HomeMy WebLinkAboutMary Beth McCall Subordination Agreement
Augusta Richmond GA
DOCUMENT NAME: m p.. /<- 'i r,61lf {VI c- ~ ,{l.U- S \J ~ 0 R. ~ \ I\l A-r';' tV (Jc!ll/~.€Ir-='
DOCUMENT TYPE: /I g fZf3'G"f77er/r
YEAR: I q9 ~
BOX NUMBER: '7
FILE NUMBER: J 4 2 ~ {
NUMBER OF PAGES: J S
Received: 3/18/99 5:22PM; 70e 8e0378e -> NORTH AMERICAN MTG;
-03-18-1999 05;02PM FROM DUNSTAN TO
,
\'
Page 2
4815634
P.02
JlETtJBN To:
DUNSTAN :& DUNSTAN, P.C.
BERNARD S. DUNSTAN, JR.
P. O. BOX'204690
AUGustA.i GEORGIA 30917
(706) 860-9983
R~ ;
................._.......................-_..........._1111 . ..._...... . .__ .....n ....:....
, I
STATE OF GEORGIA
col.JNtY OF RICHM:OND
)
)
)
SUBORDINATION AGREEMENT
WlIEREAS, THE AUGUSTA-R1CBM:OND COUNTY HOUSING AND
NElG~RHOOD DEVELOPMENT DEPARTMENT, hereinafter referred to as
" AUGUSTA-RICHMOND COUNTY" , is the Grantee in that certain Deed To Secure Debt from
MARY'BETH McCALL, hereinafter referred to as "McCALL", which Deed To Secure Qebt
is. dated! November 10, 1997, and is in the principal amount of $1,575.00, and is recorded in
the Oftfue: of the Clerk of Superior Coon of Richmond County, Georgia, in Realty Reel 5:76,
page 2340~ and,
, , i
WHEREAS, McCALL has this day executed and delivered to NORTH AMERIC1\N
, ,
MORTGAGE COMPANY a Security Deed in the principal amount of $74,898.00; wllich
Securit)i. Deed conveys the property conveyed to AUGUSTA-RICHMOND COUNTY in'ithe
above-referenced Deed To Secure Debt.
NOW THEREFORE, for and in consideration of the sum. of One Dollars ($1.00) ~
other vaiuable consideration, in hand paid by McC~ and NORTH AMERICAN MORTGAGE
-}-
70e Se037Se -> NORTH AMERICAN MTG;
Received: 3/1S/99 5:23PM: I:l.tSTAN TO
. 03-18-19~ \Q5:03P~ FR01
Page 3
4815634' P.03
COMPANY to AUGUSTA-RICHMOND COUNTY, tbe receipt and adequacy of which is
hereby aclcnowledged. AUGUSTA-RICHMOND COUNTY does hereby declare the Deed To
Secure ~t in favor of AUGUSTA-RICHMOND COUNTY. recorded in said Clerk's Office
in RealtY Reel 576, page 2340, to be inferior, subordinate and subject to. in all ~. the
Security Deed from McCALL to NORm AMERICAN MORTGAGE COMPANY, hereinbefore
described. ~ch Security Deed is to be recorded simultaneously herewith. said Deed To Secure
, ;
Debt otherWise to remain in full force and effect.
IN~S WHEREoF, THE AUGUSTA-RICHMOND COUNTY HOUSING'AND
NEIGHBotmOOD DEVELoPMENT DEP AR'fMENT has caused these presents to be executed
' , ,
by and t!irdugh its duly authorized officer and its seal affixed hereto thiS' ~ day of. April
,
1999.
THE AU
HOU G
D
~ U ';7;~~ \ BY:
: As Its. AyO
I~~.l~ o/l uAl
C ,.,i.... ' , cttmond Coun!y GeorgIa
OWlty, v~mm NotMy Public. RI E Ires Dee: 5. 2001
' My Commtssloo 1tP
Signed, ~~ and delivered
in the pr~ of:
:. '.'
-2-
TOTAL P,03
. ..
/
.'-
2606.Commons Boulevard
I ~~ ~I NORTH AMERICAN
~ ~_ MORTGAGE COMPANY.
..... A DiME. COMPANY
SulleB
Augusta. GA 30909
706'481'5626
Fax 706'481-5634
March 10, 1999
Ms. Francine Parham
c/o Augusta-Richmond County Development
501 Greene Street
Augusta, GA 3090 I
RE: McCall, Mary Beth
3031 Angela Street
Augusta, GA 30907
Dear Ms. Parham:
Mary Beth McCall obtained a city assistance loan in November. 1997 to purchase the above referenced
property. She has recently applied for a loan to refinance the same at a lower interest rate. I have listed
below the comparison of the two loans:
Original Mortgage Terms
Proposed Mortgage Terms
Loan Amount: $71,072.
Loan Amount: $74,898.
Interest Rate: 8.25%
Interest Rate: 5.25% (ARM)
P&I Pmt: $533.94
P&I Pmt: $413.59
Tenn:
360 months
Term:
360 months
Attached please find the new appraisal of the property with an estimated value of $81 ,500. Ms. McCall
states she has improved the property at her own expense. She is currently fmishing her requirements for
teaching certification. Payments will decrease $120.35. Borrower requests second mortgage to be
subordinated to allow refinance to take place.
If you have any further questions or require additional documentation. please contact me at 481-5626.
Thank you for your assistance in this maner.
Sincerely,
~DW
Sharon O'Neal
Mortgage Specialist
Enclosure
RECEWEO Mj\R , 0 '999
._"..Jolt.,.
., .... .
~ ..... ~
"..,
File# 101 8662320
RESIDENTIAL APPRAISAL REPORT
Property Locallon:
3031 Angela Street
Augusta, GA 30909
HomeOwner/Borrower Nume:
Mary n, McCall
P~pll~d For:
North American Mortgnge Company
2606 Commons Blvd, Suite Il, Augusta,GA
Pl't[llll'td 1Iy:
Ervin Clack, Jr" GAA
Ilute:
Fe b. 17, 1999
File Number.
99076
la..r pIlntlng by weAL Inc., tOllanc.lcl Ct., SlmPlonvlll., SC 111811 I03~8e7-3n:z
File* 101 8662320
Feb. 17, 1999
Clack & Associates Real Estate Appraisers
P.O. BOX 5176
AUGUSTA, GA 30916
706-798-6492
TO: North American Mortgage Company
2606 Commons Blvd, Suite B, Augusta,GA
RE: Real Estate Appraisal Report
on Property located at:
3031 Angela Street
Augusta, GA 30909
HomeOwner/Borrower:
Mary B. McCall
Dear Client:
The purpose of the appraisal is to estimate the market value as a disinterested
third party by rendering an unbiased analysis, opinion, or conclusion relatl.ng to
the quality, utility, and value of identified real estate. TIle real estate has
been appraised as though owned in Fee Simple and unencumbered, subject to the
contingent and limiting conditions contained herein.
Pursuant to your request, we, the undersigned, do hereby certify that we, or one
directly in our employ and under our direct supervision, have personally inspected
the real estate described as:
Lot 8 Block G Section Illest Hills SJD
The term "Harket Value", as defined by TIle Appraisal Foundation, means . "The
most probable price in terms of money which a property should bring in a competitive
and open market under all conditions requisite to a fair sale, the buyer end seUer
each acting prudently, knowledgeabiy, and assuming the price is not affected by
undu~ stinrolus,"
Based upon logical analysis, judgment, and after a complete inspection of the above
property, and after having considered all pertinent data affecting the valuation
including the type, location, use, the sales of comparable properties, and the trend
of the neighborhood, I am of the opinion that the market value or most pI:ulJ8ble
selling price of the subject property as of Feb. 17, 1999, is estimated to be:
$81,500
This appraisal has been made in confonoity with the rules of professional ethl.cs of
The Appraisal Fowldation.
lie further certify that we have no personal interest, present or contemplated, in
the real estate covered by this report and that naither our employment to make this
appraisal lIor our compensation for it are contingent upon the value reported,
Your attention is directed to the appraisal report following.
Thank you for the privilege of servl.ng
FIJI\ APPMlSAl
99076 UNIFO."d AESIDENTIAl APPAAISAl AEI .,,,,AT FlIo No, 101 8662320
PlooanvAddra5S 3031 An~e1a Street City Augusta Slalo GA 210 Code 30909
l Lot 8 Block G Section 1 West Hills SID County Richmond
sl~ooo~"aPBl;:;;r...,.., O()' 0 184 000 TaxYoR' 9<1 RFT_ Rst 738 N-/A
~ Borrower Ma rv B':' McCall CUrren' Owno< Snl!le Occuoantlxl Ownor D.!IDl!!!!Ll=:l~
~ Pronorrv""ht,Rnnraloed rxlFoeSlmoleflLoa,ohold I P..!QJ'!!i.lJYp.o npUD nConclonlnlumlHUDNAonlvlllOA$ N/A IMo,
C Nelohborhood/PrQI9Cl.Namo West: lUlls SID Mao Refaranca C-7 CoulliUljl~10101
T SaloP,Ir.A!. Ro-Fln ~ na'eofSalo N/A idtIDl>JI1~bmd..aM))('(mi)rll\:)boOltltNoch None Known
lendellQIIBK North American Mort~e Company Address 2606 Commons Blvd, Suite B. Augusta,CA
Ano,a1,., J,~tn Clack Jr. d"'ooo PO Box 51 6 AUDnsta CA 30916
location 0 Urban [i) Suburban 0 Rural, pl()(Jonlnenl Slnglo lanlly hOUsl~ Prooonl\and uso .'< land uso chenge
Buill Up .jiJ Ovar 75~0 025-75% DUndar ;;0/0-' occupancy ." ~W~O~ "" ~~'~l Ona 18Jl~ly 100 [i] Notllkaly 0 Ul<oly
GrowlhRala CJ~d [i)Slabla o Slow OOownar ~...... low :l..z.2.......... :~~ ----' 0'''''''"''
PIopGtyVIi.Joo [ijlncre~ DStabla o Declining Dl'Imant 89 HIQh 25 Mu tv ~ To:
,I ~~ R =;~~ ~ ~~:::aR~::; :~;~YI~~::r:.:~ ';'h;~inaJ1I;;: ~
Nole: R~d lha rlllClal oofT1lOslllon olllle oolghborhood Bla nol oppralsaJ lllclors.
~ NoIghborhOOd bc?U1\dBlleeand charac1Bllstlcs: Bounded: North by Dennis Road: West by Stevens Creek Rond: South
l'hv-R1ver Ui>"ch Parkway' East bv Quarrv Road
~ Fac\Dlslh8lallecl tho "rn.m.etab1lJt)' 01 II.. propoctlos In Iha nelgl,bo.hood (plOxlnlty" llI1l'lo)'lTlOnl and ..-nerl1loo, llI1l'loymont S1nbllily, oppooJ 10 mlllke~ ote,):
B The subiect '-;~-';:;:-"cated in West lIills subdivision. This subdivision was develoggd
~ JU1 -- -.- telv t:wEit.tv-flve vears a~!lrroulldinR area has rapidly developed. Schools.
It ~l1nlna Cel'ten. Ari'd othAr public facilities are within a 1'5 minute drive. Subject IlUs
g average market aRpea\. Area employment is stable, No adverse conditions noted,
o
Milk.. Corld1br6 n IhB subjod rO;j11bol11OOd (bdJdng 9.lJ'POlt lox 1110 nlxMl OOrctJOOfll rUaled., hI mod 01 proplIty vaUoo, do..."cV9.'ppIf, llIid n'Ok~ng 11Im
_ - S4ch a9 data on compalillva proparlle910r aala In Iho nolghborhood, dascrlpllon 01 the prevalance 0laale9 and linallclng cOllce9910n9, elc,):
Suoolv"'..nd demand factors aRpear to be ill balance in the sub1ect market area. Nwnber of homes
availabl~f'or sale reoresents a normal sUlwly for current market demand. Mortg!!ge financinp.
is readllv '\,vallab1e. No loan discounts. interest buy downs. or other seller cO!lcessions
were apparent.
P Pro}ocllnlormallon ror PUDs (II appllcabla) - - 19 the c;!avolopor/bulldor In conleol or the Home OWll9rs' Assoclallon (HOA)? 0 Ye9 IKI No
~ Approxmalo Iolal number 01 unlls III II.. subjocl pro)oct NI A , Apploxmalo.,talrumborol unlls lor 98IBln UMleub)oct plOJocI J/ A
Oesa1bB oomn:m alernen19 and rOCf08llonalladlitloo: None
Oi~ 801l1?~ ITopographY On Grade/Rollinp.
SltoAr"'l......_ 10.000 SoFt +/- Cor nor LOI[ij Yes 0 No Slza Avera~pical
SpodfclDf1hg,,~lIW1ddoOCJplon R-I Slnale Familv Shapo Recta!.!gylar
lDlirg rorrplorlCO. [itlagal 0 l1W rlJro)(brrt-g(G~ 000 1m) 0 Illegal 0 No 20nlng Dr a1nage A!kq ua te
l~m&bcHLOO"l~ @Pra,anlu90 n'Olhoru9.roxoloill~ VIew Ava/llouses
S UUUlIos PUbl"'" Othor 011-,110 hTf"OVOOMlllts Ti'Po ~ Public Pllvalo lan(jscoplng AveraRe
I Eleclelclty liJ "'-.. Sleeel' Mnhnlt ~ [ij 0 Orlv~way Surface Concrete
~ Ga9 liJ "" Curb/gunor Concrete [ij 0 App......;~.1ypiCal Utilities
Wal81 liJ \ Sidewalk None 0 0 FEMA Special FI d HB2a,d Araa 0 Ya, @NO
Sanll8lysowor liJ Stroollights ...&lect~_ [ij 0 FEMA20ne C Mop Data 02/04/87
Slorm Rawar Fxl Alley None Fi Fi IFEMA Man No 1'110158 0020 R
ConTOOnls (opper",n advor99 oasomonls, eOOOOCI\lllOnls, spoclaJ =IlOlllS, slIclo 8lB8S, iIogal Of legal noncon1orrrlng lOrjng uso, OIC,):
No ap'~rent adverse easements. Easeme~~s and fractional interest. if any. subJ~t-1O title
reoort and survey.
GENERAL DESCRIPTION EXTEAIOR DESCRIPTION FOUNDATION
No, 01 Unit, 1 Foundation PouredConc Slab Yes
No, 01 SIorle9 1 Extarlor Walls .!!UL..Y~ Crawl Space No
~ Typa (Det./All.) Detached Rool Surface MJliL.IDln&, Bosomenl No
6 Design (Style) Ranch GUll,..9& I},vnspls, Yes Sump PUlrfl No
A ~ Existino-- W1n~wType Metal Dampnoss Not Evid
~ Aga (Vrs,)?i. StonnlScr"'l/1s.li2LY!tL- Selllamanl Nn!' Rvl d
T ~.\ 18 Manrt~~- No Inroa'allon Not Known
o ROO....'" ~nvo' 'Ivlnn Dinino Kllchen Don EJ!mBm.1 "ec, Rm I BOOrOOlll9 I Balh9 ~
N~
~. levol'
lavAl 2
I
M
P
A
o
V
E
M
E
N
T
S
BASEMENT
INSULATION
.A<ea Sq.Ft
% Anlshod
None
N/A
_0
f!yg_liJ
_0
Floor _0
~~_O
(llli" 1_0
\ 150 Ser.
Olll~ " tl.OR Sn, Fl,
./
1175
Aool
Ceiling
Walls
Ceiling N/A
Walls N/A
Floor N/A
()uJ,jda Emy N / A
x
x
11
x
3
2
y
Flnl9had Brea above nrade conlaln9: 7 Rooms' 3 8edIOOm/9' 2 Balh(9\ 1 375 S uare Feel 01 Gross LM,Yl Area
INTERIOR Malellal9/Condltlon HEATING KITCHEN EQUIP, ATTIC AMENITIES CAR STORAGE:
Floo,s Carpet/Vlnv1-A Type FWA Aolrlgllfalor 0 None 0 Fkeptace(9)'lltk, [ij Nono 0
waUs DrvYall- A Fual Gas Range/Ovon[ij Slalrs 0 Pallo 0 Ga,aga 1 .0IcBlS
Trlm/Flnl9h wo;;;l._ A Concllon AVfl Dlspoaal [ij Drop Slalr 0 Deck 0 Allached Yes
Balh Floor Vin"l. ~ A COOLING 019hwa9har [i] ScuWa [ij Porch 4x5, 6 [ij Dalachad
BahWeIrroJI F1berg1ass~ A Central Yes Fan/Hood!il Floor 0 Fel1Cll Rear !il 8ulll-ln
Doors Wood- A Olh81 N/A Mlcrowava 0 Healed 0 Pool 0 Carporl
40 Gal Gas II W. IItr ~n Ava WooIlO'/llIva' Fi Flnillhed Fl Fi Ollvowav Conc
AddtIonalleatures(spedalenergyof1lclerrtnoo'8,etc,): Fnt por. 22 50-' F.-.'hA rear vd orkina nad 14r30 JRle
I aar 270 so'ft snr svs fnt vd No ne'-sonal nroner"v inNuded In finR1 e~ti1nated vR1ue
g Cor><ition 01 the iTprovarnonlS, deprodallon (PtJvalcal, func1lonal, end oxtornN). rap.... noedod, <rJaXtv'\.l oonstrucllon, rBl11Odoftng/addillon" ate.:
~'The suhle..!' h In Average condition. The oual1tv of constclction is ..vol cal for "1 e
E neip.hborhood. Property design is accented In the mor!.-"" No'\indicat:ion of functional or
~ economic obsolescence. See Addendum for house disc1"fm"r ~
:i Adverse environmental conditions (sucnii's, but not limited to, hazardous wastes, loxlo substences, etc,) p~enlln Ihe Improvemonts, On the slle, or In Ihe
'"11odl.ta vldrl/tv ollho 9ubjnct propocly: _N~JLnoteILor_knQl'!n--19--1JJ~RP.illser.
a1uatlon sOcuon . 99076 UNIFOh... RESIDENTIAL APPRAISAL REP"".IT FIle No, 101 8662320
ESTIMATED SITE VALUE, , . . . , . . , , . . . . , . . . , , = $ i 7 QOO Commenls on Cosl Approach (auch as, sOUlce 01 cosl esllmale.
ESTIMATED REPRODUCTION COST -NEW-OF IMPROVEMENTS: aile value, aquare 1001 calculaUon and, lor HUD, VA and FmHA, Ihe
) Dwelling . Sq,FI. = $ _ c$ esUmaledremalnlngeconorrjcllleollhop'opeIlY):~ ~
l Sq,F1.=$_= ~ 7 00 X7~ nn - 17~
r . J, HOO X "8 00 - 1700
, to Tn"" 1 SoFt of '~'''~n~^d lnv~~ - 1 17~
, ~_Sq,F1.=$_'
) Total Estimated Cost New . . . . , . . . . . . . $ 0
~ ~ Physical I Functional I El<Iernal . $
~ Depreclatad Vatue ot l/T'flrovemenls . , , , . , . . . , . . . . $
"As-Is" Value 01 SlIe l/T'flrovements . , , . , . . . . . . , . , . $
, IIJ00CATED VALUE BY cocrr APPROACH " .."., = ~
ITEM I SUBJECT COMPARABLE NO.1
3031 Angela Street
Add,,,,,. ~U,au~ta..^^,., 1803 Sterl1I!& Goun 3019 Anae1a Street
Ps'aOleXslnp~lVrlcleO Su b)ect 2hWR,Je%_N""F"'i+nAN .....2.,:..",>>...,~"..."..B.,..:...,:..::....~..,..:,o...~"':,~.'...:,....k",:...,,....,,~,t,,". :",..""".+,,n.',.' I -. S 7' 114 . -:':00 Same Bloc k
__ ~ ,:..:~ ...};.;- >>._.~:I _ ~ itMflkfS;t@WMt
I Am/G'oosLN.JIroa N/A!Zl 53. Bl [lJ ",.;.. ,,"."":'''.',
Dalaand/or 02-15-99
. VarinCR~on Sou''''''' INSPECTION PUB REC/MLS PUR REC IMU~
._._-.",.,. DESCRIPTION '1:1' A.'" Imen D"SC"'PTION ,,-II Adl"'m'"
Sales or Financing .'.
conc":".'ons_:'(""":(o!:!'~~:'::W@:M"',~ VA FIN
Dale O' Salellln1<l ....~.'*.,....."."""'"",......"..,, JLY9B/CLOSED
L""aUon AVERAGE, AVERAGE
'eRsnholdlFoo FieF. SIMPLE FEE SIMPLE
S~e '- AOIl7~-A l11/1L.6-A
View ~ AVGIHOUSIeS AVG/lIOUSES
: nesl"" ""~ ^--eo' - . n G RANCHI A VG
I n",.., 0 AVG/RV AVGIMAS sn
~ Aoe A-22 E-18 A-21 E-18
~ Condillon AVFRAGF AVERAGE
S Above Grade I Tn'" D D.,_. D"h'
C Room Count 7 1 3 I 2 7 3 12
a Grossi Mnn A,eR 1 175 Sn F' 1 392 <:n, FI.
P BaoomenI & Anlshed
~ Rooms Below G-ad NONJl' I NONE NONE
~ Funcllonal UlIlIrv AVERAGE AVERAGE AVERAGE
o ~eallnn/Coollnn FIlA ICA FIlA/CA INA ICA
N FlYfilVEtrdonlInTR INSlI1.ATION INSULATTON TNSlI1....TION
~ G rt" I-GARAGE OSP ---.:!:LOOO I-GARAGE
t Porch, PaUo, Deck, F. P. SPR SYS F. P. SPR SYS HOT TUB
Y FlreDlacersl. elc, PORCH PORCH/PATIO PORCH/PATIO
T onco Pool elc, .ENf:F FENCE FENCE
S ~:I~~~~I:laI~Ph~R DW DSP B..U.<.I.LT I.N.....:S....... _~.~QQ..RIIC....B."'...IT1.'I' INS_ S
AdJuslod Salos Price W-K t7~ ~~i '"
01 Con.1l1a,able .... }. j_~.!!QQ.. j , .." .
Co,m9119 011 Saloo Corrpa'oon (Irrl.j(j~rg c.. 9.,tJtd p<opllIly'B ox'pl1litiry t:l Co ,d,jlborlood, ft):
.Rill{iew of most J:~ly -S'Old...l,!ales in subdivision and market area found the above t!lI:ee sales
to be the closest and most com"Da1:sble to the sub 'ect. Comoarables are substantolly
~uivalent to the sublect pJ:ooertv~n location and Quality of construction. Sales 1&2 were
closest. given most weight. All sale),adJusted to bracket.
------ \
ITEM S~Ec;L COMPARABLE NO, 1 COMPARABLE NO.2 COMPARABLE NO, 3
Dale, f'Ilce. Bnd Dala Purclmsed No Previous Sole No Previous Sale - No Previous Sole
Source lor pilor sales 11-10- 97 Courthouse Records Courthouse Records Courthouse Records
I>ill'/rl 1173 000 00 'Rxcent as Noted Excent: AS Noted Except as Noted
Iv'dfOO a W'f w"..lqOOTDtd..... q:O\ a lkg a to wtp:1 fllf"JIf IId!Tri{.il a lI1fpU 6IHla wt;d ard crrrpllltbl >'AI'l 010 \00 a to d.... a wtGt
The sublect was appraised for the purpose of re-financing. The subject has not sold in past
12 months
INDICATED VA!,.U~OMPARISON APPROACH, , . , , . . , , , . . . . , , . . . . , . . , . . . . . , . . . . . . , . , , , , , . $ B 1. 500
INDICATED V'LUE BV INCOME mROACH EslirnDdMlIkaRmlI N/A lMo,xGrossRAI1IMulllon... N/A = I -O-
llis apprelsalj}.~ [i) :as Is: 9 Bubjec110 repa/rn, alterations. Inspection9, or con<itlons listed bolow Dwbject b lXJITlllelion p" plans wld ~1Il.
Cood'O:>nlo1 "f+".-o, as AVerAae de~ign. room layout and functional utility and should have
~ge resale potential. '
fl19 Rocordotkln: The sales comparison approach was used to est1mate the market value of the
n sublect as this annroach is direct:1Y-Ielated to and derived from the market and represents
glthe value in terms of "Rsh or 1vV'..nu1valent
2 ThepllpOOO~lIi9lW1 Is 1he1Tllf1<<l~ ~propalytt\lllilttlllWbjectof1tis .,(. ""O/1Ihe~l1<flor6ll1ldttlllCOdOCn1iJn'OOl1lirlQOf.
C and~ooflclllo' marl<olViOUo ~ i,.. lOdF1eddoMIlCFam439~M""Faml004B N/A ).
~ 1~E5TtM iI1~\l.L ' ,OFTHE PROPER1Yll~TIS1l-E OFlHISREPORT, OF Feb. 17 1999
l ..""'.' , ~~~ fftE DAlEOFllUSREPOR1)TOBE$ '\ Al~OO
T APPRAIS~V T, U' "-,-7Y " SUPERVISORY (ONLYIF EQUIFlED): IlIspeclProperly
61 <:lnnRh"A . /,/ ./ / ..J .Y A ./ SlanalUre.......... 0 Old 0 Old Nol
N I "'o~ / ~'V'.J{I GAA / Name --------
I na1e "/nofn <:~ol Fnb. 17 999 / Dale Report SIQned
Stele CerllOcaUoni C-1907 ..61mLQ!U?!!l~ Slale Certlf1cellani
_ Q! SlaLq1!.~!!JlJle *____.___... / _~!~!Q _ .___ , ,9!.;;!!!l!~L1cense M
o
o
----,
RnmAinln" Economic Lij\" - 60 ,}.,ars
COMPARABLE NO, 2 COMPAMBLEN0, 3
B8 500
2732 Wicklow Drive
1 MUe +1- S.E.
MM#K~~1(~; m I: K;t~~i0~~N
46 53!Zl
VA .TN
NOV9B/CLOSED
AVFRAGE
FER !':THPLE
85/: l1~-A
AVGIHOUSF.S
TRI/LVLI A VG
.--:Ll~ AVG/RVIlm !':n
A-23 E-18
AVERAGE
Tn'" ... B.'h.
g-r 3 1 2
1. 902 So. FI.
...1 000
PUR REG IMT -<:
D"<:CRIPT'O'"
CONY TYPICAL
SEL COSTS
AUG98/GLO.M;l>
AVERAGE
.F.E SIMPLE
80/l30-A
AVG/1l0US~
RANGIl/AVG
AVG/BV
A-28 3-20
AVERAGE
.'_14: Art1ustm.nl
_7 905
To ';1 BdrOll O.'hl
I 3 I 2
1 500
Sn, FI.
-1 875
NONE
AVERAGE
F1.1A/CA
INSULATION
1- C IP
+3 ~OD
PORCIIIPATIO
FENCE
BUILT INS
6 905 r Jl:l. r l-$ 2 . 625
Bl 595 U~;~nIIL~.l~
+1 000
SJ~
_......J>J"IO .._
Clack & Assoelat~s Real Estate Appral ',. J
GENERAL ADDENDUM COMMENTS
Fileff 101 8662320
Owner/Bouo..er Mary B. MeCa 11
L.nder/C'.n' North American
P,op.r1yAdd,... 3031 Angela Street
Au usta GA 30909
This appraisal report has been prepared for the exclusive
benefit of North American Mortgage Company. It may not be used or
relied upon by any other party. Any party who uses or relies upon
. any information in this report, without the preparer's written
~Q{lsent, does so at his/her own risk.
The appraised value of said property is for mortgage loan
purposes only; and the appraiser is not a house inspector and
not responsible for any latent or hidden defect pertaining to
said house and.,appraiser assumes no responsibility for physical,
mechanical, elect 'calor plumbing conditions to said house.
Appraiser is not res onsible for any slight variations in square
footage of said house. Square footage subject to verification by
all concerned parties.
Normal perimeters ~ere expanded to allow the use of sales which
the appraiser d~ems to best support the value estimate. It was
''"'-
therefore necessary"{o use one comparable sale one mile or over
one mile from the SUb~ property, and one sale six months or
over six months old in sa~~ate, The appraiser is satisfied
that the subject and comparabi~ales, despite the distance from
the subject property and sales date, are under the same economic
and neighborhood influences.
February 17, 1999
Date
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Clack & Associates Real Estate Apprals ..'';
PHOTO ADDENDUM: SUBJECT PROPERTY
Ownel/BcHOWIf
Mary B. McCall
North American
lend.r/Cllenl
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Luor pllntlng by WCA,lnc., 10 Ila-ncolot Ct., Slmp.onvlll., SC 2i811 103-8e7-3822
File# 101 8662320
FRONT VIEW OF
SUBJECT PROPERTY
REAR VIEW OF
SUBJECT PROPERTY
STREET SCENE
Clack & Assoclales Real Eslale Apprals.., '.J
PHOTO ADDENDUM: COMPARABLE SALES
File# 101 8662320
COMPARABLE # 1
803 Ster1in Court
2 Blocks +/-, S.W.
74 900
53.81
N A
VA FIN
JLY98/CLOSED
A-21 E-18
T01&1 a,dlln a.atha
7 3 2
1 392
+ 6 500
+$ 81,400
COMPARABLE # 2
Street
88,500
46.53
N/A
COMPARABLE # 3
2732 Wicklow Drive
1 Mile +/-, S.E.
77 ,500
51. 67
Tolal B.th,
7 2
1 500
+ 2,625
+1 80,125
Lu.t printIng by WeA, Inc., 101 lane.lot Ct, Slmp.onvlll., Be 2~a1 803-807-3922
:Iack & Ail8oclate~ Real Estate Appraiser;; ,
SKETCH ADDENDUM
Flle# 99076
Qwnu/Bofrc......r Mary B. McCall
land.r/Chnt North American
P'.p"'yAdd,... 3031 AnRe1a Street
Au usta GA 30909
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lack & Associates Real Estate Appralser...,
CERTIFICATION AND LIMITING CONDITIONS FileH 101 8662320
P'.p"'yAdd".. 3031 Angela Street
Au usta GA 30909
Own"IBoull'wo'
llnder/CU.nt
DEFINITION OF MARKET VALUE: The most probable price which a property should bring In a competlllve 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 affecled py undue stimulus. Implicit In this definition Is the consummation of a sale as of a
spechled date and the passing 01 title from seller to buyer under conditions whereby: (1) buyer and seller ere typically
motivated; (2) both parties are welllnlormed or well advised, and each acting In what he considers his own best Interest
(3) a reasonable time Is allowed for exposure In the open market; (4) payment Is made In terms 01 cash In U, S.
dollars or In terms of financial arrangements comparable therelo; and (5) the price represents the normal consideration
lor the property sold unaffected by special or creative Ilnanclng or sales concessions. granted by anyone associated
with the sale,
.Adlustment to the comparables must be made for special or creative financing or sale concessions, No adjustments
are necessary for those costs which are normally paid by sellers as a result of tradition or lew 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 Insthutlonal 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 tho dollar alnounl of any adjustment
should approxlmate,the market's reaction to the financing or concessions based on the appraiser's ludgment.
STATEMENT OF UMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND UMITlNG CONDITIONS: The appraiser's certification that appears In the appraisal report Is
subJect to the following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect ellher the property being appraised or
the title to It. The appraiser assumes that the title Is good and marketable and, therefore, will not render allY opinions
about the title. The property Is appraised on the basis ollt being under responsible ownership.
2, The appraiser has provided a sketch In' the appraisal report to show approximate dimensions of the Improvements
and the sketch Is Included only to assist the reader 01 the report 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 the appraisal report whether the subject site Is located In an Identified
Special Flood Hazard Area. Because Ihe appraiser Is not a surveyor, he or she makes no guarantees, express or Implied,
regarding Ihls determination
4, The appraiser will not give testimony or appear In courl because he or she made an appraisal of the property In question,
unless spechlc arrangements to do so have been made beforehand.
5. The appraiser has estimated the value 01 tho land In the cost approach at lis highest and best use and the Improvements
at their contributory value, These separate valuations of Ihe land and Improvements must not be used In conjunction
wllh any other appraisal and are Invalklllthey are so used,
6, The appraiser has noted In the appraisal report allY adverse condhlons (such as, needed repairs, depreciation, the
presence 01 hazardous wastes, toxic substances, elc,) observed during the Inspection of the subject property or that he
or she became awaro of during the normal research Involved In performing the appraisal. Unless otherwise stated In the
appraisal report, the appraiser has no knowledge of any hidden or unapparent condhlons of the property or adverse
environmental conditions (Including the presence 01 hazardous wastes, toxic substances, etc,) that would make the
property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or
warranties, express or Implied, regarding the condition of the property. The appraiser will not be responsible for any such
condhlons that do exist or for any engineering or tesllng that might be required to discover whelher such conditions
exist, Because the appraiser Is not an expert in the field of environmental hazards, the appraisal reporl nllJsl nol be
considered as environmental assessment of the property.
7. The appraiser obtained the Information, estimates, and opinions that were expressed In the appraisal report from
sources that he or she considers to be reliable and believes them to be true and correct, The appraiser does not assume
responsibility for the accuracy of such items that were furnished by olher parties.
a. The appraiser will not disclose the contents of the appraisal report except as provided for In the Uniform Standards
of Professional Appraisal Practice,
9. 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 completion of the Improvemerits will be performed In
a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client spec~led In the appraisal report
can distribute the appraisal report (Including conclusions about the property value, the appraiser's Identity and professional
designations, and references to any professional appraisal organizations or the lirm with which the appraiser Is
associated) to anyone other than the borrower; the mortgagee or hs successors and assigns; the mortgage Insurer;
consullants; professional appraisal organizations: any state or lederally approved flnanclallnslltutlon; or any department,
agency, or Instrumentality 01 the Unhed States or any slate or the District of Columbia; except that tho lender/client
may distribute the property description section of the report only to data collection or reporting servlce(s) without having
to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be oblalned
before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other
media,
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ICt< & A~soclBtea ~eBI Estate Appraisers''''
.,....
CERTIFICATION AND LIMITING CONDITIONS Filell 101 8662320
<<nor/Borrowor Mary B. McCall
,"dor/CUenl North American Hort
"'oponyAddlU' 3031 Angela Street
Au sta GA 30909
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the sublect mar~et area and have selected a minimum 01 three recent sales 01 properties most similar
and proximate to the sublect property lor consideration In the sales comparison analysis and have made a dollar
adlustment when appropriate 10 reflect the market reaction to those Items of significant variation, II a significant Item
In a comparable property Is superior to, or more lavorable than, the sublect property, I have made a negative adjustment
to reduce the adjusted sales price of the comparable and, If a slgnlllcant hem In a comparable property Is Inlerlor to, or
less lavorable than the subject property, I have made a positive adjustment to Increase the adjusted sales price of the
comparable.
2. I have taken Into consideration the lactors that have an Impact on value In my development 01 the estimate of market
value In the appraisal report, I have not knowingly withheld any significant Inlormatlon Irom the appraisal report and I
believe, to the best 01 my knowledge, that all statements and Information In the appraisal report are true and correct.
3. I staled In the appraisal report only my own personal, unbiased, and prolesslonal analysis, opinions, and conclusions,
which are sublect only to the contingent and limiting conditions specified In Ihls lorm,
4, I have no present or prospective Interest In the property that Is lhe subject to 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 the estimate 01 market value In the appraisal report on the race, color, religion, sex.
handicap, familial status, or national origin of either the prospective owners or occupants 01 the sublecl property or 01
the presenl owners or occupanls 01 the properties In the vicinity 01 the subject property.
5. I have no present or contemplated'luture Interest In the subject property, and neither my currenl or future
employment nor my compensation for performing this appraisal Is contingent on the appraised value of the property,
6, I was not required to report a predeterrplned value or direction In value that favors the cause 01 the client or any
related party, the amount of the value estimate, the allalnment 01 a speclllc result, or the occurrence of a subsequent
event In order to receive my compensation and/or employment lor performing the appraisal. I did nol base lhe appraIsal
report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan,
7. I performed this appraisal In conformity whh the Uniform Standards 01 Prolesslonal Appraisal Practice that were
adopted and promulgaled by the Appraisal Standards Board 01 The Appraisal Foundation and that were In place as 01
the effective dale 01 this appraisal, with the exception of the departure provision of those Standards. which does nol
apply, I acknowledge that an estimate of a reasonable time lor exposure In the open market Is a condition In the delinitlon
01 the market value and the estimate I developed Is consistent with the marketing time noted In the neighborhood section
01 this report, unless I have otherwise staled In Ihe reconciliation secllon.
8, I have personally Inspected Ihe Interior and exterior areas 01 the sublect property and the exterior of all properties
IIsled as comparables In the appraisal report. I further certlly thaI I have noted any apparent or known adverse conditions
In Ihe sublect Improvemenls, on the sublect site, or on any site within the Immediate vicinity of the subject property
of which I am aware and have made adjustments lor these adverse conditions In my analysis 01 the property value
to the exlentthatl had markel evidence to support them. I have also commented about the eHect 01 the adverse conditions
on the marketability 01 the subject property.
9, I personally prepared all conclusions and opinions about the real estate that were set lorth In the appraisal report. If I
relied on slgnlllcant prolesslonal assistance Irom any Individual or Individuals In the performance 01 the appraisal or
the preparation 01 the appraisal report, I have named such Indlvldual(s) and disclosed the speclllc tasks perlormed by
them In Ihe reconciliation section 01 Ihls appraisal report. I certify that any Individual so named Is qualified 10 perform
the tasks. I have not authorized anyone to make a change 10 any hem In the report; therelore, II an unauthorized change
Is made to the appraisal report, I will take no responsibility lor it.
SUPERVISORY APPRAISER'S CERTIFICATION: II a supervisory appraiser signed the appraiser report, he or she
certifies and agrees thaI: I directly supervise the appraiser who prepared the appraisal report, have reviewed the
appraisal report, agree with the stat em Is and ncluslons 01 Ihe appraiser, agree to be bound by the appraiser's
certmcatlons numbered 4 through 7 e, an m laking lull responsibility for the appraisal and the appraisal report.
SUPERVISORY APPRAISER (only II required):
Signature:
Name:
Date Signed:
State Certification 'II:
(Expires):
or Stale Ucense 'II:
(Expires):
o Old 0 Old Noll.,plel Proporty
~'\f1'~ 'I' n.m 100<1 I-g]
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RESUME
EAVI" CLAOK, .JA., OAA
2 , 28 HOWARD ROAD
AUQUIT". OEORG~ 30906
(706) 7Q8-64Q2
FAX .(706) 793-64Q3
PROFESSIONAL EXPERIENCE:
FORMER INSmUCTOR OF REAL ESTATE ApPRAISING, BASIC AND ADVANCED REAL ESTATE
BROKERAOE, AND FINANCINO AT AUOUSTA TECHNICAL INST11\JTE FOR EIOHT YEARS.
FO~MER ADJUNCT PROFESSOR, TEACHINO ECONOMIC. GEOROIA MIUTARY COLLEGE. FOUR
YEARS. ADJUNCT PROFESSOR. LIMESTONE COLLEOE. TEACHINO,BUSINE5S LAW AND PUBLIC
SPEAKI~O. SERVED TERM ON RICHMOND COUNTY B~RD OF TAX ASSESSOR'S. SERVED
TWO TERMS AS MEMBER AND CHAIRMAN OF Crrt'-COUNTY 8~RD OF ZOI-UNO ApPEALS.
I HAVE BEEN E;NOAOED IN THE REAL ESTATE BUSINESS SINCE I ge8 AS A SALESMAN,
BROKER. AND APPRAISER. FEE ApPRAISER SINCE 1972, TO INCLUDE OWNING MY OWN
APP~ISAL COMPANY FOR THE PAST 10 YEARS. ExTENSIVE APPRAISAL WORK FOR VARIOUS
PROPERlY OWNERS, BANKS, FINANCIAL INSTITUTIONS. BUSINESS CONCERNS, IN THE
OREATER AUOUSTA AREA, COVERINO A RADIUS OF APPROXIMATELY 70 MILES;BOTH IN
GEOROIA AND SOUTH CAROLINA. FHA STAFF ApPRAISER FOR FIRST UNION MORTGAGE
CORPORATlON I 98e-1 989. ',FHA STAFF ApPRAISER FOR PRIME LENDING 1990' I 995.
I .
I HAVE A DEEP UNDERSTANDINO OF LAND ECONOMICS' AND APPRAISAL METHODOLOGY,
GAINED FROM APPRAISAL COURSES AND ON THE HE .JOB PRACTlCAL EXPERIENCE. By
ATTEND!NO PERIODIC SEMINARS, AS WELL AS BEINO A SUBSCRIBER TO TECHUlCAL
.JOURNALS, SUCH AS THE ApPRAISAL .JOURNAL. THE REAL ESTATE ApPRAISER AND
ANALYST, THE ApPRAISAL R~IEW AND SREA BRIEFS. I AM ABLE TO KEEP UP TO DATE
WITH THE LATEST CHANGES,AND RE VIEWS.
EDUCA1l0N:
BACHELOR OF ARTS DEOREE. ECKERD COLLEOE
BACHELOR OF LAWS. M,t.STER OF LAWS. JURIS DOCTOR DEGREE, AUGUSTA LAw SCHOOL.
GRADUATE SlUDIES. MASTER OF BUSINESS ADMINlsTRATlON PROGRAM BRENAU COLLEGE.
LlCE;NSED BY STATE OF GEORGIA, CERTlFIED ApPRAISER I gg I, NUMBER I 907
LICENSED BY STATE OF SOUTH CAROLINA, I 99 I, NUMBER C224
BASIC PRINCIPLES OF REAL ESTATE ApPRAISINO, UNIVERSrrt' OF GEORGIA
SINOLE FAMILY RESIDEHTlAL ApPRAISAL, UNIVERSrrt' OF GEORGIA
IN COME PROPERlY VALUATlON, UNIVERSrrt' OF GEOROIA
CERTlFICATlOH COURSE I, DEPARTMENT OF REVENUE. UHIVERSrrt' OF GEORGIA
PR1t:lC;:IPLES, LAND VALUATlOH, VALUATlON ON INVES1MENT ANALYSIS, UNIVERSITY OF
ALABAMA
CrrAD"L UNIVERSITI, PROFESSIONAL STANDARDS, MAY 1996
ApPRAISAL PRINCIPL.E9 AND PRACllCE, UNIVERSITY OF MISSISSIPPI
MANY ADDITlONAL SEMINARS AND COURSES PERTAININO TO ApPRAISING
PROFESSIONAL ORGAHIZAllONS:
NAll~""L ASSOCIAT10N OF' REALTORS. GENERAL ACCREDITED ApPAAISER (OMI
AUG.USTA BPo'RD 01" R!Al.TORS
AUOUST" ApPRAISAL COUNCIL
AUGUST" ELKS LODGE
T~S1MA9TERS, INTERNATlONAL CLUB, AUOUSTA CHAPTER