated in thereport. The appraiser is not responsible for unauthorized use of this report.

Scope of Work

In an effort to estimate fair market value of the Subject property as of 2015, I have visited the property and viewed it from anexterior and interior inspection. I have referenced the Cook County property records, local multiple listing service records andviewed the comparable sales and competitive listings, adjusted for differences of each, analyzed the data and approaches tovalue pertinent to this report, separately and collectively in the developing of this report which has been put into a summaryform, all in compliance with normal appraisal practices including USPAP as well as other real property appraisal governingagencies. This report was developed without the benefit of an accurate land survey and or a soil analysis, as well as being developed withinformation obtained from the Cook County property office and the local Multiple Listing Service, and concluded the finalestimate of value based on those sources, with the extra ordinary assumption of the information being correct as well as noadverse site or soil conditions, all-in all if true, could have an influence on the results reported here-in.

Additional Appraiser's Certification

Pursuant to the Conduct Section of the Ethics Rule of USPAP, "If known prior to accepting an assignment and/or if discovery atany time during the assignment, an appraiser must disclose to the client, and in the subsequent report certification any servicesregarding the subject property performed by the appraiser within the three year period immediately preceding acceptance of theassignment, as as appraiser or in any other capacity"

In accordance with 2012-2013 USPAP, the appraiser must include within the body of the report the following certification; I haveperformed (no) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report withinthe three year period preceding acceptance of this assignment.

Supplemental Addendum

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

1540 Springfiled

N/A


Chicago Cook IL 60623

Borrower

Lender/Client

Property Address

City County State Zip Code

File No.

the three year period preceding acceptance of this assignment.

Predominate Value

This appraiser is commenting on the final value opinion being above or below the predominate home value stated in theNeighborhood Section of this appraisal report. It would be indeed rare for the final opinion of market value to be identical to thepredominate value. The predominate value is merely a statistical statement. A statistic is a single number that describes acharacteristic of a set of numbers. In the case of the predominate number it is the set of numbers relative to the current sellingprices of homes within a defined geographical market area. Therefore, the predominate value is nothing more than the mostreoccurring number within that range. This value is simply a measurement based upon one of three common measures ofcentral tendency known as; mean, mode and median. In the case of a predominate value, it would be the reoccurring value orthe MODE.

An appraiser draws no relationship between the final opinion of value for a specific property in comparison to the predominateselling price of a property in a given neighborhood. There is however, a relationship between the final opinion of value and theLOW and HIGH price ranges. Freddie Mac and Fannie Mae require an appraiser to comment whatever the final opinion ofvalue falls outside of this reported range. FHA's updated Appendix D states the following for one housing price and age fields inthe Neighborhood Section: :Indicate the low and high neighborhood prices and ages as well as the predominate value and age.The high and low both and age should include the extreme"> No other reporting is required.

The final opinion of market value falls within the indicated price range and therefore does not suggest any negative marketabilityor market value issues for the subject property.

The appraiser that completed this report, William A. Jackson confirms that he has adequate competency to complete appraisalassignments in the subject's market area. This appraiser has no present or prospective interest in the property that is the subject of this report. Additionally, this appraiserhas no bias or prospective interest with participants in the transaction regarding the subject property.

Exposure Time Vs Marketing Time

Exposure Time: Estimated length in Time that property interest being appraised would have been offered on the market prior tothe hypothetical consummation of a sale at market value on the effective date of the appraisal.Comment Exposure time is a retrospective based on an analysis of past events assuming a competitive and open market

Marketing Time: An opinion of the amount of time it might take to sell a real or personal property interest at the concludedmarket value level during the period immediately after the effective date of an appraisal.

A reasonable exposure time for the subject property developed independently from the stated marketing time is: 27 days.

Supplemental Addendum


1540 Springfiled

N/A



Borrower

Lender/Client

Property Address


File No.

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

Subject Photo Page

N/A



Subject Front1540 S Springfield Ave

Subject Rear

Subject Street

Borrower

Lender/Client

Property Address


Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Photograph Addendum

N/A



Living Room Stairs to 2nd level

Dining Room Kitchen

Kitchen Bathroom-1

Borrower

Lender/Client

Property Address



Photograph Addendum

N/A



Basement recreational room Basement Recreational room

Basement bath Basement bath

Basement laundry room 100-AMP panel

Borrower

Lender/Client

Property Address



Photograph Addendum

N/A



Ceramic tile flooring Bedroom-1

Bedroom-2 Bedroom-3

2nd floor bath Side view (south aspect)

Borrower

Lender/Client

Property Address


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

Comparable Photo Page

N/A



Comparable 11413 S Tripp Ave

Comparable 21260 S Saint Louis Ave

Comparable 31225 S Spaulding Ave

Borrower

Lender/Client

Property Address


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

Comparable Photo Page

N/A



Comparable 41852 S Sawyer Ave

Comparable 51228 S Sawyer Ave

Comparable 6

Borrower

Lender/Client

Property Address


William A. Jackson

ACCOMPLISHMENTS

Certified Residential Real Estate Appraiser

License number 556.002162Expires 09/30/2017

PROFESSIONAL EXPERIENCE:

Owner of William Jackson AppraisalsJanuary 1999 to present

8625 S. Moody Ave. Burbank, IL 60459

Appraisal of single family, condominiums, commercial (max appraised value $250,000) and 2-4 unit homes in Cook, Will,Dupage and Southern Lake Counties

Certified Appraisal ServicesOctober 1997 to June 2000

11952 S. Harlem Avenue Tel:708.448.6668Palos Heights, IL., 60463Appraisal of single family, condo and 2-4 income producing properties in Cook, Will, Dupage and Southern Lake Counties

EDUCATION

Moraine Valley Community College, Palos Hills, IL., 60465Major: Real Estate Appraisal, April 1992 to December 1992

Appraising the Single Family HomeStandards of Professional Appraisal PracticesFoundations of Real Estate Complete Appraisal Services

Introduction to Income property Appraising March 30 to April 4, 2000 Willowbrook, IL.Techniques of Capitalization August 1-2, 1999 St. Louis, MOReport Writing of Residential Real Estate January 1998Concepts, Terminology & Techniques: An Overview Of the Appraisal Process.

McKissock Real Estate Education Company, Warren Pennsylvania

Secondary Market Appraisal Guidelines March 2015Expert Witness Testimony March 2015The Cost Approach May 2015

Resume


1540 Springfiled

N/A



Borrower

Lender/Client

Property Address


File No.

Form SUBLG2.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Illinois Appraisal License

N/A



Subject Front

Sales Price

G.L.A.

Tot. Rooms

Tot. Bedrms.

Tot. Bathrms.

Location

View

Site

Quality

Age


N/A

1,648

6

3

2.0

Residential

Residential

4,687 sf

Brick/Avg

101

Subject Street

Borrower

Lender/Client

Property Address


Errors and Omissions Insurance


1540 Springfiled

N/A



Borrower

Lender/Client

Property Address


File No.

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

Comparable Sales Map

N/A



Borrower

Lender/Client

Property Address


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

Aerial Map

N/A



Borrower

Lender/Client

Property Address


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

Building Sketch

N/A



Borrower

Lender/Client

36.6

'

9.5'

4.95

'

6.5'

4.95'

1'

15'

4.61'

7'

4.61

'

8.6

'

24'20'

35'

20'

35'

36.6

'

9.5'

4.95

'

6.5'

4.95'

1'

15'

4.61'

7'

4.61

'

8.6

'

24'

Exit

Entry

Kitchen

Dining

Living

Sta

ircase

Sta

ircase

Room

Room

Mechanic

als

Laundry

Sta

irs

Bath

Recreational

Room

Bath

Bedroom

Bedroom

Bedroom

1/2 Bath

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

Living Area Calculation Details

First Floor 948.4 Sq ft 0.5 × 3.5 × 3.5 = 6.12

0.5 × 3.5 × 3.5 = 6.12

6.5 × 3.5 = 22.75

0.5 × 3 × 3.5 = 5.25

0.5 × 3.5 × 3 = 5.25

7 × 3.5 = 24.5

24 × 36.6 = 878.4

2nd Floor 700 Sq ft 35 × 20 = 700

Total Living Area (Rounded): 1648 Sq ft

Non-living Area

Basement 948.4 Sq ft 0.5 × 3.5 × 3.5 = 6.12

0.5 × 3.5 × 3.5 = 6.12

6.5 × 3.5 = 22.75

0.5 × 3 × 3.5 = 5.25

0.5 × 3.5 × 3 = 5.25

7 × 3.5 = 24.5

24 × 36.6 = 878.4

Property Address


william a. jackson (708) 372-2511 - property for sale by ... · william a. jackson 5739 s austin...

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