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104-Bank Appraisal.pdf3 os o O a) 3 p aJ N a) Q c o O V] a) Cd y Cd �• � U � a) • � id y � t7 U U Cd z a P.G wr4 � O n o CZ a� a c v 0 boo �.�a CSC CIO O � ��' a>i .Z j > C/) y r A. O O y O L) aJ a) Worn �C y c o p 1p p U U� Cd w i a�'i CD CT 84 Mu o300 rA00 y or p pW Q ' Ei camo cc: 3 :: ca 0� 3 i ;a s Ccd >La o iQf)r n sm.M Cc 0 o * � � U) Cd o V U a)Cd 3 k -k o o� -a > rnn a L° a y a 0� b -0 0 3� cn oo ca Ei O a� o o a O a ocd O b p,"o a 0 0 US ^O Cs N p cd " ; , aa)i O y m Cn -5 � a> G O a) In p a) Q In U Cd N U � Qo �� . y3 0� �O�3�a'o O L1w o z v�(v7D� �orAn L� Q co 'O QOO UQO P.r-o O aH .� Q DMITRI ISAEV File No. 01-11153136-01A APPRAISAL OF 1 r o a 3 REAL PROPERTY LOCATED AT: 10346 SCENIC BLVD. CUPERTINO, CA 95014-2770 FOR: FLAGSTAR BANK 5151 CORPORATE DR.TROY, MI 48098 BORROWER: LAKSHMAN YAGATI AS OF: JUNE 11, 2011 BY: DMITRI ISAEV THANK YOU FOR YOUR BUSINESS DMITRI ISAEV Uniform Residential Appraisal Report File No. 01-11153136-01A 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. PropertyAddress 10346 SCENIC BLVD. City CUPERTINO State CA Zi Code 95014-2770 Borrower LAKSHMAN YAGATI Owner of Public Record SEE ADDENDUM FOR DETAILS County SANTA CLARA Legal Description BOOK 357 PAGE 8 LOT 37 Assessors Parcel # 357-08-037 Tax Year 2010 R.E. Taxes $ 14 893.56 Nei hborhood Name BLACKBERRY FARM GOLF COURSE Ma Reference 852/A1 Census Tract 5077.03 Occu ant X Owner Tenant Vacant s ecial Assessments$ PUD HOA$ er ear ermonth Pro a RI hts A raised X Fee SimpleLeasehold Other (describe) AssiqnmentType LXJ Purchase Transaction LJRefinance Transaction LJ Other (describe) Lender/Client FLAGSTAR BANK Address 5151 CORPORATE DR.TROY MI 48098 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? X Yes No Report data source(s) used, offering price(s), and date(s). Subject has been listed for sale on 04/06/2011 at $1 550 000 and now under pending contract at $1 440 000 MILS # 81114882. X did U 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. No abnormal conditions noted in that sale. Contract Price $ 1,440,000 Date of Contract 06/2011 Is the property seller the owner of public record? X Yes LJNo Data Sources NDCData Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes X No If Yes,reportthetotaldollaramountanddescribetheitemstobepaid. N/A No concessions noted in that sale. Note: Race and the racial composition of the nei hborhood are not appraisal factors. �., INeighborhooC Characterisncs '�- "" `"= _ iOne-UniEHou3ingTrends=; ..� "-One=Unit Housing .. . ;,'Present Land lJse%^.. Location Urban X Suburban Rural Pro ertValues IncreasingX Stable Declinin PRICE AGE One -Unit 90% % Built-upX Over75% 25-75% Under25% DemandUSu I Shorts e X In Balance Over Su $000 rs 2-4 Unit 2% Growth Rapid X Stable Slow Marketin Time X Under3mths 3-6mths Over6mths 950 Low 4 Multi-Family2% % Neighborhood Boundaries Neighborhood boundaries reach Stevens Creek Blvd. to the north 1,790 High 80 Commercial 1% % Foothill Ex . to the west McClellan Road to the south and Freeway85 to the east. 1,400 Pred. 26 Other Parks 5% % Neighborhood Description This subject roe is located in a neighborhood of average to good qualityhomes. Access to Freeway85 is good. Local arks and shopping centers are nearby. Public and private schools other colleges and universities are within commute distance. Em to iTent centers are within the 15-45 minutes commute to downtown San Jose and other BayArea locations. Market Conditions (including support forthe above conclusions) Due to recent sales activitythe subject's marketin time is between 1 to 3 months. Current interest rates remain relative) low, with some concessions in the form of non-recurringclosingcosts. The market has been on decline in last 24 months with signs of stabilization in the past 4-6 months. See Plat Ma Area 9,147 S .Ft. Shape Regular View Nei hborhood in Classifcaton Ri Zoning Description Sin le Famil Residence liance X Legal Legal NonconformingGrandfathered Use NI Zonin Ille al (describe) st 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. rElect6ci Public Other(describe) Public Other (describe) Off -site lm rovements—T a Public Private X Water X Street As haltedXX Sanitary Sewer LXJ Li Ailey None Li FEMA Special Flood Hazard Area LJYes X No FEMA Flood Zone Zone X500 FEMA Map # 06085C/0204 H FEMA Map Date 5/18/2009 Are the utilities and off -site improvements typical for the market area? LX1 Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? LJYes X No If yes, describe. See Attached Addendum GENERAL`DESCRIPT(ON,I _ " f00NDATION EXTERIOR DESCRIPTION"" ".materiafslcondmon INTERIOR":'"">'- ";" materals/contrNon; Units None 0 One with Accessory Unit Concrete Slab X Crawl Space Foundation Walls Concrete/Average Floors Tile/Wd/Avers e # of Stories One Full Basement LJ Partial Basement Exterior Walls Stucco/Avers a Walls Wood/Average T e X Det. Att. S-Det./End Unit Basement Area 0 s . ft. Roof Surface ConcreteTile/Av Trim/Finish Wood/Avers e LXJ Existing LJProposed Llunderconst. Basement Finish 0 %Gutters &Downs outs Galvanized/Avg. Bath Floor Tile/Average Design (Style) Traditional Outside En/Exit I J Sump Pump WindowT e Vinyl/Average Bath Wainscot Tile/Average Year Built 1989 Evidence of LJ Infestation Storm Sashllnsulated Yes/Yes Car Stora a None Effective Age rs 10 Years I lDamDness I I Settlement Screens None X Driveway #of Cars 3 Cars Attic None Hearin X FWA HWBB Radiant Amenities WoodStove s # Drivewa Surface Concrete Dro Stair Stairs OtherI Fuel Gas LXJ Fireplace(s) # 2 X Fence Wood IX Garage #of Cars 3 Floor X Scuttle CoolingCentral Air Conditionin X Patio/Deck Conr. X Porch Concrete Carport # of Cars Finished Heated Individual Other Pool Other X Att. Det. Built-in Appliances Refri erator X Ran a/Oven X Dishwasher X Dis osal Microwave WasherlD er Other describe Finished area above grade contains: 11 Rooms 5 Bedrooms 2.5 Baths 2,727 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.). See addendum for additional comments. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). The improvements have been maintained in avers e condition. No external or functional detrimental factors are noted. No adverse or hazardous environmental conditions were noted. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? LJYes X No If Yes, describe. There are no physical deficiencies or adverse conditions that affect the livability, soundness or structural integrity of the property. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes LJNo If No, describe. The suNect property generally conform to the neighborhood. Freddie Mac Fam 70 March 2IXI5 rcoacm uvng nu somvare au.twaru—.acrx,,— ranne we rarm iwa motto tuu Page 1 of 6 1004 0509W00 DMITRI ISAEV Uniform Residential Appraisal Report File No. 01-11153136-01A There are 12 comparable ro erties currently offered for sale in the subject neighborhood ranging in orice from $ 1,149,000 to $ 1,700,000 There are 39 cc m arable sales in the subject nei hborhood within the past twelve months ran in in sale rice from $ $1 150 000 to $ 1,770,000 FEATURE SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 10346 SCENIC BLVD. Address CUPERTINO 10326 SCENIC BLVD. CUPERTINO 10332 SCENIC CIRCLE CUPERTINO 10465 SAN FERNANDO AV. CUPERTINO Proximity to Subject 0.05 miles N 0.12 miles SSE 0.25 miles ESE Sale Price $ 1,440,000 Is 1,555,000 $ 1,385,000 ='t $ 1 450,000 Sale Price/Gross Liv. Area $ 528.05 s . ft. $ 510.34 s . ft I $ 529.03 sq it. + $ 562.45 s . ft ; Data Source(s) Inspection MLS # 81106852/DOM 9 MLS # 81113468/DOM 8 MLS # 81100228/DOM 77 Verification Sources Data nick " DOC# 0021120400/NDCData DOC# 0021196718/NDCData DOC# 0021090025/NDCData VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION 115Ad"uslaent DESCRIPTION +(•)$Adjustment DESCRIPTION (dsAd"uslmeal Sale or Financing Concessions:. N/A', = " Conventional None Conventional None Conventional None Dateol'Salefrime 06/201/1 03/24/2011-COE 06/03/2011-COE 02/22/2011-COE Location Good Good Good Good Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 9,147 Sq. Ft. 8,000 Sq. Ft 10,000 7,405 S .Ft 20,000 8,280 S .Ft View Neighborhood Neighborhood Neiclhborhood Neighborhood Design (Style) Traditional Traditional Traditional Traditional Quality of Construction Average Average Average Average Actual Age 22 Years 22 Years 34 Years 16 Years Condition Avera e Avera a Avera a Avera e Above Grade Total Btlms Baths Total 8drms Baths Total Bdrms. Baths Toul Eld Baths Room Count 11 5 2.5 11 5 3.5 -10 000 9 5 2.5 9 41 2.5 Gross Livinq Area 50 2,727 s . ft. 3,047 s . ft. -16 000 2,618 s . ft. 5,500 2,578 s . ft. 7,500 Basement&Finished Rooms Below Grade None None None None None None None None Functional Utility Avera a Average Average Average Heating/Cooling FAU/None FAU/None FAU/None FAU/Central A/C -5 000 _ Energy Efficient Items T ical Typical Typical Typical •_ GaragetCarport 3 Car Garage 3 Car Garage 2 Car Garage 10,000 2 Car Gara a 10,000 Porch/Patio/Deck Porch Patio Porch Patio Porch Patio Porch Patio _ Fire laces 2 Fireplaces 2 Fireplaces 1 Fireplace 5,000 2 Fireplaces = Fence Pool etc Fence/None Fence/None Fence/None Fence/None • Upgrades Upgraded Similar Similar Similar Net Ad'ustment(Total) + 0 - Is 16,000 X + Is 40,5001 X + Is 12,500 Adjusted Sale Price oFComarables ' `NetAdj. -1.0%% GmssA'.2.3%% $ 1539000 Net Adj. 2.9%% 1NetAdj. GmssAd'.2.9%% $ 1425500 0.9%% Gm55Ad.1.6%% $ 1462500 I Xdid did not research the sale or transfer history ofthe subject property and comparable sales. lfnot,explain Sub'ecthas been listed for sale on04/0612011 at $1 550 000 and now under pending contract at $1 440 000 MLS # 81114882. M research Mclid [K 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 sources) NDCData REIL info Link Win2Data M resea'c did X did not reveal an rior sales or transfers of the com arable sales For the year prior to the date of sale of the comparable sale. Data sources NDCData REIL info Link Win2Data Report the results of the research and analysis of the prior sale or transfer history of the subject property and comittarable sales (report additional pCiorsales on paqe 3). ITEM SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 Date of PriorSale/rransfer Has not transferred Has not transferred Has not transferred Has not transferred Price of PriorSale/rransfer In Previous 36 Months. In Previous 12 Months. In Previous 12 Months. In Previous 12 Months. Data Source(s) NDCData NDCData NDCData NDCData Effective Daze of Data Source(s) 06/2011 06/2011 06/2011 06/2011 Analysis of prior sale or transfer history of the subject property and comparable sales Subject has been listed for sale on 04/06/2011 at $1 550 000 and now under pending contract at $1 440 000 MLS # 81114882. Summary of sales Comparison Approach. All com arables located in close proximity to the subject. Gross living area was adjusted at $50.00 per square foot and lot size difference adjusted at $10.00 per square foot. Extra bath and garage s ace er stall adjusted at $10 000 fireplace and central A/C system adjusted at $5 OOO.A raiser wasn't able to provide comparable pending sale due to the shortage of such com arables at that time. Due to the average deviation of median sale price as of % of listing rice of 2%-5% appraiser adjusted comp 5 active listing, by 5%. No other ad'ustments were required. Indicated Value by Sales Comparison Approach $ 1,440,000 Indicated Value by: Sales Comparison Aroach$1 440000 Cost Approach (ifdevelo ed)$ 1,440,000 Income Approach (if developed) s N/A The Sales Comparison Approach measures actual buyer -seller activity in the market and is the most reliable indicator of residential market value. The IncomeA roach was not develo ed due to lack of rental homes and a market GRM. The Cost A roach is not 'market a licable. TXhis appraisal is made "asis," subjectto completion per plans and specifications on the basis ofa hypothetical condition thatthe improvements have been completed, ❑subjectio the following repairs oralterations on the basis ofa hypothetical condition thatthe repairs oralterations have been completed, or ❑ subject to the following required nspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: This is asumma re ortofacom letea raisaas defined b SR 2-2 b USPAP. I Based on a complete visual inspection ofthe interior and exteriorareas ofthe subject property, defined scope ofwork, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion ofthe market value, as defined, ofthe real property that is the subject ofthis report is$ 1,440,000 June ll 2011 , which is the date of inspection and the effective date ofthisappraisal. Freddie Mac Form 70 March 2005 rroaucm usM Au so.- aw.z3a—.a—a.mm ramie -a ram i— ma- — Page 2 of 1004 05090M AppraisalHub DMITRI ISAEV Uniform Residential Appraisal Report File No. 01-11153136-01A ADDITIONAL FEATURES: The subject has concrete tile roof, stucco siding, concrete walkway and driveway. The kitchen has tile floorin ranite countertops and disposal. The diningarea has tile floorin . The livingrooms has carpet floor and brick faced fireplace. The famil room has a tile flooringand fire lace. The bathroom has tile flooring,tile countertopand tile shower over tub. All bedrooms have car et flooring. The water heater is in average condition. The FAU is in average condition. SALES FINAL RECONCILIATION: The most weight given to com arables 1 2 and 3 in determining the subject's value as the most similar to the subject and located in the subject's immediate neighborhood. Comp 5 is active listing and given some consideration. All comps located in close proximity to the subject. All the comps are considered the best available and most similar to the sub-ect. All the comps support final reconciled value well. THE MARKETING TIME: The estimated marketing time is 1-3 months under current market conditions for the appraised value as of June 11 2011 The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction subject to the stated Scope of Work purpose of the appraisal, reporting requirements of this appraisal report form and Definition of Market Value. No additional Intended Users are identified by the appraiser. ` %: COST�ABPROACHTOVALUE not' uiredbFannie'.Mae) ,= Provide adequate information for the lender/client m re licate the below cost fi ures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Cost Of improvements has been estimated using Marshall and Swift and local contractor costs from similar projects in the area. The abstraction method and vacant land sales were used to determine site value.The land value exceeding 30% of total property value is ical for that area. ESTIMATED U REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE ........................................= $ 870,000 Source of cost data Marshall & Swift and Contractor Cost breakdowns. Dwelling, 2,727 s . Ft. Ca $ 195.00............ _ $ 531,765 Quality rating from cost service Averse Effective date of cost data 06/2011 S . Ft. 9 $ ............ _ $ 0 - Comments on Cost Approach Cross living area calculations, depreciation, etc.) Improvement ratios 56% are typical and are supported by Gara e/Car ort 609 s . Ft. Ca $ 65.00............ _ $ 39,585 analysis of the area sales not reflective of potential Total Estimate of Cost -New ............ $ 571,350 redevelopment of the area but are due to a shortage of Less 75 Physical I Functional External developable land. Depreciation $76 380 1 1 = 8 76,380) Depreciated Cost of Improvements ................................ _ $ 494,970 "As -is" Value of Site Improvements ................................ _ $ 75,000 Estimated Remaining Economic Life HUDand VAonly) 65Years INDICATED VALUE BY COST APPROACH ...................... _$ 1440000 -.;: '. ;_ •: -.E.. --INCOME APPROACH T,O VALUE (not re ured by Fannie Estimated Monthly Market Rent $ N/A X Gross Rent Multiplier = $ N/A Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) N/A `.,PROJECT INFORMATIONFOR PUDs(ifa If lot Is the developer/builder in control of the Homeowners' Association HOA)? Yes No Unitt a s) 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 N/A Total number of phases N/A Total number of units N/A Total number of units sold N/A Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of an existinildi bun s into a PUD? Yes No If Yes, date of conversion. N/A Does the ro ea contain an multi-dwellin units? Yes No Data source s Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. N/A Are the common elements leased to or by the Homeowners' Association? LJYes LJNo If Yes, describe the rental terms and options. N/A Describe common elements and recreational facilities. N/A Freddie Mac Form 70 March 2005 Pmduc i using AG sot—. 800.234.8727 wrw.aciwaa.— Fannie Mae Form 1004 March 2005 Page 3 of 6 1004 o509W09 DMITRI ISAEV Uniform Residential Appraisal Report FiieNo. 01-11153136-01A This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that,might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac F.- 70 March 2005 r,od d WN Aci smn , 80D.234.87P— cweb—an Fannie Mae Form 1004 March 2005 ,agearno DMITRI ISAEV unlrorm Kesiaential Hppratsai Keport File No. 01-11153136-01A APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. 1 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. 1 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. 1 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. 1 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. ]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. 1 selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. S. 1 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. 1 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. 1 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. 1 have knowledge and experience in appraising this type of property in this market area. 12. 1 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. 1 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. 1 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. 1 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. 1 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. 1 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. 1 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. 1 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. 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). Protlucsd using ACI soXware. M.2U.8]]7- ciwob.00m DMITRI ISAEV Uniform Residential Appraisal Report File No. 01-11153136-01A 22. 1 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. 1 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. APPRAIS Signature Name DMIT I I AEV Company Name DMITRI ISAEV Company Address 620 Iris Avenue, Suite 311 Sunnyvale CA 94086 Telephone Number 408-431-4931 Email Address usappraiser@gmail.com Date of Signature and Report June 13, 2011 Effective Date of Appraisal June 11, 2011 State Certification # AR035129 or State License # or Other (describe) State # State CA Expiration Date of Certification or License 09/14/2012 Thank You For Your Business ADDRESS OF PROPERTY APPRAISED 10346 SCENIC BLVD. CUPERTINO, CA 95014-2770 APPRAISED VALUE OF SUBJECT PROPERTY $1,440,000 LENDER/CLIENT Name Company Name FLAGSTAR BANK Company Address 5151 CORPORATE DR.TROY, MI 48098 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ❑ Did not inspect subject property ❑ Did inspect exterior of subject property from street Date of Inspection ❑ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ❑ Did not inspect exterior of comparable sales from street ❑ Did inspect exterior of comparable sales from street Date of Inspection Email Address 1y.Mm cm .d.1-ACI s"I ...9 234. 7vwx.a dweb rage c. e AppraisalHub DMITRI ISAEV Uniform Residential Appraisal Report File No. 01-11153136-01A FEATURE I SUBJECT COMPARABLE SALE NO.4 COMPARABLE SALE NO.5 COMPARABLE SALE NO. 6 10346 SCENIC BLVD. Address CUPERTINO 21966 OAKLEAF COURT CUPERTINO 10362 SCENIC CIRCLE CUPERTINO Proximity to Subject „ 0.47 miles NE 0.17 miles SSE Sale Price $ 1,440,000 "`" "` t s 1,500,000 :< =' - $ 1,668,000 Sale PdcelGross Uv. Area $ 528.05 s . ft. s 529.66 s . ft. =- $ 636.16 s . ft: < s 0.00 s . ft. Data Source(s) Inspection MLS # 81107391/DOM 19 MLS # 8111 9644/DOM 37 Verification Source(s) Data luick DOC#0021121703/NDCData DOC#N/A/NDCData VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION OSAd'ustment DESCRIPTION (•)SAd'°stmem DESCRIPTION .(•)SAdJteinea Sale or Financing Concessions N/A Conventional None Conventional None Date ofSale/Time 06/2011 i == 03/28/2011-COE Active listing -83 400 Location Good Good Good Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Site 9,147 Sq. Ft. 10,000 S .Ft 9,236 S .Ft View Neighborhood Neighborhood Neighborhood Design (Style) Traditional Traditional Traditional Quality of Construction Average Average Average Actual Age 22 Years 30 Years 33 Years Condition Avera e Avera e Avera e Above Grade T°tal Bd ms Baths Total I Bdrms Baths Total I Bdrms Baths Total Bdrms Baths Room Count 11 5 2.5 111 41 3 -5 000 9 F41 2.5 Gross Ll Area 50 2,727 sq. ft. 2,832 s . ft. -5 300 2,622 s . fL 5,300 s . ft. Basement & Finished Rooms Below Grade None None None None None None Functional Utility Avera a Average Averacie Heating/Cooling FAU/None FAU/Central A/C -5 000 FAU/None Energy Efficient Items Typical Typical Typical Garage/Carport 3 Car Gara e 3 Car Garage 2 Car Garage 10,000 Porch/Patio/Deck Porch Patio Porch Patio Porch Patio Fire laces 2 Fire laces 2 Fire laces 1 Fireplace 5,000 Fence Pool etc Fence/None Fence/None Fence/None Upgrades Upgraded Similar Similar NetAd'ustment(Total) + X - Is 15 300 + X - Is 63,1001 X + Is 0 • Adjusted Sale Price ofComarables NetAdj. -1.0%% Gross Adj. 1.0%% $ 1484700 NetAdj. -3.8%% GrossAd'.6.2%% s 1604900 Net Adj. 0.0% GrossAd'. O.O% s 0 ITEM SUBJECT COMPARABLE SALE NO.4 COMPARABLE SALE NO.5 COMPARABLE SALE NO.6 • Date of Prior Sale(rransfer Has not transferred Has not transferred Has not transferred Price of PriorSale/rrensfer In Previous 36 Months. In Previous 12 Months. In Previous 12 Months. Data Sources NDCData NDCData NDCData . Effective Date of Data Sources 06/2011 06/2011 06/2011 Summary of Sales Comparison Approach See supplemental addendum for additional comments. Fteddie Mac Form 70 March 2005 Pnbuced using AG sohware, 800.234.8727—acMcb— Fannie Mae Fam loot March 2005 1004 M 090909 ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address: 10346 SCENIC BLVD. Case No City' CUPERTINO State: CA Zip: 95014-2770 Lender. FLAGSTAR BANK STEPS TAKEN IN THE DEVELOPMENT OF THE SCOPE OF WORK AND COMPLETION OF THE APPRAISAL PROCESS. CLIENT 1-2(A) THE CLIENT AND THE INTENDED USERS ARE IDENTIFIED ON PAGE 1 OF THE UNIFORM RESIDENTIAL APPRAISER REPORT PAGE 1. SEE LENDER/CLIENT EFFECTIVE DATE 1-2(D) THE EFFECTIVE DATE OF THIS REPORT IS ADDRESSED ON PAGE 2 OF THE UNIFORM RESIDENTIAL APPRAISAL REPORT (1004). CHARACTERISTICS OF THE PROPERTY RELEVANT TO THE PURPOSE AND INTENDED USE OF THE APPRAISAL 1-2(E) PROPERTY CHARACTERISTICS SUCH AS LOCATION PHYSICAL, LEGAL, ECONOMIC ATTRIBUTES, REAL PROPERTY INTEREST TO BE VALUED, ANY PERSONAL PROPERTY TRADE FIXTURES OR INTANGIBLES ITEMS THAT ARE NOT REAL PROPERTY BUT ARE INCLUDED IN THE APPRAISAL, AND KNOWN EASEMENTS, RESTRICTIONS, ENCUMBRANCES, LEASES, RESERVATIONS, COVENANTS, CONTRACTS, DECLARATIONS, SPECIAL ASSESSMENTS, OR OTHER ITEMS OF A SIMILAR NATURE AND WHETHER THE SUBJECT PROPERTY IS A FRACTIONAL INTEREST, PHYSICAL SEGMENT, OR PARTIAL HOLDING IS CONTAINED WITHIN THE BODY OF THIS REPORT OR ATTACHED ADDENDA. SCOPE OF THE ASSIGNMENT 1-2(F) APPRAISAL DEVELOPMENT AND REPORTING PROCESS THE FOLLOWING STEPS WERE COMPLETED BY APPRAISALHUB FOR THIS ASSIGNMENT: ANALYZED NEIGHBORHOOD, SITE, AND IMPROVEMENT DATA. INSPECTED THE SUBJECT AND THE NEIGHBORHOOD. REVIEWED DATA REGARDING TAXES, ZONING, UTILITIES, EASEMENTS, AND CITY SERVICES. CONSIDERED COMPARABLE IMPROVED SALES. ANALYZED THE DATA TO ARRIVE AT CONCLUSIONS VIA EACH APPROACH TO VALUE USED IN THIS REPORT.RECONCILED THE RESULTS OF EACH APPROACH TO VALUE EMPLOYED INTO A PROBABLE RANGE OF MARKET DATA AND FINALLY AN ESTIMATE OF VALUE FOR THE SUBJECT, AS DEFINED HEREIN. ESTIMATED A REASONABLE EXPOSURE TIME ASSOCIATED WITH THE VALUE ESTIMATE. THE SUBJECT SITE AND IMPROVEMENT DESCRIPTIONS ARE BASED ON A PERSONAL INSPECTION OF THE PROPERTY, REALQUEST/M LS DATA SOURCES AND A REVIEW OF THE RELEVANT PLAT MAPS. THE INSPECTION IS NOT A SUBSTITUTE FOR THOROUGH ENGINEERING STUDIES. TO DEVELOP THE OPINION OF VALUE, APPRAISALHUS PERFORMED A COMPLETE APPRAISAL PROCESS, AS DEFINED BY THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. THIS MEANS THAT NO DEPARTURES FROM STANDARD 1 WERE INVOKED. THIS IS A COMPLETE APPRAISAL, IN THE FORM OF A SUMMARY REPORT, WHICH IS INTENDED TO COMPLY WITH THE REPORTING REQUIREMENTS SET FORTH UNDER STANDARDS RULE 2-2(B) OF THE STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. IN A COMPLETE APPRAISAL, APPRAISALHUB USES ALL KNOWN APPLICABLE APPROACHES TO VALUE. THE VALUE CONCLUSION REFLECTS ALL KNOWN INFORMATION ABOUT THE SUBJECT PROPERTY, MARKET CONDITIONS, AND AVAILABLE DATA. THE APPRAISAL IS BASED ON THE INFORMATION GATHERED BY THE APPRAISER FROM PUBLIC RECORDS, OTHER IDENTIFIED SOURCES, INSPECTION OF THE SUBJECT PROPERTY AND NEIGHBORHOOD, AND SELECTION OF COMPARABLES SALES WITHIN THE SUBJECT MARKET AREA. THE ORIGINAL SOURCE OF THE COMPARABLES IS SHOWN IN THE DATA SOURCE SELECTION OF THE MARKET GRID ALONG WITH THE SOURCE OF CONFIRMATION, IF AVAILABLE. THE ORIGINAL SOURCE IS PRESENTED FIRST. THE SOURCES AND DATA ARE CONSIDERED RELIABLE. THE DATA WAS PROVIDED BY A THIRD PARTY VENDOR SOURCE AND NO ATTEMPT WAS MADE TO DIRECTLY VERIFY DATA WITH A PARTY TO THE TRANSACTION. WHEN CONFLICTINGLY INFORMATION WAS PROVIDED, THE SOURCE DEEMED MOST RELIABLE WAS USED. DATA BELIEVED TO BE UNRELIABLE WAS NOT INCLUDED IN THE REPORT NOR USED AS A BASIS FOR THE VALUE CONCLUSION. FUNCTIONAL AND/OR EXTERNAL DEPRECIATION, IF PRESENT, IS SPECIFICALLY, ADDRESSED IN THE APPRAISAL REPORT OR OTHER ADDENDA. 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. FOR THIS REASON, THE INCOME APPROACH WAS NOT USED. THIS REPORT MAY CONTAIN DIGITALLY -REPRODUCED SIGNATURES, WHICH ARE APPROVED BY FNMA, GNMA, FHA/HUD. THE ACI APPRAISAL SOFTWARE PROGRAM ALLOWS AN APPRAISER TO ATTACHED A DIGITALLY -REPRODUCED SIGNATURE BY ENTERING A SECRET PASSWORD. FURTHERMORE, AFTER THE REPORT IS DIGITALLY SIGNED, IT IS LOCKED AND CANNOT BE ALTERED BY ANYONE BUT THE SIGNING APPRAISERS. THE APPRAISERS AND THE APPRAISALHUB ACCEPT FULL RESPONSIBILITY FOR THIS APPRAISAL REPORT. THE SUPERVISORY APPRAISER AT MINIMUM HAS PERFORMED AN EXTERIOR INSPECTION OF THE SUBJECT PROPERTY ONLY AND DID NOT INSPECT THE SUBJECTS INTERIOR. THE SUPERVISORY APPRAISER HAS PERFORMED AN EXAMINATION OF DETAILED INTERIOR PHOTOGRAPHS. THE TRAINEE/ASSISTANT APPRAISER MAY HAVE PERFORMED THE INTERIOR INSPECTION OF THE SUBJECT AND HAS DEMONSTRATED A LEVEL OF PROFICIENCY TO COMPLETE THIS PROCESS. EXTRAORDINARY ASSUMPTIONS AND/OR HYPOTHETICAL CONDITIONS 1-2(G) ANY EXTRAORDINARY ASSUMPTIONS OF HYPOTHETICAL CONDITIONS ARE DESCRIBED IN THE BODY OF THIS REPORT OR ADDENDA. COMPETENCY PROVISION THE APPRAISER(S) ARE IN COMPLIANCE WITH THE COMPETENCY PROVISION OF USPAP VIA PREVIOUS EXPERIENCE WITH PROPERTIES OF THIS TYPE SUPPLEMENTED THROUGH VARIOUS COURSES AND SEMINARS. Site Comments There are no apparent adverse easements, encroachments or other adverse conditions. The subject is not located in a F.E.M.A. Special Flood Hazard Area.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 Addendum Page 1 of 2 ADDENDUM Borrower LAKSHMANYAGATI FileNo.: 01-11153133-01A ProperNAddress• 10346 SCENIC BLVD. Case No City: CUPERTINO State: CA Zip: 95014-2770 Lender. FLAGSTAR BANK 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 expertin the field of environmental hazards, this appraisal reportmust not be considered as an environmental assessment of the property." Additional Features The subject has concrete tile roof, stucco siding, concrete walkway and driveway. The kitchen has tile flooring, granite countertops and disposal. The dining area has tile flooring. The living rooms has carpet floor and brick faced fireplace. The family room has a tile flooring and fireplace. The bathroom has tile flooring, tile countertop and tile shower over tub. All bedrooms have carpet flooring. The water heater is in average condition. The FAU is in average condition. Additional Comments Due to the limitation of the local MLS appraiserwasn't able to provide reliable data in a few fields in 1004M C form and marked those fields as N/A. All utilities were connected and in working order at the time of the inspection. OWNER OF THE PUBLIC RECORD: CUPERTINO CITY OF/KNAPP,DAVID & KAY L TR The subject property is still owner occupied. Addendum Page 2 of 2 DMITRI ISAEV Market Conditions Addendum to the Appraisal Report File No. 01-11153136-01A 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. PropertyAddress 10346 SCENIC BLVD. City CUPERTINO State CA Zi Code 95014-2770 Borrower LAKSHMAN YAGATI 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 DrODei . The apDraiser must ex lain 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 I Overall Trend Total # of Comparable Sales (Settled) 19 11 9 11 J Increasing ILXJ Stable Declining Absorption Rate (Total Sales/Months) 3.17 3.67 3.00 Increasing X Stable Declining Total # of Comparable Active Listings N/A = N/A 12 ;Declir irig X Stable , „; = ncreasing""" "; Months of Housing Supply (Total Listings/Ab.Rate) ' :`N/A' - `N/A 4.00 Decli Stable" Increasing Median Sale &List Price,.DOM, Sge/List Median Comparable Sale Price Prior 7-12 Months Prior 4-6 Months Current-3 Months Overall Trend 1,333,169 1,405,818 1,377.556 Increasing JX1 Stable I I Declining Median Comparable Sales Days on Market 66 39 19 Declining X Stable Increasing Median Comparable List Price 1 402 7,9 9 =' „9 430=343 ; =- 1,378,099 X°OedinmgMedian Comparable Listings Days on Market? N/A - f-;N/A 49 FIncreasing X=. Stable IhcreasngMedian Sale Price as % of List Price 95.00% 98.00% 100.00%XStable Declining Seller -(developer, builder, etc.)paid financial assistance prevalent? Yes X No X 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.). = Concessions are not common in this segment of the real estate market. No any forms of concessions were noted. Are foreclosure sales (RED sales) a factor in the market? LJ Yes X No If yes, explain (including the trends in listings and sales of foreclosed properties). There are no com parables were REO properties so REO factor is insic nificant in that seq ment of the real estate market. Cite data sources for above information. Most of data q atherin q for this anal sis was collected usin q MLS NDCData and interview with real estate agents in the area with some input from assessor office and building/planning departments. Summarize the above information as support foryour 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. After 2 vears of steady decline this segment of the real estate market start to show sign of stabilization over the past 4-6 months and resent condition of the values in the neighborhood can be described as stable. If the subject is a unit in a condominium or cooperative project, complete the following: Project Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current- 3 Months Overall Trend Total# of Comparable Sales (Settled) Increasing Stable Declining Absorption Rate (total Sales/Months) Increasing Stable Declining Total # of Active Comparable Listings : -06dimn Stable ;;-:' t 4ncreasm , ,, Months of Unit Supply(Total Listings/Alb. Rate) „. ' -Deli climn _ -l. Stable , , Increasn Are foreclosure sales (RED sales) a factor e project? Yes No in thIf yes, indicate the number of RED 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. APPPAISFfi SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name DMIT I I AEV Name Company Name DMITRI ISAEV Company Name Company Address 620 IRIS AVENUE, SUITE 311 Company Address SUNNYVALE, CA 94086 State License/Certification #AR035129 State CA State License/Certification # State Email Address USAPPRAISER(5ilGMAIL.COM Email Address Freddie Mac Farm 71 March 2039 RndacW using Act s are. W .21 31x1 Fannie Mae ham 10AMG March Z" Pagel d1 100WC_2009090909 SUBJECT PROPERTY PHOTO ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014-2770. Lender: FLAGSTAR BANK u, Lgkd@fV�SWIM99YN ._... FRONT VIEW OF SUBJECTPROPERTY Appraised Date: JUNE 11, 2011 Appraised Value: $1,440,000 REAR VIEW OF SUBJECTPROPERTY STREETSCENE Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK Kitchen of the subject property Bath of the subject property Fireplace of the subject property Produced mN ICI mitware. 800,234.8727 ~.acrvreL,= Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK Second bath of the subject property Dining room of the subject property Family room of the subject property P,.tlu isiM ACI mft—. 800.234.8727 whw.aCm'M.can Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK Half bath of the subject property Living room of the subject property Office of the subject property Rodo w using ACI sdMare. BW.234.8727 vmwac b— COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK E COMPARABLESALE#1 10326 SCENIC BLVD. CUPERTINO Sale Date: 03/24/2011-COE Sale Price: $ 1,555,000 COMPARABLE SALE#2 10332 SCENIC CIRCLE CUPERTINO Sale Date: 06/03/2011-COE Sale Price: $ 1,385,000 COMPARABLE SALE#3 10465 SAN FERNANDO AV. CUPERTINO Sale Date: 02/22/2011-COE Sale Price: $ 1,450,000 COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK COMPARABLE SALE#4 21966 OAKLEAF COURT CUPERTINO Sale Date: 03/28/2011-COE Sale Price: $ 1,5oo,000 COMPARABLE SALE#5 10362 SCENIC CIRCLE CUPERTINO Sale Date: ACTIVE LISTING Sale Price: $ 1,668,000 COMPARABLE SALE#6 Sale Date: Sale Price: $ DIMENSION LISTADDENDUM Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address:10346 SCENIC BLVD. Case No.: City: CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK GROSS BUILDING AREA (GBA) 2,727 GROSS LIVING AREA (GLA) 2,727 Area(s) Area %of GLA %of GBA Living Level 1 Level Level Other 2,727 100.00 100.00 2,727 100.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 GBA Basement 0 Area Measurements Area Type Measurements Factor Total Level'I Level Level Other Bsmt_ Garage 4.00 x 3.00 x 0_50 = 6.00 QX ❑ ❑ ❑ ❑ ❑ 11.00 x 4.00 x 100 = 44.00 QX ❑ El ❑ ❑ ❑ 32,00 x 28.00 x 100 = 896.00 0 El El El ❑ 36.00 x 23.00 x 100 = 828.00 ❑X ❑ El ❑ ❑ El 14.00 x 4.00 x 100 = 56.00 ❑X ❑ ❑ ❑ ❑ ❑ 26.00 x 20.00 x 100 = 520.00 QX ❑ ❑ ❑ ❑ ❑ 39.00 x 7.00 x 1 �0 = 273.00 QX ❑ ❑ ❑ Q ❑ 22.00 x 2.00 x 100 = 44.00 QX 1-1 ❑ ❑ ❑ ❑ 12.00 x 5.00 x 100 = 60.00 QX ❑ El ❑ ❑ ❑ 29.00 x 21.00 x 1 00 = 609.00 ❑ ❑ ❑ ❑ Q QX x x= O O D El El x x _ ❑ ❑ ❑ ❑ ❑ D x x= o o❑❑ o 0 x x _ ❑ ❑ D ❑ ❑ ❑ x x _ ❑ ❑ D ❑ ❑ ❑ x x= o❑❑ o 0 0 x x= El o El o 0 x x_= El 0❑ o 0 x x= ❑ o El El x x= ❑ El ❑ ❑ o 0 x x-= o o❑❑ o 0 x x= o El ❑ ❑ o 0 x x-=, ❑ o❑ o 0 0 x x= o❑ o❑ o 0 x x _ ❑ D ❑ ❑ ❑ D x x_ El O El El El x x__ ❑ O El O Cl x x_= O O O O O O x x _ ❑ ❑ ❑ D ❑ ❑ x x _ El D ❑ ❑ ❑ x x= ❑❑ El 0 0 0 x x= ❑ o o❑ o 0 x x_= o o❑ o 0 0 FLOORPLAN Master Master Bath Bedroom °z y S Bedroom Bedroom Family Dining Room Kitchen 9 Bedroom 1 /2 FP Bath Laundry Bath Living Room pp mo Bedroom Office J ao r 3 Car Entrance Garage I Comments: AREA CALCULATIONS SUMMARY Code Description Size - Net Totals. GLA1 First Floor 2727.00 2727.00 GAR Garage 609.00 609.00 TOTAL LIVABLE (rounded) 2727 LIVING AREA: BREAKDOWN Breakdown Subtotals First Floor 0.5 x 3.0 x 4.0 6.00 4.0 x 11.0 44.00 28.0 x 32.0 896.00 23.0 x 36.0 828.00 4.0 x 14.0 56.00 20.0 x 26.0 520.00 7.0 x 39.0 273.00 2.0 x 22.0 44.00 5.0 x 12.0 60.00 9 Calculations Total (rounded) 2727 PLAT MAP Borrower: LAKSHMAN YAGATI File No.: 01-11153136-01A Property Address: 10346 SCENIC BLVD. Case No.: City' CUPERTINO State: CA Zip: 95014-2770 Lender: FLAGSTAR BANK oo ,OOt = «l =Fb w� r bi"e c 0 o i _ xiaa, � z.•oos__ 4: h\ its •J 3 � � IN N e\ Subied 11Op r' 2 " t a j arm, z f ,. LOCATION MAP Crr PO ,- CD o := CD C:�CD : <' i CD CD CD y CD CD r <-D. - CD y, c-D CD- CD CD CCU t7t CD CCU' RD r�3R CD a� GENERAL STAR NATIONAL INSURANCE COMPANY V eneral Star Financial Centre P.O. Box 10360 Stamford, Connecticut 06904-2360 REAL ESTATE APPRAISERS ERRORS &OMISSIONS INSURANCE POLICY DECLARATIONS PAGE This is a claims made and reported policy. Please read this policy and ail endorsements and attachments carefully. Policy Number NJAS11490H Renewal of Number. N-TA811490A 1. NAMED INSURED: I)mitilanev STREET ADDRESS: 6201ris Ave$ 311 Snntiyvslc,.CA 94086 2. POLICY PERIOD: Inception Date: 04/16/2011 Expiration'. Date: O4i1612012 Effective 12:01'a.m. Standard Time at the address of the Named Insured. 3. LIMIT OF LIABILITY: Each Claim: S 1,000,000 Aggregate: S 1,000,000 Claim Expenses have a separate Umit of Liability Each Claim: $1,006,000 Aggregate: $1,000,000 4. DEDUCTIBLE: Each Claim: $ 300.00 Aggregate: $1,006.60 5 RETROACTIVE DATE: 04/10009 It date is indicated, this policy:will not provide coveragefor any Clalm arising out, of any act: error, omission or personalinjury which nccurred;before such date. 9. ANNUAL PREMIUM: S 850.00. 7, ENDORSEMENTS This policy is.made and accepted subject to the printed policy form together with the following forms) or endorsement(s). GSN,074P-12AO712007) GSN-07-AP-375 (10n007) & MANAGING AGENT t Herbert H. Lundy Insurance Agency, Inc, R ` 75 Second Avenue, Suite 410 Needham, Massachusetts 02494-2876 Authorized Representative GSN-07-AP-720 (0612007) ® Copyright 2007, General Star Management.Company, Stamford, CT Page;1 of 1 Producer Codo: 00026230 Class Codo:.73128 Ditto: 03/22MI 1 SLAM; ProdwWwiN ACI sofm . 800.234,8727—aciwcb— Form EDOC