90-18 Attachment - 89 Watchung Avenue-Mortgage Subordination Application Docs.pdf

Chua aee ane TO) Supplemental Addendum ran 24972 Pose Attes 2 \Wsichung Ave ey ‘West Orange Gani} Eee oR Nd iw O7OBD. andar Quicken Loans, Ine PREDOMINANT VALUE: The final value of the subject falts below the pradominam! value as the subject is intertar to the typical property im the anea as itis smaller than the typical dwelling, however it does fall within the markets typical value range. The subject isnot considered an under improvement as evidenced by sufficient market data showing competitive properties in the araa. Marketabliity is satisfactory and not adversaly alfected' by failing below the predominant valuas in the area. SALES COMPARISON ANALYSIS: OATE OF SALE: Due to the jack of similar sales it was necessary te utlize sales which exceeds the 6 month guideline with no datrimentto final value estimate as the market has ben mostly stable, LOT SIZE: Lot sizas are typical building lats for the area and the market doas not typically react to small diffarances between the subject and comparables therefare no adjustriants ware deemac necessary for lot size, DESIGN/STYLE: Due ta the lack of similarsales it was necessary to utlfize a different styla house with ne detriment to final value estimate as the market typically reacts to size, not styie. GLA: Dua to the lack of simitar sales it was necessary to utiize a sale with a greater than 25% gla difference. Thame is no detriment as the GLA has bean adequately adjusted accordingly. ROOM / BEDROOM COUNTS: Individual room adjustments are not typicaty made as an overall GLA adjustment js already made, The markat typically reacts to overail GLA, not room count as itis fairly simpla to aract walls to make saveral rooms, or to have fowar walls for fawar, larger rooms. Making an adjustment for rom count would be siniiar to double adjusting, therefore no room adjustments wore made, AGEICONDITION: Dus to the scarcity of similar aged saies 1o subject, it was necessary to utilize sales with a lager than S year diferential. Appraiser found it necessary to utliza sales of different agos due to the lack of similar aged homes. There arg no adjustments as tha market typically resets to overatl affective aga, which is bost reflectad in condition adjustments. Parmis, Comps 1,3 & 4 have a supartor condition due to interior updates thus the 10% adjustment Items considered were tack of updates baths and kitchens

h is bost reflectad in condition adjustments. Parmis, Comps 1,3 & 4 have a supartor condition due to interior updates thus the 10% adjustment Items considered were tack of updates baths and kitchens which has the largest market reaction UAD / BASEMENT: Tha new LAD forms require square footages of basements as well as Kentifying if the basaments are walk out. NJ Tax data that és readily available to appraisars does nat provide: this information to appraisers. In addition, alot of basements are finshed without permits therefore are not corractly identified by tax sources. It is also unknown if basements are walkouts as this information is also not readily available, therefore basernant information is astimated lor comparables based on MLS information . Adustments are not made for individual rooms, only for overall % of finished areas and bathrooms. Intended Users: The Intended User of this appraisal report is the Lender/Ciient. The Intanded Use is to evaluate the property that is the subject of this appraisal for a morigage 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 adiditionat Intanded Users are identified by the appraiser. Germ TADD -"TOTHC appecisa soars by ala mod, inc, ~ 1-B0-ALAMOD