STATE OF FLORIDA

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE

Petitioner,

v. Case No. 2009066605

REINALDO GONZALEZ,

Respondent.

                                                                   !

ADMINISTRATIVE COMPLAINT

Petitioner, Department Of Business and Professional Regulation (Petitioner) files this Administrative Complaint

before the Florida Real Estate Appraisal Board, against

Respondent, Reinaldo Gonzalez (Respondent), and alleges:

1. Petitioner is the state agency charged with regulating the practice of real estate pursuant to Section 20.165, Florida Statutes, and Chapters 120, 455 and 474, Florida Statutes.

2. At all times material to this Complaint, Respondent was licensed as a state certified residential real estate appraiser in the State of Florida, having been issued license number 6472.

3. Respondent's address of record is 9924 Cypress Knee Circle, Orlando, Florida 32825.

4. On or about January 15, 2008, Respondent developed and communicated an appraisal report (Report) on a property commonly

   
   

   1

   FDBPR v. Reinaldo Gonzalez Administrative Complaint

   Case No. 2009066605

   
   

   known as 720 Seneca Meadows, Winter Springs, Florida 327084 (Subject Property).

5. A copy of the Report, as obtained with Respondent, is attached and incorporated as Administrative Complaint Exhibit 1.

6. Respondent per the title page of the Report appraised

   f."* .

   
   

   the Subject Property for the client, Enotiva Mortgage Corporation, valuing it at $380,000.

7. Petitioner commenced an investigation after receiving a complaint from a lender (Complainant) alleging fraud in the sales transaction.

8. Petitioner obtained a copy of the Report from the Complainant that is identical to that provided by Respondent with the exception of a different preprinted name and telephone number at the top of the first page.

9. Complainant's Report copy shows "Legacy Appraisal Services, Inc. (786) 390-0826" (emphasis added).

10. Respondent's Report copy's page 1 shows "Appraisers of America, (407) 894-0201."

11. Both copies of the Report display Respondent's digital signature and business name, Legacy Appraisal Group (emphasis added), on the signature page.

12. The copy of the Request for Appraisal for the Subject Property provided by Respondent is addressed to Legacy Appraisal

    Services, Inc (emphasis added), and is from a different client,

    C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 2

    AC.doc

    FDBPR v. Reinaldo Gonzalez Administrative Complaint

    Case No. 2009066605

    DPG Mortgage, Inc. A copy of the Request for Appraisal is attached and incorporated as Administrative Complaint Exhibit 2.

13. The telephone number and office address shown on the Request for Appraisal (which was directed to Legacy Appraisal

    Services, Inc.,,.,. ).

    and on the signature page of the Report (bearing

    the business name Legacy Appraisal Group) are identical to those used by Appraisers of America.

14. The Florida Secretary of State's records reflect that Legacy Appraisal Services, Inc., is a voluntarily dissolved Miami, Florida corporation whose officer/registered agent was Louis Romano (Romano).

15. Romano, also known as Louis J. Romano, Jr., holds a current, active license as a state certified residential real estate appraiser, license number 2366.

16. Petitioner's records reflect that Romano supervised Respondent between July 11, 2006 and December 15, 2006.

17. Romano is also a corporate officer in Legacy Appraisal Group, Inc., together with Jorge V. Canellas (Canellas).

18. Canellas is the sole corporate officer in Appraisers of America, Inc.

19. Both copies of the Report were prepared on WinTotal software developed by the corporation, a la mode, inc.

20. The heading at the top of page 1 indicates the firm

    
    

    to whom the software is registered or licensed.

    C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 3

    .d= .

    FDBPR v. Reinaldo Gonzalez Administrative Complaint

    Case No. 2009066605

    
    

21. The Report contains the following errors or omissions:

    
    

    1. Respondent relied in the Sales Comparison Approach section of the Report upon dated Comparable Sales in a declining market, yet failed to make a negative adjustment for time of sale;

    2. Respondent failed to make adjustments to the Comparable Sales for differences in site size, stating in an interview that the site sizes were comparable to the Subject Property, when in fact Comparable Sales 2 and 3 were significantly larger;

    3. Respondent failed to analyze the sales contract represented to Respondent orally as being for $390,000;

    4. Respondent allegedly made one attempt to obtain a copy of the sales contract, but failed to follow up;

    5. The MLS listing history of the Subject Property showed that it had been offered for sale at $369,000, and dropped to $349,900, before expiring. Nine months after the listing expiration, the Subject Property went under contract for $390,000. Respondent did not disclose the listing history and made no analysis of the listing history versus the Respondent's valuation, or why the value would increase in a market Respondent characterized as •stable".

22. Respondent falsely certified to the intended user of

    
    

    the Report that she had performed the appraisal in accordance

    C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 4

    AC.doc

    FDBPR v. Reinaldo Gonzalez Administrative Complaint

    Case No. 2009066605

    
    

    with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) that were in place at the time the appraisal report was prepared (the July 1, 2006 USPAP Standards).

    1. Re, sp..ondent failed to maintain documentation in the

       workfile to support the site value, or to support Respondent's contention in the Report that there were 18 comparable listings in the Subject Property neighborhood within one year of the effective date of the Report, and 12 Comparable Sales.

    2. Respondent failed to exercise reasonable diligence in performing the appraisal assignment in accordance with the USPAP Standards in place at the time the appraisal report was prepared.

    3. Respondent did not reply to the allegations in the investigation.

       COUNT ONE

       
       

    4. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through (23) as though fully set forth herein.

    5. Respondent's professional conduct in developing and

       
       

       communicating appraisal reports was governed by the Uniform Standards of Professional Appraisal Practice (USPAP) applicable at the time of the appraisal report, in this case the January 1,

       2008 USPAP.

       C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 5

       AC.doc

       
       

       
       

       FDBPR v. Reinaldo Gonzalez Administrative Complaint

       Case No. 2009066605

       
       

    6. The Conduct Section of the USPAP Ethics Rule provides in part as follows:

       An appraiser must perform assignments ethically and competently, in accordance with USPAP and any supplemental standards agreed to by the appraiser in accepting the assignment. An ApBfaiser must not engage in criminal conduct. An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests.

       
       

       An appraiser must not communicate assignment results in a misleading or fraudulent manner. An appraiser must not use or communicate a misleading or fraudulent report or knowingly permit an employee or other person to communicate a misleading or fraudulent report.

       
       

    7. The Record Keeping Section of the USPAP Ethics Rule provides as follows:

       An appraiser must prepare a workfile appraisal, appraisal review, or consulting assignment. The workfile must

       for each appraisal include:

       
       

       • The name of the client and the identity, by name or type, of any other intended users;

       • True copies of any written reports, documented on any type of media;

       • Summaries of any oral reports or testimony, or a transcript of testimony, including the appraiser's signed and dated certifications; and

       • All other data, information, and documentation necessary to support the appraiser's opinions and conclusions and to show compliance with this Rule and all other applicable Standards, or references to the location(s) of such other documentation.

An appraiser must retain the workfile period of at least five (5) years

C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 AC.doc

for a after

6

FDBPR v. Reinaldo Gonzalez Administrative Complaint

Case No. 2009066605

preparation or at least two (2) years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last.

An appraiser must have custody of his or her workfile, or make appropriate workfile retention access, and retrieval arrangements with the party having custody of the workfile.

1. USPAP Standards Rule 1-1 provides as follows:

   
   

   In developing a real property appraisal, an appraiser must:

   
   

   1. be aware of, understand, and employ those recognized methods and that are necessary to produce a appraisal;

      correctly techniques credible

      
      

   2. not commit or commission appraisal;

      a substantial error of omission that significantly affects an

      
      

   3. not render appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the. results of an appraisal, in the aggregate affects the credibility of those results.

      
      

2. USPAP Standards Rule 1-4 provides, in part, as follows:

   
   

   In developing a real appraiser must collect, information necessary results.

   property appraisal, an verify, and analyze all for credible assignment

   
   

   1. When a sales comparison approach is necessary for credible assignment results, an appraiser must analyze such comparable sales data as are available to indicate a value conclusion.

      
      

   2. When a cost approach is necessary for credible assignment results, an appraiser must:

      C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 7

      AC.doc

      FDBPR v. Reinaldo Gonzalez Administrative Complaint

      Case No. 2009066605

      1. develop an opinion of site value by an appropriate appraisal method or technique.

      2. analyze such comparable cost data as are available to estimate the cost new of the improvements (if any); and

         ,.,_.

      3. analyze such comparable data as are available to estimate the difference between

         · the cost new and the present worth of the improvements (accrued depreciation).

         
         

3. USPAP Standards Rule 1-5 provides as follows:

   
   

   When the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business:

   
   

   1. analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal; and

      
      

   2. analyze all sales of the subject that occurred within the three (3) years the effective date of the appraisal.

      property prior to

      
      

4. USPAP Standards Rule 1-6 provides as follows:

   
   

   In	developing a real	property	appraisal,	an
   appraiser	must:

   
   

   1. reconcile the quality and quantity of data available and analyzed within the approaches used; and

      
      

   2. reconcile of the approaches conclusion(s).

      the applicability used to arrive

      or suitability at the value

      
      

5. USPAP Standards Rule 2-1 provides as follows:

   
   

   Each written or oral real property appraisal report must:

   
   

   C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 8

   AC.doc

   FDBPR v. Reinaldo Gonzalez Administrative Complaint

   1. clearly and appraisal in a misleading;

      Case No. 2009066605

      accurately set forth the manner that will not be

      
      

   2. contain sufficient information to enable the intended users of the appraisal to understand the report properly; and

      
      

   3. clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment.

      
      

6. USPAP Standards Rule 2-2(b) provides, in part, as follows:

   The content of a Summary Appraisal Report must be consistent with the intended use of the appraisal and, at a minimum:

   
   

   (viii) summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained;

   
   

7. Respondent failed to comply with the above USPAP Standards.

8. Based on the foregoing, Respondent violated Section 475.624(2), Florida Statutes (2008), by being guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest conduct, culpable negligence or breach of trust in a business transaction; or has violated a duty imposed upon him by the terms of a contract, whether written, oral, express or implied, in an appraisal assignment, by certifying he complied

   with the above USPAP Standards when he did not.

   C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 9

   AC.doc

   
   

   
   

   FDBPR v. Reinaldo Gonzalez Administrative Complaint

   Case No. 2009066605

   
   

   COUNT TWO

   
   

9. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through (23) as if fully stated herein.

10. Petitioner further realleges and incorporates by reference the allegations set forth in paragraphs (25) through

    (35) as if fully stated herein.

    
    

11. Section 475.624(15), Florida Statutes (2008), states the following shall constitute grounds for disciplinary action:

    [Respondent] u(has failed or refused to exercise reasonable

    
    

    diligence in developing an appraisal or preparing an appraisal report."

12. Based on the foregoing, Respondent failed to practice appraisal practice with that level of care, and skill which is recognized by a reasonably prudent appraiser as being acceptable under similar conditions and circumstances, violating the above USPAP Standards Rules and thus, Section 475.624(15), Florida Statutes (2006).

    COUNT THREE

    
    

13. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through (23) as if fully stated herein.

14. Section 475.629, Florida Statutes (2008) provides as

    
    

    follows:

    C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 10

    AC.doc

    FDBPR v. Reinaldo Gonzalez Administrative Complaint

    Case No. 2009066605

    An appraiser registered, licensed, or certified under this part shall retain for at least 5 years, original or true copies of any contracts engaging the appraiser's services, appraisal report, and supporting data assembled and formulated by the appraiser in preparing appraisal reports. The period for retention of the records applicable to each engagement of the services of the appraiser runs from the date of submission of the appraisal report to the client. These records must be made available by the appraiser for inspection and copying by the department on reasonable notice to the appraiser. If an appraisal has been the subject of or has served as evidence for litigation, reports and records must be retained for at least 2 years after the trial.

15. Based on the foregoing, Respondent violated Section 475.629, Florida Statutes (2008) by failing to maintain documentation in the workfile to support cost approach value conclusions as set for in the statute, and documentation to support the bathroom count and gross living area for the Subject Property and the three Comparable Sales and failing to maintain a copy of the Subject Property sales contract.

C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 11

AC.doc

FDBPR v. Reinaldo Gonzalez Administrative Complaint

Case No. 2009066605

WHEREFORE, Petitioner respectfully requests the Board of Real Estate Appraisal enter an order imposing one or more of the following penalties: permanent revocation or suspension of Respondent's license, restriction of practice, imposition of an

•·"* .

administrative fine, issuance of a reprimand, placement of

Respondent on probation, assessment of costs, corrective action

and/or any other relief that the Board deems appropriate.

Signed this  5     day of

--------/ 2010.

CHARLIE LIEM, Secretary

Department of Business and Professional Regulation

By:                  Donna Christine Lindamood

Senior Attorney Florida Bar No. 0273694

Department of Business and Professional Regulation

Division of Real Estate

400 W. Robinson Street Suite 801-N

Orlando, FL 32801

(407) 481-5632 Telephone

(407) 317-7260 Facsimile

PCP Date: 11/5/2010

PCP Members: Rogers/Small

G:\LEGAL\ProbableCause(FREAB)\Reinaldo Gonzalez 2009066605 AC.doc 12

FDBPR v. Reinaldo Gonzalez Administrative Complaint

Case No. 2009066605

NOTICE TO RESPONDENT(S)

PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes is not available for administrative disputes involving this type of agency action.

PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time allowed by law, a hearing to be conducted in this matter in accordance wiEh Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested.

PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Commission a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form.

C:\Documents and Settings\chris.lindamood\Desktop\Reinaldo Gonzalez 2009066605 13

AC.doc

Form NIV5 - "WinTOTAL" aocraisal software bv a la mode. inc. -1-800-ALAMOOE

20-8534470

08-01100

Internal Order#: Lender Case #: Client File #:

Main File # on form: Other File # on form: Federal Tax ID:

Employer ID:

INVOICE

08-01100

01-16-2008

Fax Number: (407)-097-4697

E-Mail: operations@enotiva.com

Telephone Number: (407) 5897-4696

Alternate Number:

124 S. Bumby Ave Suite. B

Fax Number. 407-894-0202

FROM:

Legacy Appraisal Group

830 Hoffner Avenue

Ortando,FL 32809

Telephone Number: 407-894-0201

Payment Policies:

Alf Appraisal Fees are Collect at the Door.

We accept Cash, Check (with I.D.), Visa, Master Card, American Express, & Discover 5% will be charged to any balance over 30 days.

Any balance over 90 days will automatically be transferred to our Collection Agency.

c,

PAGE    3

Lender: Purchaser/Borrower: Property Address:

City:

County:

Legal Description:

Client: Enotiva Mortgage Corporation

State: FL

Zip:

325.00

Check#: Check#:

Date: Date:

325.00

paid in full

TOTAL DUE

a

EXHIBIT

!Main File No. 08-011001 Page #1I

APPRAISAL OF REAL PROPERTY

LOCATED AT:

720 Seneca Meadows Rd

Lot 266 Parkstone unit 3 pb 59 pgs 19-21 Winter Springs , FL 32708

FOR:

Enotiva Mortgage Corporation 124 S. Bumby Ave Suite. B Orlando, FL 32803

AS OF:

BY:

Reinaldo Gonzalez

State Certified Residential Appraiser

RD 6472

-----EXHIBIT_.._5       

PAGE J4

Form GA1 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-AL.AMODE

!Main File No. 08--011001 Page #21 File No os-011oo

The intended user of this appraisal report is the Lender/Client. The Intended use is to evaluate the property that is the subje 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.

The report has been completed under the rules and regulations as established by the Uniform Standards of Professional Appraisal Practice (USPAP) and the Federal National Mortgage Corporation and is subject to the Statement of Assumptions and Limiting Conditions and the Appraisers Certification that are incorporated in the appraisal form.

Unless otherwise required by law the appraiser will give testimony or appear in court because he or she has made an appraisal of the property in question at the rate of $175.00 per hour for a minimum of three hours.

The purp is to estimate the Market Value as of a specific date in time. The market value is identified on the appraisal for as the "effective date." The Opinion of Market Value is based on the Sales Comparison Approach as mandated by the Appraiser's Certification incorporated in this report and the availability and reliability of sales data. A weighted average was applied based on a bracketed analysis of the primary differences and similarities each sale exhibited in relation to the subje,

The Cost and Income approach's were considered and given contributory weight if they were developed. Reliability is based on the age of the structure and/or the rental data available. See corresponding approach's section and attachments where/ applied.

The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage transaction.

In accordance with the "Scope of Work" the appraiser has at a minimum performed a complete visual inspection of the interior and/or exterior of the subject property, inspected the neighborhood, inspected each of the comparable sales from at least the street, research verify and analyze data from reliable public and/or private sources and report his or her analysis, opinions and conclusions in this appraisal report..

Modifications, additions or deletions to the Intended Use, Intended User, Definition of Market Value, Statement of Assumptions and Limiting Conditions are not permitted.

If the appraiser relied on significant real property appraisal assistance from any individual(s) in the performance of this appraisal or preparation of this appraisal report such individual(s) are named and the specific tasks performed are identified in this appraisal report.

Edgar Gurmeitte data research.

ADMINISTRATIVE COMPLAIN_]

EXHlBIT  ...:-11,............-   ....-------_,...,_'"'"""'""'.-•-•

.?.AGE     J    OF

Form SUP- "WinTOTAL" appraisal soitware by a la mode, inc. -1-800-ALAM0DE

EXHIBIT 5

PAGE 'f.E.

SUMMARY OF SALIENT FEATURES

IMain File No. 08-011001 Page #31

Subject Address

720 Seneca Meadows Rd

Legal Description

Lot 266 Parkstone unit 3 pb 59 pgs 19-21

-

:.

Cily

Winter Springs

County

"'#

Seminole

..

State

FL

Zip Code

32708

Census Tract

0214.03

Map Reference

S35-T20-R30

:

-

Sale Price

$ pending

Date of Sale

Pending

Borrower/Client

Gloria Elsy Presiga

Lender

Enotiva Mortgage Corporation

Size (Square Feet)

2,115

Prtce per Square Foot

$

LocaHon

Suburban

':-

Age

05

i

-

Condition

Average

Total Rooms

7

Bedrooms

4

Baths

2

Appraiser

:-

-

Date of Appraised Value

01/15/2008

, ,,,.

-

Final EsHmate of Value

$ 380,000

AUM!l\llSTRAT!VE COMPLA!.rfl

t

EXHIBIT #-'- ---= =- =-·"""''"'""''-"'

PAGE OF                           

EXHIBIT_;_

Form SSD - "WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE

PAGE c.{(

Appraisers of America (407) 894-0201 !Main Rle No. 08-011001 Page #41

File# 08-011oo

Uniform Residential Appraisal Report Presiga

•

•

Freddie Mac Form 70 March 2005 Page 1 of P'.,,!\ GE                     0,.)·p=annie Mae Fo-1:.Xl::IMJaBr.chlT2005 5· _

Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALJ\MODE

PA != l.f-z.,,

!Main Rle No. 08-011001 Page #51

File# 08-01100

Uniform Residential Appraisal Report Presiga

There are 18 comoarable orooerties currentiv offered for sale in the subject neiohborhood ranging in price from $ 325 000 to$ 449 500 There are 12 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 300,000 to$ 409,500

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

Address 720 Seneca Meadows Rd 702 Seneca Meadows Rd 200 Springview Ct 404 Sandringham Court Winter Sorinas FL 32708 Winter Sorinos FL 32708 Winter Sorinas FL 32708 Winter Sprinas FL 32708

Proximity to Subject C:\c:-::;0tf\::,::"' 0.04 miles SW 0.40 miles S 0.29 miles NW

Sale Price

Sale Price/Gross Uv. Area

$oendino ' f-•_. •CC- .c._;:::_".i''•'f,$ 385 000··•· <tf'}''.i?}; ;:{;1 $ 390 oooiit

$ sq.ft. $ 147.28 SQ.ft.•••·-·'""' :c;: $ 159.97 sa.ft."""";:"""·'·-'•<•,,,-,..,_,,,_.,, $

177.36 sq!$

409 000

Data Source(s)

. Exterior lnscectian

Exterior lnscection

Exterior lnscection

Verification Source(sl

(RI

. MLS#04760669 /Public Records MLS#04783197/Public Records

MLS# 04766443/Public Records

VALUE ADJUSTMENTS

Sales or Rnancing Concessions

Date of Sale/Time Location Leasehold/Fee Simple Stte

DESCRIPTION

J:;,._.,., "Y•:,

Suburban Fee Simole 7 150 Sa.Ft.

DESCRIPTION +(·)$Adjustment Conv. Mtg

None Noted 12/2007

Suburban Fee Simple 7 100 Sa.Ft.

DESCRIPTION

Conv. Mtg None Noted 0812007

Suburban Fee Simole 7 150 Sa.Ft.

+(-l $ Adjustment

DESCRIPTION

Conv. Mtg None Noted 07/2007

Suburban Fee Simele 7 150 Sa.Ft.

+/-)$Adjustment

View

Design (Style)

Qualttv of Construction ActJJal Age

Condition

-

Gross Uving Area Basement & Rn_ished Rooms Below Grade Functional Utilitv Heatina/Coolina Enernv Efficient Items Garage/Carport

• Porch/Patio/Deck

Residential

One Sterv Averaoe 05

Averaae

2 115 sq.ft.

n/a n/a

Averaae

FAE/Cent Air Insulation

2 Car Garaae CvdEnt/ScrPat

Residential

2 Storv Averaoe 05

Averaoe

2 614 so.ft -17 465

NIA NIA

Averaae

FAE/Cent. Air Insulation

2 Car Garaae CvdEnt/ScrPat

Residential One Storv Averaoe 09

Averaoe

2 438 so.ft.

NIA

NIA

Averaae FAE/Cent Air Insulation

2 CarGaraae CvdEnt/ScrPat

Resident/Consv -3 000 Two Storv

Averaoe

08

Averaae

Total Bdrms.I Baths 7 4 I 2

-11 305 2 306 SQ.ft.

NIA NIA

Averaae

FAE/Cent. Air Insulation

2 CarGaraoe CvdEnt/ScrPat

-6 685

• Rreolace

  None

  None

  Wood Bumina

  no adi None

  - Fence/Pool

  lnoround Pool

  none

  +15 000 lnoround Poot

  tnaround Pool

  Additional Features

• Net AdjustmentlTotal) Adjusted Sale Price

Features.,.- Std. Features

[ J + 0-

Net Adj. 1.2 %

$ -4 465

Std. Features n+ C<I .

Net Adj. 3.3 %

Std. Features

$ -12 805 n+ 0-

Net Adj. 2.4 %

$ -9 685

-

of Comparables Gross Adj. 9.0 % $ 380 535 Gross Adj. 3.3 % $ 377,195 Gross Adj. 2.4 % $ 399 315

I IXl did r 7 did not research the sale or transfer history of the subject prooertv and comoarable sales. If no explain                                                                              

My research [ J did 0 did not reveal any prior sales or transfers of the subject oroperty for the three years prior to the effective date of this appraisal. Data Source(s) Public Records

My research r 7 did C<I did not reveal anv prior sales or transfers of the comoarable sales for the year orior to the date of sale of the comoarable sale.

Data Source(sl Public Records

Report the results of the research and analvsis of the prtor sale or transfer historv of the subiect oropertv and comoarable sales (reoort additional prtor sales on page 3).

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

Analysis of ortor sale or transfer hi.storv of the subject orooerty and comoarable sales Prior sales of subiect and comes are noted above (other than the most recent salel. Prior sales historv was taken from Countv public records.

Summary of Sales Comoarison Approach The comparable sales were selected from the subjects subdivision and market area as the most similar available reflectina the actions of buvers and sellers in the area in the recent cast. The sales as adiusted reeresent an estimated market value for the subiect praoertv. Most weiaht aiven to come# 1 the most recent sale and in the subiect subdivision come 2 in a comeetitive subdivision

Indicated Value by Sales Comparison Approach $ 380 000

Indicated Value by: Sales Comparison Approach $ 380 000 Cost Approach (if developed)$ 383 391 Income Approach (if developed)$

Most weiaht oiven ta the sales comoarison as reliable and accurate information was available at the time of insoection. Eauat weiohtina aeolied to

• bracketed analvsis.See attached appraisers certification and statement of limitino conditions.                                                                              

  - This appraisal is made 0 "as is", D subject to completion per plans and specttications on the basis of a hypothetical condition that the improvements have been completed, D subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or D subject to the

  lJ'epiF r.'¥rr1h!ll' ;:1 i,,rlort

• following reauired insoection based on the extraordinary assumotion that the condition or deficiency does not require alteration or reoair: This report is a "SUMMARY APPRAISAL REPORT" per (FNMA) reauirements.

  d!:i

  Based on a complete visual inseicticn of the interior and exterior areas of the su ircpe1 defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (cur) opinion of the market value, as. .• ,rfj pf\ ise. ai:lf; is

  q

  $380 ooo as of 01/15/2008 which is the date of inspection and the effective "date oflhis ·ao'liraflla. "'· ·'" 'l ·

  r- 'I ,w r:1 ',i

  Freddie Mac Form 70 March 2005

  Page2c!i.6\, J C'i t

  ,, "·'=-,.

  '°"':

  Pi\f..:.;:'

  Form 1004 - "WinTOTAL" appraisal software by a la ti/ode;•i-1-.,300,AI.AMODE

  Fa ni Bl MT!!rch 2or

  .

  '3

  
  

  IMain Rle No. 08-011001 Page #61

  
  

  Rle # 08-01100

  Uniform Residential Appraisal Report Presiga

  
  

  
  

  
  

  
  

  
  

  •

  
  

  Freddie Mac Form 70 March 2005 Page t'i'.i'{sti,l_15 I l 'ti7", I

  ,: ::-

  
  

  _lfflio Mae,:foffl1>19B4 Merch 2005

  EXHIBIT 9

  Form 1004- "WinTOTAL" appraisal software by a la mode inc. - 1-80ii::Ji.UMODE n11r,,,- tt<..J

  N/A
  Provide adequate inlonnation tor the lender/client to replicate the below cost figures and calculations.
  Suooort tor the ooinion of site value (summarv of comparable land sales or other methods for estimat!na site value) Land value was develooed from current market
  data of residential sales and vacant land sales.
  ESTIMATED O REPRODUCTION OR IZJ REPLACEMENT COST NEW OPINION OF SITE VALUE................................................................... =$ 80 000     Source of cost data Marshall and Swift Handbook DWELLING 2 115 So.Ft.@$ 120.00 ...... =$ 253 800 Quality rating from cost service Averaoe Effective date of cost data 03/06 Sq.Ft@$ =$ : Comments on Cost Aoproach (cross living area calculations, deoreciat!on, etc.) lnoround 0001/ Screen Enclosure ........ =$ 30 000 Cost Approach: Garage/Caroort 440 Sq.Ft@$ 43.00 ........... =$ 18 920 external obsolescence was noted. Less Physical IFunctional IExternal
  Costs shown in the Cost Aooroach are based on Marshall and Swift Depreciation 4 3291 I =$( 4 329) Valuation Service and local builders costs. Deoreciated Cost of lmorovements ..................................... =$ 298 391 "As-is' Value of Site Improvements ................................................... =$ 5 ooo
  Aoe Life1 /70 = 1.43 % Deoreciation.
  •	Estimated Remaining Economic Life (HUD and VA only) 69 Years INDICATED VALUE BY COST APPROACH....... .............. =$ 383,391 ::Y:f.{ ifttt2;;1 : '41:,; -yy:: '.: :i 1: :: :'.;0 Jfi: \:!'.5 \ ( 2f\" f ¢9M Y §Q#.:CH'.] J {ff9\i tjil1fi f§YK nn.te a 1n:: :. i!:''. \ :t;FJ'. ;tit:t · ?: !i. i td?:f%ft t? r
  	Estimated Monthlv Market Rent $ X Gross Rent Multiplier = $ Indicated Value bv Income Aooroach Summarv of Income Aooroach fincludina suooort for market rent and GRMl
  Is the develooer/builder in control of the Homeowners' Association (HOAl? n Yes !XI No Unittvoe(sl !XI Detached n Attached
  Provide the following infonnat!on for PUDs ONLY ii the develooer/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(sl
  Was the project created by the conversion of existing building(sl into a PUD? f l Yes l No If Yes, date of conversion. Does the oroiect contain anv multi-dwellina units? n Yes n No Data Source Are the units, common elements, and recreation facilities comolete? n Yes f l No If Na, descrtbe the status of comoletlon.
  Are the common elements leased to or by the Homeowners' Association? I l Yes [ l No Yes, descdbe the rental terms and options.
  Descrtbe common elements and recreational facilities.
  I

  • Phvsical depreciation was estimated bv ace/life method. No functional or Total Estimate of Cost-New =$ 302 720

  
  

  [Main File No. 08-011001 Page #7\

  
  

  File# 08-01100

  Uniform Residential Appraisal Report Presiga

  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 fallowing 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 [n1erior 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 far the property said 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. Na 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 ta 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 fallowing assumptions and limiting conditions:

  
  

  1. The appraiser will not be responsible far matters of a legal nature that affect either the property being appraised or the title to it, except far 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 ta 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 the 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 far 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.

,p

Freddie Mac Form 70 March 2005 Page 4'7if6G c. =- - v         Li}- .£m   ariw_2005

Form 1004- "WinTOTAL" appraisaJ sottware by a la mode, inc. -1-800-ALAMODE PAGE      

!Main File Ne. 08-011001 Page #81

File# 08-01100

Uniform Residential Appraisal Report Presiga 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 othet'Wlse 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 acci:ss 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.

    
    

    1 ,i_.f;,L /\:f\lT,

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. ,.... , . .,,, "-t >1: (' .: (:.

    f -,.,J:..,,;,. : • a i I •,! ;:l J! •1,;• ;\ , !_.,. ,. -,, ""\.<:; • 'I ah .•.,; ,IL -U

    Freddie Mac Form 70 March 2005 s'offall I it, \

    Pt.GE q OF

    Form 1004- "WinTOTAL" appraisal software by a la mcce,"litc."=1:aaii-ALJIMODE

    
    

    -Q,,,,;v .. -t Jirs,rrch 20?

    
    

    01\ C' dL,

    
    

    
    

    IMain Rle No. 08-011001 Page #91

    
    

    File# 08-01100

    Uniform Residential Appraisal Report Presiga

    
    

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 appraisat•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 pertorm this appraisal, and is acceptable to periorm 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

Signature

Name Reinaldo Gonzalez

Company Name Legacy Appraisal Group

Company Address 830 Hoffner Avenue, Orlando. FL 32809

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature                                                 Name                                                  _

Company Name                                          Company Address                                                                     

Telephone Number  <4 0 7 l8=9 4--'0'-=2"'"0-'--1                      _ Email Address reinaldog@legacyappraisal.com

Date of Signature and Report =J=an=u=a=ry 2=3 ,=2=00=8= ­

Effective Date of Appraisal ""0""11'-'1=5/'-=2"'"00=8= ­

State Certification# State Certified Residential Appraiser RD6472 or State License#                                         or Other (describe)                    State#                     _

State .,_F!:_L                                                                    _

Telephone Number Email Address Date of Signature State Certification#                                                                   

or State License# State _

Expiration Date of Certification or License                                  

Expiration Date of Certification or License

11/30/2008              

SUBJECT PROPERTY

An□BESSOE PaD.eERTY APP-BAISE□            

720 Seneca Meadows Rd                                                      

Winter Springs , FL 32708                              APPRAISED VALUE OF SUBJECT PROPERTY$  380 000     LENDER/CLIENT

Name                                

Company Name Enotiva Mortaaae Corporation

Company Address 124 S. Bumby Ave Suite. B, Orlando, FL 3280

Email Address operations@enotiva.com

0 Did not inspect subject property

O Did inspect exterior of subject property from street

Date of Inspection                                                                 

O Did inspect interior and exterior of subject property

Date of Inspection                                                                 

COMPARABLE SALES

□

""" ,Jill()t fl- F"1

O Did not inspect exterior of comparable sales from street Did insp..e..c..t..e,.,x.t.e,ornio,r· o,-f cromp,a-r_a.b,,l.e,.,s,ales from street

--- v·P -

I ,_ ._ .,!'!'!'I'::'"'>!.•\it ;.. " ii

'

\\

-· ; • .,

c' ..-,,,

·, JL/i.('"/ ,o,;,\;

Freddie Mac Form 70 March 2005 Page s f s

M '°

' 1              

_:an

PAGE / {) OF

Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMOOE

Dl.H i= '-17

Building Sketch

/Main File No. 08-011ooj Page #1oj

'"·"

Bedroom Family

Bath

Breakfast

!

i

'

;

-· ..14.. ·----.- .,

Master

Kitchen

Bedroom

SkalchbrA?DIV""

Bedroom

Living Room

Bedroom

E

0

&

Laundry

Master Bath

,...

Comments:

"-·.   ....,_r...,,.rn-rs.. .,..-.-r-1  

Ot,t::F. -· .iL_ o::- PAGE •;t;)

Form SKT.BldSkl- ''WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE

!Main Rle No. 08-011001 Page #11I

Subject Photo Page

Subject front

720 Seneca Meadows Rd

Sales Price pending

Gross Living Area 2,115

Total Rooms 7

Total Bedrooms Total Bathrooms Location

4

2

Suburban

View Site Quality Age

-·-=-

Form PIC3x5,SR - 'WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE

Residential 7,150 Sq.Ft

Average 05

Subject Rear

Subject Street

EXHIBIT  5_

PAGE i.f 1

Subject Interior Photo Page

!Main File No. 08-011001 Page #12\

Subiect Interior

720 Seneca Meadows Rd Sales Prtce pending

Gross Living Area 2,115

Total Rooms 7

Total Bedrooms 4

Total Bathrooms 2

Location Suburban

View Residential

Site 7,150 Sq.Ft.

Quality Average

Age 05

Subiect Interior

, =, , ----

c:C)i JiJ tJ\tis'!I

Subiect Interior

PAGE S  

Form PIC3x5.SI - "WinTOTAL" appraisai software by a la mode, inc. -1-800-ALAMODE

EXHIBIT--5----

Comparable Photo Page

!Main Rle No. 08-01100\ Page #131

Comparable 1

702 Seneca Meadows Rd

Prox. to Subject 0.04 miles SW Sale Price 385,ooo

Gross Living Area 2,614 Total Rooms 9

Total Bedrooms Total Bathrooms Location

View Site Quality Age

4

3.5

Suburban Residential 7,100 Sq.Ft

Average 05

Comparable 2

200 Springview Ct Prox. to Subject 0.40 miles S Sale Price 390,000 Gross Living Area 2,438

Total Rooms 9

Total Bedrooms 4

Total Bathrooms 3

Location View Site Quality Age

Suburban Residential 7,150 Sq.Ft

Average 09

Comparable 3

404 Sandringham Court Prox. to Subject o.29 miles NW Sale Price 409,000

Gross Living Area 2,306 Total Rooms 7

Total Bedrooms 4

Total Bathrooms 2

Location View Site Quality Age

Form PIC3x5.CR- "WinTOTAL' aooraisal software bv a la mode. inc. -1-800-ALAMODE

Suburban Resident/Consv 7,150 Sq.Ft

Average 08

c--,: .......;,;,...: -..-.--·-

EXHIBIT  5'     

PAGE_ 5(

IMain Rle No. 08-011001 Page #141

EXH\B\1 5 _

PAGE 5L,

Location Map

IMain File No. 08-011001 Page #151

arool(sNre Ct

Mk:tosott•

       5  

Virtual Earth l!.!':11 H:r rt n ii-cti 1tc:.Vr!:!,!

SAi'i!.I

HlfTTI MAP.LDC- "WinTOTAL" ao□raisal software bv a la mode. inc. - 1-800-AI AMOOF

PAGE.    

>.;,,_)_

-

           Reset Fo m           

[) ½ --0 ( [ :· 6 /

#

Request ioi Appraisal r.-r-,..,-, -Pr,. in-t-Fo-rm-_-

Part I - Request

-      

Appraiser

ji!E,(ll k¥'J ;()t\ I

Q--c7 . ;:i-c;

Legacy Appraisal Services, Inc,

830 Hoffner Avenue

Orlando, FL 32809

Phone: 407-894-0201 Fax: 407-894-0202

Signature of Lender

Title Date

es,'--C, \.o.... x,e. \.. °'

Name, ad'\;e:s, an contact nyA;ber of af?plicant

Part II • Property and Mortgage Information

I

\ Listing Agent

ISelling Agent

Part Ill - Appraisal Information

Due Date:

\ Drive By \ Market Rent Analysis

Contact for entry, if not the same as borrower:

Email address to forward appraisal:

Comments

Completed app,;isal assig11men1s will be defjvered after payment terms have been agreed to by the parties. AQ reports are lo be paid In ruu prior lo delivery unless agreed to in advance by lhe O\vners of Legacy App,arsal Ser.tlces. The exlension ot credit terms if agreed by lhe par1ies ·Is as l lows: 1. 30 days same as cash. 2. 5% fee added to the balance due assessed' monU,Jy on any balance no1 paid within 30 days.

Accounis nol paid within 90 days are un--collectable -and will be referred ror collec1ion or !egal Juctgement against the client. A request by any representative or employee a# the cfranl consutu1es an authorized request

and obligates !he intended user lo lhe full payment for the service.

Re1urned chei:;ks will be assessed an addlli!_Jnal fee of 20.00. Payment by credll card' wm be charged an additional 3% of the balance ror processing of the transaction.

inaiviauals involved !n lhe completion of Ille appraisar report are not 'Obligated to appear or lesrify In court in regards to !his assignment unless agreed to ln advance by !he owners or Legacy Appraisal Se<vices or as

required by Law. Court ieslimony or appearances in court are S300.00 per hour per individual. Paymenl terms must be agreed to in advance subfect 10 lhe terms as descrlbe0 above.

n is me scle discretion or Legacy Appraisal Se1v1ces to accept or reject anv assignment request for eny reason. Only Individuals idenUlled as the cJier,I or their duly authorized representatives: are entitled to any mformaUon or Ghange requests to lhe appraisal report. Changes to a completed assignment that malerially change the intended use. inumcJed user or any lhlfd party benefiting rrom the appraisal repan conslilutea ne-,v assignment. The fee is subject to the s:am& pa ment lerms as described above. Fees applying to Iha roarawlng Changes are as rollows: 1. New clienVlencter 200.00. 2. ReinspectiOll of subject property 150.00

R quests ror addilio,,al comparables or expJanauOn.s regarding lha analysis of Iha opinion ot "alue wilJ be completed at lhe dJscreUon Of Legacy Appraisal Services. Any addi!ional fee wifl be quoted as deemed neces ary and1s subject to the same repayment lerms as described above. AJI correclions will be complelied by Legacy Appraisal Services and or ll's represenca1iVe at ddltlonal charge.

AUM\NISTR/\T!VE COMPLAIN tJ

. EXHIBIT#.  . •·-o -==-e. IBIT_q.;...·

...I._._.._-1 GF- - --- E 'f7 _

Docket for Case No: 11-001083PL