Michael D. Cordell, CRA

Michael D. Cordell, CRA 

5330 Stadium Trace Parkway, Suite 110 

INVOICE 

09/14/2009 

DATE 

M306809 

NUMBER 

Birmingham, AL 35244 

205-402-2121 

Client: 

GALLOWAY & SOMERVILLE, LLC 

11 OAK STREET 

BIRMINGHAM, AL. 

35213 

Item 

Total 

APPRAISAL FEE FOR SERVICES RENDERED $ 

750.00 

Borrower: RICHARD M. SCRUSHY 

2406 LONGLEAF STREET 

BIRMINGHAM, AL. 35243 

SEE ADDITIONAL COMMENTS ON PAGE 3. 

Total: 

$ 

750.00 

Thank you 

Michael D. Cordell, CRA




205-402-2121 

September 14, 2009 


11 OAK STREET 


35213 

Property - 

Borrower - 

File No. - 

Case No. - 



RICHARD M. SCRUSHY 

M306809 

M306809 

Dear : GALLOWAY & SOMERVILLE, LLC 

In accordance with your request, I have made an appraisal of the real property located at 2406 LONGLEAF STREET, BIRMINGHAM, AL. 

The purpose of the appraisal is to provide an opinion of the market value of the property described in the body of this report. 

Enclosed, please find the Summary 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 09/10/2009 is : 

$4,250,000 

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, 


MICHAEL CORDELL 

AL Certification #R00618

M306809 

File No. 

M306809 

SUMMARY APPRAISAL OF 

THE PROPERTY LOCATED AT 



as of 

09/10/2009 

for 


11 OAK STREET 


35213 

by 



Birmingham, AL 35244

M306809 

Uniform Residential Appraisal Report File # 

M306809 

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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 2406 LONGLEAF STREET City BIRMINGHAM State AL. Zip Code35243 

BorrowerRICHARD M. SCRUSHY Owner of Public Record RICHARD M. SCRUSHY County JEFFERSON 

Legal Description 

SEE ADDITIONAL COMMENTS ON PAGE 3. 

Assessor's Parcel # SEE ADDITIONAL COMMENTS ON PAGE 3. Tax Year 2008 R.E. Taxes $ N/A 

Neighborhood Name LONGLEAF Map Reference 55-P-21 Census Tract 0129.03 

Occupant X Owner Tenant Vacant Special Assessments $ N/A X PUD HOA $ 600 X per year per month 

Property Rights Appraised X Fee Simple Leasehold Other (describe) 

Assignment Type Purchase Transaction Refinance Transaction X Other (describe) OPINION OF MARKET VALUE 

Lender/Client GALLOWAY & SOMERVILLE, LLC Address 11 OAK STREET, BIRMINGHAM, AL. 35213 

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 the appraisal? Yes X No 

Report data source(s) used, offering price(s), and date(s). 

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I did X 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. CURRENTLY NO CONTRACT. 

Contract Price$ N/A Date of Contract N/A Is the property seller the owner of public record? Yes No Data Source(s) NOT A SALE 

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 No 

If Yes, report the total dollar amount and describe the items to be paid: THE APPRAISAL IS MADE TO DETERMINE OPINION OF MARKET VALUE. 

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Note: Race and the racial composition of the neighborhood are not appraisal factors. 

Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Percent Land Use % 

Location Urban X Suburban Rural Property Values Increasing X Stable Declining PRICE AGE One-Unit 88 % 

Built-Up X Over 75% 25-75% Under25% Demand/Supply Shortage X InBalance OverSupply $(000) (yrs) 2-4 Unit 2 % 

Growth Rapid X Stable Slow Marketing Time Under 3 mths X 3-6 mths Over 6 mths 150 Low NEW Multi-Family 1 % 

Neighborhood Boundaries THE LONGLEAF NEIGHBORHOOD AND COMPETING UPSCALE 

2000+ High 80 Commercial 8 % 

DEVELOPMENTS OF JEFFERSON AND SHELBY COUNTIES. 

400 Pred. 25 Other 1 % 

Neighborhood Description 

LONGLEAF IS A NEIGHBORHOOD OF UPSCALE COMPARABLE HOMES WITH GOOD MARKET APPEAL. VESTAVIA IS VERY 

CONVENIENT TO UAB AND THE CENTRAL BUSINESS DISTRICT. VESTAVIA HILLS HAS A REPUTATION FOR HAVING ONE OF THE FINEST PUBLIC 

SCHOOL SYSTEMS IN THE STATE. THE SUBJECT PROPERTY ENCOMPASSES THE ENTIRE SOUTHEAST PORTION OF THE DEVELOPMENT. 

Market Conditions (including support for the above conclusions) 

INTEREST RATES REMAIN NEAR ALL TIME LOWS. SALES ACTIVITY HAS INCREASED IN 

THE SUBJECT'S MARKET RECENTLY. MONTHS OF HOUSING SUPPLY CURRENTLY STANDS AT 8 MONTHS. 

Dimensions 185 X 351.9 IRR Area 10.46 +/- ACRES Shape IRREGULAR View GOOD 

Specific Zoning ClassificationR-1 Zoning Description SINGLE FAMILY RESIDENTIAL 

Zoning Compliance X Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) 

Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? X Yes No If No, describe 

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Utilities Public Other (describe) Public Other (describe) Off-site Improvements--Type Public Private 

Electricity X Water X Street ASPHALT X 

Gas X Sanitary Sewer X Alley NO 

FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map No. 01073C0567G FEMA Map Date 09/29/2006 

Are the utilities and 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 APPARENT EASEMENTS, ENCROACHENTS, SPECIAL ASSESSMENTS, SLIDE AREAS, OR NONCONFORMING ZONING USES. TYPICAL UTILITY 

EASEMENTS DO NOT ADVERSELY AFFECT THE MARKETABILITY OF THE SUBJECT. 

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 cpt,hw,marble,ct/good 

# of Stories 3 Full Basement Partial Basement Exterior Walls BRICK/GOOD Walls dwall,panel/good 

Type X Det. Att. S-Det/End Unit Basement Area sq. ft. Roof Surface SLATE/GOOD Trim/Finish wood/good 

X Existing Proposed Under Const. Basement Finish % Gutters & Downspouts COPPER/GOOD Bath Floor ct,mrbl/gd 

Design (Style) 2 STORY + BONUS Outside Entry/Exit Sump Pump Window Type WOOD/GOOD Bath Wainscot ct,mrbl/gd 

Year Built 1956 Evidence of Infestation Storm Sash/Insulated NO 

Car Storage None 

Effective Age (Yrs) 10 Dampness Settlement Screens NO X Driveway # of Cars 15 

Attic None Heating X FWA HWBB Radiant Amenities WoodStove(s)# Driveway Surface ASPHALT(2) 

Drop Stair Stairs Other Fuel GAS X Fireplace(s) # 4 X Fence X Garage # of Cars 10 

X Floor Scuttle Cooling X Central Air Conditioning X Patio/Deck terrace X Porch Carport # of Cars 

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

Appliances X Refrigerator X Range/Oven X Dishwasher X Disposal X Microwave Washer/Dryer X Other (describe) FAN HOOD 

Finished area above grade contains: 23 Rooms 7 Bedrooms 10F2H Bath(s) 15,964 Square Feet of Gross Living Area Above Grade 

Additional features (special energy efficient items, etc.) 

**SEE ADDITIONAL COMMENTS 

NO BASEMENT 

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). 

THERE WERE NO FUNCTIONAL OR PHYSICAL 

INADEQUACIES OBSERVED. SUBJECT WAS FOUND TO BE IN GOOD CONDITION. NO REPAIRS. SUBJECT HAS BEEN WELL MAINTAINED TO RETAIN A 

LOW EFFECTIVE AGE. THE ORIGINAL SUBJECT PROPERTY WAS RENOVATED AND SIGNIFIGANTLY EXPANDED BY THE CURRENT OWNER. 

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 

Page 1 of 6 Fannie Mae Form 1004 March 2005 


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There are 59 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 140,000.00 to $ 1,600,000.00 . 

There are 46 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 140,000.00 to $ 1,600,000.00 . 

Address 

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

2406 LONGLEAF STREET 3171 OVERHILL ROAD 4006 ST CHARLES DRIVE 7280 KINGS MOUNTAIN ROAD 

Proximity to Subject 

4.10 mi N 6.16 mi E 6.74 mi NE 

Sale Price $ N/A $ 4,500,000 $ 4,200,000 $ 

2,825,000 

Sale Price/Gross Liv. Area $ sq. ft. $ 561.94 sq. ft. $ 290.24 sq. ft. $ 247.01 sq. ft. 

Data Source(s) 

Verification Source(s) 

VALUE ADJUSTMENTS 

Sale or Financing 

Concessions 

Date of Sale/Time 

Location 

Leasehold/Fee Simple 

Site 

View 

Design (Style) 

Quality of Construction 

Actual Age 

Condition 

DESCRIPTION DESCRIPTION +(-)$ Adjustment DESCRIPTION +(-)$ Adjustment DESCRIPTION +(-)$ Adjustment 

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

Room Count 

Gross Living Area 15,964 sq. ft. 8,008 sq. ft. +437,580 14,471 sq. ft. +82,115 11,437 sq. ft. 

+248,985 

Basement & Finished 

Rooms Below Grade 

Functional Utility 

Heating/Cooling 

Energy Efficient Items 

Garage/Carport 

Porch/Patio/Deck 

Kitchen DELUXE DELUXE DELUXE DELUXE 

Net Adjustment (Total) X + - $ 490,055 X + - $ 123,840 X + - $ 409,173 

Adjusted Sale Price Net Adj. 10.89 % Net Adj. 2.95 % Net Adj. 14.48 % 

of Comparables Gross Adj. 14.11 % $ 4,990,055 Gross Adj. 14.39 % $ 4,323,840 Gross Adj. 18.17 % $ 3,234,173 

I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain 

My research 


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. 

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). 

Date of Prior Sale/Transfer 

Price of Prior Sale/Transfer 


Effective Date of Data Source(s) 

ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 

Analysis of prior sale or transfer history of the subject property and comparable sales 

M306809 

BIRMINGHAM JEFFERSON SHELBY JEFFERSON 

AGDA/MLS AGDA/MLS AGDA/MLS 

AGDA/MLS AGDA/MLS AGDA/MLS 

CONV CASH CONV 

SLR PD 0 SLR PD 0 SLR PD 0 

06/01/2007 10/15/2008 10/31/2006 

GOOD GOOD GOOD GOOD 

M306809 

FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE 

10.46/VESTAVIA 1.26AC/MT. BROOK no adjustment 3AC/HOOVER +161,900 4.5AC/VESTAVIA +89,400 


2 Story/gd 2 Story/gd 2 Story/gd 2 Story/gd 


53 1 No adjustment 4 No adjustment 6 No adjustment 

GOOD NEAR NEW -50,000 NEAR NEW -50,000 GOOD 

23 7 10F2H 11 6 5:2 +20,000 15 5 6 +25,000 14 5 5:2 +25,000 

1276 FIN* 1977 FIN* -17,525 8883 FIN* -190,175 0 FIN +31,900 

0 UNF 0 UNF 0 UNF 6514 UNF -52,112 


FA/CENT FA/CENT FA/CENT FA/CENT 

TYPICAL *5-1-1 -5,000 *1-0-0 TYPICAL 

4GA/3GA/3GD 2GA/1CA +75,000 8GB +92,000 3GA/4GB +66,000 

Porch Porch Porch Porch 

Deck/Patio/Fence pts,ters,pool,fc pts,ters,fc +30,000 cv dk,cv pt,pool,pt pts,ters,pool,fc 

Fireplaces 4 FP 4 FP 3 FP +3,000 4 FP 

X 

AGDA. MLS. CRS. 

did X did not reveal any prior sales or transfers of the comparable sales for the prior year to the date of sale of the comparable sale. 

AGDA. MLS. CRS. 

SUBJECT HAS NOT NOT SOLD IN NOT SOLD IN NOT SOLD IN 

SOLD PAST 36 MOS. PAST 12 MONTHS PAST 12 MONTHS PAST 12 MONTHS 

AGDA.MLS.CRS. AGDA.MLS.CRS. AGDA.MLS.CRS. AGDA.MLS.CRS. 

UPDATED MONTHLY UPDATED MONTHLY UPDATED MONTHLY UPDATED MONTHLY 

THE SUBJECT HAS NOT SOLD WITHIN THE PAST 3 YEARS. 

Summary of Sales Comparison Approach ALL SALES ARE FROM THE GENERAL MARKET AREA AND ARE THE MOST SIMILAR IN SIZE AND UTILITY 

AVAILABLE AT THIS TIME. ALL SALES WERE GIVEN EQUAL CONSIDERATION WHEN FORMING VALUE OPINION. SALES OF HOUSES OF THIS 

MAGNITUDE ARE RARE AND SALES USED ARE OLDER THAN DESIRABLE BUT ARE THE BEST AVAILABLE AT THIS TIME. THE SUBJECT HAS A 

GUEST APARTMENT WHICH IS ACCESSED THROUGH THE ATTACHED 4-CAR GARAGE. THIS AREA WAS NOT INCLUDED IN GROSS LIVING AREA 

BUT WAS DEEMED TO CONTRIBUTE A VALUE SIMILAR TO FINISHED BASEMENT AREA AND WAS POSTED IN THE FINISHED BASEMENT SECTION 

OF THE MARKET GRID ON PAGE 2 FOR COMPARISON PURPOSES. 

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Indicated Value by Sales Comparison Approach $ 4,250,000 

Indicated Value by: Sales Comparison Approach $ 4,250,000 Cost Approach (if developed) $ N/A Income Approach (if developed) $ N/A 

THE MARKET APPROACH IS THE BEST VALUE INDICATOR SINCE SALES ARE BOTH RECENT AND IN THE IMMEDIATE AREA. THE INCOME 

APPROACH WAS DEEMED UNRELIABLE DUE TO LACK OF DATA. COST APPROACH WILL BE RELEVANT TO NEW CONSTRUCTION ONLY. 

This appraisal is made 

completed, 

"as is," 

subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been 

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

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

subject to the 

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 

$ 4,250,000 , as of 09/10/2009 


X 

, which is the date of inspection and the effective date of this appraisal. 



Borrower 

Property Address 

ADDITIONAL COMPARABLES 

M306809 

File No. 

City BIRMINGHAM County JEFFERSON State AL. Zip Code 35243 

Lender/Client 

Address 

FEATURE SUBJECT COMPARABLE SALE NO. 4 COMPARABLE SALE NO. 5 COMPARABLE SALE NO. 6 


5.61 mi N 4.03 mi N 5.90 mi N 

Sale Price $ N/A $ 3,050,000 $ 3,495,000 $ 

4,900,000 

Sale Price/Gross Liv. Area $ sq. ft. $ 290.70 sq. ft. $ 569.68 sq. ft. $ 438.44 sq. ft. 





Concessions 


Location 


Site 

View 



Actual Age 

Condition 



Room Count 

Gross Living Area 15,964 sq. ft. 10,492 sq. ft. +300,960 6,135 sq. ft. +540,595 11,176 sq. ft. 

+263,340 








Kitchen DELUXE DELUXE DELUXE DELUXE 

Net Adjustment (Total) X + - $ 391,280 X + - $ 642,827 X + - $ 288,732 

Adjusted Sale Price Net Adj. 12.83 % Net Adj. 18.39 % Net Adj. 5.89 % 

of Comparables Gross Adj. 17.29 % $ 3,441,280 Gross Adj. 22.87 % $ 4,137,827 Gross Adj. 11.20 % $ 5,188,732 





Comment on Sales Comparison 




M306809 

2406 LONGLEAF STREET 3509 SALISBURY ROAD 2973 BRIARCLIFF ROAD 4005 OLD LEEDS RIDGE 

BIRMINGHAM JEFFERSON JEFFERSON LISTING COMPARABLE 

AGDA/MLS MLS/CRS MLS/CRS 

AGDA/MLS MLS/CRS MLS/CRS 

CONV CONV N/A 

SLR PD 0 SLR PD 0 N/A 

08/08/2005 07/19/2007 listed 04/24/2009 


FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE 

10.46/VESTAVIA 3.441AC/MT BROOK -30,000 6.1AC/MT. BROOK -75,000 5AC/MT. BROOK -60,000 


2 Story/gd 1.5 Story/gd 2 Story/gd 2 Story/gd 


53 78 No adjustment 47 No adjustment 8 No adjustment 


23 7 10F2H 23 5 5.5 +27,500 14 6 4.5 +32,500 17 6 4.5 +32,500 

1276 FIN* 0 FIN +31,900 0 FIN +31,900 0 FIN +31,900 

0 UNF 4135 UNF -33,080 396 UNF -3,168 4751 UNF -38,008 


FA/CENT FA/CENT FA/CENT FA/CENT 

TYPICAL TYPICAL TYPICAL TYPICAL 

4GA/3GA/3GD 6GB +94,000 2GA +80,000 3CA +85,000 

Porch Cov Porch -2,000 Porch Cov Porch -2,000 

Deck/Patio/Fence pts,ters,pool,fc patio,fc,pool +5,000 pts,ters +33,000 pts,ters,tennis ct,pool -30,000 

Fireplaces 4 FP 5 FP -3,000 3 FP +3,000 2 FP +6,000 

ITEM SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 

SUBJECT HAS NOT NOT SOLD IN NOT SOLD IN NOT SOLD IN 

SOLD PAST 36 MOS. PAST 12 MONTHS PAST 12 MONTHS PAST 12 MONTHS 

AGDA.MLS.CRS. AGDA.MLS.CRS. AGDA.MLS.CRS. AGDA.MLS.CRS. 

UPDATED MONTHLY UPDATED MONTHLY UPDATED MONTHLY UPDATED MONTHLY 


Borrower 

Property Address 

ADDITIONAL COMPARABLES 

M306809 

File No. 


Lender/Client 

Address 

FEATURE SUBJECT COMPARABLE SALE NO. 7 COMPARABLE SALE NO. 8 COMPARABLE SALE NO. 9 


Sale Price $ N/A $ 5,000,000 

$ $ 

Sale Price/Gross Liv. Area $ sq. ft. $ 416.29 sq. ft. $ sq. ft. $ 

sq. ft. 





Concessions 


Location 


Site 

View 



Actual Age 

Condition 



Room Count 

Gross Living Area 15,964 sq. ft. 12,011 sq. ft. +217,415 

sq. ft. sq. ft. 








Kitchen DELUXE DELUXE 

Net Adjustment (Total) X + - $ 192,415 + - $ + - $ 

Adjusted Sale Price Net Adj. 3.85 % Net Adj. % Net Adj. 

% 

of Comparables Gross Adj. 5.69 % $ 5,192,415 Gross Adj. % $ Gross Adj. % $ 





Comment on Sales Comparison 




2406 LONGLEAF STREET 2704 WOODRIDGE ROAD 

BIRMINGHAM 

GOOD 

FEE SIMPLE 

LISTING COMPARABLE 

3.39 mi N 

MLS/CRS 

MLS/CRS 

N/A 

N/A 

listed 09/9/2009 

GOOD 

FEE SIMPLE 

10.46/VESTAVIA 1.43AC/MT. BROOK no adjustment 

GOOD 

GOOD 

2 Story/gd 2 Story/gd 

GOOD 

GOOD 

53 10 No adjustment 

GOOD 

GOOD 

23 7 10F2H 18 5 7F2H +15,000 

1276 FIN* 3116 FIN* -46,000 

0 UNF 0 UNF 

GOOD 

FA/CENT 

TYPICAL 

4GA/3GA/3GD 

Porch 

GOOD 

FA/CENT 

Deck/Patio/Fence pts,ters,pool,fc pts,ters,pool 

Fireplaces 4 FP 2 FP +6,000 

N/A 

N/A 

N/A 

M306809 

ITEM SUBJECT COMPARABLE SALE #7 COMPARABLE SALE #8 COMPARABLE SALE #9 

SUBJECT HAS NOT 

SOLD PAST 36 MOS. 

AGDA.MLS.CRS. 

UPDATED MONTHLY 

NOT SOLD IN 

PAST 12 MONTHS 

AGDA.MLS.CRS. 

UPDATED MONTHLY 


SKETCH ADDENDUM 

M306809 

File No. M306809 

Borrower or Owner RICHARD M. SCRUSHY 

Property Address 2406 LONGLEAF STREET 


Client 


PLAYROOM 

THIRD FLOOR 

16' 

15' 

14' 

9' 19' 10' 

GYM WETBAR 

16' 

18.5' 31' 

OFFICE 

BA BA BR BA BR 

ELEVATOR 

H A L L 

5' 

BR 

LNDRY 

9' 

16' 

29' 

BA 

17.5' 

17' 

BA 

BA 

19.5' 

7.8' 

54.4' 

BR DEN 

MBR 

BA 

BR BR 

LNDRY 

8' 

16' 

19.6' 

MBA2 

MBA 

20' 

Master 

Closets 

20' 

17.5' 

13' 

54.1' 

UPPER LEVEL 

59.2' 

BA KIT LR BR 

GUEST APT. 

14' 

23.5' 

4GA 

15' 6.7' 19.4' 

1/2 BA SUN 

DEN 

3GA 

BUTLER'S 

11.8' 

PANTRY 

18.5' 

KEEP 

34.2' 

8.1' 

22.8' 

NOOK 

KIT 

24.1' 

18' 

7.8' 

WETBAR 

H A L L ELEVATOR 

27' 

PLAY BA 

LNDRY BRKFST 

DR 

WINE 

TASTING 

FOYER 

54.4' 

FOY 

PARLOR 

1/2 BA 

54.1' 

STUDY 

MUSIC 

46' 

10.7' 

19.6' 

20' 

LR BAR 

LIBRARY 

34.8' 

27' 

MAIN LEVEL 

SUMMARY SQ FT AREA PERIMETER AREA CALCULATION DETAILS 

Living Area 

First Floor 7759 559 

Second Floor 7718 759 

Third Floor 487 137 

Total 15964 1455 


Attached Garage 864 118 

Attached Garage 1238 159 

Subtotal 2102 277 

Accessory Buildings 

guest apt. 1276 198 


First Floor 

19.4 X 44.5 = 863.3 

15.0 X 15.2 = 228.0 

18.5 X 46.9 = 867.6 

22.8 X 46.9 = 1069.3 

3.6 X 32.7 = 117.7 

8.1 X 44.9 = 363.6 

19.6 X 36.9 = 723.2 

20.0 X 34.8 = 696.0 

54.4 X 31.0 = 1686.4 

5.5 X 22.6 = 124.3 

5.7 X 25.7 = 146.4 

7.8 X 31.1 = 242.5 

1.5 X 12.2 = 18.3 

53.7 X 10.7 = 574.5 

16.7 X 2.2= 36.7 

0.4 X 4.2= 1.6 

Total 7759.4 

Second Floor 

16.0 X 29.0 = 464.0 

3.5 X 28.0 = 98.0 

15.0 X 24.0 = 360.0 

18.5 X 37.5 = 693.7 

31.0 X 31.0 = 961.0 

19.0 X 19.0 = 361.0 

6.5 X 33.5 = 217.7 

19.6 X 30.3 = 593.8 

14.0 X 16.0 = 224.0 

SKETCH-IT 1-800-523-0872 

20.0 X 29.2 = 584.0 

54.4 X 25.7 = 1398.0 

14.0 X 5.7= 79.8 

5.7 X 20.4 = 116.2 

7.8 X 22.7 = 177.0 

10.8 X 14.5 = 156.6 

5.0 X 9.0= 45.0 

2.7 X 3.5= 9.4 

12.3 X 8.7= 107.0 

2.7 X 5.0= 13.5 

9.0 X 1.0= 9.0 

53.5 X 16.0 = 856.0 

9.5 X 0.2= 1.9 

2.7 X 4.0= 10.8 

9.0 X 17.3 = 155.7 

0.6 X 10.0 = 6.0 

4.0 X 2.3= 9.2 

4.0 X 2.3= 9.2 

Total 7717.5 

Third Floor 

25.0 X 7.7= 192.5 

8.0 X 18.8 = 150.4 

17.0 X 8.5= 144.5 

Total 487.4 



PHOTOGRAPH ADDENDUM 

M306809 

File No. 

M306809 




Client 


FRONT VIEW OF 

SUBJECT PROPERTY 

REAR VIEW OF 


STREET SCENE OF 




M306809 

File No. 

M306809 




Client 


ALT VIEW 1 


ALT VIEW 2 


ALT VIEW 3 




M306809 

File No. 

M306809 




Client 


DETACHED GARAGE 2 


GROUNDS 1 


INTERIOR 1 




M306809 

File No. 

M306809 




Client 


INTERIOR 10 


INTERIOR 11 


INTERIOR 12 




M306809 

File No. 

M306809 




Client 


INTERIOR 13 


INTERIOR 14 


INTERIOR 15 




M306809 

File No. 

M306809 




Client 


INTERIOR 16 


INTERIOR 2 


INTERIOR 3 




M306809 

File No. 

M306809 




Client 


INTERIOR 4 


VIEW 1 


POOL 




M177012 

File No. 

M306809 




Client 


COMPARABLE #1 

3171 OVERHILL ROAD 

JEFFERSON 

Price $4,500,000 

Price/SF 561.94 

Date 06/01/2007 

Age 1 

Room Count 11-6-5:2 

Living Area 8,008 

Value Indication $4,990,055 

COMPARABLE #2 

4006 ST CHARLES DRIVE 

SHELBY 

Price $4,200,000 


Date 10/15/2008 

Age 4 

Room Count 15-5-6 



COMPARABLE #3 

7280 KINGS MOUNTAIN ROAD 

JEFFERSON 

Price $2,825,000 


Date 10/31/2006 

Age 6 

Room Count 14-5-5:2 





M172411 

File No. 

M306809 




Client 


COMPARABLE #4 

3509 SALISBURY ROAD 

JEFFERSON 

Price $3,050,000 


Date 08/08/2005 

Age 78 

Room Count 23-5-5.5 



COMPARABLE #5 

2973 BRIARCLIFF ROAD 

JEFFERSON 

Price $3,495,000 


Date 07/19/2007 

Age 47 




COMPARABLE #6 

4005 OLD LEEDS RIDGE 


Price $4,900,000 


Date listed 04/24/2009 

Age 8 






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File No. 

M306809 




Client 


COMPARABLE #7 

2704 WOODRIDGE ROAD 


Price $5,000,000 


Date listed 09/9/2009 

Age 10 

Room Count 

18-5-7F2H 



COMPARABLE #8 

Price $ 

Price/SF 

Date 

Age 

Room Count -- 

Living Area 

Value Indication $ 

COMPARABLE #9 

Price $ 

Price/SF 

Date 

Age 

Room Count -- 

Living Area 

Value Indication $ 


LOCATION MAP 

M306809 

File No. 

M306809 




Client 




LEGAL DESCRIPTION: THE HOUSE SITS ON LOT 36A OF A RESUR OF LOTS 2 & 3 & 36 LONGLEAF THE HOUSE IS SET TO BE AUCTIONED AND WILL 

INCLUDE 2 ADJOINING PARCELS OF LAND DESCRIBED AS LOTS 33 & 34 & 35 LONGLEAF AND THE LAST PARCEL DESCRIBED AS LOT 1 LONGLEAF 

THE PARCEL NUMBERS FOR THE PROPERTIES ARE 28-33-3-000-004.002 & 28-33-3-000-004.034 & 28-33-3-000-004.038 ALL 3 PARCELS WILL BE 

INCLUDED IN THE APPRAISAL OF THE SUBJECT PROPERTY WHICH SITS ON APPROXIMATELY 10.46 ACRES. 

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*****ADDITIONAL FEATURES: FRONT PORCH AND EXTENSIVE REAR BLUESTONE PATIOS, TERRACES AND WALKWAYS. LARGE VIEW LOT 

W/PRIVATE ENTRY GATES. CALIFORNIA STYLE CLOSETS. SLATE ROOF. COPPER GUTTERS. IRON FENCING SURROUNDS THE PROPERTY. 

SPRINKLER SYSTEM. INDOOR/OUTDOOR DOG KENNELS. PLANTATION SHUTTERS. ALARM SYSTEM. SOME COFFERED CEILINGS. IRON STAIR 

RAILS. GRANITE KITCHEN COUNTER TOPS. 2 TRAULSEN COMMERCIAL GRADE REFRIGERATORS. 6 TOP THERMADOR OVEN. 4 FIREPLACES. 3-CAR 

DETACHED GARAGE. 3-CAR ATTACHED GARAGE. 4-CAR ATTACHED GARAGE. GUEST APARTMENT ATTACHED. THIRD FLOOR PLAYROOM. 

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COST APPROACH TO VALUE (not required by Fannie Mae) 

Provide adequate information for the lender/client to replicate the below cost figures and calculations. 

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

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ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW 

OPINION OF SITE VALUE...........................................................................=$ 

Source of cost data Dwelling Sq. Ft. @ $ ....................... =$ 

Quality rating from cost service Effective date of cost data Sq. Ft. @ $ ....................... =$ 

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

FNMA AND FHA NO LONGER REQUIRE THE COST APPROACH AND COST 

APPROACH WILL ONLY BE APPLICABLE TO NEW CONSTRUCTION. 

Garage/Carport Sq. Ft. @ $ ....................... =$ 

Total Estimate of Cost-New ....................... =$ 

Less Physical Functional External 

Depreciation =$( ) 

Depreciated Cost of Improvements..............................................................=$ 

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

....................... =$ 

Estimated Remaining Economic Life (HUD and VA only) 50 Years Indicated Value By Cost Approach.........................................................=$ 

INCOME APPROACH TO VALUE (not required by Fannie Mae) 

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

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

PROJECT INFORMATION FOR PUDs (if applicable) 

Is the developer/builder in control of the Homeowners' Association (HOA)? Yes X No Unit type(s) X Detached 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 

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(s) 

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 Homeowners' Association? Yes No If Yes, describe the rental terms and options. 

Describe common elements and recreational facilities 




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Market Conditions Addendum to the Appraisal Report File No. 

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 2406 LONGLEAF STREET City BIRMINGHAM State AL. ZIP Code 35243 

Borrower 

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 the data 

in the analysis. If data sources provide 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 Overalll Trend 

Total # of Comparable Sales (Settled) 11 13 22 Increasing X Stable Declining 

Absorption Rate (Total Sales/Months) 1.83 4.33 7.33 Increasing X Stable Declining 

Total # of Comparable Active Listings 40 53 59 Declining X Stable Increasing 

Months of Housing Supply (Total Listings/Ab.Rate) 21.82 12.23 8.05 Declining X Stable Increasing 

Median Sale & List Price, DOM, List/Sale % 

Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overalll Trend 

Median Comparable Sale Price 365,000 460,000 366,750 Increasing X Stable Declining 

Median Comparable Sales Days on Market 153 45 48.5 Declining X Stable Increasing 

Median Comparable List Price 399,250 399,000 398,900 Increasing X Stable Declining 

Median Comparable Listings Days on Market 190 148 78 Declining X Stable Increasing 

Median Sale Price as % of List Price 

97.00 95.00 97.00 Increasing X Stable 

Declining 

Seller-(developer, builder, etc.) paid financial assistance prevalent? Yes X No 

Declining Stable Increasing 

Explain in detail the 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.). 


Are foreclosure sales (REO sales) a factor in the market? Yes X No If yes, explain (including the trends in listings and sales of foreclosed properties). 

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SELLERS DO NOT TYPICALLY PAY CLOSING COSTS FOR THE PURCHASER IN THIS MARKET. BUYERS AND SELLERS TYPICALLY 

SPLIT ATTORNEY AND TITLE FEES EVENLY IN THIS MARKET. 

Cite data sources for above information. 

MLS.CRS.AGDA DATA. 

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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. 

THE APPRAISER'S OPINION THAT THE OVERALL TRENDS FOR THE SUBJECT'S MARKET AREA ARE STABLE IS BASED ON DATA IN THE 

NEIGHBORHOOD THAT IS REQUIRED BY THE FANNIE MAE'S SCOPE OF WORK TO BE RESTRICTED TO "PROPERTIES THAT COMPETE WITH THE 

SUBJECT PROPERTY." THERE WERE NO KNOWN ANOMALIES IN THE DATA, SUCH AS SEASONAL MARKETS, ETC. DUE TO THE METHOD EMPLOYED 

BY THE MLS DATA PROVIDER, THE REPORTED MLS MEDIAN AND THE TRUE MATHEMATICAL MEDIAN MAY BE SLIGHTLY DIFFERENT WITHIN 

STATISTICAL TOLERANCE. INCREASING, STABLE AND DECLINING MARKET ARE THE RESULT OF AN OVERALL SHIFT AND CLEAR DIRECTION IN 

THE MARKET AS OPPOSED TO THE REPORTED RESULTS IN ONE PERIOD BEING SLIGHTLY ABOVE OR BELOW A PRIOR PERIOD. MINOR 

DIFFERENCES BETWEEN TWO PERIODS DO NOT ALWAYS CONSTITUTE A CLEAR SHIFT. IN ORDER TO SUPPORT A SHIFT IN THE DIRECTION THERE 

MUST BE TWO REPORTING PERIODS THAT SHOW A CLEAR CHANGE IN THE TREND OF THE MARKET. 

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 Overalll 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 foreclosure 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 of 

foreclosed properties. 

Summarize the above trends and address the impact on the subject unit and project. 

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Signature 

Appraiser Name 

Company Name 

Company Address 

Signature 

Appraiser Name 

Company Name 


State License/Certification # R00618 

State AL 

State License/Certification # State 

Email Address 




5330 Stadium Trace Parkway, Suite 110, Birmingham, AL 35244 

Page 1 of 1 

Email Address 

Fannie Mae Form 1004MC March 2009 


M306809 


M306809 

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: 

subject to the following assumptions and limiting conditions: 

The appraiser’s certification in this report is 

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. 




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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. 




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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 MICHAEL CORDELL 

Name 

Company Name Michael D. Cordell, CRA 

Company Name 

Company Address 5330 Stadium Trace Parkway, Suite 110 



Telephone Number 205-402-2121 

Telephone Number 

Email Address 

Email Address 

Date of Signature and Report September 14, 2009 

Date of Signature 

Effective Date of Appraisal 09/10/2009 

State Certification # 

State Certification # R00618 

or State License # 

or State License # 

State 

or Other 

Expiration Date of Certification or License 

State AL 

Expiration Date of Certification or License 

09/30/2009 


ADDRESS OF PROPERTY APPRAISED 



APPRAISED VALUE OF SUBJECT PROPERTY $ 4250000 

LENDER/CLIENT 

Name 

Company Name GALLOWAY & SOMERVILLE, LLC 

Company Address 11 OAK STREET 


Email Address 

Did not inspect subject property 

Did inspect exterior of subject property from street 

Date of Inspection 

Did inspect interior and exterior of subject property 


COMPARABLE SALES 

Did not inspect exterior of comparable sales from street 

Did inspect exterior of comparable sales from street 





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File No. 

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Lender or Client 


******ADDENDUM TO APPRAISAL LIMITING CONDITIONS AND CERTIFICATION***** 

I HAVE PERFORMED AN APPRAISAL ON THE SUBJECT PROPERTY TO (1) DETERMINE IF THE PROPERTY AND IMPROVEMENTS ARE 

MARKETABLE AND, (2) PROVIDE AN OPINION OF VALUE FOR MORTGAGE LOAN PURPOSES. 

THIS APPRAISAL IS NOT A "HOME INSPECTION REPORT", THIS APPRAISAL IS NOT A WARRANTY OR 

GUARANTEE ABOUT THE CONDITION OF THE SUBJECT PROPERTY AND IS NOT INTENDED TO REVEAL ALL CONDITIONS THAT MAY BE OF CONCERN TO 

A HOMEBUYER. THIS APPRAISAL ALSO DOES NOT WARRANT OR GUARANTEE THE REMAINING LIFE OF ANY OPERATING OR NON-OPERATING 

ELEMENT OF THE SUBJECT PROPERTY. 

THIS APPRAISAL IS NOT INTENDED TO PROTECT THE HOMEBUYER, BUT TO 

PROVIDE INFORMATION TO THE LENDER/CLIENT AS A PART OF THE MORTGAGE LENDING PROCESS. MANY HOMEBUYERS MISTAKENLY BELIEVE AN 

APPRAISAL IS A GUARANTEE THAT THE PROPERTY IS FREE FROM DEFECTS. THE APPRAISAL ONLY ESTABLISHES AN ESTIMATED VALUE OF THE 

PROPERTY FOR MORTGAGE LOAN PURPOSES. 

THIS APPRAISAL COVERS ONLY READILY OBSERVABLE 

ITEMS NOTED AND CONDITIONS KNOWN AT THE TIME OF THE APPRAISAL. I AM NOT A PROFESSIONAL BUILDING INSPECTOR. IF ANY PARTIES IN THIS 

TRANSACTION HAVE QUESTIONS OR CONCERNS REGARDING ANY MECHANICAL OR STRUCTURAL PROBLEMS, CONDITIONS, INFESTATIONS, 

CONTAMINATION OR OTHER ISSUES REGARDING THE SUBJECT PROPERTY, AN EXPERT IN THAT FIELD OF SPECIALTY SHOULD BE CONSULTED. 


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File No. 

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THE PROCESS OF GATHERING, VERIFYING AND REPORTING DATA IS CONSIDERED THE SCOPE OF THE APPRAISAL. THE APPRAISAL IS BASED ON 

THE INFORMATION GATHERED BY THE APPRAISER FROM PUBLIC RECORDS, OTHER IDENTIFIED SOURCES, INSPECTION OF THE PROPERTY, 

NEIGHBORHOOD AND SELECTION OF COMPARABLE SALES WITHIN THE MARKET AREA. DATA SOURCE AND CONFIRMATION IS SHOWN IN THE 

MARKET GRID. THE REPRODUCTION COST WAS BASED ON LOCAL BUILDERS AND SUPPLY HOUSES AS WELL AS THE APPRAISER'S KNOWLEDGE OF 

THE MARKET AREA FOR THE SUBJECT. PHYSICAL DEPRECIATION, IF PRESENT, IS SPECIFICALLY ADDRESSED IN THE APPRAISAL REPORT. IN 

ESTIMATING THE SITE VALUE, THE APPRAISER HAS RELIED ON PERSONAL KNOWLEDGE AND ANALYSIS OF CURRENT SITE SALES. THE SUBJECT 

PROPERTY IS LOCATED IN AN AREA OF PRIMARILY OWNER-OCCUPIED SINGLE FAMILY RESIDENCES AND THE INCOME APPROACH IS NOT 

CONSIDERED TO BE MEANINGFUL AND WAS NOT USED DUE TO THE LACK OF AVAILABLE DATA. 

FLOOD MAP INFO.***AS WE ARE NOT PROFESSIONAL CIVIL ENGINEERS, WE ARE NOT QUALIFIED TO RENDER EXACT ADVICE 

CONCERNING FLOOD ZONE MATTERS. A PROPERTY IN THE GENERAL VICINITY OF A FLOOD HAZARD AREA SHOULD BE EVALUATED BY A CIVIL 

ENGINEER OR OTHER APPROPRIATE SPECIALIST PRIOR TO PURCHASE OR INVESTMENT. 

INFESTATION***A TERMITE, FUNGUS, MOLD, SPORE AND WOOD INSPECTION IS HIGHLY RECOMMENDED AND PERFORMED BY A 

PROFESSIONAL INSPECTOR, AS REAL ESTATE APPRAISERS, WE ARE NOT QUALIFIED TO RENDER SUCH INSPECTIONS. THEREFORE, THIS APPRAISAL 

SHOULD NOT BE CONSIDERED A WOOD INFESTATION REPORT OR A REPORT CONCERNING ANY BACTERIAL OR FUNGAL MATTER. 

WASTE SYSTEMS***THE SUBJECT'S WASTE SYSTEM IS BASED ON THE HOME OWNER AND THE APPRAISER HAS NO CLEAR WAY OF 

KNOWING IF THE SUBJECT IS CORRECTLY CONNECTED TO SAID PRIVATE WASTE DISPOSAL SYSTEM. 

BUILDING INSPECTIONS***AS WE ARE NOT QUALIFIED RENDER BUILDING INSPECTIONS, WE RECOMMEND THAT A PROFESSIONAL 

BUILDING INSPECTOR INSPECT THE PROPERTY. THE APPRAISER SHALL NOT BE HELD RESPONSIBLE FOR THE STRUCTURAL INTEGRITY OR PROBLEMS 

ASSOCIATED WITH THE PROPERTY. IT IS ASSUMED THAT ALL MECHANICAL, ELECTRICAL AND AIR CONDITIONING, HEATING AND VENTILATION 

SYSTEMS ARE IN THE PROPER WORKING ORDER AT THE TIME OF INSPECTION. THEREFORE, THIS REPORT SHOULD NOT BE CONSIDERED A 

CONDITION/INSPECTION REPORT. 

ADVERSE ENVIRONMENTAL CONDITIONS*** EVEN THOUGH THIS APPRAISER IS NOT AN EXPERT IN THE SPECIALIZED FIELD OF 

ENVIRONMENTAL HAZARDS NOR QUALIFIED TO PERFORM LABORATORY OR OTHER SCIENTIFIC TESTING, LAYMAN TYPE OBSERVATIONS AND 

INQUIRES DO NOT SUGGEST ANY SUCH HAZARDS ON OR OFF THE IMMEDIATE PREMISES. 


F.I.R.R.E.A. ADDENDUM 

M306809 

File No. M306809 






Purpose of the Appraisal 

THE PURPOSE OF THE APPRAISAL IS TO ESTIMATE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE SUBJECT PROPERTY, AS DEFINED IN 

THE ATTACHED FNMA FORM 1004, AS OF THE DATE SET FORTH IN THE FINAL RECONCILIATION SECTION OF THE REPORT. THE TITLE IS 

ASSUMED TO BE GOOD AND MARKETABLE. 

Scope of Work 

IN THE PREPARATION OF THIS APPRAISAL THE APPRAISER HAS MADE A PHYSICAL INSPECTION OF THE SUBJECT SITE AND IMPROVEMENTS 

INCLUDING MEASURING THE IMPROVEMENTS AND TAKING SUFFICIENT PHOTOGRAPHS TO ADEQUATELY CHARACTERIZE THE PROPERTY 

APPRAISED. THE SUBJECT NEIGHBORHOOD WAS ALSO INSPECTED TO ASSIST IN THE DETERMINATION OF THE NEIGHBORHOOD 

CHARACTERISTICS. THIS INFORMATION WAS ANALYZED IN ORDER TO DOCUMENT THE VARIOUS ENVIRONMENTAL, SOCIAL, GOVERNMENTAL 

AND ECONOMIC FACTORS THAT INFLUENCE THE VALUE. DATA REGARDING THE SALES OF RESIDENTIAL LAND AND IMPROVED PROPERTY 

WERE COLLECTED AND VERIFIED BY PUBLIC RECORDS. THE VALUE OF THE PROPERTY INCLUDED A COST APPROACH, INCOME APPROACH AND 

THE MARKET APPROACH. THE THREE APPROACHES WERE RECONCILED INTO A FINAL ESTIMATE OF VALUE IF ANY OF THE THREE 

APPROACHES WERE OMITTED, AN EXPLANATION CAN BE FOUND IN THE RECONCILIATION STATEMENT. 

Report of the prior year sales history for the subject property 

Is the subject property currently listed? Yes X No List Price: $ 

Has the property sold during the prior 3 years? Yes X No If yes, describe below 

Marketing Time 

What is your estimate of marketing time for the subject property? 3-6 MONTHS 

months Describe below the basis (rationale) for your estimate? 

THE ESTIMATED MARKETING TIME IS THE SAME AS INDICATED IN THE NEIGHBORHOOD SECTION OF THE REPORT. THIS ESTIMATE IS BASED 

ON THE APPRAISER'S OBSERVATION OF THE MARKETING TIME FOR THE LISTING AND SALES IN THE IMMEDIATE AREA AND OF THE RATIO OF 

THE NUMBER OF LISTINGS TO SALES. ALSO CONSIDERED WERE THE DYNAMICS OF THE NEIGHBORHOOD, CITY AND STATE ECONOMICS PLUS 

KNOWN AND FORECASTED CHANGES IN EMPLOYMENT AMONG OTHER ECONOMIC FACTORS. 

Non-real property transfers 

Does the transaction involve the transfer of personal property, fixtures, or intangibles that are not real property? Yes X No 

If yes, provide description and valuation below. 

Additional Comments 

ENVIRONMENTAL DISCLAIMER: THE VALUE OPINION IN THIS REPORT IS BASED ON THE ASSUMPTION THAT THE PROPERTY IS NOT 

NEGATIVELY AFFECTED BY THE EXISTENCE OF HAZARDOUS SUBSTANCES OR DETRIMENTAL ENVIRONMENTAL CONDITIONS. THE 

APPRAISER'S ROUTINE INSPECTION OF THE INQUIRIES OF THE SUBJECT PROPERTY DID NOT DEVELOP ANY INFORMATION THAT WOULD 

INDICATE ANY APPARENT SIGNIFICANT HAZARDOUS SUBSTANCES OR DETRIMENTAL ENVIRONMENTAL CONDITIONS THAT WOULD AFFECT 

THE PROPERTY NEGATIVELY. IT IS POSSIBLE THAT THE TESTS AND INSPECTIONS MADE BY A QUALIFIED EXPERT WOULD REVEAL THE 

EXISTENCE OF HAZARDOUS MATERIALS AND ENVIRONMENTAL CONDITIONS ON OR AROUND THE PROPERTY THAT WOULD NEGATIVELY 

AFFECT ITS VALUE. 

Additional Certification 

1. The acceptance of this appraisal assignment by the appraiser was not based on a requested minimum valuation, a specified valuation, or an approval of the loan. 

2. The appraiser certifies that the compensation for this appraisal is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the 

client, the amount of the value estimate, the attainment of a stipulated result of the occurrence of a subsequent event. 

3. This appraisal has been prepared to conform with the Uniform Standards of Professional Appraisal practice ("USPAP") adopted by the Appraisal Standards Board of the 

Appraisal foundation, except the Departure Provision, unless otherwise stated below. 

4. The appraiser has disclosed within this appraisal report, or below, all steps taken that were necessary or appropriate to comply with the Competency provision of the USPAP. 

I CERTIFY THAT TO THE BEST OF MY KNOWLEDGE AND MY BELIEF THE STATEMENT OF FACTORS CONTAINED IN THIS REPORT ARE TRUE AND 

CORRECT. THE REPORTED ANALYSIS, OPINION AND CONCLUSIONS ARE LIMITED ONLY BY THE REPORTED ASSUMPTIONS AND LIMITING 

CONDITIONS AND ARE MY PERSONAL UNBIASED PROFESSIONAL ANALYSES, OPINIONS AND CONCLUSIONS. I HAVE NOT PAST OR 

RETROSPECTIVE INTEREST IN THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT AND I HAVE NO PERSONAL BIAS WITH RESPECT TO THE 

PARTIES INVOLVED. THIS ASSIGNMENT WAS MADE SUBJECT TO THE REGULATIONS OF THE STATE OF ALABAMA REAL ESTATE APPRAISER'S 

BOARD. THE UNDERSIGNED CERTIFIED REAL PROPERTY APPRAISER HAS MET THE REQUIREMENTS OF THE BOARD THAT ALLOWS THIS REPORT 

TO BE REGARDED AS A "CERTIFIED APPRAISAL." 

Date: 

September 14, 2009 

Appraiser(s): 


Date: 

Review Appraiser(s): 

Form 953

Michael D. Cordell, CRA

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