HomeMy WebLinkAbout2006 03 27 Consent Item 403 Contract Kristi Ann Court
COMMISSION AGENDA
ITEM 403
Consent X
March 27.2006
Regular Meeting
Mgr. / Dept.
Authorization
REQUEST: The City Manager requests authorization to enter into a contract for the
sale of 123 Kristi Ann Court for the purchase price of $139,900 ($5,000 below appraised
value).
. PURPOSE: To obtain Commission approval to enter into a contract for the sale of 123
Kristi Ann Court for the purchase price of$139,900 ($5,000 below appraised value).
CONSIDERATIONS:
Appraised Value - $144,900
The following are expenses related to 123 Kristi Ann Court beyond the initial investment. They
were incurred as a result of a water leak which resulted in substantial ceiling damage and mold
contamination.
2005 $6,978.75
2006 $15,389.14
Total $22,367.89
The Revolving Rehabilitation Fund #306 currently has a fund balance of $804,453.76. It is
estimated that the fund balance will be approximately $935,000 ifthis contract is approved. The
initial investment in this project was $909,655.
The contract submitted by the purchaser requested a purchase price of $120,000 and numerous
upgrades. The City's counter-offer was $139,900 with the purchaser making all upgrades. City
Building Inspectors performed an inspection and found a number of minor repairs that need to be
made.
The prospective buyer is blind and has received substantial State and/or Federal assistance in the
purchase. The buyer desires to close by the end of the month.
FUNDING: N/ A
RECOMMENDATIONS: Staff recommends the sale of 123 Kristi Ann Court at the purchase
price of $139,900 with the City absorbing the customary closing costs and making necessary
repairs.
ATTACHMENTS:
1- Appraisal by John Krogmann as of 2/10/2006
2- Originally submitted contract from Ann Landau dated March 14,2006
COMMISSION ACTION:
032706 COMM Consent 403 Townhouse Sale
THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOClAnON OF REALTORS"' AND THE FLORIDA BAR
Contract For Sale And Purchase
1* PARTIES: City of Winter Springs
2* and Ann Landau
3 hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively "Property")
4 pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"):
5 1. DESCRIPTION:
6* (a) Legal description of the Real Property located In Seminole County, Forida: Lot 3 Blk 3
7* Moss Cive PB 58 PG 84
8*
9'" (b) Street address, city, zip, of the Property: 123 Kristi Ann Court, Winter Springs
10 (c) Personal Property includes existing range(s), refrigerator{s), dish washer(s), ceiling fan(s), light Fixture(s), and window treatment(s) unless
11 speciflcalIy excluded below.
12* Other items included are:
13*
14* Items of Personal Property (am leased items, if any) excluded are:
15*
16* PURCHASE PRICE (U.S. currencey):
17 PAYMENT:$120,000
18* (a)Deposit held in escrow by (Escrow Agent) in the amount of (Checks subject to Clearance Ship Program Financing
19'" (b) Additional escrow deposit to be made to Escrow Agent within _ days after Effective Date
20* (see Paragraph III in the amount of. . . . . . . , , . . . . . . . . . . . . . . . , . . , . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
21* (c) Financing (see Paragraph IV) in the amount of . . . . . . . . . . . . . . . . . . . . . . . , . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
22* (d) Other....... ., .... ... ... .. .. ... .. .. .. . .. .. ... .... ... .... ..... ....... ..... .... ... .. .. ... .. .. ..... . $
23 (e) Balance to close by cash, wire transfer or LOCALLY DRAWN cashier's or official bank Check(s), subject
24* to adjustments or prorations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
25 III. TlME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE:
26 (a) If this offer is not executed by and dellivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or
27* before , the deposit(s) will, at Buyer's option, be returned and this offer withdrawn, UNLESS OTH-
28 ERWISE STATED, THE TIME FOR ACCEPTANCE OF ANY COUNTEROFFERS SHALL BE 2 DAYS FROM THE DATE THE COUN-
29 TEROFFER IS DELLIVERED.
30 (b) the date of Contract (Effective Date) will be the date when the last one of the Buyer and Seller has signed or initialed this offer or the
31 final counteroffer. If such date is not otherwise set forth in this Contract, then the "Effective Date- shall be the date determined above for
32 acceptance of this offer or, if applicable, the final counter offer.
33 IV.FINANCING:
34*(a) This is a cash transaction with no contingencies for financing;
35*X (b) This Contract is contingent on Buyer obtaining approval of a loan Ship program financing
36* Effective Date ("Loan Approval Date") for (CHECK ONLY ONE): a fixed; an adjustable; or adjustable rate loan, in the prin-
37*cipal amount of $ , at. an initial interest rate not to exceed %, discount and origination fees not to exceed
38* % of principal amount, and for a term of _ years. Buyer will make application within _ days (If. blank, then 5 days) after
39 Effective Date. Buyer shall use reasonable diligence to: obtain Loan Approval and notify Seller in writing. of Loan Approval by Loan
40 Approval Date; satisfy terms and conditions of the Loan Approval; and close the loan. Loan Approval which requires a condition related to
41 the sale of other property shall not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay aD. loan expenses. If Buyer
42 does not deiverwritten notice to Seller by Loan Approval Date statirg Buyer has either obtained Loan Approval or WCIivad this financing con-
43 tingency, then either party may cancel this Contract by delivering written notice ("Cancellation Notice") to the other', not later than seven (7)
44 days prior to closing. SeIIer's Cancellation Notice must state that Buyer has three (3) days to deliver to Seller written notice waiving this
45 financing contingency. If Buyer has used due dilgence and has not obtained Loan Approval beforeCancellation as provided above, Buyer
46 shall be refunded the deposit(s), Unless this financing contingency has been waived, this Contract shall remain subject to the satisfaction,
47 by Closing, of those conditions of Loan Approval related to the Property;
48* a (c) Assumption of existing mortgage (see rider for terms); or
49'" a (d) Purchase money note and mortgage to Seller (see Standards B and K and riders; addenda; or special clauses for terms).
50* V. TITLE EVIDENCE: At least _ days Of blank, then 5 days) before Closing a title insurance commitment with legible copies of Instruments
51 listed as exceptions attached thereto ("TitIe Commitment") and, after Closing, an owner's policy of title insurance (see Standard A for terms) shall
52 be obtained by.
53* (CHECK ONLY ONE): if (1) Seller, at Seller's expense and delivered to Buyer or Buyers attorney; or
54* (2) Buyer at Buyer's expense.
55* (CHECK HERE): If an abstract of title is to be furnished Instead of title insurance, and attach rider for terms.
56* VI. CLOSING DATE: This transaction shall be closed and the closing documents delivered on ASAPor 3-31-06 ("CIosing"), unless
57 modified by other provisions of this Contract. If Buyer Is unable to obtain Hazard, Wind, Flood, or Homeowners' insurance at a reasonable rate
58 due to extreme weather conditions, Buyer may delay Closing for up to 5 days after such coverage becomes available.
59 VII. RESTRICTIONS; EASEMENTS; LIMATATIONS: Seller shall convey marketable- title subject to: comprehensive land use plans, zoning.
60 restrictions, prohibitions and other requirements imposed by govemmental authority; restrictions and matters appearing on the plat or otherwise
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61 common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted public utility easements of record
62 (located contiguous to real property lines and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side
63 lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (If addltional ltems, see
64 addendum); provided, that there exists at Closing no violation of the foregoing and none prevent use of the Property for
65* purpose(s).
66 VIII. OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at time of closing unless otherwise stated herein. If Property Is Intended
67 to be rented or occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant to Standard F.
68 If occupancy Is to be delivered before Closing, Buyer assumes all risks of loss to Property from date of occupancy, shall be responsible and liable
69 for maintenance from that date, and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy.
70 IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed pro-
71 visions of this Contract In conflict with them.
72* X. ASSIGNABILITY:: (CHECK ONLY ONE): Buyer may assign and thereby be released from any further liability under this Contract; may
73* assign but not be released from liability under this Contract; or X may not assign this Contract.
74 XI. DISCLOSURES:
75* (a) CHECK HERE if the Property is subject to a special assessment lien Imposed by a public body payable in Installments which
76" continue beyond Closing and, if so, specify who shall pay amounts due after Closing: Seller Buyer Other (see addendum).
77 (b) Radon Is a naturally occurring radioactive gas that when accumulated in a building in sufIicient quantities may present health risks to per-
78 sons who are exposed to it over time. Levels of radon that exceed federal and state guidennes have been found in buildings in Florida.
79 Additional Information regarding radon or radon testing may be obtained from your County Public Health unit.
80 (c) Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or desires additional information
81 regarding mold, Buyer should contact an appropriate professional.
82 (d) Buyer acknowledges receipt of the AoricIa Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S.
83 (e) If the real property includes pre-1978 residential housing then a Iead-based paint rider Is mandatory.
84 (f) If Seller is a "foreign person. as defined by the Foreign Investment In Real Property Tax act, the parties shall comply with that Act.
85 (g) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIA-
86 TION/COMMUNITY DISCLOSURE.
87 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE AMOUNT
88 OF PROPERTY TAXES THAT THE BUYER MAY BE OBlIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER-
89 SHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES.
90 IF YOU HAVE ANY QUESllONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION.
91 XIL MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in excess at
92* (a) $ for treatment and repair under Standard D (If blank, then 1.5% of the Purchase Price).
93* (b) $ for repair and replacement under Standard N not caused by Wood Destroying Organisms (If blank, then 1.5%
94 of the Purchase Price).
95'" XIII.HOME WARRANTY: Seller Buyer N/A will pay for a homewarranty plan Issued by
96* at a cost not to exceecl $ .
97 XIV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of this Contract:
98* CONDOMINIUM VA/FHA HOMEOWNERS' ASSN. LEAD-BASED PAINT COASTAL CONSTRUCTlON CONTROL LINE
99" INSULATION *AS IS* Other Comprehensive Rider Provisions ~ Addenda
100* SpecIal Clause(s):
101*
102*
103*
104 xv. STANDARDS FOR REAL ESTATE TRANSACTIONS ("Standards"): Buyer and.Seller acknowledge receipt of a copy of Standards A
105 through Y on the reverse side or attached, which are incorporated as part of this Contract.
106 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD,
107 SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
108 THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOClATlON OF REALTORS- AND THE FLORIDA BAR.
.100 Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties.in a
110 particular transaction. Terms and conditions should be negotiated based upon the respective Interests, objectives and bargaining
111 . positions of all interested persons.
112 AN ASTERICK FOLLOWINGA LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BECOMPLETED.
113*
114 (BUYER) (DATE) (SELLER) (DATE)
115*
116 (BUYER) (DATE) (SELLER) (DATE)
117* Buyers' address for purposes of notice Sellers' address for purposes of notice
118*
119* Phone Phone.
120 BROKERS: The brokers Including cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with
121 this Contract:
122* Name:
123
Cooperating Brokers, if any Listing Broker
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124 STANDARDS FOR REAL ESTATE TRANSACTIONS
125 A. TITLE INSURANCE: The Title Commitment shall be Issued by a Florida Iicensed title insurer agreeing to issue Buyer. upon recording of the deed to Buyer. an
126 0wner's policy of the insurance in the amount of the purchae price. Insuring Buyer's marketable title to the Real Property, subject 0nly to matters Confined in
127 Paragraph VI met those to be discharged by Seller at or before Closing. Marketable title shaIl be determined according to appicabIe Title Standards adopted by
128 authority of the Florida Bar and in accordance with law. Buyer shall have 5 days from date of receving the Title Commitment to examine it, amd if title is found defec-
129 tive, notify Seller n writilg specifying defect(s) which render title unmarketable. Seller shaI have 30 days from receipt of notice to remove the defects, failing which
130 Buyer shall, within 5 days after expiration of the 30 day period. deliver written notice to Seller either: (1) extending the time for a reasonable period not to exceed 120
131 days within which Seller shaIl use diIgent effort to remove the defects; or (2) requesting a refund of deposit(s) paid which shaIl be returned to Buyer. If Buyer fails to
132 so notify Seller, Buyer shaIl be deemed to have accepted the titIe as It then Is. SelIer shaIl, if titIe is found unmarketabIe, use dilgent effort to correct defecl(s) within
133 the time provided. If, after diligent effort, SeIer is unabIe to timeIy correct the defects, Buyer shalI either waive the defects, or may recieve a refund of deposit(s), thereby
134 reIeasing Buyer and Seller from all further obligations under this Contract. If Seller Is to provide the Title Commitment and it is delivered to Buyer less than 5 days.prior
135 to Closing, Buyer may extend ClosIng so that Buyer shaI have up to 5 days from date of receipt to examine same in accordance with this Standard.
136 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall provide for a
137 30 day grace period in the event of default if a first mortgage and a 15 day grace period if a second or lesser mortgage; shall provide for right of prepayment
138 in whole or in part without penalty; shall permit acceleration in event of transfer of the Real Property; shall require all prior liens and encumbrances to be kept
139 in good standing; shall forbid modifications of, or future advances under, prior mortgage{s); shall require Buyer to maintain policies of insurance containing a
140 standard mortgagee clause covering all improvements located on the Real Property against fire and all perils included within the term "extended coverage
141 endorsements. and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and the mortgage, note
142 and security agreement shan be otherwise in form and content required by Seller. but Seller may only require clauses and coverage customarily found in mort-
143 gages, mortgage notes and security agreements generally utilized by savings and loan institutions or state or national banks located in the county wherein the
144 Real Property Is located. AI Personal Property and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evI-
145 denced by recorded or filed Financing statements or certificates of title. If a baIIoon mortgage, the FinaI payment will exceed the periodic payments thereon.
146 C. SURVEY: Buyer, at Buyer's expense, within time aIIowed to deliver evidence of title and to examine same, may have the Real Property surveyedand certified
147 by a regstered Florida surveyer. lf the survey discloses encroachments on the Real Property or that irnprovements located thereon encroach on setback lines, ease-
148 ments, Iands of others or violate any restrictions, Contract covenants or appIicabIe governmentaI reguations. the same shalI constitute a title defect.
149 D. WOOD DESTROYING ORGANISMS: Wood Destroying Organisms (WDO) shall be deemed to include aIl wood destroying organisms required to be report-
150 ed under the FIorida Structural Pest ControI act, as amended. Buyer, at Buyer's expense, may have the Property inspected by a Florida Certified Pest Control Operator
151 (Operator) within 20 days after the effective Date to determine if there is any visibIe active WDO Infestation or visible damage from WDO infestation, excluding fences.
152 If either or both are found, Buyer may within said 20 days (1) have cost of treatment of active infestatation estimated by the Operator; (2) have all damage inspected
153 and cost of repair estimated by an appropriately Iicensed contractor; and (3) report such cost(s) to SeIler in writing. SeIler shaI cause the treatment and repair of aI
154 WDO damage to be made and pay the costs thereof up to the amount provided In Paragraph XI(a). If estimated costs exceed that amount, Buyer shaI have the
155 option of canceIing this Contract by giving written notice to Seller within 20 days after the Effective Date, or Buyer may elect to proceed with the transaction and
156 receive a credit at cIosing equal to the amount provided in Paragraph XI(B). If Buyer's lender requires an updated WDO report, then Buyer shall, at Buyer's expense,
157 have the opportunity to have the Property re-inspected for WDO infestation and have the cost of active infestation or new damage estimated and reported to Seller
158 in writing at least 10 days prior to Closing, and thereafter, Seller shaI cause such treatment and repair to be made and pay the cost thereof; provided, SelIer's total
159 obligation for treatment and repair costs required under both the first and second inspection shaI not exceed the amount provided In Paragraph Xli (8).
160 E. INGRESS AND EGRESS: Seller warrants and represents that there Is ingress and egress to the Real Property sufficient for its Intended use as described
161 in Paragraph VII hereof and title to the Real Property Is insurable In accordance with Standard A without exception for lack of legal right to access.
162 F. LEASES: Seller shall, at least 10 days before Closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature
163 and duration of the tenants occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each ten-
164 ant, the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact ten-
165 ant to confirm such Information. If the terms of the leases differ materially from SelIer's representations, Buyer may terminate this Contract by delivering written
166 notice to Seller at least 5 days prior to Closing. Seller shall, at Closing. deliver and assign all original leases to Buyer.
167 G. LIENS: Seller shall fumish to Buyer at time of Closing an affidavit attesting to the absence, unless otherwise provided for herein. of any financing statement,
168 claims of lien or potential lienors known to Seller and further attesting that there has been no Improvements or repairs to the Real Property for 90 days imme-
169 diately preceding date of Closing. If the Real Property has been improved or repaired within that time. Seller shall deIiver releases or waivers of construction
170 liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Sellers lien affidavit setting forth the names of all such gen-
171 eral contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for a
172 construction lien or a claim for damages have been paid or will be paid at the Closing of this Contract.
173 H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located at the office of the attorney or other closing agent ("Closing
174 Agent") designated by the party paying for title insurance, or, if no title insurance, designated by Seller.
175 I. TIME: In computing time periods of less than six (6) days, Saturdays,Sundays and state or national legal holidays shall be excluded. Any time periods provided
176 for herein which shaIl end on a Saturday, Sunday, or a legal hoIiday shaIl extend to 5:00 p.m of the next business day. Time is of the essence In this Contract
177 J. CLOSING DOCUMENTS: SeIler shaIl furnish the deed, bilI of sale, certificate of titIe, construction lien affidavit, Owner's possession affidavit, assignments of leases,
178 tenent and mortgage estoppel letters and corrective instruments. Buyer shaIl furnish mortgage. mortgage note, security agreement and financing statements.
179 K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. All costs of Buyer's loan (whether obtained
180 from Seller or third party), including, but not limited to, documentary stamps and Intangible tax on the purchase money mortgage and any mortgage assumed,
181 mortgages title insurance committment with related fees, and recording of purchase money mortgage to SeIIer; deed and financing statements shall be paid by
182 Buyer. Unless otherwise provided by law or rider to this Contract. charges for the following related title services, namely title evidence, title examination, and
183 closing fee (including preparation of closing statement), shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V.
184 L PRORATI0NS; CREDITS: Taxes, assessments. rent, interest, insurance and other expenses of the Property shall be prorated through the day before Closing.
185 Buyer shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shaI be prorated. Cash at Closing shaIl be
186 increased or decreased as may be required by prorations to be made through day prior to closing, or occupancy, if occupancy occurs before Closing. Advance
187 rent and security deposits will be credited to Buyer. Escrow deposits held by mortgages will be credited to Seller. Taxes shall be prorated based on the current
188 year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing occurs at a date when the current year's mill-
189 age is not fixed and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's milage. If curent year's assess-
190 ment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements on the Real Property by January 1 st of year of Closing.
191 which improvements were not in existence on January 1 st of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assess-
192 ment to be agreed upon between the parties; falling which, request shall be made to the County Property Appraiser for an InformaI assessment taking into
193 account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of current year's tax bill
194 M. SPECIAL ASSESSMENT LIENS: Except as set forth in Paragraph XI(3), certified, confirmed and ratified special assessment liens Imposed by public bod-
195 Ies as of Closing are to be paid by Seller. Pending liens as of Closing shall be assumed by Buyer. If the improvement has been substantially completed as of
196 Effective Date, any pending lien shall be considered certified. confirmed or ratified and Seller shall, at Closing, be charged an amount equal to the last estimate
197 or assessment for the improvement by the public body.
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198 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
199 N. INSPECTION AND REPAIR: Seller warrants that the ceiling. roof (including the fascia and soffits). exterior and interior walls. foundation, and dockage of
200 the Property do not have any visible evidence of leaks, water damage, or structural damage and that the septic tank, pool, all appliances, mechanical items,
201 heating, cooling, electrical. plumbing systems, and machinery are in working Condition. The foregoing warranty shall be limited to the items specified unless
202 otherwise provided in an addendum. Buyer may Inspect, or, at Buyer's expense, have a firm or individual speclalizing in home inspections and holding an occu-
203 pational license for such purpose (If required), or by an appropriately licensed Florida contractor, make inspections of, those items within 20 days after the
204 Effective Date. Buyer shall, prior to Buyer's occupancy but not more than 20 days after Effective Date, report in writing to Seller such items that do not meet
205 the above standards as to defects. Unless Buyer timely reports such defects, Buyer shall be deemed to have waived SeIIer's warranties as to defects not report-
206 ed. If repairs or replacements are required to comply with this Standard, Seller shall cause them to be made and shaIl pay up to the amount provided in
207 Paragraph XII (b). Seller is not required to make repairs or replacements of a Cosmetic Condition unless caused by a defect Seller Is responsible to repair or
208 replace. If the cost for such repair or replacement exceeds the amount provided in Paragraph XII (b). Buyer or Seller may elect to pay such excess, failing which
209 either party may cancel this Contract. If Seller is unable to correct the defects prior to Closing, the cost thereof shall be paid Into escrow at Closing. For pur-
210 poses of this Contract (1) 'Working Condition' means operating in the manner in which the item was designed to operate; (2) .Cosmetic Condition. means
211 aesthetic imperfections that do not affect the Working Condition of the item, including, but not limited to: pitted marcite or other pool finishes; missing or torn
212 screens; fogged windows; tears, worn spots, or discoloration of floor Cverings, wallpaper, or window treatments; nail holes, scratches, dents, scrapes, chips
213 or cauIking in ceilngs, walls, fIoorlng, fixtures, or mirrors; and minor cracks In floors, tiles, windows, driveways, sidewalks, or pool decks; and (3) cracked roof
214 tiles, curling or worn shingles, or limited roof life shall not be considered defects Seller must repair or replace. so long as there Is no evidence of actual leaks
215 or leakage or structural damage, but missing tiles will be SelIer's responsibility to replace or repair.
216 O. RISK OF LOSS: If the Property is damaged by fire or other casualty before Closing and cost of restoration does not exceed 1 .5% of the Purchase Price, cost
217 of restoration shall be an obIigation of Seller and Closing shall proceed pursuant to the terms of this Contract with restoration costs escrowed at Closing. If the
218 cost of restoration exceeds 1.5% of the Purchase Price. Buyer shall either take the Property as is. together with either the 1.5% or any Insurance proceeds
219 payable by virtue of such loss or damage, or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obigations under this Contract.
220 P. CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If the title agent Insures adverse matters pursuent to Section 627. 7841, F.S.,
221 as amended, the escrow and closing procedure required by this Standard shall be waived. Unless waived as set forth above the following closing procedures
222 shall apply: (1) at closing proceeds shall be held In escrow by the Closing Agent for a period of not more than 5 days after Closing; (2) if SeIIer's title is rendered
223 unmarketable through no fault of Buyer, Buyer shall. within the 5 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt
224 of such notification to cure the defect; (3) if Seller fails to timely cure the defect, aIl deposits and closing funds shaIl upon written demand by Buyer and within 5
225 days after demand. be returned to Buyer and, simuitaneousIy with such repayment. Buyer shall return the Personal Property. vacate the Real Property and recon-
226 vey the Property to Seller by Special warranty deed and biIl of sale; and (4) If Buyer fails to make timely demand for refund, Buyer shaIl take title as Is, waiving aIl
227 rights against Seller as to any intervening defect except as may be available to Buyer by virtue of warranties contained in the deed or bit of sale.
228 Q.. ESCROW: Any Closing Agent or escrow agent or collectively .Agent") receiving funds or equivalent Is authorized and agrees by acceptance of them to deposit
229 them promply. hold same In escrow and. subject to cIearence, disburse them in accordance with terms and conditions of this Contract. Failure of funds to clear shall
230 not excuse a Buyer's performance. If in doubt as to Agent's duties or liabilties under the provisIons of this Contract, Agent may at Agent's option. continue to hold the
231 subject matter of the escrow until the parties hereto agree to its disbursement or judgement of a court of competent jurisdiction shall determine the rights of the
232 parties; or Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. An attorney who represents a party and also acts as Agent
233 may represent such party in such action. Upon notifying aIl parties concerned of such action. availibility on the part of Agent shall fully terminate. except to the extent
234 of accounting for any items priviously delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of chapter 475, F.S., as amended.
235 Any Suit between Buyer and SelIer wherein Agent is made a party because of actlng as Agent hereunder; or in any suit wherein Agent intrpleads the subject matter
236 of the escrow, Agent shall reasonable attorney's fees and costs incurred with these accounts to be paid from and out of the equilvalent funds or equivalent
237 and charged and awarded as court costs in favor of the prevaling party. The Agent shaIl not be liable party or person for misdelivery to Buyer or Seller of items
238 subject to the escrow, unless such misdeIivery Is due to willful breech of the provisions of this Contract or gross neglegence of Agent.
239 R. ATTORNEY'S FEES; COSTS: In any litigation, Including breech, enforcement or interpretation, arising out of this Contract. the prevailing party in such liti
240 gation,which, for purposes of this Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by Chapteri
241 475. F.8., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney's fees, costs and expenses.
242 S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified, lncIuding payment of all deposits, the deposit(s) paid by
243 Buyer and deposit(s) agreed to be paid, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for
244 the execution of this Contract and in full settlement of any claims; whereupon. Buyer and Seller shall be relieved of all obligations under this Contract; or Seller.
245 at SelIer's option, may proceed in equity to enforce SeIIer's rights under this Contract. If for any reason other than failure of Seller to make Seller's title mar-
246 ketable after diligent effort. Seller fails, neglects or refuses to perform this Contract, Buyer may seek specific performance or elect to receive the return of Buyer's
247 deposit(s) without thereby waiving any action for damages resulting from Seller's breach.
248 1: CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; FACSIMIlE: Neither this Contract nor any notice of it shall be recorded In any public
249 records. This Contract shall bind and Insure to the benefit of the parties and their successors in Interest. Whenever the context permits, singular shall include
250 plural and one gender shall incIude all, Notice and delivery given by or to the attorney or broker representing my party shall be as effective as it given by or to
251 that party. AIl notices must be In writing and may be made by mail, personal delivery or electronic media. A legible facsimile Copy of this Contract and any sig-
252 natures.hereon shaIl be considered for all purposes as an originaI.
253 U. CONVEYANCE: SelIer shaIl Convey marketable title to the Real property by statutory warranty, trustee's, personal representative or guardian's deed, as
254 appropriate to the status of Seller, subject only to matters contained In Paragraph VII and those otherwise accepted by Buyer. Personal Property shall. at the
255 request of Buyer, be transferred by an absolute bilI of sale with warranty of title. subject only to such matters as may be otherwise provided for herein.
256 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract. No not-
257 ification to or change In this Contract shall be valid or binding upon the parties unless in writing and executed by the parties Intended to be bound by it.
258 W. SELLER DISCLOSURE: There are no facts known to SelIer materially affecting the value of the Property which are not readily observable by Buyer or which
259 have not been disclosed to Buyer.
260 X. PROPERlY MAINTENANCE; PROPERTY ACCESS; REPAIR STANDARDS; ASSIGNMENT OF CONTRACTS AND WARRANTlES: Seller shall main-
261 tain the Property, lncludlng, but not limited to lawn, shrubbery. and pool In the condition existing as of Effective Date. ordinary wear and tear excepted. Seller
262 shall, upon reasonable notice. provide utilities service and access to the Property for appraisal and inspections, incIuding a walk-through prior to Closing, to
263 confirm that all Items of Personal Property are on the Real Property and, subject to the foregoing, that all required repairs and replacements have been made.
264 and that the Property has been maintained as required by this Standard. AIl repairs and replacements shall be completed In a good and workmanlike manner,
265 in accordance with all requirements of law and shall consist of materials or items of quality, value. capacity and performance comparable to, or better than.
266 that existing as of the Effective Date. Seller will assign all assignable repair and treatment contracts and warranties to Buyer at Closing
267 Y. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneous with Closing or deferred) with respect to the Property
268 under Section 1031 of the Internal Revenue Code Exchange"), the other party shall cooperate in all reasonable respects to effectuate the Exchange. Includ-
269 ing the execution of documents; provided (1) the cooperating party shall incur no liability or expense related to the Exchage and (2) the Closing shall not be
270 contingent upon. nor extended or delayed by, such Exchange.
FAR/BAR-7s Rev. 7/04 02004 Florida Association of REALATORS and The Florida Bar All Rights Reserved Page 4 of 4
This software is licensed to
- Coldwell Banker Residential www.instanetforma.com.
Addendum to Contract
FLORIDA ASSOCIATION OF REALTORS
Addendum No. 1 of the Contract dated March, 2006 between
City of Winter Springs (Seller)
and Ann Landau (Buyer)
Concerning the property described as:
123 Kristi Ann Court: Winter Springs
(the"Contract"). Buyer and Seller make the following terms and conditions part of the Contract:
1. Buyer requests new water heater and
2. Repair of wood rot in Utility outside closet
3.Chance lock on outside closet buyer is
of short statue and could not reach the
current closure & lock.
4. Replace range with flat top range-buyer
is blind and the flat top is better for
daily usage-present stove is difficult to use.
5.Replace missing screen in second bedroom
6. Change drain on bath tub upstairs- it is
rusted to point of leaking.
7. Replace both toilets and toilet seats
8. Recaulk sink up stairs and around
top of sink cabinet.
Date: 3-14-06 Buyer: Ann Landau
Date: Buyer:
Date: Seller:
Date: Seller:
This form is available for use by the entire real estate industry and Is not intended to Identify the user as a REALTOR is a registered col-
lective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS and
who subscribe to Its Code of Ethics.
The copyright laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized fonns.
ACSp-2 Rev. 6/94 @1994 Florida Association of REALTORs@ All Rights Reserved
- PO. Box 725025, Orlando, FL 32872-5025
Independently Owned and Operated by NAT Incorporated
Addendum to Contract
FLORIDA ASSOCIATION OF REALTORS
Addendum No. 2 to the Contract dated March, 2006 between
The City of Winter Springs (Seller)
and Ann Landau (Buyer)
concerning the property described as:
123 Kristi Ann Court, Winter Springs
(the "contract"). Buyer and Seller make the following terms and conditions part of the Contract:
9. New carpet for stairs and bedrooms
to match living room carpet. Buyer
has mold concern long term since
moisture and age of carpet may
cause further health hazzard.
10. Replace closet doors with white
slated wood doors. Buyer concerned with foundation.
11. Buyer does not wish
stell grab bars in bathroom
12. Items requested to be done on the Semionole County
Affordable Housing Program Punch list
refencing other items. Attachment exhibit (A)
13. The writer of this offer for Buyer, Ann
Landau, is acting as an advocate
Date: 3-14-06 Buyer: Ann Landau
Date: Buyer:
Date: Buyer
Date: Seller:
Date: Seller:
This form is available for use by the entire real estate industry and is not intended to identify the user as a REALTOR. REALTOR is registered col-
lective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS and
who subscribs to its Code of Ethics.
Addendum to Contract
FlORIDA ASSOCIATION OF REATORS
Addendum No.3 to the Contract dated March, 2006 between
The City of Winter Springs (Seller)
and Ann Landau (Buyer)
concerning the property described as:
123 Kristi Ann Court, Winter Springs
(the "contract") Buyer and Seller make the following terms and conditions part of the contract:
13. (cont) and consultant and is to be
held harmless by seller. writer
is associated with Caldwell Banker
and Caldwell Banker is not a
party to this transaction.
14. Buyer requests new dishwasher
15. Buyer wants a WDO inspection
Date: 3-14-06 Buyer: Ann Landau
Date: Buyer:
Date: Seller:
Date: Seller:
This form Is available for use by the entire real estate industry and is not intended to Identify the user as a REALTOR@. REALTOR Is a registered col-
lective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS@ and
who subscribe to Its Code of Ethics.
The copyright laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms.
ACSP-2 Rev. 6/94 @1994 Florida Association of REALTORs@ All Rights Reserved
- P.O. Box 725025, Orlando, FL 32872.5025
Independently Owned and Operated by NAT Incorporated
SEMINOLE COUNTY AFFORDABLE ROSUING PROGRAM
PUNCH LIST FOR 123 KRISTI ANN COURT
(PROPOSED PURCHASE BY ANN LANDAU)
I. Repairs necessary for closing to be completed by City
I. Repair fallen siding just left and below if rear upper window and replace bent screen
on upper rear window.
2. Inspect and repair rotten wood adjacent to door jamb on utility room off of rear porch.
There is evidence of residual termite damage (residual waste and wood dust) to the
T -Ill siding though no determination has been made as to whether there is an active
colony.
3. Sliding glass door track/rail may be bent and in need of replacement.
4. Upstairs bi-fold closet door is dented.
5. Bath tub needs to be resurfaced. There is evidence of extensive rust around the drain
fitting. Tub also dripping constantly - needs bibb seats and washers.
6. Re--cauIk around the upstairs bathroom backsplash where it joins the lavatory
countertop.
7. Porcelain in downstairs toilet bowl is beyond repair or clean up. The unit should be
replaced. Upstairs bowl may be in same shape.
8. Caulk and seal around joints of lap siding and along bottom of window frames.
9. Straighten or replace damaged slats of mini-blinds on bottom front window.
10. Chisel off lumps of dried concrete on front entrance sidewalk. These are a serious
hazard (and personal injury liability to any occupant or visitor).
II. Water heater shows significant exterior rust and may be in need of replacement.
12. Replace baseboard at rear of refrigerator nook.
13. Complete installation of kitchen sink and hook up plumbing
II. Improvements to be funded from SHIP proceeds to better accommodate a handicapped
occupant.
1. Additioual banister on other side of stairwell. Q A
2. Stainless steel grab bars adjacent to toilets and in bathtub.
3. Handicap shower seat and hand held shower head?
4."Talking Thermostat" or one with Braille script if available
m. Improvements that can be subject to negotiation or which should be SHIP financed and are
desirable from the standpoint of long term, maintenance free living.
1. Replace rusted dishwasher racks.
2. Replumbing - The townhouse is 20 years old and still has copper pipe. It is only a
matter of a few more years before pinhole leaks start- Being blind, Mrs. Landau would
not be able to detect a water problem and a re-pipe job is expensive. I think it is too much
to ask the City since it seems to work OK for now, but long term it is a serious matter and
ought to be redone with PEX pipe while we have the chance,
P:\Users\aschneider\Affordable Housing\l23 Kristi Ann Court -punch list.doc
APPRAISAL OF REAL PROPERTY
LOCATED AT:
123 KRISTI ANN COURT
LOT 3, BLK 3, MOSS COVE, PB 58, PG 84
WINTER SPRINGS, FL 32708-3008
FOR:
CITY OF WINTER SPRINGS
1126 E. SR 434, WINTER SPRINGS, FLORIDA 32708
AS OF:
02/10/2006
BY:
JOHN G. KROGMANN
Krogmann & Associates, Inc. Office (407) 327-6502
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Propertv Address 123 KRISTI ANN COURT City WINTER SPRINGS State FL Zip Code 32708-3008
Borrower CITY OF WINTER SPRINGS Owner of Public Record CITY OF WINTER SPRINGS County SEMINOLE
Legal Description LOT 3 BLK 3 MOSS COVE PB 58 PG 84
Assessor's Parcel # 03-21-30-520-0300-0030 Tax Year 2004 R.E. Taxes $ 1 283.00
Neighborhood Name MOSS COVE Map Reference S03 T21 R30 Census Tract 0214.04
Occupant Owner Tenant Vacant Special Assessments $ 0.00 PUD HOA $ 85 EST [] per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe) OPINION OF MARKET VALUE
Lender/Client CITY OF WINTER SPRINGS Address 1126 E. SR 434, WINTER SPRINGS, FLORIDA 32708
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No
Report data source(s) used, offering price(s), and daters). SOURCES USED INCLUDE CENTRAL FLORIDA MULTIPLE LISTING SERVICE (MLS) AND
PUBLIC RECORDS.
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed. THIS IS NOT A PURCHASE TRANSACTION.
Contract Price $ NA Date of Contract NA Is the property seller the owner of public record? Yes No Data Source(s) PUBLIC RECORDS
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No
If Yes, report the total dollar amount and describe the items to be paid. NA
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use%
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit 85 %
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000) (yrs) 2-4 Unit 0%
Growth Rapid Stable Slow Marketing Time Under 3 mths 3.6 mths over 6 mths 90 Low 15 Multi-Family 3%
Neighborhood Boundaries BOUNDARIES ARE STATE ROAD 434 TO THE NORTH, HAYES ROAD TO 250+ High 35+ Commercial 5%
THE EAST LA VISTA DRIVE TO THE SOUTH AND MOSS ROAD TO THE WEST. 140+ Pred. 20 Other 7%
Neighborhood Description THE IMMEDIATE NEIGHBORHOOD IS PRIMARILY COMPRISED OF1 STORY DETACHED HOUSES. THERE ARE
ALSO TOWNHOUSE DEVELOPMENTS.
Market Conditions (including support for the above conclusions) MARKET IS ACTIVE WITH SALES OF EXISTING AND NEW HOMES. INTEREST RATES
ARE STABLE AND FINANCING IS READILY AVAILABLE. DEMAND AND SUPPLY ARE IN BALANCE AND LOAN CHARGES/CONCESSIONS
PAID BY SELLER CAN TYPICALLY RANGE FROM 0-5%.
Dimensions 38.11 X 15.39 +- Area 587 SF+- Shape RECTANGULAR View RESIDENTIAL/AVERA(
Specific Zoning Classification RESIDENTIAL USE Zoning Description RESIDENTIAL
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe
Utilities Public Other (describe) Public Other (describe) Off-site Improvements - Type Public Private
Electricity Water Street ASPHALT
Gas NONE/TYPICAL Sanitary Sewer Alley NONE/TYPICAL
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 12117C0135E FEMA Map Date 4/17/1995
Are the utilities and off.site improvements typical for the market area? Yes No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
NO ADVERSE EASEMENTS NOTED
Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls N/A (SLAB) Floors TILE/CRPT/AVG
# of Stories 2 STORY Full Basement Partial Basement Exterior Walls CBS/SIDING Walls DRYWALL/AVG
Type Det. Att. S-Det./End Unit Basement Area NONE Sq.ft. Roof Surface COMP SHING Trim/Finish WOOD/AVERAGE
Existing Proposed Under Const. Basement Finish NONE % Gutters & Downspouts ALUMINUM Bath Floor VINYL/AVERAGE
Design (Style) TOWNHSE Outside Entrv/Exit Sump Pump Window Type ALUM SLIDING Bath Wainscot TILE/AVG
Year Built 1986 Evidence of Infestation NONE Storm Sash/Insulated NONE Car Storage None
Effective Age (Yrs) 10 YEARS Dampness Settlement Screens METAL/AVG Driveway # of Cars
Attic None Heating FWA 10 HWBB 10 Radiant Amenities Woodstove(s) # Driveway Surface CONCRETE
1 Drop Stair Stairs Other Fuel ELECTRIC Fireplace(s) # Fence -I Garage # of Cars
1 Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch SCREEN Carport # of Cars
Finished Heated Individual Other Pool Other Att. Det. Built.in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other describe)
Finished area above arade contains: 4 Rooms 2 Bedrooms 1.5 Bath(s) 929 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.). EXTRAS INCLUDE AN EXTERIOR STORAGE AREA. THE SUBJECT HAS 2 RESERVED
PARKING SPACES.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc,), THE SUBJECT IS IN AVERAGE OVERALL
CONDITION (SUBJECT TO COMPLETION OF KITCHEN CABINETS, SINK AND DISHWASHER). PHYSICAL DEPRECIATION IS DUE TO
NORMAL WEAR AND TEAR OVER THE CHRONOLOGICAL LIFE OF THE SUBJECT. SUBJECT TO COMPLETION.
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe
Uniform Residential Appraisal Report
File# 0602012
Freddie Mac Form 70 March 2005
Page 1 of 6
Fannie Mae Form 1004 March 2005
Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
There are 3 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 149,900 to $ 168,000
There are 3 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 144,900 to $ 165,000
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address 123 KRISTI ANN COURT 130 RHODEN LANE 460 GREEN SPRING CIRCLE 137 NORTHSHORE CIRCLE
WINTER SPRINGS FLORIDA WINTER SPRINGS FLORIDA WINTER SPRINGS FLORIDA CASSELBERRY FLORIDA
Proximity to Subject 0.27 MILES N 0.33 MILES SE 1.87 MILES SW
Sale Price $ 1$ 144.900 $ 165 000 $ 173 000
Sale Price/Gross Liv. Area $ 155.97 s .ft. $ 161.72 sq.ft. $ 146.02 sg.ft. $ 123.04 sq.ft.
Data Source(s) VISUAL VISUAL VISUAL
Verification Source(s) MLS/PUBLlC RECORDS MLS/PUBLlC RECORDS MLS/PUBLlC RECORDS
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment
Sales or Financing CONVENTION CONVENTION CONVENTION
Concessions NONE NONE NONE
Date of Sale/Time 11/05 CLOSED 11/05 CLOSED 09/05 CLOSED
Location SUBURBAN SUBURBAN SUBURBAN SUBURBAN
Leasehold/Fee Simple FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE
Site 587 SF 625 SF 1 462 SF -2 000 2 650 SF+- -4 000
View RES/AVERAGE RES/COM/AV- +2 000 RESIWOOD/G -5 000 RES/OPEN/AV
Design (Style) TOWNHSE TOWNHSE TOWNHSE TOWNHSE
Quality of Construction CBS/SDG/AVG CBS/SDG/AVG SIDING/AVG SIDING/AVG
Actual Age 20 YEARS 20 YEARS) 19 YEARS) 20 YEARS
Condition AVERAGE AVERAGE AVERAGE AVERAGE
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 4 I 2 I 1.5 4 I 2 1.5 4 I 2 2.5 -3 000 5 2 2 -1 500
Gross Living Area 929 Sg.ft. 896 sq.ft. 0 1 130 sg.ft. -7 000 1,406 sq,ft. -16700
Basement & Finished NONE NONE NONE NONE
Rooms Below Grade NONE NONE NONE NONE
Functional Utility AVERAGE AVERAGE AVERAGE AVERAGE
Heating/Cooling CENT HT/CAC CENT HT/CAC CENT HT/CAC CENT HT/CAC
Energy Efficient Items AVERAGE AVERAGE AVERAGE AVERAGE
Garage/Carport RES PARKING RES PARKING RES PARKING 1 CAR GARAGE -3 500
Porch/Patio/Deck SCRN PORCH SCRN PORCH SCRN PORCH BALCONY + 1 000
EXTRAS EXTRAS SUPERIOIR -2 000 SUPERIOR -2 800 SIMILAR
FIREPLACE NONE NONE NONE 1 FIREPLACE -3 500
Net Adjustment (Total) D+ D- $ D+ $19 800 D+ $ 28 200
Adjusted Sale Price Net % Net 12.0 % Net 16.3 %
of Comparables Gross 2,8 % $144 900 Gross 12.0 % $ 145 200 Gross 17.5 % $ 144 800
did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s)
My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Source(s)
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3
Date of Prior Sale Transfer NO PRIOR SALE NO PRIOR SALE NO PRIOR SALE NO PRIOR SALE
Price of Prior Sale Transfer WITHIN 3 YEARS WITHIN 1 YEAR WITHIN 1 YEAR WITHIN 1 YEAR
Data Source(s) PUB RECORD PUBLIC RECORDS PUBLIC RECORDS PUBLIC RECORDS
Effective Date of Data Source(s) 02/20/2006 02120/2006 02/20/2006 02/20/2006
Analysis of prior sale or transfer history of the subiect property and comparable sales THE SUBJECT HAS HAD NO PRIOR SALES WITHIN 3 YEARS AND
NO LISTINGS WITHIN 1 YEAR. THE COM PARABLES HAVE HAD NO PRIOR SALES WITHIN 1 YEAR.
Summary of Sales Comparison Approach ALL COMPARABLES ARE LOCATED WITHIN THE SUBJECT'S MARKET AREA.
Indicated Value by Sales Comparison Approach $ 144,900
Indicated Value by: Sales Comparison Approach $ 144900 Cost Approach (if developed) $ 146 438 Income Approach (if developed) $ NA
THE SALES COMPARISON APPROACH BEST REFLECTS THE ACTIONS OF BUYERS AND SELLERS IN THE OPEN MARKET. THE COST
APPROACH LENDS SUPPORT TO THE SALES COMPARISON APPROACH.
This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, 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
following required inspection based on the extraordinary assumption that the condition or deficiency does not reguire alteration or repair: SUBJECT TO REPAIRS. SEE
ADDENDUM. SEE ATTACHED LIMITING CONDITIONS. THIS IS A COMPLETE, SUMMARY APPRAISAL REPORT.
Based on a complete visual inspection of the interior and exterior areas of the sublec properWi defined scope of w?rk, state~ent of as.sumption~ and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of t e real property that IS the subject of thiS report IS
$ 144,900 . as of 02/10/2006 which is the date of inspection and the effective date of this appraisal.
Uniform Residential Appraisal Report
File# 0602012
Freddie Mac Form 70 March 2005
Page 2 of 6
Fannie Mae Form 1004 March 2005
Form 1004 - "WinTOTAL" appraisal software by a la mode, inc, -1-800-ALAMODE
Uniform Residential Appraisal Report
File # 0602012
CONDITIONS OF APPRAISAL
THE INTENDED USE OF THIS REPORT IS TO SUPPORT THE OPINION OF MARKET VALUE. THE INTENDED USER IS THE CITY OF
WINTER SPRINGS. NO OTHER USER IS INTENDED.
I AM NOT A LICENSED BUILDING CONTRACTOR PROFESSIONAL BUILDING INSPECTOR OR SPECIALIZED ENGINEER OF ANY TYPE'
THEREFORE AN "EXTRAORDINARY ASSUMPTION" EXISTS WITH THE OPINION OF MARKET VALUE BASED ON WHAT IS READILY
OBSERVABLE. ANY UNKNOWN OR ADVERSE CONDITION WHICH COULD BE UNCOVERED BY SOIL EXPERTS OR ALL OTHER
SPECIALIZED INSPECTORS ARE NOT CONSIDERED IN THE OPINION OF MARKET VALUE IN THIS APPRAISAL.
THE SALES COMPARISON APPROACH REQUESTS INFORMATION ON COMPARABLE PROPERTIES OFFERED FOR SALE AND
COMPARABLE SALES WITHIN THE SUBJECT'S NEIGHBORHOOD. THE APPRAISER EXPANDED THE SEARCH TO PROVIDE A BROADER
DATA BASE OF SALES AND LISTINGS FROM WHICH TO SELECT THE BEST AVAILABLE COMPARABLES.
COMPARABLE ANALYSIS
COMPARABLE #1 HAS OVERALL SUPERIOR EXTRAS INCLUDING CERAMIC TILE FLOORS AND OTHER LESS SIGNIFICANT ITEMS.
COMPARABLE #2 HAS OVERALL SUPERIOR EXTRAS INCLUDING CERAMIC TILE FLOORS, A SECURITY SYSTEM AND OTHER LESS
SIGNIFICANT ITEMS.
COMPARABLE #3 IS LOCATED MORE THAN 1 MILE IN DISTANCE FROM THE SUBJECT. THIS DOES NOT LESSEN THE RELIABILITY OF
THE OPINION OF MARKET VALUE AS IT IS LOCATED WITHIN THE SAME MARKET AREA AS THE SUBJECT.
THE NET ADJUSTMENT FOR COMPARABLE #3 EXCEEDS 15%. THIS IS TYPICAL AND IS DUE TO THE LARGER GROSS LIVING AREA.
THE PRICE/SQUARE FOOT FOR COMPARABLE #3 EXCEEDS $10/SF AS COMPARED TO THE SUBJECT. THIS IS TYPICAL AND IS DUE TO
THE LARGER GROSS LIVING AREA.
COMPARABLE #1 HAS A SLIGHTLY INFERIOR VIEW BECAUSE IT BACKS TO A COMMERICAL AREA. COMPARABLE #2 HAS A SUPERIOR
SITE BECAUSE IT BACKS TO A WOODED AREA. COMPARABLE #3 HAS A SITE THAT BACKS TO A GREEN AREA FOR WHICH NO
ADJUSTMENT IS DEEMED WARRANTED.
THE SITE TO VALUE RATIO EXCEEDS 30%. THIS IS TYPICAL AND IS DUE TO THE POPULARITY OF THE SUBJECT'S LOCATION AND THE
LACK OF VACANT BUILDABLE LOTS.
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summarv of comparable land sales or other methods for estimating site value) THE OPINION FOR SITE VALUE IS BY THE
EXTRACTION METHOD.
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW
Source of cost data MARSHALL AND SWIFT, OFFICE RECORDS.
Qualitv rating from cost service A VG/GD Effective date of cost data 12/2005
Comments on Cost Approach (grass living area calculations, depreciation, etc)
EXTRAS M&S ADJ TOTAL OPINION OF SITE VALUE DWELLING
929 Sq.Ft. @ $
NONE Sq.Ft. @ $
70 000
78,965
85.00
See Comments
Garage/Carport
Total Estimate of Cost-New
Less Phvsical I Functional I External
Depreciation 4,5271 I -$
SEE BUILDING SKETCH FOR GROSS LIVING AREA CALCULATIONS Deoreciated Cost of Improvements =$
"As-is" Value of Site Imorovements =$
INDICATED VALUE BY COST APPROACH IS ROUNDED.
Estimated Remaining Economic Life (HUD and VA only) 49 Years INDIC~~ BY COST APPROACH -$ 146 438
Estimated Monthlv Market Rent $ NA X Gross Rent Multiplier NA = $ NA Indicated Value bv Income Aooroach
Summary of Income Approach (including support for market rent and GRM) THE INCOME APPROACH WAS NOT UTILIZED. RENTAL UNITS ARE NOT A
SIGNIFCANT PORTION OF THE MARKET AND THE INCOME APPROACH IS NOTED.
Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project NA
Total number of phases Total number of units
Total number of units rented Total number of units for sale
Was the project created by the conversion of existing building(s) into a PUD? Yes
Does the project contain any multi-dwelling units? Yes No Data Source
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Sq.Ft. @ $78 9654527)74 438 2000
Total number of units sold Data source(s) No If Yes, date of conversion.
Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities. GREEN AREAS STORAGE DRIVEWAYS OFF STREET PARKING.
Freddie Mac Form 70 March 2005
Page 3 of 6
Fannie Mae Form 1004 March 2005
Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Uniform Residential Appraisal Report
File# 0602012
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knOWledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing 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 for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005
Page 4 of 6
Fannie Mae Form 1004 March 2005
Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Uniform Residential Appraisal Report
File# 0602012
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 otherwise 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 iJ. 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 access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. 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 i~ 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 caus~ 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 :eport. I~ 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 tas~s performed in this
appraisal report. I certify that any individual so named is qualified to perform th~ tasks.. I h~ve not aut~orlzed anyo~e to make
a change to any item in this appraisal report; therefore, any change made to thiS appraisal IS unauthorized and I Will take no
responsibility for it.
20. 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.
Freddie Mac Form 70 March 2005
Page 5 of 6
Fannie Mae Form 1004 March 2005
Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Uniform Residential Appraisal Report
File# 0602012
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 anyone or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. 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 acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name JOHN G.
Company Name
Company Addre 14 SHERRY AVENUE
WINTER SPRINGS, FLORIDA 32708
Telephone Number 407327-6502
Email Address kkrogmann@krogmannandassociates.com
Date of Signature and Report 02/21/2006
Effective Date of Appraisal 02110/2006
State Certification # ST. CERT. RES. REA #2679
or State License #
or Other (describe) State #
State FL
Expiration Date of Certification or License 11/30/2006
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED
123 KRISTI ANN COURT
WINTER SPRINGS, FL 32708-3008
APPRAISED VALUE OF SUBJECT PROPERTY $ 144,900
LENDER/CLIENT
Name
Company Name CITY OF WINTER SPRINGS
Company Address 1126 E. SR 434, WINTER SPRINGS, FLORIDA
32708
Email Address
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Freddie Mac Form 70 March 2005
Page 6 of 6
Fannie Mae Form 1004 March 2005
Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Building Sketch (Page - 1)
Borrower/Client CITY OF WINTER SPRINGS
Property Address 123 KRISTI ANN COURT
City WINTER SPRINGS County SEMINOLE State FL Zip Code 32708-3008
Lender CITY OF WINTER SPRINGS
STOOP
Sketch by Apex IVT..
Comments:
AREA CALCULATIONS SUMMARY
Code Description Size Net Totals
GLAl FIRST FLOOR 454.48 454.48
GLA2 Second Floor 474.24 474.24
piP Porch 56.70 56.70
OTH STOOP 24.60
Storage 25.92 50.52
TOTAL LIVABLE (rounded) 929
LIVING AREA BREAKDOWN
Breakdown Subtotals
FIRST FLOOR
15.2 x 29.9 454.48
Second Floor
15.2 x 31.2 474.24
2 Calculations Total (rounded) 929
Form SKlBldSkl- "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE
Location Map
Borrower/CHent CITY OF WINTER SPRINGS
Prooertv Address 123 KRISTI ANN COURT
City WINTER SPRINGS County SEMINOLE State FL ZiD Code 32708-3008
Lender CITY OF WINTER SPRINGS
Subject Photo Page
Borrower/CUent CITY OF WINTER SPRINGS
Property Address 123 KRISTI ANN COURT
City WINTER SPRINGS County SEMINOLE State FL Zip Code 32708-3008
Lender CITY OF WINTER SPRINGS
Subject Front
123 KRISTI ANN COURT
Sales Price NA
Gross Living Area 929
T etal Rooms 4
Total Bedrooms 2
Total Bathrooms 1.5
Location SUBURBAN
View RES/AVERAGE
Site 587 SF+-
Quality CBS/SDG/AVG
Age 20 YEARS
Subject Rear
Subject Street
Form PICPDCSR - 'WinTOTAL' appraisal software by a la mode, inc. - 1-8OQ-ALAMODE
Comparable Photo Page
Borrower/Client CITY OF WINTER SPRINGS
ProDertv Address 123 KRISTI ANN COURT
City WINTER SPRINGS County SEMINOLE State FL liD Code 32708-3008
Lender CITY OF WINTER SPRINGS
Comparable 1
130 RHODEN LANE
Prox. to Subject 0.27 MILES N
Sales Price 144,900
Gross Living Area 896
Total Rooms 4
Total Bedrooms 2
Total Bathrooms 1 .5
Location SUBURBAN
View R ES/CO MIA V-
Site 625 SF+-
Quality CBS/SDG/AVG
Age 20 YEARS)
Comparable 2
460 GREEN SPRING CIRCLE
Prox. to Subject 0.33 MILES SE
Sales Price 165,000
Gross Living Area 1 ,130
Total Rooms 4
Total Bedrooms 2
Total Bathrooms 2.5
Location SUBURBAN
View RESIWOOD/G
Site 1,462 SF+-
Quality SIDING/AVG
Age 19 YEARS)
Comparable 3
137 NORTHSHORE CIRCLE
Prox. to Subject 1.87 MILES SW
Sales Price 173,000
Gross Living Area 1 ,406
Total Rooms 5
Total Bedrooms 2
Total Bathrooms 2
Location SUBURBAN
View RES/OPEN/AV
Site 2,650 SF+-
Quality SIDING/AVG
Age 20 YEARS
Form PICPDCCR - "WinTOTAL' appraisal software by a Ia mode, inc. - 1-800-ALAMODE
LICENSE
Borrower/Cleft CITY OF WINTER SPRINGS
Properly Address 123 KRIST! ANN COURT County SEMINOLE State FL Zip Code 32708-3008
City WINTER SPRINGS
lender CITY OF WINTER SPRINGS
Ac#1737859 STATE OF.. FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ#L041.1090364(
11 09 2004 040424200 RD2679
The CERTIFIED RESIDENTIAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter
Expiration date: NOV 30, 2006
KROGMANN, JOHN G
14 SHERRY AVENUE
WINTER SPRINGS
FL 32708
JEB BUSH
GOVERNOR
DISPLAY AS RE;QUfRED BY LAW
DIANE CARR
SECRETARY
Form MAP.lOC - 'WlnTOTAl" appraisal software by a Ia mode, inc. -1-800-ALAMOOE
Borrower/CIert CITY OF WINTER SPRINGS
Property Address 123 KRISTI ANN COURT Stale FL Zip Code 32708-3008
City WINTER SPRINGS County SEMINOLE
lender CITY OF WINTER SPRINGS
QUALIFICA TIONS OF
JOHN G. KROGMANN
Krogmann & Associates, Inc.
Tax ID number: 59-3499295~
PROFESSIONAL EXPERIENCE
Professional experience includes morc than 23 years of quality real estate and
appraisal service. A solid base of appraisal knowledge is coupled with extensive
real estate sales and property management experience to include; residential
homes, condominiums, new construction, vacant land, 2-4 units. historic
properties, estates, desk and field reviews, relocations, foreclosures, and
waterfront properties.
STATE LICENSE
Slatc Certified Residential Appraiser
State of Florida #2679
FHA Approved
PROFESSIONAL ASSOCIATIONS
Greater Orlando Association of Realtors
National Association of Realtors
GENERAL EDUCATION
Virginia Poly technical Institute
Bachelor of Science, Business Management
APPRAISAL EDUCATION
The FHA und the Appraisal Process 2003
Marshall & Swift Form 2002
Appruisal Remal Properties 1996
Real Estate Investment I and II J 995
Expert Witness 1994
Environmental Feasibility Analysis 1995
Appraisal Prospect & Interrelationships 1993
Rules, Regulations, and FHA Forms 1993
Ethics of Fuir Housing 1992
Appraisal Stutistics 1992
Uniform Standards 1990
Professional Practice 1989
Capitalization Theory and Techniques B 1988
Applied Residential Property Valuation (( 1984
Introduction of Appraising Real Estate I 1980
Form MAP.lOC - "WinTOTAl" appraisai software by a Ia mode, inc. -1-8QO-ALAMODE