STEVE VERTIN, MAI
(Certificate No. 9614)

SUMMARY

I have been learning the commercial/industrial real estate appraisal business since 1986 and residential and small income producing real estate appraisal business since 1975.  In the past I have:

● Appraised properties for Foreign Governments, Wall Street investors and some of the largest        
   lending institutions in the world.
● Appraised properties in 15 states and two countries.
● Appraised individual properties exceeding $350 million in estimated value.
● Served as expert witness in city, county, state and federal courts.
● Specialized appraisal experience in landfills, historic districts, national         
   landmarks, condemnation proceedings, portfolio investments, right-of-ways, and mineral       
   rights.
● Authored over 20 articles on the real estate industry and its trends.

                                                     EXPERIENCE

VERTIN VALUATION SERVICES INCORPORATED, Chicago, Illinois, 2000 to Present. Owner/Principle: Specialized expert witness involved mainly in litigation.  The majority of work involves forensic appraising and testimony.  I am personally involved with appraising commercial, industrial and multifamily buildings throughout the Midwest.  Some of my special assignments include; consultant to the Illinois Attorney General's Office concerning diminution of value caused by landfill expansion.  Consultant to Chubb Insurance Group concerning valuation of historic properties including train depots.  Expert witness for the international law firm of Kelso and Matthews (headquartered in Beverly Hills) concerning diminution of value caused by Governmental toxic waste sites throughout the United States.  I appraised historic sites, national landmarks, right-of-ways and portfolio properties.  The firm's emphasis is appraisal review and full narrative report writing.

APPRAISAL ALLIANCE INC.Chicago, Illinois, 1992 to 2000
Chief Appraiser (General Partner), Western Division: Appraisal Alliance varied between 10 to 14 staff members depending on work load.  The company had five locations throughout the Midwest and three MAI's.  The majority of work involved client development, quoting fees, controlling quality and reviewing staff appraisers’ technical abilities. I was personally involved with appraising commercial, industrial and multifamily properties. Specialized assignments included; consultant in valuation of Granot Loma the worlds largest log home (+35,000/sf).  Appraised the Detroit Arsenal Tank Plant containing +1,000,000/sf plant on 50 acres and at one time, used a locomotive steam engine for heat.  Appraised the Kellogg Research and Development Cereal Plant in Battle Creek, Michigan which was considered the most modern in the world.  The firm's emphasis was full narrative reports.

JOSEPH B. WELLS AND ASSOCIATES, Dallas, Texas, 1990 to 1992. Senior Staff Appraiser:  Majority of job consisted of reviewing reports for the FDIC and RTC for FIRREA compliance.  All reviews were geared towards fraud detection with problem loans.  Reviewed hundreds of commercial industrial real estate appraisal reports throughout the United States.  However, most failed loans centered around the southwest.  Direct communications with government regulators and vendors.  Set-up appropriate policies and procedures to prevent further valuation problems or fraud by  managing the appraisal quality control function and selection of appraisers.  Did very little actual appraisal report writing.  Most written documents would be considered Standard 3 reviews in today's vernacular. 

PRICE APPRAISAL SERVICES, Dallas, Texas, 1989 to 1990. Senior Staff Appraiser:  Price Appraisal Services had nineteen staff and four MAI's.  The majority of work involved appraising larger commercial, industrial and apartment properties throughout Texas during the savings and loan crisis.  I had extensive experience with Project, Argus, Lotus and Word Prefect.  I appraised golf courses, free trade zones, national landmarks, right-of-ways and portfolio real estate.  Some of my special assignments included; appraising Center Point Business Park for famed financier Richard Rainwater.  I also appraised Stone Bridge Country Club for the RTC after it went into default holding the title of the largest real estate failure in United State's history.  The firm emphasized full narrative reports.

REAL ESTATE RESEARCH CORPORATION, Chicago, Illinois, 1988 to 1989. Staff Appraiser: RERC claimed to be the oldest national appraisal/consulting firm in the United States.  At the time they had locations throughout the country.  I appraised properties for large institutional investors.  I valued portfolios exceeding hundreds of million in estimated value, office buildings exceeding 1,000,000 square feet; and numerous special use properties. Some of my special assignments included; appraising Armour Stars meat packing facilities throughout the United States.  I also appraised +1,610,000/sf of industrial space in Chancellory Business Park. I had extensive experience with Project, Argus, Lotus and Word Prefect. The firm's emphasis was full narrative report writing.

PRICE ASSOCIATES INCORPORATED, Chicago, Illinois, 1986 to 1988.  Staff Appraiser:  Price had been in business since 1907.  I worked under the past President of the Appraisal Institute.  Most of my appraisal assignments were commercial/industrial properties in the greater Chicagoland area. Some special assignments included; condemnation proceedings, total residential subdivisions, graveyards, churches, corporate retreats, stockyards and riding stables.  The firm's emphasis was full narrative report writing.

EDUCATION

University of Utah - Graduated with honors
Bachelor of Science in Finance with minor in Real Estate Investments
Vice President of Beta Sigma Business Honor Society

UNIVERSITY COURSES
Real Estate Law
Income Property Valuation
Real Estate Investment Theory
Principals of Real Estate
Urban Land Economics

TECHNICAL
I have passed the following examinations given by the Appraisal Institute (formally the American Institute of Real Estate Appraisers):

As a member of the Appraisal Institute I am required to take 100 hours of continued education every 5 years.  These requirements have been fulfilled. 

PROFESSIONAL AFFILIATIONS
Member of the Appraisal Institute
Illinois State Certified General Real Estate Appraiser
Michigan Certified Appraiser  
Indiana Certified Appraiser
Was on Appraisal Institute National General Demonstration Report Grading Committee
Was on Appraisal Institute regional Ethics Committee
Past Chairman of the Public Relations Committee for the Appraisal Institute
Past Member of the Illinois Association of Mortgage Brokers

PROFESSIONAL AFFILIATIONS

Member of the Appraisal Institute
Illinois State Certified General Real Estate Appraiser
Michigan Certified Appraiser
Indiana Certified Appraiser
Was on Appraisal Institute National General Demonstration Report Grading Committee
Was on Appraisal Institute regional Ethics Committee
Past Chairman of the Public Relations Committee for the Appraisal Institute
Past Member of the Illinois Association of Mortgage Brokers