Owner Financed Real Estate Appraisal

The Company is in the business of performing single family residential real estate appraisals and valuations for local banks, mortgage brokers, home owners and investors. The non-asset based business model, where the current owner does not do appraisals on a regular basis, has developed an established infrastructure where orders which are received daily are processed by assigning, scheduling and directing work to independent commission based appraisers. The work process is as follows: an appraisal order is received by phone, fax, e-mail or from the company website, the office then researches tax and market information, schedules appointments for the appraisers. The appraiser inspects the property in a timely manner and prepares a professional written appraisal document which is mailed, faxed emailed or delivered to the client. Remittance is due by the client upon completion of the appraisal. No license is required to operate this business. A license is required to perform the real estate appraisals. The owner functions include managing three licensed appraisers, three appraiser trainees, two secretarial staff personnel, sales, marketing, planning & administrative functions. No client represents more than 30% of sales. Business levels in 2004 declined due to the owner spending more time in another business in which he is currently involved. The trend, however, is on the increase due to the expansion of business with one account. The cyclical nature of this industry is directly tied to interest rates. The owner believes that the market for his service is stabilizing but will move to a growth mode in the short term future.

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