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Recertification of Appraisal - 326-332 S Alcott St, Denver, CO 80219.pdf

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Andrew Turner, Appraiser Appraisal Update and/or Completion Report File # 4794 The purpose of this report form is to provide the lender/client with an accurate update of an appraisal and/or to report a certification of completion. The appraiser must identify the service(s) provided by selecting the appropriate report type. Property Address Unit # 326 S Alcott St City Denver Legal Description Borrower State CO S 1/2 OF PLOT 2 EXC REAR 8FT TO CITY BLK 1 MOUNTAIN VIEWPARK Contract Price $ Date of C

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Andrew Turner, Appraiser

Appraisal Update and/or Completion Report

File #

4794

The purpose of this report form is to provide the lender/client with an accurate update of an appraisal and/or to report a certification of
completion. The appraiser must identify the service(s) provided by selecting the appropriate report type.
Property Address

Unit #

326 S Alcott St

City Denver

Legal Description

Borrower

State CO

S 1/2 OF PLOT 2 EXC REAR 8FT TO CITY BLK 1 MOUNTAIN VIEWPARK
Contract Price $
Date of Contract

Property Rights Appraised

Fee Simple

Leasehold

Other (describe)

Original Appraiser Andrew Turner
Original Lender/Client
DJ Scruggs

Zip Code 80219
County Denver

Effective Date of Original Appraisal

Original Appraised Value $

Company Name
Address

07/31/2024

900,000

Turner Appraisals

SUMMARY APPRAISAL UPDATE REPORT

INTENDED USE: The intended use of this appraisal update is for the lender/client to evaluate the property that is the subject of this report to determine if the
property has declined in value since the date of the original appraisal for a mortgage finance transaction.

INTENDED USER:

The intended user of this appraisal update is the lender/client.

SCOPE OF WORK: The appraiser must, at a minimum: (1) concur with the original appraisal, (2) perform an exterior inspection of the subject property from
at least the street, and (3) research, verify, and analyze current market data in order to determine if the property has declined in value since the effective date
of the original appraisal.

HAS THE MARKET VALUE OF THE SUBJECT PROPERTY DECLINED SINCE THE EFFECTIVE DATE OF THE PRIOR APPRAISAL?

APPRAISER'S CERTIFICATION:
1.
2.
3.
4.

2.

No

The appraiser certifies and agrees that:

I have, at a minimum, developed and reported this appraisal update in accordance with the scope of work requirements stated in this appraisal update
report and concur with the analysis and conclusions in the original appraisal.
I performed this appraisal update 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 update was prepared.
I have updated the appraisal by incorporating the original appraisal report.
I have summarized my analysis and conclusions in this appraisal update and retained all supporting data in my work file.

SUPERVISORY APPRAISER’S CERTIFICATION:
1.

Yes

The Supervisory Appraiser certifies and agrees that:

I directly supervised the appraiser for this appraisal update assignment, have read the appraisal update report, and agree with the appraiser’s analysis,
opinions, statements, conclusions, and the appraiser’s certification.
I accept full responsibility for the contents of this appraisal update report including, but not limited to, the appraiser’s analysis, opinions, statements,
conclusions, and the appraiser’s certification.

CERTIFICATION OF COMPLETION

INTENDED USE:

The intended use of this certification of completion is for the lender/client to confirm that the requirements or conditions stated in the
appraisal report referenced above have been met.

INTENDED USER:

The intended user of this certification of completion is the lender/client.

HAVE THE IMPROVEMENTS BEEN COMPLETED IN ACCORDANCE WITH THE REQUIREMENTS AND CONDITIONS STATED IN THE ORIGINAL
Yes
No If No, describe any impact on the opinion of market value.
APPRAISAL REPORT?

APPRAISER'S CERTIFICATION:

I certify that I have performed a visual inspection of the subject property to determine if the conditions or requirements
stated in the original appraisal have been satisfied.

SUPERVISORY APPRAISER’S CERTIFICATION:

I accept full responsibility for this certification of completion.

SIGNATURES

ADDITIONAL CERTIFICATION:

I/we certify that if this 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 report containing a copy
or representation of my signature, the 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

Signature

Name

Andrew Turner
Company Name
Turner Appraisals

Name

Company Address

Company Address

Company Name

1172 Harrison St, Denver, CO 80206

Telephone Number

Telephone Number

Date of Signature and Report

Date of Signature

11/15/2024
Effective Date of Appraisal Update
11/04/2024
Date of Inspection
State Certification #
CR40032026
or State License #
or Other (describe)
State #
State CO
Expiration Date of Certification or License
12/31/2024

State Certification #

or State License #

or Other

State

Expiration Date of Certification or License

SUPERVISORY APPRAISER

CURRENT LENDER/CLIENT
Name DJ Scruggs

Did not inspect subject property

Company Name

Date of Inspection

Company Address

Did inspect interior and exterior of subject property

Did inspect exterior of subject property from street

Date of Inspection

Freddie Mac Form 442 March 2005

Page 1 of 1

Form 1004DM2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Fannie Mae Form 1004D March 2005

File No. 4794

Borrower
Property Address
City

326 S Alcott St
Denver

County Denver

State

CO

Zip Code 80219

Lender/Client
I appraised this house in July of 2024, the lender was informed of this prior to acceptance of this assignment.
Exposure Time
A reasonable exposure time for the subject, if competitively priced would be 90 - 180 days. The average days on market for
the subjects area is 95. The days on market is considered to be relatively stable based on seasonal fluctuations (slower in
the winter months.) The average days on market have gone up since the previous appraisal from 40 to 95. Currently
listings in the area are selling at 94% of their asking price.
The agreed upon fee for this assignment is $150
No re-inspection was made on the subject property per the clients request. The appraisal is based on the hypothetical
condition that the subject property is in similar condition it was on when inspection on 07/31/2024. The use of the
hypothetical conditions may affect assignment results.
The subjects value has remained the same, comparables 340 S Alcott St and 373 S Decatur St are still found to be the
best available sales over the last year and new research shows the values in the area are still stable over the last year. If
the owners were to list and sell the property in the winter months a discount may be necessary.

Form SUP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE