STATE OF DEPARTMENT OF BUSINESS AND

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

a

FLORIDA

ltJh..Pm IONAL REGULATION

•<,.(. ,:_'() A /f: lqt

Petitioner,

v.

[ 0- I021&PL

Case No. 2009038423

ANTHONY ELGIN,

Respondent.

                                                                !

ADMINISTRATIVE COMPLAINT

Petitioner, Department

Of Business

and Professional

Regulation ("Petitioner") files this Administrative Complaint

before the Florida Real Estate Appraisal Board, Respondent, Anthony Elgin("Respondent"), and alleges:

against

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 475 of the Florida

   Statutes.

   
   

2. At all times material to this Complaint, Respondent was licensed as a state certified general appraiser in the State of Florida, having been issued license 1589.

3. Respondent's address of record is 26245 Atlantis Lane, Brooksville, Florida 34601.

   
   

   
   

   FDBPR v. Anthony Elgin Administrative Complaint

   
   

   2009038423

   
   

4. On or about October 31, 2008, Respondent, along with trainee Mark Hartstein, developed and communicated an appraisal report ("Report") for property commonly known as 2721 Via Murano, Unit 328, Clearwater, Florida 33764-3976 ("Subject Property"), and estimated its value at $454,200. The effective date of the Report is October 29, 2008. A copy of the Report is attached and incorporated as Administrative Complaint Exhibit 1.

5. The Subject Property is located in the Grand Venezia at Baywatch condominiums. There were approximately 29 sales of Grand Venezia units in the twelve months preceding the effective date of the Report. These 29 sales ranged in price from $75,000 to $270,000.

6. Respondent did not use or consider any of the sales from Grand Venezia in the Report. Instead, he went next door to the Grand Bellagio condominium and picked three comparable sales that were between 12-18 months old, winding up with a market value of $454,200. This market value was almost

   $200,000 higher than the highest range of recent Grand Venezia sales.

7. Respondent failed to analyze the comparable sales data available at Grand Venezia to indicate a value conclusion.

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   2009038423

   
   

8. Respondent failed to select and use comparable sales that were locationally, physically and functionally the most similar.

9. Respondent falsely stated in the Report that he used comparable sales that best indicated value.

10. Respondent failed to verify that the comparable sales he used were arms-length transactions, and failed to adequately verify the comparable sales through data sources and public records. Comparable Sale 1 was listed for sale in March 2006 for $319,000. The listing was withdrawn in June 2006 without a sale. The property was relisted in July 2006 at $319,500, and then without explanation the listing price was increased a few weeks later to $450,000. The property closed a month later in August 2006 at

    $448,000. This unexplained jump in listing price of over a

    
    

    $100,000, when the property had previously failed to sell at a much lower price, is suspicious. Respondent failed to disclose this, or to investigate or analyze why there was such a jump in listing price.

11. Comparable Sale 2 also has a questionable history.

    
    

    This property was listed for $340,000 in February 2006, price was later reduced to $325,000 and was finally withdrawn after 220 days without a sale. The property later sold in June 2007 for $455,000. Respondent failed to

    FDBPR v. Anthony Elgin Administrative Complaint

    2009038423

    
    

    disclose or explain how the property sold for so much, when the previous year it had failed to sell at a much lower price. Even more troubling, when the property sold for

    $455,000 in June 2007, it had sold earlier that same day for $310,000. Respondent failed to disclose or analyze this as well, or to investigate whether this was truly an arms-length transaction.

12. Respondent falsely stated in the Report that there were no special or unusual characteristics in the project. In fact, over 65% of the homeowners in the Subject Property's project were delinquent on their homeowner's association dues. The total amount of delinquent dues was approximately one million dollars, which is vital to the health of the project. Respondent had this information readily available in his work file, and failed to disclose it.

13. Respondent failed to take into consideration factors impacting the value of the Subject Property, or disclose same in the Report. The Subject Property's complex was not in good health. Roughly 75% of the sales in the Subject Property complex in the 12 months preceding the effective date of the Report were either bank owned or short sales. Approximately 65% of homeowners were behind on their dues, and the project had about one million dollars owed in

    FDBPR v. Anthony Elgin 2009038423

    Administrative Complaint

    
    

    delinquent dues. This information would be critical to a reader of the Report.

14. Respondent's Report had the following other errors and omissions:

    1. Respondent misstated in the Report that the Subject Property is under contract for $450,000, when according to the partial copy of the contract in Respondent's work file the price was $460,000.

    2. Respondent misstated in the neighborhood section of the Report that the predominant condo price was 400+-, when it was more like 125-150.

    3. Respondent falsely stated in the project information section the Report that only 1 unit was for sale, when in fact 62 units were offered for sale.

    4. Respondent failed to note in the Report what date the condominium was converted;

15. Respondent failed to have any documentation or support in his work file to show that he collected a pool of comparable sales data.

16. Respondent's work file does not contain a complete copy of the sales and purchase contract, only a partial one. Respondent falsely stated in his Report that he had analyzed the contract and it appeared legal and binding.

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17. Respondent failed to have any RealQuest, Public Records or FARES data for Comparable Sales 2 and 3 in his work file, after stating in his Report that he used these data sources.

18. Respondent failed to have any documentation or support in his work file for the downward time of sale adjustments.

19. Respondent failed to provide direct supervision and training to his trainee, Mark Hartstein.

    COUNT ONE

    
    

20. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through nineteen (19) as set forth herein.

21. Section 475.624(15), Florida Statutes, subjects a real estate appraiser licensee to discipline for failing or refusing to exercise reasonable diligence in developing an appraisal or preparing an appraisal report.

22. As set forth above, Respondent failed to exercise reasonable diligence in one or more of the following ways:

    1. By failing to use or consider any of the sales from Grand Venezia in the Report.

    2. By failing to analyze the comparable sales data available at Grand Venezia to indicate a value conclusion.

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       2009038423

       
       

    3. By failing to select and use comparable sales that were locationally, physically and functionally the most similar.

    4. By falsely stating in the Report that he used comparable sales that best indicated value.

    5. By failing to verify that Comparable Sale 1 was an arms length transaction.

    6. By failing to verify Comparable Sale 1 through data sources and public records.

    7. By failing to disclose Comparable Sale l's questionable history, or to investigate or analyze why it had such a jump in listing price.

    8. By failing to verify that Comparable Sale 2 was an arms-length transaction.

    9. By failing to verify Comparable Sale 2 through data sources and public records.

       J· By failing to disclose or explain Comparable Sale 2's

       
       

       questionable history.

       
       

       k. By falsely stating in the Report that there were not special or unusual characteristics in the Subject Property's condominium complex.

       1. By failing to disclose that over 65% of the homeowners in the Subject Property's complex were delinquent on their homeowner's association dues.

       
       

       
       

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       2009038423

       
       

       1. By failing to disclose that the total amount of delinquent dues in the Subject Property complex was almost one million dollars.

       2. By failing to take into consideration factors impacting the value of the Subject Property, or disclose same in the Report.

       3. By failing to disclose or take into consideration that roughly 75% of the sales in the Subject Property complex in the 12 months preceding the effective date of the Report were either bank owned or short sales.

       4. By misstating in the Report that the Subject Property is under contract for $450,000, when according to the partial copy of the contract in Respondent's work file the price was $460,000.

       5. By misstating in the neighborhood section of the Report that the predominant condo price was 400+-, when it was more like 125-150.

       6. By falsely stating in the project information section of the Report that only 1 unit was for sale, when in fact 62 units were offered for sale.

       7. By failing to note in the Report what date the condominium was converted.

          FDBPR v. Anthony Elgin Administrative Complaint

          2009038423

          
          

       8. By failing to have any documentation or support in his work file to show that he collected a pool of comparable sales data.

       9. By failing to have a complete copy of the purchase and sales contract in his work file.

       10. By falsely stating in the Report that he analyzed the contract and it appeared legal and binding.

       11. By failing to have any RealQuest, Public Records, or FARES data for Comparable Sales 2 and 3 in his work file.

       12. By failing to have any documentation or support in his work file for the downward time of sale adjustments.

       13. By failing to provide direct supervision and training to his trainee, Mark Hartstein.

23. Based on the foregoing, Respondent violated Section 475.624(15) when he failed to exercise reasonable diligence in developing and preparing his Report.

    COUNT TWO

    
    

24. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through nineteen (19) as set forth herein.

25. Section 475.624(2), Florida Statutes, subjects a real estate appraiser licensee to discipline for committing fraud, misrepresentation, concealment, false promises,

    FDBPR v. Anthony Elgin Administrative Complaint

    2009038423

    
    

    false pretenses, dishonest dealing by trick, scheme, or device, culpable negligence, or breach of trust in any business transaction.

26. As set forth above, Respondent committed fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealing by trick, scheme, or device, culpable negligence, or breach of trust in any business transaction in one or more of the following ways:

    1. By failing to use or consider any of the sales from Grand Venezia in the Report.

    2. By failing to analyze the comparable sales data available at Grand Venezia to indicate a value conclusion.

    3. By failing to select and use comparable sales that were locationally, physically and functionally the most similar.

    4. By falsely stating in the Report that he used comparable sales that best indicated value.

    5. By failing to verify that Comparable Sale 1 was an arms length transaction.

    6. By failing to verify Comparable Sale 1 through data sources and public records.

       
       

       JO

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       2009038423

       
       

    7. By failing to disclose Comparable Sale l's questionable history, or to investigate or analyze why it had such a jump in listing price.

    8. By failing to verify that Comparable Sale 2 was an arms-length transaction.

    9. By failing to verify Comparable Sale 2 through data sources and public records.

    10. By failing to disclose or explain Comparable Sale 2's questionable history.

    11. By falsely stating in the Report that there were not special or unusual characteristics in the Subject Property's condominium complex.

        1. By failing to disclose that over 65% of the homeowners in the Subject Property's complex were delinquent on their homeowner's association dues.

           1. By failing to disclose that the total amount of delinquent dues in the Subject Property complex was almost one million dollars.

           2. By failing to take into consideration factors impacting the value of the Subject Property, or disclose same in the Report.

           3. By failing to disclose or take into consideration that roughly 75% of the sales in the Subject Property

              FDBPR v. Anthony Elgin Administrative Complaint

              2009038423

              
              

              complex in the 12 months preceding the effective date of the Report were either bank owned or short sales.

           4. By misstating in the Report that the Subject Property is under contract for $450,000, when according to the partial copy of the contract in Respondent's work file the price was $460,000.

           5. By misstating in the neighborhood section of the Report that the predominant condo price was 400+-, when it was more like 125-150.

           6. By falsely stating in the project information section of the Report that only 1 unit was for sale, when in fact 62 units were offered for sale.

           7. By failing to note in the Report what date the condominium was converted.

           8. By failing to have any documentation or support in his work file to show that he collected a pool of comparable sales data.

           9. By failing to have a complete copy of the purchase and sales contract in his work file.

           10. By falsely stating in the Report that he analyzed the contract and it appeared legal and binding.

           11. By failing to have any RealQuest, Public Records, or FARES data for Comparable Sales 2 and 3 in his work file.

               FDBPR v. Anthony Elgin Administrative Complaint

               2009038423

               
               

           12. By failing to have any documentation or support in his work file for the downward time of sale adjustments.

           13. By failing to provide direct supervision and training to his trainee, Mark Hartstein.

27. Based on the foregoing, Respondent violated Section 475.624(2) by committing fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealing by trick, scheme, or device, culpable negligence, or breach of trust in any business transaction.

    COUNT THREE

    
    

28. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through nineteen (19) as set forth herein.

29. Section 475.624(4), Florida Statutes, subjects a real estate appraiser licensee to discipline for violating any of the provisions of Chapter 475 or any lawful order or rule made or issued under the provisions of Chapter 455 or 475.

30. Section 475.629, Florida Statutes, subjects a real estate appraiser licensee to discipline for failure to retain records for at least five years of any contracts engaging the appraiser's services, appraisal reports, and supporting data assembled and formulated by the appraiser in preparing appraisal reports.

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    2009038423

    
    

31. As set forth above, Respondent violated this statute in one or more of the following ways:

    1. By failing to have any documentation or support in his work file to show that he collected a pool of comparable sales data.

    2. By failing to have a complete copy of the sales and purchase contract in his work file.

    3. By failing to have any RealQuest, Public Records or FARES data for Comparable Sales 2 and 3 in his work file.

    4. By failing to have any documentation or support in his work file for the downward time of sale adjustments.

32. Based on the foregoing, Respondent violated Section 475.629 and, therefore, Section 475.624(4) when he failed to retain records for at least five years of any contracts engaging the appraiser's services, appraisal reports, and supporting data assembled and formulated by the appraiser in preparing appraisal reports.

    COUNT FOUR

    
    

33. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through nineteen (19) as set forth herein.

34. Section 475.624(4), Florida Statutes, subjects a real estate appraiser licensee to discipline for violating any

    
    

    
    

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    2009038423

    
    

    of the provisions of Chapter 475 or any lawful order.or rule made or issued under the provisions of Chapter 455 or 475.

35. Section 475.6222 states that the primary or secondary supervisory appraiser of a registered trainee appraiser shall provide direct supervision and training to the registered trainee appraiser.

36. As set forth above, Respondent violated this statute by failing to provide direct supervision and training to his trainee appraiser, Mark Hartstein.

37. Based on the foregoing, Respondent violated Section 475.6222 and, therefore, Section 475.624(4) by failing to provide direct supervision and training to his trainee appraiser, Mark Hartstein.

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.

d

FDBPR v. Anthony Elgin

Administrative Complaint ----Y //. .

Signed thi y o              

2009038423

t 2010.

CHARLIE LIEM, Secretary

Department of Business and Profess· nal Regulat·

By:

Business and al Regulation

General Counsel

400 . Robinson Street Suite 801-N

Orlando, FL 32801

(407) 481-5632 Telephone

(407) 317-7260 Facsimile

PCP Date: 10/13/2010

PCP Members: FO/PB

FDBPR v. Anthony Elgin Administrative Complaint

2009038423

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 with 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.

Mari< Hartstein

A Elgin Appraisal Services 1727 Coachman Plaza Drive Clearwater, FL 33759

October 29, 2008

Indigo F,nanciaJ Group

3400 Pine Tree Rd.

Lansing, Ml 48911

Re: Property: 2721 Via Murano

Clea,water, FL 33764-3976

Ale No. Hagan/27211 Page #1I

Borrower:

File No.;

Janice Karen Hagan

Hagan/2721

In accordance with )'OW" request we have appraised lhe above referenced property. The report of !hat appraisal is attached.

The purpose of this appraisal is to estimate lhe mari<et value of lhe property described in this appraisal report, as improved. in unencumbered fee simple title of 01M1ership.

This report is based on a physical analysis al the site and improvements, a localional analysis of lhe neighborhood and city, and an economic analysis of the market for properties such as the subject The appraisal was developed and the report was prepared in accordance 'Mth lhe Uriform Standards of Professional Appraisal Practice.

The value condusion,, reported are a:, of the effective date stated in the body of !he report and contingent upon the certification and 6miting cond"rtions attached.

It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of addioonal service to )lt!U.

Mari< Hartstein

Registered Trainee Appraiser SL Reg. REA RI 19912

Under Supervision of Anthony 8!JW! St Cert Gen REA RZ 1589

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:File No. Haoan/27211 Page #2!

APPRAISAL OF REAL PROPERTY

LOCATED AT:

2721 Via Murano

GRAND VENEZIA AT BAYWATCH CONDO UNIT 328

aearwater, FL 33764-3976

FOR:

Indigo Financial Group 3400 Pine Tree Rd. Lansing, Ml 48911

AS OF:

October 29, 2008

BY:

Mark Hartstein

A Elgin Appraisal Services

1727 Coachman Plaza Drive, Clearwater. FL 33759 727-804-9415 Fax: 727-736-2189

SL Reg. REARI 19912

Under Supervision of Anthony Elgin St Cert Gen REA RZ 1589

EXHIBIT                                         

EXHIBIT#---.I....,---

PAGE    OF                           

Form GA1 - •WinTOTAL" appraisal software by a la made, int. -1-800-ALAMODE

PAGE#

. 8gin A!)praisal Sarvices

File No. Hagan/27211 Piiae #31

Form ID0-6

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Bgin Appraisal Services File No Haaan/2721 i Paae #4i

FIRREA / USPAP ADDENDUM

Borrower.'Cient Janice Karen Haoan File No. HaQan/2721

Praoertv Address 2721 Via Murano

Ctty Clea,water Countv Pineltas State FL Zia Code 33764-3976 Lender lndiao Financial GroUD

THE PURPOSE OF THE APPRAISAL IS FOR MARKET VALUE

Scooa cf WOl1<

The Annraisal is based uoon the research and the analvsis of lhe subiect nmnertv, neiahbomood and competing sale and for sale listinas and local market trends, An interior and exterior insoection of the subiecl orooertv was conducted. Information utilized in the formation of lhis reoort was verified throuoh oubric records and/or recoonized oublished data sources. All revelant aooraisal anai...;.,, ooinions and condusions were develaoed. and this reoort has been preoared in conformitv with the Uniform Standards of Professional Practice.

lnl8nded Use / lntoodtld User

intended Use: See attached addenda.

intended User(sl: Use of lhis reoort is not intended bv the appraiser. A party receivina a coov of a self contained aooraisal reoort, summarv aooraisal reoort or restricted use aooraisal reoort in order to satisfv disclosure renuirements does not become an intended user of the aooraisal unless the client identifies such oartv as an intended user as oart of the assianm enL

HISIIJIV of Pronanv .. ._. ,. ... ... ..

Current listinn information: The subject orooertv is currenUv under contract for $450,000.00.

Prior sale: The subiect orooertv was ourchased bv the current o'Mler in 1/2006 for $677,200.00 fOLrld in Pubric Records B&P 14873/2576.

Exnosure Tlme / Maikatlllll Tlma

The aooraiser has emoloved the 180+ dav Ilist to dosel marketinn time as a "reasonable" mari<etino time oeriod for the subiect market The

aforementioned period ia consistent with the definition of market vak.Je, ae contained herain. and maik.et nom,s, ae of the data of vak.Jation.

Personal lnon-reatt:vl Transfers

No cersonal crooertv was considered in this recorL

Addlllonal Comrnenis

See attached addenda.

CertlHcatlon SUDD!ement

1. This appraisal assignmem was not based on a requested minimum valuation, a specific valuation, or an approval af a loan.

2. My compensation is not contingent upon the reporting of a predetermined value or directian in value that favors the cause at 1he cient. the amaurt of the value estimate. the attainment of a stipulated result or the occurrence at a subsequent event.

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Appraiser. Mark Hartstein Signed Date: October 31, 2008

Certification or License tt St Reg. REA RI 19912

Certification or License State: Florida Expires: 11-30-2008 Effective Date or . ppraisat October 29. 2008

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Signed Date: October 31, 2008

Certification or License tt St Cert Gen REA RZ00015B9 Certification or License State: Florida Expires: 11 /3012008

Inspection of u rJ_:A I r.J,Cj ,-,l@ Orty':fWt - tNiTfJ

File Ng. Hagan/2721I Page #SI

Supplemental Addendum FIileNa. Haaan/2721

• FlRREA/USPAP Addendum :

  This report is intended for the use only by the client sled herein and any other lender chosen by the client. Use of this report is not intended by the appraiser. A party receiving a copy of a self contained appraisal report, summary appraisal report or restricted use appraisal report in order to satisfy disclosure requirements does not become an intended user of the appraisal unless the client identifies such party as an intended user as part of the assignment

  
  

• FIRREA/USPAP Addendum :

'THE FUNCTION OF THE APPRAISAL IS TO AID THE LENDER IN SECURING A MORTGAGE.

'INCOME APPROACH COMMENTS: JUSTIFICATION FOR EXCLUSION OF THE INCOME APPROACH: THE GROSS INCOME (RENT) MULTIPLIER APPROACH IS NOT APPLICABLE WHEN FEW COMPARABLE PROPERTIES ARE RENTED IN THE COMPETITIVE MARKET. THIS APPROACH IS ALSO QUESTIONABLE IN MARKET SITUATIONS IN WHICH MARKET RENTALS AND SALES PRICES DO NOT BEAR A CONSTANT RELATIONSHIP TO EACH OTHER. IT IS OUR ' OPINION THAT THE INCOME APPROACH, IN VALUATION OF THE SUBJECT PROPERTY IS NOT APPLICABLE DUE TO THE LACK OF RELEVANT AND CONSISTENT DATA NECESSARY TO RENDER A RELIABLE VALUE INDICATION VIA THE GROSS RENT MULTIPLIER ANALYSIS.

'THE STATEMENTS OF FACT CONTAINED IN THIS REPORT ARE TRUE AND CORRECT.

'THE REPORTED ANALYSIS, OPINIONS, AND CONCLUSIONS ARE LIMITED ONLY BY THE ASSUMPTIONS AND LIMITING CONDITIONS AND ARE MY PERSONAL, IMPARTIAL AND UNBIASED PROFESSIONAL ANALYSIS, OPINIONS AND CONCLUSIONS.

*I HAVE NO PRESENT OR PROSPECTIVE INTEREST IN THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT AND NO PERSONAL INTEREST OR BIAS WITH RESPECT TO THE PARTIES INVOLVED. ANY SPECIFIED INTEREST OR BIAS HAS NOT AFFECTED THE IMPARTIALI1Y OF MY OPINIONS AND CONCLUSIONS.

'MY ANALYS!S, OPINIONS AND CONCLUSIONS WERE DEVELOPED, ANO THIS REPORT HAS BEEN PREPARED IN CONFORMITY WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE.

'THE APPRAISER HAS MADE A PERSONAL INSPECTION THAT IS THE SUBJECT OF THIS REPORT. THE

SUPERVISORY APPRAISER DID/DID NOT MAKE A PERSONAL INSPECTION OF THE PROPERTY.

-*NO ONE PROVIDED SIGNIFICANT PROFESSIONAL ASSISTANCE TO THE PERSON SIGNING THIS REPORT.

"THE WORD "NEIGHBORHOOD" HAS BEEN ELIMINATED FROM USPAP, BUT SOME FORMS STILL CONTAIN THE WORD AS THEY HAVE NOT BEEN UPDATED, ANY REFERRAL TO NEIGHBORHOOD SHOULD BE INTERPRETED AS MARKET AREA.

DIGITAL SIGNATURES

ELECTRONIC SIGNATURES ARE UTILIZED IN THIS REPORT. THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE AND THE APPRAISAL STANDARDS BOARD STATE THAT ELECTRONICALLY AFFIXING A SIGNATURE TO A REPORT CARRIES THE SAME LEVEL OF AUTHENTICITY AND RESPONSIBILITY AS AND INK SIGNATURE ON A PAPER COPY REPORT (THE TERM "WRITTEN RECORDS" INCLUDES INFORMATION STORED ON ELECTRONIC, MAGNETIC OR OTHER MEDIA). ALL ELECTRONIC SIGNATURES IN THIS REPORT HAVE A SECURITY FEATURE MAINTAINED BY INDIVIDUAL PASSWORDS FOR EACH SIGNING APPRAISER. NO PERSON CAN ALTER THE APPRAISAL WITH THE EXCEPTION OF THE ORIGINAL SIGNING APPRAISER(S).

Seller,s name on contract is Alex Cote.Trustee

The Appraiser is aware that there are other units within the complex that sold for a much lower price however, The developer auctioned off several units and others were bank REO's therefore are not true indicators of value.

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Signatura , 1        ?/LC::                                        .,....;;ec-Signalura .,.....-"7-----------

Name Mark Hartstein Name An thofrf=··?J:;·.=E lgiill!!c'· >. :'·::.:·:-"-•·_;.;;:_·--_.,.                                            _

Date Signed Octob"' 31, 2008 Date Signed O:;e:ct ob::::ee!.r.::.'.3-"1.c.!20 0 8 -----------

Sta1e Certification #                                           State State Certification # St Cert Gen REA RZ0001589 Slate Florida Or State License # SL Reg. REA RI 19912 State Florida Or State License#                                        State    

Form TA002 - 'WinTOT.1'1.' appraisal soltwarn by a la mode, inc. -1-BOO-ALAMOOE

A Bgin Appraisal Sarvices Ale No. Haqan/27211 Paae #61

File If Hagan/2721

IndI'VI'duaICondomm1um un·itAppra1saIReport MHARTSTEIN

•

·

•

Freddie Mac Form 465 March 2005 Page 1 of6

Rle No. Hapan/2721I Page #71

File# Hagan/2721

Ind"IV"I duaICondom1mum Un. it A1ppra1sa IReport MHARTSTEIN

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Freddie Mac Form 465 March 2005 Page 2 of6 Fannie Mae Form 1073 March 2005

FileNo. Hagan/2721I Page #8I

Filll # Hagan/2721

lnd"IV'IduaICondom1mum Um"tAlDDra1saIReport MHARTSTEIN There are 33 comparable oroperties cumll'ltlV ottered for sale in the subject neiahbamood ranqinQ in price rram S 110.000 ta S 579,000 There are 12 ,omparable sales in !he subject neighbomood wilhin !he past twelve manths ranoina in sale price from S 143,000 to! 520,000

FEATURE i SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # J

Address and 2721 Via Murano. # 328 2749 Via Cipriani Unit 10108 2717 Via Ciprian Unit 620A 2765 Via Cipriani Unit 121-lA Untt # Clearwater. FL 33764-3976 Clearwater. FL 33764 Clearwater, FL 33764 Cleaiwater. FL 33764

Project Name and Baywatch Condo Bayvvatch Condo Baywatch Condo Baywatch Condo Phase 1 1 1 1

Pro.:cimilv ta Sub1ect i 0.27 miles N 0.27 miles N 0.30 mies NE

Sale Price I 450,000.00 $ 438,500 . s 455,000 . "· .· : $ 520,000

Sala Price/Gross Liv. Area ·,s 333.33Sa. rt S 303.BBsa. n.L ... $ 315.32SQ. nJ". • .. s 250.24SO. ff.I'.• .•.,, ·.. ·

Data Saurce(s) I Rea/Quest/Public Re<:ttds RealQuest/Public Records RealQuesVPublic Records Verilfcatian Sourceisl I XTER INSPECT/FARES XTER INSPECT/FARES XTER INSPECT/FARES

VALUE ADJUSTMENTS I DESCRIPTION DESCRIPTION +(-) SAdjusttneri DESCRIPTION +(·l Hdiusttnm DESCRIPTION +(·) $ Adjuslmeri

Sales or Financing i WD WO WD

Concessions i None Noted None Noted None Noted

Date at Sal 'Time ! 12/2007 -13,155 6/2007 -27,300 12/2007 -15,600

Location .Ba=Lch BaVNatch Bavwatch Bavwatch Leasehold;Fee Simcle !Fee Simcle Fee Simple Fee Simple Fee Simole HOA Mo. Assessment 428.00 428.00 428.00 428.00

Cammon 8ements j Pool.Clubhouse Pool. Clubhouse Pool, Clubhouse Pool, Clubhouse

and Rec. Facifi!ies T ennis/Rtness Tennis/Fitness Tenris/Rtness Tennis/Fitness

Floor Location (3rd Floor 1st Floor +10 000 2nd Floor +5,000 1st Floor +10.000

.

View Canal Parkina Area ! .•.' +20.000' Parkina Area .:· +20,000 Canal/Sue -30,000

Desian iSIVle) i Muti-Floor Cond Muti-Floor Cond Mufi-Floor Good Mufi-Floor Good Oualitv at Construction I Good Good Good Good

:_ Actual Age ?YRS SYRS SYRS 6YRS

Condition Good Good Good Good

• Above Grade Total IBdrms. I Batlis Total \Bd=I llalhs Total IBlllms. I Baths Talal \Sdnns. I Ba1hs

  : Roam Count s I 3 I 2 6 I 3 I 2 s I 3 I 2 7 I 3 I 2

  t: Gross Living Area 1,350 sq. n. 1.443 sa. n. -2,526 1,443 so. n. -2,526 2,078 SQ. tt. -19,787

  • Basement & Rnished jN/A NIA NIA NIA

    Roams Below Grade NIA NIA NIA NIA

    Functional Utiltty Tlltllcal TVPlcal Tvoical Tlltlical

    Heatint11Caalna Central Central Central Central

    Energy ENiciant Items IAveraae Averaoe Averaqe Averaae

    Garaa8/Camart None None None 2 C Garaae Det -4,000 ParclvPa aiDeck \Balconv FSP Balconv FSP

    I

    
    

    Net Adjustment (Total) Adjusted Sale Price

    
    

    -·-· ...

    fx1 + r 1 -

    Net Adj. 3.3 %

    s 14,317

    n+ IXl •

    Net Adj. 1.1 l!,

    
    

    $ -4.B2B

    L J + fxl .

    Net AdJ. 11.4 %

    
    

    $ -59.387

    at Comparables

    . Gross Adj. 10.4 % $ 452.B17 Grass Adj. 12.1 % $ 450,172 Grass .l\di. 15.3 % $ 460,613

    Summarv or Sales Comparison umroach All sales are closed transactions in the same neiohbamood as the subiect A lhorno inh search for ccrnoarables was made in this market area. The acoraiser examined al known comoarable sales in the subiect's neiohbomood. The aopraiser considered dates of sale as weH as the ch""ical attributes of each crnn""" and then selected those that were most comcarable to the subiect crocertv. The three sale comoarables disolaved are considered le be the most comparable and the best indicator.; of value fer the subiect Procertv. Mesi weiaht was aiven lo comoarable #1. The aocraiser is aware that the sQuare footaae of sale comoarable #3 is outside the nonnal 25% rar,qe however, is within the subiect's neiahbahood and is stilconsidered a aood indicator of value for the subiecl nmnertv.

    
    

    lrdicated Value bv Sales Comparison Approach S 454.200

    .•. ·

    ,· ll'IICOMEAPl'ROACl:I.TO YAi.UE(notlllqUiiedbyFannielilael- . .. . . .

    Estimated MontHy Market Rent$ N/A X Grass Rent Multipfier =S lrdicated Value bv lncnme Acoraach

• Surmnarv or Income Ai!proach 'lncludirm suonart tar maricet rent-and GRM) NIA

  
  

  Indicated Value by: Sales Comparison Approach S 454,200 Income Approach 61 developed)$

  All sales comnarables used are arms ler,qth transactions in the same neiohbomood as the subiect n. ,ertv. Thev are considered to be the best

  and most recent sales comvarables to be found. The comcarables were wejqhted nivinn !he most a-edence to sale #1 and the least to sale #3 based on anv simiiarities and disimiliarites to the subiect Na oer.;onal nmnertv is included in this aooraisal. 1's ner USPAP ouide&nes the dollar amount of the net adiuslments for each comparable sale should not exceed 15% of the sales price of the comoarable sale and a aross adiustment

• of not more than 25% of the sale orice of the comcarable sale. Also. the ""'"" of ccmoarable sales used that best indicates 11:alue for the subiec!

is a Qroup of comparable sales that when adiusted have adiusted sales prices within 10% of each other. The comoarables used within this

acoraisal have adjusted sales orices cf within 3 % of each other makino them a qood aroun of comcarables to indicate value fer the subiect The

. acoraiser believes that the ccmcarables used in this annrnisal are the best a11:ailable and best indicators of value for the subject crnoertv.

This appraisal is made Q::J "as is". U .subject to ,ampletian per plans and specifications an the basis at a hypothetical condition that the improvements have been completed. 0 subject to the loffowing repairs or arteratians an the basis at a hypothetical condition that ttre repairs or alterations have been completed, or O subject ta the taBawing required inspection based on the extraordinary assumption that the condition or deficiency does not require atteratian or repair:

Based on a complete visual ins ion of the interior and exterior areas of the subject proper! defined scope of work, statement ot assumptions and limiting conditions, and appraiser's certification, my (our) opinion ol the market value, as defined, ol e real property that is the subject of this report Is

s 454 200 asot October 23. 2008 which is the date ol in.......tion and the effective date ol this aooraisal,

Freddie Mac Form 465 March 2005 Page 3 of6

Fannie Mae Form 1073 March 2005

AVM!NISTR.AT!VE CO!v1PLl-\lNI

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Fam; 1073-·•winTOTAL· appraisal sottware by a I 1/e,i ..,- yn a-.1r'.'MODE I

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Individual Condominium Unit Appraisal Report

;file No. Hapan/27211 Paae #9!

MHARTSTEIN

File # Hagan/2721

This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUO). This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project

This appraisal report Is subject to the !allowing 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 fimiting cond"rtions 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 ta 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 unit, (2) inspect and analyze the condominium project, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/or private sources, and (6) 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

MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all cond"rtions requisite ta a fair sale, the buyer and seller, each acting prudentty, knowledgeably and assuming the price is not affected by undue stimulus. lmpttcit in this definition is the consummation of a sale as of a specified date and the passing of title from seller ta buyer under concitions whereby: (1) buyer and seller are typically motivated; (2) both parties are e.ll informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time Is aflowed 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 crea1ive financing or safes concessions* granted by anyone associated with the sale.

* Adjustments to the comparabfes 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 ta 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 apprOJCimate the market's reaction to the financing or concessions based on the appraiser's jµdgment

STATEMENT OF ASSUMPTIONS AND LJMITING CONDmONS: The appraiser's certification in this report is subject to the following assump1ions and limiting conditions:

1. The appraiser will ncrt be responsible for matters of a legal na:ture that affect either the property being appraised or the title ta it, except for information that he or she became aware of during the research involved in perlorrning 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 appFOXimate dmensions 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 tes1imony 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 condtions and makes no guarantees or warranties, express or impfied. The appraiser wiU not be responsible for any

   such conditions that do exist or for any engineering or testing that rright be required to discover whether such comfrtions

   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 Form 465 March 2005 Page4 of 6AU [\'l \ \\l T

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Form 1 073 - "WinTOTAL" appraisal sortware be](majj;J341'.- 1- AI.AMDiE

Individual Condominium Unit Appraisal Report

file No. Haoat1{2721I Page #1OI

MHARTSTEIN

File# Hagan/2721

APPRAISER'S CER11FlCATION: 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 conclition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livabillty, 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 adapted 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 ta develop a reliable sales comparison approach for this appraisal assignment I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report

   
   

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering tor 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 ta 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 1his report that was provided by parties who have a financial interest in the sale or financing of the subject property.

    
    

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and ather such data sources for the area in which the property is located.

    
    

13. I obtained the information, es1imates, 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, SIJbiect 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 as:;umptions 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 aD 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 ta any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it

    
    

20. I identified the lender/client in this appraisal report who is the individual, arganiza1ion, or agent for the organization that ordered and will receive this appraisal report

    
    

    Freddie Mac Form 465 March 2005

    iFileNo. Hagan/2721I Page #11I

    File# Hagan/2721

    Ind"IV"IduaICondom1mum Um"tA1ppra1saIReport MHARTSTElN

    
    

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 juriscictions; 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 Oncluding, 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 nnance 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 contlining my original hand written signature.

    
    

25. Any intentional or negligent misrepreserrta1ion(s) contained in this appraisal report may result in civH liability and/or criminal penalties including, but not limited to, fine or imprisonmem or both under the provisions of Titte 18, United States Code, Section 1001, et seq., or similar slate laws.

SUPERVISORY APPRAISER'S CERTIRCATION: The Supervisory Appraiser certifies and agrees that

1. I directly supervised the appraiser for this appraisal assignmerrt, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification.

   
   

2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification.

   
   

3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is accep!able 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 a:t the time this appraisal report was prepared.

   
   

5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those 1erms 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 represerrta1ion of my sigmrture, 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. ;1/,l .Q  "-                 SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature    ,,,/,  c:z.L,                C ' _.,.

. , ·-

I Signature ·"-.if-:• /'..-''

Name Mari< Hartstein Name An   Eklio' /l•-;.,.

Company Name A. E!gin eraiGal Sen.icac Company Name ,: ti.. E!liin !!raisal Sen.ices

Company Address 1727 Coachman Plaza Drive, ClearNater, Fl Company ddress 1727 Coachman Plaza Drive, Clearwater, Fl

33759 33759

Telephone Number 727-804-9415 Telephone Number 727-724-9765

Email Address mh1@tamEaba\!.rr.com Email Address ae!gina11E@!am11abal!.rr,corn

Date of Signature and Report October 31. 2008 Date of Signature October 31. 2008

Effective Date of Appraisal October 29. 2008 State Certification# St Cert Gen REA RZ0001589

State Certification#                               or State License#                                       or Strte License# SL R!'!!j, REARI 19912 State Florida

or Other State# Expiration Date of Cer1ification or License 11/30/2006

  State Florida                                                                    

Expiration Date of Certification or License   11-30-2008        SUBJECT PROPERTY

O Did not inspect subject property

ADDRESS OF PROPERTY APPRAISED 0 Did Inspect exterior of subject property from street

2721 Via Murano. # 328 Date of Inspection 10/30i2008

Clearwater, FL 33764-3976 O Did inspect interior and exterior of subject property APPRAISED VALUE OF SUBJECT PROPERTY S 454,200 Date of Inspection

LENDER/CLIENT

Name                                                      COMPARABLE SALES

Company Name Indigo Financial Grol_!Q O Did not inspect exterior of comparable sales from street Company Address 3400 Pine Tree Rd., L.ansinq, Ml 48911 0 Did inspect exterior of comparable sales from street

Date of Inspection 10/302008

Email Address                                                                              

Freddie Mac Form 465 March 2005 Page 6 of 6 Fannie Mae Form 1073 March 2005

Form 1073 - 'WinTOTAL· appraisal software by .Ra1m'h J.:i t-ll::pabctN.. MQDE'</ ;:;,

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Subiect Photo Page

File No Hagan/27211 Page #12!

Subject Front

2721 Via Murano, # 328

Sales Price 450,000.00

Gross Living Area 1,350

Total Rooms 6

Total Bedmoms 3

Total Bathrooms 2

Location Baywatch

View Canal

Site

Quality Good

Age 7 YRS

Subject Rear

Subject Street

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Subiect Interior Photo Page

!Ale No. Hagan/2721 \ Page #13!

Subject Interior

2721Via Murano, # 328

Sales Plica 450,000.00 Gross Living Allla 1,350

Total Roams 6

Tct.I Bedrooms 3

Total Balhroams 2

Location Baywatch

View Canal

Site

Quality Good

Age 7YRS

Subject Living Room

Subject Kitchen

Fann PICPIX.SI - 'WinTOTAL' appraisal software by a la mode, inc. -1-BOO-ALAMOOE

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I-lieNo. Haa:m/27211 Paae #141

Subject Bath

2721 Via Murano, # 321!

Sales Price 450,000.00

Grass living Area 1,350

Total Roams 6

Total Bedrooms 3

Total Bathrooms 2

Location Baywatch

View Canal

Site

Quality Good

Age 7YRS

Subject Bedroom

Subject View

AUMll\llSTRATlVE COMPL;t\lN-i

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Fila No. Haganli;721l Page #1sj

Comparable 1 2749 Via Cipriari Urit 101OB Prnx. tn Subject 0.27 mies N Sales Pries 438,500

Gross Living Area 1,443

Total Rooms 6

TotaJ Bedrooms 3

Total Balhrooms 2

Location View Site Quality Ags

Baywatch Parking Area

Good

6YRS

Comparable 2

2717 Via Cipriari Unit 620A Prnx. to Subject 0.27 mftes N Sales Price 455,000 Gross Living Area 1,443

Total Rooms 6

Total Bedrooms 3

Total Bathrooms 2

Locallan View Site Quality Age

Baywatch

Pari<ing Area

Good

6YR5

Comparable 3 2765Via Cipriari Unit 1214A Prox. to Subject 0.30 mies NE

Sales Price 520,000 Gross Lr;ing Area 2,078 Total Rooms 7

Total Bedrooms 3

Total Bathrooms 2

Location Baywatch

View Canal/Sup

Site

Quality Good

Age 6YR5

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file No. Hagan/27'1I Page #16!

Commuinty Clubhouse

2721 Via Murano, # 328

Sales Price 450,000.ao Gross Living Area 1,350

Tatal Rooms 6

Tatal Bettooms 3

Total Bathrooms 2

location BajlWatch

View Canal

Site

Quality Good

Age 7YRS

Community Clubhouse

Community Pool

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Subiect Photo Page

!Rle No. Hagan/2721!Page #17!

Community Spa

Community Fitness Center

Community Car Wash Facilities

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Subject Photo Page

File No. Hagan/2721! Page #1 Bl

Community View

2721 Via Murano,# 328

Sales Prtce 450,000.00 Gross Living Area 1,350

Total Rooms 6

Tatal Bedrooms 3

Tata! Bathrooms 2

Location Baywatch

View Canal

Site

Quality Good

Age 7YRS

Community View

Subject Community

Form PICPIX.SR - "NinTOTAL" appraisal sortware by a la mode. inc. -1-800-ALAM0DE

Plat Map

!File No. Hag;m/2721I Page #191

AOM!I\JlSTRATIVE

COMPLAINT

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Tax Collector Information

lfile No. Haoan/27211 Page #231

SI/fl FLA WTR MGMT, PINELLAS ANCLOTE Plr-E.CO,PLN.CNCL,

JUI/. WELFARE BO.

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NON-AO YALOREM ASSESSMENTS:

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Certificate

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15,427.12

Oct:31, 2008

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License

Re No. HaganR721I Page #241

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License

IRle No. Hagan/2721I Page #251

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Qualifications

iFlle No. Haoan/2721 \ Pane #261

AD,M!N!STRAJIVE COMPLA!Nt

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Form SCNLGH - 'WinTOTAL• appraisal software by a la mode, int. -1-800-ALAMODE

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file No. Hagan/2721 j Page #271

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Docket for Case No: 10-010816PL