Manufactured Home Appraisal Report - FCI Exchange

Summary Appraisal Report
PORT CITY APPRAISALS
Manufactured Home Appraisal Report
IRle No 1083W6101 Paae #31
1083
FiIe# 1083W610
The Durpose of this SIJlM'IaTV appraisal reaOll is to provide the fendel/cllent with an accurate. aoo adeQuately supported. opinion of the mar1rel value of the subiect proDertv.
Prooertv Address 274 Horse Trail Rd City STGEORGE Statesc Zio Code 294 77
Barr Owner of Public Record RHODUS COLLEEN CountY DORCHESTER
Lelial Oescriotion DEED BOOK 2725 PAGE 037
Assesso(s Parcel # 022-00-00-044 Tax Year 2006 R.E. Taxes SUNK
Neinhborllood Name ST GEORGE MaD Reference 022-00-00-044 Census Tract 0102.00
Cccuoant I5

IBle No lQ83W6101 Paoe #41
.. Generalllesci:lDtion -
II of Units 15

1083
M anufact uredH orne ~ppralsa eport FIe# 1083W610
A
IR
Ifile No 1083W61 QI Page #51
There are 21 comDarable DroDertiescurrentlv offered for sale in the subiect neiDhborl1oodranging in price from S 15 900 toS 185000
There are 15 comoarabl8 sales in lIle subiect neiDhborhood willlin the Dast twelve months ranoino in sale price Irom S 16 QOO to S 165000
fEATURE I SUBJECT COMPARABLESALE# 1 COMPARABLESALE# 2 I COMPARABLESALE /I 3
Address 274 Horse TraR Rd 157 SYRR RUN RD 186 TAYLOR POND RD 643EMAIN ST
STGEORGE SC STGEORGE SC DORCHESTER SC HARLEYVILLE SC
Proxlmilv to Subiect 3.89 mRes SE 11.09 mRes E 8.3 mies SE
Sale Price $ NlA 1$ 147750 1$ 130000 $ 160000
Sale Price/Gross Liv. Area
Manufactured Home
S sO.ft. S 73.65SD.ft.!
IXl Yes n No
$ 77.84 SO.ft.
IIXl Yes rl No
S 75.72
11:81 Yes 0
sa.ft.
ND
IJata Sourcelsl MLS #2604690 MLS #2602964 MLS#2612m
Verilication Sourcels) PUBLIC REClEXT INSPECTION PUBLIC REClEXT INSPECTION PUBLIC RECIEXT INSPECTION
VALUEADJUSTMENTS OeSCRiPnON DESCRIPnON +(.\ $ Adiustment DESCRIPnON +f-l S Adiusbnel11 DESCRIPnON + (.) $ Adiustment
sales or Rnancing
ConcessiDns
CONV CONV CONV
Date of SaleJTime CLS 06113/2006 CLS 07/21/2006 CLS 0712712006
Location STGEORGE STGEORGE DORCHESTER HARLEYVILLE
LeasehoidlFeeSilllllie FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE
SRe 5.0 +1. AC 2.66 +I.AC +9400 4.99 +I.AC 4.6+/.AC
View SIM PROPIPOND SIMPROP SIM PROP SIMPROP
Desinn ISMel MNFHM/NO SKT MNFHMNIN SKT .1500 MNFHMIBRK SKY -2500 MNFHMIBRK SKY .2500
OuajitV'Q1ConstructiDn GOOD GOOD GOOD GOOD
Actual Ane 1999 2003 1999 1996
Condition GOOD GOOD VERY GOOD .5000 GOOD
Above Grade To1aIIBdrms.1Baths To1aIlBanns.1BathS Total I Banns.IBaths Total 1Banns.! Ba!hs
Room Count 8 I 4 12.0 6 I 3 12.0 6 I 3 12.0 7 I 3 12.0
Gross LiYina Area 1 949 sa.ft. 2006 sa.ft. 0 1670sa.ft. +8370 2113sa.ft. -4920
Basement & Rnished NONE NONE NONE NONE
Rooms Below Grade
functional Utility GOOD GOOD GOOD GOOD
,
HealinoIC006no CEN H&A CEN H&A CENH&A CEN H&A
Enemy Efficilll1lllems STANDARD STANDARD STANDARD STANDARD
• GaraDe/Carnort OFFSTPKING OFF STPKING OFF ST PKING 3 CAR GAR -10.000
• PorcM'atio/Deck STOOP STOOP SCPCH/DECK -3500 FRNTPCH .1.500
: AREPLACElSl ONEFP ONE FP ONEFP ONE FP
• f£NCElSTRGlETC WKSHP WKSHP FENCElSTRG FENCElWKSHF .1.000
KITCHEN KITCH EQUIP KITCH EQUIP KITCH EQUIP KITCH EOUIP
Net Adiusbnent {Total! . 00+ Il. S 7900 I-I + rxI. S -2630 I 1+ rxI. S -19920
Adjusted Sale Price Net 5.3 , Net 2.Q , Net 12.4 ,
of Comoarables Gross 7.4 , S 155.650 Gross 14.9 % $ 127,370 Gross 12.4 'lr. S 140.080
I rx did did not research lI1esale or trilnsfer historY of tile sub'ect fooertY ana comoarable sales. If not exnlain
..
MYresearch' l did !XI did not reveal any orier sales or Iransfers of the subiect prooerty for the three years orior tD the eftective date at lI1ls appraisal.
Data sourcels MLS/PUBREC
My research 1did 1Xl' did not reveal anYorial sales or Iransfers of the comoarable sales for the year Drior 10the dale of sale of the comparable sale.
Data sourcels MLSIPUB REC
Reoort lI1ereMs of lIle research and analvsls of the orior sale or trilnsfer history of Ula subject property and comparable sales (report additional prior sales on page 4).
ITEM SUBJECT COMPARABLESALE #1 COMPARABLeSALE #2 COMPARABLESALE #3
Dale of Prior SalelTransfer NONE WIIN 36 MONTHS NONE WIIN 12 MONTHS NONE WIIN 12 MONTHS NONE WIIN 12 MONTHS
Price Df Prior SalelTransfer NIA N/A N/A NIA
Data Sourcefsl MLS/PUBREC MLS/PUB REC MLSIPUBREC MLSIPUB REC
Effectlye Date of Dala Source's\ 10/04/2006 10/04/2006 1010412006 10104/2006
Analvsis of orior sale or trilnsfer historY of lIle subiect orooerty and comoarable sales THE SUBJECT WAS NOT SOLD OR TRANSFERRED IN THE THREE
YEARS PRIOR TO THE EFFECTIVE DATE OF THIS APPRAISAL. ALSO NONE OF THE COM PARABLES WERE SOLD IN THE TWELVE
MONTHS PRECEDING THE CLOSED SALE DATES STATED ABOVE.
SummarY of Sales Comoarison ADoroach ALL SALES WERE THE MOST RECENT MARKET TRANSACTIONS TO OCCUR NEAR THE SUBJECT
THAT WERE SIMILAR IN DESIGN AND MARKET APPEAL. AFTER DUE CONSIDERATION EQUAL EMPHASIS WAS AWARDED TO ALL
COMPARABLES. AN ACREAGE ADJUSTMENT OF $4 OOO/ACRE WAS USED FOR COMP ONE BECAUSE IT HAD SIGNIFICANTLY LESS
ACREAGE THAN THE SUBJECT. COMPARABLE TWO WAS CONSIDERED TO BE IN VERY GOOD CONDITION BECAUSE IT HAD CUSTOM
HARDWOOD FLOORS THROUGHOUT AS WELL AS OTHER INTERIOR UPGRADES AND THEREFORE AN ADJUSTMENT OF $5 000 WAS
MADE FOR CONDITION. THE SALE USED ARE THE BEST AVAILABLE AND ARE CONSIDERED VALID SALES FOR COMPARISON.
lnaicated Value bY Sales ComDarisonApproach $ 135.000
Indicated Value bY: sales Comoarison Aooroach $ 135000 Cost Approach $ Income Approach (If developed) $
THE SALES COMPARISON APPROACH WAS USED BECAUSE IT BEST APPROXIMATES THE ACTIONS OF BUYERS AND SELLERS IN THE
OPEN MARKT. THE COST AND INCOME APPROACHES TO VALUE WERE NOT WITHIN THE SCOPE OF WORK REQUIRED TO PROVIDE J
• CREDIBLE ESTIMATE OF MARKET VALUE.
This appraisal is made f8l "as Is". 0 subject to completion per plans ana specifications on the basis of a hypollletical condition lIlat lIle improvemenls have been
completed. 0 subject ID the following repairs or allelations on the basis of a hypothetical CDnditionthat the repairs or aleratiDns have been completed. or 0 subject to Ihe
• folowinn reQuiredinsoeclion based on the extraordinary assumption lIlat lIle conaitlon or deficiency does not reauire aUeratiDnor repair: THE SUBJECT PROPERTY WAS
APPRAISED IN THE "AS IS" CONDITION. FINANCIAL INCENTIVES AND CONCESSIONS HAVE BEEN CONSIDERED IN THIS REPORT.
Based on a complele visuel in~ion of the interior and exterior areas of the subject properThedefined scope 01 work, statement of assumptions and Dmttlng
conditions, and appraiser's oertilica1ion, my (our) opinion 01 the marlcel value, as defined. of real property thaI Is Ihe subject 01 this report is
$ 135.000 as 01 OCTOBER 13.2006 which is the dale of insoection and fhe elIBcIIye date 01 this 8Dllralsal,
Freddie Mac form 70B March 2005 Page 3 of 7 Fannie Mae Form 1004C March 2005
Form 1004C - 'WinTOTAL' appraisal sDftware by a la mDde. inc. - '.BOIJ.ALAMODE

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1083
Manu ac uredH orne Appralsa
eport FDe•• 1083W610
f t
IR
IFile No I083W6101 Page #61
THE SUBJECT PROPERTY IS LOCATED IN ST GEORGE A SMALL COMMUNITY IN RURAL DORCHESTER COUNTY. ST GEORGE IS A
SMALL TOWN AND PROPERTIES ARE TRADITIONALLY PASSED DOWN FROM GENERATION TO GENERATION. THERE HAVE BEEN FE'"
SALES OF PROPERTIES SIMILAR TO THE SUBJECT IN ST GEORGE IN THE PAST TWELVEMONTHS /IE. MANUFACTURED HOMESl.
WHEN APPRAISING MANUFACruRED HOMES IT IS NECESSARY TO COMPARE THE SUBJECT TO OTHER MANUFACTURED HOMES
WHICH FORCED THE APPRAISER TO GO FURTHER AWAY FROM THE SUBJECT THAN NORMAL. THE COMPARABLES USED ARE THE
NEAREST AVAILABLE SALES LOCATED IN VERY SIMILAR AREAS. FULL EFFORT HAS BEEN GIVEN TO LOCATING THOSE SALES WHIC~
FALL WITHIN TYPICAL APPRAISAL AND UNDERWRITING GUIDELINES. HOWEVER THE APPRAISER HAS pLACED MORE EMPHASIS ON
SELECTING THOSE SALES WHICH ARE CONSIDERED MOST SIMILAR TO THE SUBJECT PROPERTY. THE LACK OF SIMILAR SALES
DOES NOT INDICATE A LACK OF MARKET DEMAND FOR THE SUBJECT PROPERTY. FULL CONSIDERATION HAs BEEN GIVEN TO BO~
THE QUALITY AND QUANTITY OF MARKET DATA. THE ESTIMATED VALUE HEREIN IS CONSIDERED ACCURATE AND ADEQUATELY
SUPPORTED. THERE ARE NO OTHER SALES AVAILABLE WHICH WOULD OFFER A MORE ACCURATE INDICimON OF THE SUBJECrS
MARKET VALUE.
PER LENDER'S REQUEST ONLY 5.0 OF THE TOTAL 8.24 ACRES WAS APPRAISED IN THIS REPORT .
INCOMEAPPROACH TO VALUE (not reQuired bv Fannie Mae.)
• Estimated Montljy Market RentS X Gross Rent Multiplier =6 IndicatedValuebY Income Aooroach
SummarY01 Income Aooroach Includino SUDoortfor maJ1

IFile Np 1Q83W61 01 Page #101
Manufactured Home Appraisal Report File#
1083
1083W610
FEATURE I SUBJECT COMPARABLE SALE II 4 I COMPARABLE SALE # 5 COMPARABLE SALE 116
Address 274 Horse Tra~ Rd 212 THOMAS KATE RD
STGEORGE SC DORCHESTER SC
ProximllV 10 Subiect 5.44 milesSE
Sale Price $ N/A 1$ 115000 1$ Is
Sale Price/Gross Uv. Area S sa.fl. $ 69.70 SO.tt.! $ SO.ft.1 S SO.fl.1
ManufacltJed Home I5

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Pro Address 274 Horse TraR Rd
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