Preview
FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020
NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022
File No. 220244
Client: Robert / Wayne Norton
105 Yager Drive
Liverpool, NY 13088
File Number: 220244
In accordance with your request, I have appraised the real property at:
105 Yager Drive
Liverpool, NY 13088
The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved.
The property rights appraised are the fee simple interest in the site and improvements.
In my opinion, the market value of the property as of August 8, 2022 is:
$166,000
One Hundred Sixty-Six Thousand Dollars
The attached report contains the description, analysis and supportive data for the conclusions,
final opinion of value, descriptive photographs, limiting conditions and appropriate certifications.
Jason House
Certified Appraiser
FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020
NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022
Uniform Residential Appraisal Report File No. 220244
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.
Property Address 105 Yager Drive City Liverpool State NY Zip Code 13088
Borrower N/A Owner of Public Record Robert / Bruce / Wayne Norton County Onondaga
Legal Description Fl 71 (Yager Tr Unfiled) Life use Angelina, Town of Salina, New York
Assessor's Parcel # 021.-04-14.0 Tax Year 2022 R.E. Taxes $ 6,315
Neighborhood Name Town of Salina Map Reference MSA 45060 Census Tract 0134.00
SUBJECT
Occupant X Owner Tenant Vacant Special Assessments $ 0 PUD HOA $ 0 per year per month
Property Rights Appraised X Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction X Other (describe) Fair Market Value
Lender/Client Client: Robert / Wayne Norton Address 105 Yager Drive, Liverpool, NY 13088
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 X No
Report data source(s) used, offering price(s), and date(s). Greater Syracuse MLS, assessment records and Real-Info.
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.
CONTRACT
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)
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.
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 X Suburban Rural Property Values Increasing X Stable Declining PRICE AGE One-Unit 65 %
Built-Up Over 75% X 25-75% Under 25% Demand/Supply Shortage X In Balance Over Supply $(000) (yrs) 2-4 Unit 3%
NEIGHBORHOOD
Growth Rapid X Stable Slow Marketing Time X Under 3 mths 3-6 mths Over 6 mths 90 Low 0 Multi-Family 2%
Neighborhood Boundaries The subject market area boundaries are John Glenn Boulevard north, 450 High 160 Commercial 5%
Interstate 81 east, Onondaga Lake south and west. 185 Pred. 60 Other Vacant 25 %
Neighborhood Description The subject neighborhood is suburban in nature and within reasonable proximity to schools, park, employment and
major highways. Other homes in the vicinity are of average maintenance and similar to the subject in style, size, age, condition and
value. The neighborhood consists of single and multi-family homes with single family predominant. Location is marketable.
Market Conditions (including support for the above conclusions) Marketing time is generally between 3-6 months for most homes. Special financing and
concessions although not typical are not uncommon. An analysis of the market indicates that home prices in the area are stable when
given sufficient marketing time. Market research data (page 2 of 6) supports equilibrium for demand and supply.
Dimensions 62' x 137' Area 8494 sf Shape Rectangular View N;Res;
Specific Zoning Classification R-1 Zoning Description Residential single family permitted
Zoning Compliance X Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)
Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? X Yes No If No, describe.
Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private
Electricity X Water X Street Asphalt X
SITE
Gas X Sanitary Sewer X Alley None
FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map # 36067C 0201F FEMA Map Date 11/04/2016
Are the utilities and off-site improvements typical for the market area? X Yes No If No, describe.
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes X No If Yes, describe. No adverse
easements or encroachments observed. Survey unavailable at the time of inspection.
GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition
Units X One One with Accessory Unit Concrete Slab X Crawl Space Foundation Walls Cement block/Avg Floors Hwd/Crpt/Vinyl/Avg-Fair
# of Stories 2 Full Basement X Partial Basement Exterior Walls Aluminum siding/Avg Walls Sheetrock/Avg
Type X Det. Att. S-Det./End Unit Basement Area 807 sq. ft. Roof Surface Asphalt sh/Avg Trim/Finish Wood/Avg
X Existing Proposed Under Const. Basement Finish 15 % Gutters & Downspouts Aluminum/Avg Bath Floor Vinyl/Crpt/Avg
Design (Style) Cape Cod Outside Entry/Exit Sump Pump Window Type Dbl hung/Slider/Avg Bath Wainscot Vinyl/Avg
Year Built 1950 Evidence of Infestation Storm Sash/Insulated Combo/Avg Car Storage None
Effective Age (Yrs) 50 Dampness Settlement Screens Aluminum/Avg X Driveway # of Cars 1
Attic None Heating X FWA HWBB Radiant Amenities WoodStove(s) # 0 Driveway Surface Asphalt
Drop Stair Stairs Other Fuel Gas Fireplace(s) # 0 Fence None X Garage # of Cars 1
Floor X Scuttle Cooling Central Air Conditioning X Patio/Deck 1/1 X Porch Front Carport # of Cars 0
Finished Heated Individual X Other None Pool None Other None X Att. Det. Built-in
IMPROVEMENTS
Appliances X Refrigerator X Range/Oven X Dishwasher Disposal Microwave X Washer/Dryer Other (describe)
Finished area above grade contains: 5 Rooms 3 Bedrooms 1.0 Bath(s) 1,237 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.). The subject includes an open front porch, open rear patio, and an open rear deck. The
basement includes a finished full bathroom.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C4;No updates in the prior 15 years;Some physical
depreciation was considered as the dwelling is somewhat dated on the interior of the dwelling (floor covering, kitchen). Room sizes and
floor plan are typical of the area. No external depreciation considered as there are no adverse neighborhood influences known or
observed. All utilities were on and functioning at the time of inspection.
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X No If Yes, describe.
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No If No, describe.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005
Page 1 of 6 1004_05UAD 12182015
FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020
NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022
Uniform Residential Appraisal Report File No. 220244
There are 6 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 150,000 to $ 204,900 .
There are 37 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 155,000 to $ 190,000 .
FEATURE SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3
105 Yager Drive 404 Tyler Terrace 403 Seventh Street
110 Roosevelt Avenue South
Address Liverpool, NY 13088 Liverpool, NY 13088 Liverpool, NY 13088
Liverpool, NY 13088
Proximity to Subject 0.39 miles NE 0.62 miles SE
0.22 miles NW
Sale Price $ $ 163,500 $ 176,000 $ 177,000
Sale Price/Gross Liv. Area $ 0.00 sq. ft. $ 141.93 sq. ft. $ 129.60 sq. ft. $ 136.36 sq. ft.
Data Source(s) CNYISMLS #S1392245;DOM 5 CNYISMLS #S1398391;DOM 4 CNYISMLS #S1382669;DOM 24
Verification Source(s) Ext inspection/Assessor records Ext inspection/Assessor records Ext inspection/Assessor records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment
Sale or Financing ArmLth ArmLth ArmLth
Concessions Conv;0 Conv;0 VA;0
Date of Sale/Time s05/22;c03/22 s06/22;c04/22 s03/22;c01/22
Location N;Res; N;Res; N;Res; N;Res;
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 8494 sf 6000 sf 0 8712 sf 0 8025 sf 0
View N;Res; N;Res; N;Res; N;Res;
Design (Style) DT2;Cape Cod DT2;Colonial 0 DT2;Cape Cod DT2;Cape Cod
Quality of Construction Q4 Q4 Q4 Q4
Actual Age 72 61 0 96 0 67 0
Condition C4 C4 C3 -5,000 C3 -5,000
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 5 3 1.0 6 3 1.1 -1,000 6 3 1.0 0 6 3 1.0 0
Gross Living Area 35 1,237 sq. ft. 1,152 sq. ft. +3,000 1,358 sq. ft. -4,200 1,298 sq. ft. -2,100
Basement & Finished 807sf120sfin 576sf300sfin 0 944sf500sfin 0 920sf302sfin 0
Rooms Below Grade 0rr0br1.0ba0o 1rr0br0.0ba0o 0 0rr0br0.0ba1o 0 1rr0br0.0ba0o 0
Functional Utility Average Average Average Average
SALES COMPARISON APPROACH
Heating/Cooling Gas FA/No AC Gas FA/No AC Gas FA/Cent air -1,000 Gas FA/Cent air -1,000
Energy Efficient Items None None None None
Garage/Carport 1ga1dw 1ga1dw 1ga1dw 1ga1dw
Porch/Patio/Deck Porch, Deck, Patio Porch, Deck +1,000 Porch, Patio +1,000 Porch, Patio +1,000
Fireplace(s) No fireplace No fireplace No fireplace No fireplace
Add. Amenities None Fence -1,000 Fence, Shed -1,500 Shed -500
Add. Amenities None None None None
Net Adjustment (Total) X + - $ 2,000 + X - $ 10,700 + X - $ 7,600
Adjusted Sale Price Net Adj. 1.2% Net Adj. -6.1% Net Adj. -4.3%
of Comparables Gross Adj. 3.7% $ 165,500 Gross Adj. 7.2 % $ 165,300 Gross Adj. 5.4% $ 169,400
I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did X 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) MLS/Assessor's records/Real-Info
My research X 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) MLS/Assessor's records/Real-Info. Comparable data researched for prior twelve months from sale date of comparable sale.
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 NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3
Date of Prior Sale/Transfer 10/14/2021
Price of Prior Sale/Transfer $120,000
Data Source(s) Assessor Assessor Assessor Assessor
Effective Date of Data Source(s) 08/08/2022 08/08/2022 08/08/2022 08/08/2022
Analysis of prior sale or transfer history of the subject property and comparable sales The prior transfer of comparable 3 was classified as an arms length
transaction. No further information was available. The dwelling had interior remodeling since this transfer (new kitchen counters and
cabinets, new floor covering and painting throughout).
Summary of Sales Comparison Approach. The comparable sales employed are the best data available at the time of inspection. Most weight was
given to comparable 1 as it has the lowest percentage of net and gross adjustments. Structural data was verified through assessment
records and/or MLS information.
Across the board adjustments to the comparables for differences in dwelling square footage and amenities were based upon matched
pair analysis and/or mass data analysis. The subject amenities are typical of the market area and the subject has average marketability
and appeal in this respect.
Indicated Value by Sales Comparison Approach $ 166,000
Indicated Value by: Sales Comparison Approach $ 166,000 Cost Approach (if developed) $ 170,500 Income Approach (if developed) $ 0
Sales comparison approach is considered most reliable indicator of market value as it is most reflective of current market conditions
and buyer reaction. Income approach was not developed as single family homes are typically owner occupied in the market area. Cost
RECONCILIATION
approach was given minimal weight due to the age of the dwelling.
This appraisal is made X "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 subject to the following required
inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: The subject is reasonably well located and
marketable "as is."
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ 166,000
as of 08/08/2022 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005
Page 2 of 6 1004_05UAD 12182015
Bertonica Appraisal Services
FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020
NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022
Uniform Residential Appraisal Report File No. 220244
Sales comparison comments:
The sales utilized are considered the best available at the time of inspection.
Although comparable 1 differs in style, compared to the subject, it is similar in functional utility, marketability and appeal. It is a good
indicator of market value. No adjustment was necessary as the local market typically does not differentiate between slight differences
in architecture as it relates to value.
The subject is somewhat dated on the interior of the dwelling and was considered to be in overall C4 condition. Comparable 1 was in
similar condition as researched via local MLS interior and exterior photos. Comparables 2 and 3 were in superior conditon and the
adjustment reflects typical market reaction and not the actual cost of updating.
The comparables used are the best available that have sold within one year.
ADDITIONAL COMMENTS
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Extraction method was developed indicating land
value approximately 20% of total property value in the market area.
ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
COST APPROACH
33,000
Source of cost data Marshall & Swift/Local builders Dwelling 1,237 Sq. Ft. @ $ 160.00. . . . . . . . . . . . = $ 197,920
Quality rating from cost service Average Effective date of cost data Current Bsmt: 807 Sq. Ft. @ $ 30.00. . . . . . . . . . . . = $ 24,210
Comments on Cost Approach (gross living area calculations, depreciation, etc.) Amenities 15,000
Remaining economic life: 50 years Garage/Carport 393 Sq. Ft. @ $ 20.00. . . . . . . . . . . . = $ 7,860
Total Estimate of Cost-New . .. .. .. .. .. . = $ 244,990
Cost approach was given minimal weight due to the age of the Less 100 Physical Functional External
subject and difficulty in estimating accrued depreciation. Depreciation $122,495 = $( 122,495 )
Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 122,495
"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 15,000
Estimated Remaining Economic Life (HUD and VA only) 50 Years INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . = $ 170,500
INCOME APPROACH TO VALUE (not required by Fannie Mae)
INCOME
Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
PROJECT INFORMATION FOR PUDs (if applicable)
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
Total number of phases Total number of units Total number of units sold
PUD INFORMATION
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of an existing building(s) into a PUD? Yes No If Yes, date of conversion.
Does the project contain any multi-dwelling units? Yes No Data source(s)
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
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.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005
Page 3 of 6 1004_05UAD 12182015
FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020
NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022
Uniform Residential Appraisal Report File No. 220244
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 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 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 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005
Page 4 of 6 1004_05UAD 12182015
FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020
NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022
Uniform Residential Appraisal Report File No. 220244
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 a land sale with the contract purchase price of a home
that has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have 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 in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned
on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined
specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the
attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan
application).
19. I personally prepared all conclusions and opinions about the
Preview
FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020 NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022 File No. 220244 Client: Robert / Wayne Norton 105 Yager Drive Liverpool, NY 13088 File Number: 220244 In accordance with your request, I have appraised the real property at: 105 Yager Drive Liverpool, NY 13088 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of August 8, 2022 is: $166,000 One Hundred Sixty-Six Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. Jason House Certified Appraiser FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020 NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022 Uniform Residential Appraisal Report File No. 220244 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. Property Address 105 Yager Drive City Liverpool State NY Zip Code 13088 Borrower N/A Owner of Public Record Robert / Bruce / Wayne Norton County Onondaga Legal Description Fl 71 (Yager Tr Unfiled) Life use Angelina, Town of Salina, New York Assessor's Parcel # 021.-04-14.0 Tax Year 2022 R.E. Taxes $ 6,315 Neighborhood Name Town of Salina Map Reference MSA 45060 Census Tract 0134.00 SUBJECT Occupant X Owner Tenant Vacant Special Assessments $ 0 PUD HOA $ 0 per year per month Property Rights Appraised X Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction X Other (describe) Fair Market Value Lender/Client Client: Robert / Wayne Norton Address 105 Yager Drive, Liverpool, NY 13088 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 X No Report data source(s) used, offering price(s), and date(s). Greater Syracuse MLS, assessment records and Real-Info. 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. CONTRACT Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) 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. 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 X Suburban Rural Property Values Increasing X Stable Declining PRICE AGE One-Unit 65 % Built-Up Over 75% X 25-75% Under 25% Demand/Supply Shortage X In Balance Over Supply $(000) (yrs) 2-4 Unit 3% NEIGHBORHOOD Growth Rapid X Stable Slow Marketing Time X Under 3 mths 3-6 mths Over 6 mths 90 Low 0 Multi-Family 2% Neighborhood Boundaries The subject market area boundaries are John Glenn Boulevard north, 450 High 160 Commercial 5% Interstate 81 east, Onondaga Lake south and west. 185 Pred. 60 Other Vacant 25 % Neighborhood Description The subject neighborhood is suburban in nature and within reasonable proximity to schools, park, employment and major highways. Other homes in the vicinity are of average maintenance and similar to the subject in style, size, age, condition and value. The neighborhood consists of single and multi-family homes with single family predominant. Location is marketable. Market Conditions (including support for the above conclusions) Marketing time is generally between 3-6 months for most homes. Special financing and concessions although not typical are not uncommon. An analysis of the market indicates that home prices in the area are stable when given sufficient marketing time. Market research data (page 2 of 6) supports equilibrium for demand and supply. Dimensions 62' x 137' Area 8494 sf Shape Rectangular View N;Res; Specific Zoning Classification R-1 Zoning Description Residential single family permitted Zoning Compliance X Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? X Yes No If No, describe. Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private Electricity X Water X Street Asphalt X SITE Gas X Sanitary Sewer X Alley None FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X FEMA Map # 36067C 0201F FEMA Map Date 11/04/2016 Are the utilities and off-site improvements typical for the market area? X Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes X No If Yes, describe. No adverse easements or encroachments observed. Survey unavailable at the time of inspection. GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units X One One with Accessory Unit Concrete Slab X Crawl Space Foundation Walls Cement block/Avg Floors Hwd/Crpt/Vinyl/Avg-Fair # of Stories 2 Full Basement X Partial Basement Exterior Walls Aluminum siding/Avg Walls Sheetrock/Avg Type X Det. Att. S-Det./End Unit Basement Area 807 sq. ft. Roof Surface Asphalt sh/Avg Trim/Finish Wood/Avg X Existing Proposed Under Const. Basement Finish 15 % Gutters & Downspouts Aluminum/Avg Bath Floor Vinyl/Crpt/Avg Design (Style) Cape Cod Outside Entry/Exit Sump Pump Window Type Dbl hung/Slider/Avg Bath Wainscot Vinyl/Avg Year Built 1950 Evidence of Infestation Storm Sash/Insulated Combo/Avg Car Storage None Effective Age (Yrs) 50 Dampness Settlement Screens Aluminum/Avg X Driveway # of Cars 1 Attic None Heating X FWA HWBB Radiant Amenities WoodStove(s) # 0 Driveway Surface Asphalt Drop Stair Stairs Other Fuel Gas Fireplace(s) # 0 Fence None X Garage # of Cars 1 Floor X Scuttle Cooling Central Air Conditioning X Patio/Deck 1/1 X Porch Front Carport # of Cars 0 Finished Heated Individual X Other None Pool None Other None X Att. Det. Built-in IMPROVEMENTS Appliances X Refrigerator X Range/Oven X Dishwasher Disposal Microwave X Washer/Dryer Other (describe) Finished area above grade contains: 5 Rooms 3 Bedrooms 1.0 Bath(s) 1,237 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.). The subject includes an open front porch, open rear patio, and an open rear deck. The basement includes a finished full bathroom. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C4;No updates in the prior 15 years;Some physical depreciation was considered as the dwelling is somewhat dated on the interior of the dwelling (floor covering, kitchen). Room sizes and floor plan are typical of the area. No external depreciation considered as there are no adverse neighborhood influences known or observed. All utilities were on and functioning at the time of inspection. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X No If Yes, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No If No, describe. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005 Page 1 of 6 1004_05UAD 12182015 FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020 NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022 Uniform Residential Appraisal Report File No. 220244 There are 6 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 150,000 to $ 204,900 . There are 37 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 155,000 to $ 190,000 . FEATURE SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 105 Yager Drive 404 Tyler Terrace 403 Seventh Street 110 Roosevelt Avenue South Address Liverpool, NY 13088 Liverpool, NY 13088 Liverpool, NY 13088 Liverpool, NY 13088 Proximity to Subject 0.39 miles NE 0.62 miles SE 0.22 miles NW Sale Price $ $ 163,500 $ 176,000 $ 177,000 Sale Price/Gross Liv. Area $ 0.00 sq. ft. $ 141.93 sq. ft. $ 129.60 sq. ft. $ 136.36 sq. ft. Data Source(s) CNYISMLS #S1392245;DOM 5 CNYISMLS #S1398391;DOM 4 CNYISMLS #S1382669;DOM 24 Verification Source(s) Ext inspection/Assessor records Ext inspection/Assessor records Ext inspection/Assessor records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing ArmLth ArmLth ArmLth Concessions Conv;0 Conv;0 VA;0 Date of Sale/Time s05/22;c03/22 s06/22;c04/22 s03/22;c01/22 Location N;Res; N;Res; N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 8494 sf 6000 sf 0 8712 sf 0 8025 sf 0 View N;Res; N;Res; N;Res; N;Res; Design (Style) DT2;Cape Cod DT2;Colonial 0 DT2;Cape Cod DT2;Cape Cod Quality of Construction Q4 Q4 Q4 Q4 Actual Age 72 61 0 96 0 67 0 Condition C4 C4 C3 -5,000 C3 -5,000 Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 5 3 1.0 6 3 1.1 -1,000 6 3 1.0 0 6 3 1.0 0 Gross Living Area 35 1,237 sq. ft. 1,152 sq. ft. +3,000 1,358 sq. ft. -4,200 1,298 sq. ft. -2,100 Basement & Finished 807sf120sfin 576sf300sfin 0 944sf500sfin 0 920sf302sfin 0 Rooms Below Grade 0rr0br1.0ba0o 1rr0br0.0ba0o 0 0rr0br0.0ba1o 0 1rr0br0.0ba0o 0 Functional Utility Average Average Average Average SALES COMPARISON APPROACH Heating/Cooling Gas FA/No AC Gas FA/No AC Gas FA/Cent air -1,000 Gas FA/Cent air -1,000 Energy Efficient Items None None None None Garage/Carport 1ga1dw 1ga1dw 1ga1dw 1ga1dw Porch/Patio/Deck Porch, Deck, Patio Porch, Deck +1,000 Porch, Patio +1,000 Porch, Patio +1,000 Fireplace(s) No fireplace No fireplace No fireplace No fireplace Add. Amenities None Fence -1,000 Fence, Shed -1,500 Shed -500 Add. Amenities None None None None Net Adjustment (Total) X + - $ 2,000 + X - $ 10,700 + X - $ 7,600 Adjusted Sale Price Net Adj. 1.2% Net Adj. -6.1% Net Adj. -4.3% of Comparables Gross Adj. 3.7% $ 165,500 Gross Adj. 7.2 % $ 165,300 Gross Adj. 5.4% $ 169,400 I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did X 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) MLS/Assessor's records/Real-Info My research X 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) MLS/Assessor's records/Real-Info. Comparable data researched for prior twelve months from sale date of comparable sale. 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 NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Date of Prior Sale/Transfer 10/14/2021 Price of Prior Sale/Transfer $120,000 Data Source(s) Assessor Assessor Assessor Assessor Effective Date of Data Source(s) 08/08/2022 08/08/2022 08/08/2022 08/08/2022 Analysis of prior sale or transfer history of the subject property and comparable sales The prior transfer of comparable 3 was classified as an arms length transaction. No further information was available. The dwelling had interior remodeling since this transfer (new kitchen counters and cabinets, new floor covering and painting throughout). Summary of Sales Comparison Approach. The comparable sales employed are the best data available at the time of inspection. Most weight was given to comparable 1 as it has the lowest percentage of net and gross adjustments. Structural data was verified through assessment records and/or MLS information. Across the board adjustments to the comparables for differences in dwelling square footage and amenities were based upon matched pair analysis and/or mass data analysis. The subject amenities are typical of the market area and the subject has average marketability and appeal in this respect. Indicated Value by Sales Comparison Approach $ 166,000 Indicated Value by: Sales Comparison Approach $ 166,000 Cost Approach (if developed) $ 170,500 Income Approach (if developed) $ 0 Sales comparison approach is considered most reliable indicator of market value as it is most reflective of current market conditions and buyer reaction. Income approach was not developed as single family homes are typically owner occupied in the market area. Cost RECONCILIATION approach was given minimal weight due to the age of the dwelling. This appraisal is made X "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 subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: The subject is reasonably well located and marketable "as is." Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ 166,000 as of 08/08/2022 , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005 Page 2 of 6 1004_05UAD 12182015 Bertonica Appraisal Services FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020 NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022 Uniform Residential Appraisal Report File No. 220244 Sales comparison comments: The sales utilized are considered the best available at the time of inspection. Although comparable 1 differs in style, compared to the subject, it is similar in functional utility, marketability and appeal. It is a good indicator of market value. No adjustment was necessary as the local market typically does not differentiate between slight differences in architecture as it relates to value. The subject is somewhat dated on the interior of the dwelling and was considered to be in overall C4 condition. Comparable 1 was in similar condition as researched via local MLS interior and exterior photos. Comparables 2 and 3 were in superior conditon and the adjustment reflects typical market reaction and not the actual cost of updating. The comparables used are the best available that have sold within one year. ADDITIONAL COMMENTS COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Extraction method was developed indicating land value approximately 20% of total property value in the market area. ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ COST APPROACH 33,000 Source of cost data Marshall & Swift/Local builders Dwelling 1,237 Sq. Ft. @ $ 160.00. . . . . . . . . . . . = $ 197,920 Quality rating from cost service Average Effective date of cost data Current Bsmt: 807 Sq. Ft. @ $ 30.00. . . . . . . . . . . . = $ 24,210 Comments on Cost Approach (gross living area calculations, depreciation, etc.) Amenities 15,000 Remaining economic life: 50 years Garage/Carport 393 Sq. Ft. @ $ 20.00. . . . . . . . . . . . = $ 7,860 Total Estimate of Cost-New . .. .. .. .. .. . = $ 244,990 Cost approach was given minimal weight due to the age of the Less 100 Physical Functional External subject and difficulty in estimating accrued depreciation. Depreciation $122,495 = $( 122,495 ) Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 122,495 "As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ 15,000 Estimated Remaining Economic Life (HUD and VA only) 50 Years INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . = $ 170,500 INCOME APPROACH TO VALUE (not required by Fannie Mae) INCOME Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) PROJECT INFORMATION FOR PUDs (if applicable) 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 Total number of phases Total number of units Total number of units sold PUD INFORMATION Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of an existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data source(s) Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. 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. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005 Page 3 of 6 1004_05UAD 12182015 FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020 NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022 Uniform Residential Appraisal Report File No. 220244 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 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 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 UAD Version 9/2011 Produced using ACI software, 800.234.8727 www.aciweb.com Fannie Mae Form 1004 March 2005 Page 4 of 6 1004_05UAD 12182015 FILED: ONONDAGA COUNTY CLERK 10/11/2022 03:43 PM INDEX NO. 008543/2020 NYSCEF DOC. NO. 47 RECEIVED NYSCEF: 10/11/2022 Uniform Residential Appraisal Report File No. 220244 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 a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have 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 in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the