Order: 08080007R
Stop - Loss Report – 08080007 08080007R 80007R Address: 107 Cooks Court, Napa, CA 94558 Borrower: Pena / Loan#: 1596007029 Client: EverBank / Lin Robinson
Effective Date: 06/27/2008 Original Appraised Value: $525,000
Subject’s Appraised Value is considered:
REASONABLE
Additional market activity within the subject’s neighborhood:
Appraisal Sciences will proceed with the following review report: Desk review with 2 additional comparables Field review with 2 additional comparables
UNREASONABLE Based on the following issues: Comparables utilized were not the best available indicators of value due to: Location in another Neighborhood Dated Sales Non-market sales Site Area Variance (comp 1) Adjustments not supported Active market does not support Additional Comments: Upon review, it has come to our attention that comps 1, 2, and 3 are not the best available indicators of value. Comp 1 has a much larger site area and is much older than the subject. We found recent activity involving homes more similar to the subject’s site area, age, GLA, and overall market appeal. Comps 2 and 3 are located approximately 2 miles from the subject. Had no other pertinent sales existed, then they would be acceptable to use these as a basis of value.
108 Poe Court, Napa, CA – 0.05 Miles West 1,574 SF, 3 bed / 2 bath, 5,663 SF site, built in 2000 Sold for $454,000 on 04/21/2008 per MLS #20805267 109 Poe Court, Napa, CA – 0.05 Miles West 1,739 SF, 4 bed / 2.5 bath, 6,098 SF site, built in 2000 Sold for $469,000 on 03/25/2008 per MLS #20805081 Upon considering original comparable 6 as well as the recent and proximate sales mentioned above, we find that their adjusted range of sale prices would be approximately $415,000 to $440,000. When considering the active market, the short sale listing on the subject’s street of a near model match for $375,000 is a reflection of what a typical buyer can purchase as of the date of this review. Per its sales listing, MLS #20811072, this home is in overall “immaculate condition” and does not have any deferred maintenance or needed repairs often found in short sales or REO sales. Therefore, we are reconciling our recommended value opinion to $400,000 based on recent sales and considering that property values have been declining due to an oversupply of homes in the local market.
Comps 4 and 5 are active listings which are still listed despite significant price reductions. Comp 4 is now listed for $375k, a reduction of $125k from its original list price of $500,000. Comp 5 is still listed for $465k after an original list price of $515,000 as reflected in the report. It is also noted that this home has been remodeled and we do not feel that the upward condition adjustment of $25,000 is warranted. Comp 6 is a reliable indicator of value given its recent sale date, similar physical characteristics, and close proximity to the subject. Its adjusted sale price of $413,500 does not support the current value estimate and lends more support for our recommended value opinion.
Recommended Value Opinion: $400,000 Disclaimer: This report must be used in conjunction with a standard review report. The purpose of this assignment was to quickly establish an opinion of value for the subject property, and is not to be considered an appraisal. Appraisal Sciences affirms that the results of the assignment are reasonable as provided, based upon the individual appraiser or analyst's experience, skills, and knowledge of the general real estate market the subject is located in. Due to significant time limitations, Appraisal Sciences and its employees did not affirmatively perform all prescribed tasks required to make the assignment and its results USPAP compliant.
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