HomeMy WebLinkAbout07-07-08 (2)IN RE: ESTATE OF LARRY L. : IN THE COURT OF COMMON PLEAS OF
LAUGHMAN, DECEASED, LATE OF SOUTH :CUMBERLAND COUNTY, PENN.,,,
NEWTON TOWNSHIP, CUMBERLAND :ORPHANS' COURT DIVAN f
COUNTY, PENNSYLVANIA : NO. 21-08-0181 '' ~ C
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PETITION FOR SALE OF REAL ESTATE ~ "' c~ T ~ ~ ~~
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AND NOW comes Petitioner, Kathy Laughman, pursuant to 20 P.S.A. §335, who' ;'
respectfully requests the following:
1. Larry Laughman ("Decedent") died on February 12, 2008, intestate.
2. The Register of Wills granted Letters of Administration to Petitioner on February 20,
2008.
3. At the time of death, Decedent held fee simple title to real estate situate in South
Newton Township, Cumberland County, Pennsylvania, known as 66 East Main Street, Walnut
Bottom, Pennsylvania, improved with aone-story dwelling and described in accordance with Exhibit
"A" attached hereto.
4. At the time of death of the Decedent, the balance of the Mortgage held by
CitiMortgage, Inc., on said real estate was $85,414.06. See Exhibit "B" attached hereto.
5. At the time of death of the Decedent, the balance of a Secured Loan with PNC Bank
secured by said real estate was $12,083.77. Sep Exhibit "C" attached hereto.
6. On Apri130, 2008, said real estate was appraised at a value of $103,000.00 by Larry
Foote, Certified Real Estate Appraiser. A copy of said appraisal is attached hereto as Exhibit "D" .
5. Petitioner desires to purchase said real estate for the appraised value of $103,000.00,
assuming or satisfying the Mortgage and Secured Loan on the property.
6. In addition to Petitioner, the other party in interest is Petitioner's step-daughter,
Shalyn Laughman, a minor.
7. Christy Englert, an adult individual of 3610 Brookridge Terrace, Apt. 202,
Harrisburg, Pennsylvania, 17109, is the legal Guardian of Shalyn Laughman.
8. All parties in interest consent to the proposed sale and their consents are attached
hereto as Exhibit "E" .
WHEREFORE, Petitioner requests that this Honorable Court issue an Order of Court
granting leave to Petitioner to purchase the property for the sum of $103,000.00 and granting leave
to Petitioner to execute, acknowledge and deliver the Deed, upon receipt of the sale proceeds.
Respectfully submitted,
By:
MARTON LAW OFFICES
~'C~,,~ s .~--
Christopher E. Rice
10 East High Street
Carlisle, PA 17013
717-243-3341
Attorneys for Petitioner
VERIFICATION
I, the undersigned, verify that the statements contained herein are true and correct to the best
of my knowledge, information and belief. I understand that the statements herein are made subject
to the penalties of 18 Pa.C.S.A. §4904 relating to unsworn falsification to authorities.
Dated: ~~c L=~~ %~~~''r% ~ X11
~, Kathy La ghman
CERTIFICATE OF SERVICE
I, Victoria L. Otto, an authorized agent for Martson Deardorff Williams Otto Gilroy & Faller,
hereby certify that a copy of the foregoing Petition For Sale of Real Estate was served this date by
depositing same in the Post Office at Carlisle, PA, first class mail, postage prepaid, addressed as
follows:
Christy Englert, Guardian
of Shalyn Laughman
3610 Brookridge Terrace, Apt. 202
Harrisburg, PA 17109
MARTSON LAW OFFICES
By ~~~ ~z~~~' C~~
Victoria L.Otto
Ten East High Street
Carlisle, PA 17013
(717) 243-3341
Dated: ' « ~1 ~~~~ ~~
F:\FILFS\Clients\12942 Laughman\12942.1.petition.re
' Parcel No. 41-31-2230-051
~:~~
,,~;~}~~ w~ ~_ ~ PHIS DEED-~
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` ~ ' MADE THE ~ , day of ~-~,%~ ~ ~ '~~~'~~ , in the year of our
Lord one thousand nine hundred and ninety-seven (1997).
BETWEEN
~.
SETH B. LEHMAN and RONDA LEHMAN, his wife, of Huntersville,
North Carolina, hereinafter called, r~~
Grantors
~..
AND
LARRY LAUGHMAN, single man, of Newville, Cumberland County, J
Pennsylvania, hereinafter called, w
Grantee
c.r~ ..
WITNESSETH, that in consideration of EIGHTY-SIX THOUSAND
FIVE HUNDRED and NO/100-------($86,500.00)-----------Dollars
in hand paid, the receipt whereof is hereby acknowledged, the
said Grantors do hereby grant and convey to the said Grantee,
his heirs and assigns,
ALL THOSE CERTAIN lots or parcels of real estate lying and being
in the Village of Jacksonville, Township of South Newton, County
of Cumberland, State of Pennsylvania, bounded and described as
follows:
Lot No. 1. BEGINNING at a point on the Walnut Bottom Road;
thence North forty-three and one-half (43 1/2) degrees West, one
hundred and eleven (111) feet to a post; thence by lands now or
formerly of Peter Bixler, South forty-six and three fourths (46
3/4) degrees West, seventy-seven (77) feet to a post; thence by
lands now or formerly of James Davis, South forty-three and one-
half (43 1/2) degrees East, one hundred and eleven (111) feet to
a post on the Walnut Bottom Road; thence along the said Walnut
Bottom Road North forty-six and three fourths (46 3/4) degrees
East, seventy-seven (77) feet to the place of BEGINNING.
CONTAINING thirty-one and four tenths (31.4) perches.
Lot No. 2. BEGINNING at a point in the Walnut Bottom Road
aforesaid, thence North forty-three and one-half (43 1/2) degrees
West, one hundred and eleven (111) feet by lands now or formerly
of Michael Seavers to a post; thence South forty-six and three-
fourths (46 3/4) degrees West, fifty-seven and one-half (57 1/2)
feet by lands now ~r formerly of Peter Bixler to a point on the
East line of Lot No. 1 above described; thence by said Lot No. 1,
South forty-three and one-half (43 1/2) degrees East, one hundred
and eleven (111) feet to a point on the said Walnut Bottom Road;
thence along said road, North forty-six and three-fourths (46
3j4) degrees East, fifty-seven and one-half (57 1/2) feet to the
J
place of BEGINNING. CONTAINING twenty-three and four-tenths
(23.4) perches.
BEING the same premises which S. Elizabeth Myers a/k/a Elizabeth
N. Myers, by Roger E. Myers, her Attorney-in-Fact, by their deed
dated November 20, 1991, and recorded in the Office of the
Recorder of Deeds in and for Cumberland County at Carlisle,
Pennsylvania, in Deed Book "K", Volume 35, Page 199, granted and
conveyed to Seth B. Lehman and Ronda Lehman, his wife, the
Grantors herein.
AND the said Grantors will special warrant the property hereby
conveyed.
IN WITNESS WHEREOF, said Grantors have hereunto set their hands
and seals the day and year first above written.
SIGNED, SEALED and DELIVERED,
IN THE PRESENCE OF
,~
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A~
STATE OF ! `~` )
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COUNTY OF ~'~-f +~,1:::~; ~ , )
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;~~` ,~~,,,,.,~~~- (SEAL)
Seth B. Lehman
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,.~ (SEAL )
'dam Lehman
.~~
r ~,,:
On this, the ,` ;'~ day of ~ ~ .`~=~~~=YP` .', 1997, before me
the undersigned officer, personally appeared SETH B. LEHMAN and
RONDA LEHMAN, his wife, known to me (or satisfactorily proven) to be
the person described in the foregoing instrument, and acknowlged that
he executed the same for the purposes therein contained, v r,.~K>.~'~•"'`'"'> °'
,~,rr.',G,;., i~ , , 4
tt ~. H%y~ ~y.Yi,w~yl Fpm/ ~~!
IN WITNESS WHEREOF, I hereunto set my hand and of~~;~~r,~~~~~y;, ~.~,;,-.~~~ .;
seal . ,.`« ~ x;a,,- .. e~,., .~
•.
Nota ` ~rF~~`'l` ~'\~
ry Public
»,~~~] ry
u.;li.t :L~eJ / ~?
I do hereby certify that the precise residence and complete
post office address of the within named Grantee is:
`~...
Date : ..~~t : ~~.'~'~ :. ~ ~ -
Attor ey for Grantee
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
:SS:
RECORDED, on this the ~~~
{~.
day o~ ,%i-f'---' 1997, in the
Recorder's Office of the said County in Deed Book
Page ~~~~~`
Given under my hand and seal of the said office,
above written.
.~~
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the date
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hF~{, ~. 2~2%~' i C9FIti4 iIE','~'TOIIE I,E~i;i i~EFT I~1C~, 2i2 P. 2
CiriMOrtgage, Inc.
P.O. Box 9438
Gaithersburg MD 2G898-9438
CitiMortgage
March 6, 2008
KATHY LAUGI-IMAN
66 E MAIL ST
WALNUT BOTTOM
PA 17266-9713
RFC: Mortgagor(sl Nart~e: LARRX L_ LAUGI-IMAN
ESTATE
Property Address:
Dear Kathy Laughman:
66 E MAIN ST
WALNUT BOTTOM PA 17266
Cltl
"lhis letter is in response to a recent inquiry from Victoria L. Otto with Martson Law Offices,
regarding the death of Larry L. Laughman.
We have updated our records, per the submitted Death Certificate, to show the mortgage loan in
the name of the Estate of Larry L. Lauglunan. In addition to the Death Certificate, we will
require copies of the following recorded legal documents if the estate has entered probate
proceedings with the court:
Recorded Final Distribution Deed, when it becomes available
Documentation of relationship
This loan contains a due on sale clause. The investor, however, will allow the loan to be assumed
on anon-qualifying basis if the transfer of ownership is to a family member (grandparent, parent,
ypuuse, cl'iildren; gnandclrildr>un or sibtiirg)~. If the prcpcrty is sold or willed to a noz-family
member, then the loan must be paid in full. If you would like to proceed with an assumption,
please send your written request along with the required documentation above. Upon receipt of
the request, an assumption package will be sent to you.
In addition, if the estate has not entered probate proceedings with the court, tive will require a
letter of confirmation.
www.citimortgage,co~n
'"Calls ire randomlq monitored and recordcc{ to answ~e qualify ,er~~icc, Cit~Mortgage, Inc does nusiness as Citicorp Mortgage in NM.
Below is the requested information regarding the loan balances as of the date of death 02,12/08.
for Larry L. Laughman. y
Principal Balance $85,14.06
Due to confidentiality requirennents set forth in our Privacy Promise with our mortgages, we are
unable to release information to the attorney.
You may forward this information to the requesting party if you deem necessary.
Enclosed is a return envelope for your convenience in returning the required docume~~tacion.
If you need further assistance regarding the mortgage account, please contact us at 1-800-2$3-
7918*. Customer Service associates are available at this number Monday through Friday 800
a.m. to 12:00 Midnight ET and Saturday 9:00 a.in. to 6:00 p.m. ET. When you contact us, please
refer to account number 0001721533. Thank you.
Sincerely,
CitiMortgage, Inc.
Enclosure(s)
*Calls arc ;:vidori~ moiutcrcd and rcorlcd tc crsurc c;ualii~ ~cn icc,
~'NC B~~Ii~
March 10, 2008
Martson Law Offices
10 East High Street
Carlisle, PA 17013
RE: Estate of Larry L Laughman:
Account# 40-03-048014827011
Dear NIs. Otto,
In response to your request, this letter is to provide the following information on the
above-mentioned account. This was a real estate secured loan in the name of Larry L
Laughman only. The current balance as of March 10, 2008 is $12,159.93 with a per diem
of $ 2.05. The balance on February 12, 2008 was $ 12,083.77. There is no life insurance
on this loan.
If you have any questions or need any other information please feel free to contact me at
1-800-878-0027 Extension - 85544 between the hours of 8:00 a.m. and 4:15 p.m. EST,
Monday through Friday.
Sincerely,
ivlonica Youn~er ~
Senior Credit Counselor
(412)768-5544
CLC Consumer Services Co is a loan servicing company
APPRAISAL REPORT
66 EAST MAIN STREET
WALNUT BOTTOM, PENNA.
PREPARED FOR
THE ESTATE OF LARRY L. LAUGHMAN
BY
LARRY E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
~~ ~'~
:~...~' '~ } ~..~' 1
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
TAX PARCEL NUMBER:
IMPROVEMENTS:
PROPERTY RIGHTS:
66 East Main Street
Walnut Bottom, Pennsylvania
41-31-2230-051
Two-story detached single-family dwelling.
Fee simple interest.
OWNERSHIP HISTORY: The subject property is owned by Larry L. Laughman.
The property was purchased on December 19, 1997 for a
reported consideration of $86,500 and ownership
transferred on Deed Book 169, Page 705.
SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an
estimation of the property's highest and best use,
consideration of all three approaches to value, and the
application of those relevant to the valuation of the
subject.
OBJECTIVE: To estimate the market value of the subject property as
unencumbered.
EFFECTIVE DATE: February 12, 2008.
HIGHEST AND BEST USE: Continued use as asingle-family residence.
COST APPROACH: N.A.
SALES APPROACH: $103,000
INCOME APPROACH: N.A.
FINAL VALUE CONCLUSION: $103,000
2
APPRAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE ESTATE OF LARRY L. LAUGHMAN
the undersigned personally inspected the following described property:
All those certain lots or parcels of land, with the improvements thereon erected, situate
in South Newton Township, Cumberland County, Pennsylvania, bounded and described as
follows:
LOT NO. 1: Beginning at a point on the Walnut Bottom Road; thence North 43 %2
degrees West, 111 feet to a post; thence by lands now o formerly of Peter Bixler, South 463/4
degrees West, 77 feet to a post; thence by lands now or formerly of James Davis, South 43'/2
degrees East, 111 feet to a post on the Walnut Bottom Road; thence along the said Walnut
Bottom Road North 463/4 degrees East, 77 feet to the place of beginning.
LOT NO. 2: Beginning at a point in the Walnut Bottom Road; thence North 43 %z
degrees West, 111 feet by lands now or formerly of Michael Seavers to a post; thence South
463/4 degrees West, 57'/2 feet by lands now or formerly of Peter Bixler to a point on the East line
of Lot No. 1 above described; thence by said Lot No. 1, South 43 %2 degrees East, 111 feet to a
point on the said Walnut Bottom Road; thence along said road, North 463/4 degrees East, 57%2
feet to the place of beginning.
To the best of my knowledge and belief the statements contained in this report are true
and correct, and that neither the employment to make this appraisal nor the compensation is
contingent upon the value reported, and that in my opinion the Market Value as of February 12,
2008 is:
ONE HUNDRED THREE THOUSAND DOLLARS
$103,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
o~~~
L E. Foote
Certified General Appraiser
GA-000014-L
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to estimate the Mazket Value of the subject
property as of February 12, 2008.
Market Value is defined as 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:
a. Buyer and seller are typically motivated.
b. Both parties aze well informed or well advised, and each acting in what
he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
e. 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.
Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f).
HIGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a property can
be put". The opinion of such use may be based on the highest and most profitable continuous
use to which the property is adapted and needed, or likely to be in demand, in the reasonable
near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be reasonably
probable, should be excluded from consideration. Also, if the intended use is dependent on an
uncertain act of another person, the intention cannot be considered.
Based on the above definition and after seeing the site, neighborhood, and area, it is my
opinion that the present use of the subject is its Highest and Best Use.
4
SITE DATA
ADDRESS: 66 East Main Street
TOWNSHIP: South Newton
COUNTY: Cumberland
STATE: Pennsylvania
LOT SIZE: .34 acre.
SEWERS: On-site septic system.
WATER: On-site well.
ELECTRICITY: PP&L
LANDSCAPING: Typical for the area, with a sodded lawn, trees and shrubs.
DETRIIVIENTAL INFLUENCES
None. Pride of ownership is evident throughout the neighborhood.
DESCRIPTION OF IMPROVEMENTS
GENERAL DESCRIPTION: Two-story detached single-family dwelling containing approxi-
mately 1,695 square feet of gross living area above grade.
CONDITION: Exterior: Good
Interior: Average to good.
ROOMS: First Floor: Living room, kitchen, dining room, laundry room and
full bathroom.
Second Floor: Three bedrooms and full bathroom.
Basement: Full, with concrete floor.
EXTERIOR: Foundation: Stone
Walls: Vinyl siding.
Sash: Vinyl-clad thermopanes.
Gutters: Aluminum, painted.
Roof: Gable, with standing seam steel.
5
INTERIOR, PRINCIPAL ROOMS: Flooring: Carpet
Walls: Drywall
Ceilings: Drywall
Trim: Wood, painted.
KITCHEN: Cabinets: Wood, natural finish.
Counters: Formica
Walls: Drywall, painted.
Flooring: Vinyl and carpet.
Sink: Double-bowl, porcelain.
BATHROOMS: Flooring: Vinyl or carpet.
Walls: Drywall, painted.
Bathtub: Built-in, with shower or shower stall.
Lavatory: Vanity
Water closet: Two-piece.
CONSTRUCTION: Joists: Wood
Beams: Wood
Columns: Steel
Plumbing: Copper and plastic.
HEATING: Oil-fired hot water.
HOT WATER: Electric, 50-gallon.
ELECTRIC: Circuit breaker system, 200-ampere.
OTHER: Attached to the front of the dwelling is a covered porch, attached to the
side and read of the dwelling is a wraparound wood deck and located at the rear of the site is a
wooden storage building.
GENERAL CONDITION: All improvements are considered to be in average to good
condition on the interior and on the exterior, with mechanical systems appearing to be adequate
and functioning properly.
6
THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach to
value.
The cost approach to value is based on the assumption that the reproduction cost of a
building plus land value, tends to set the upper limit to value. A key assumption is that a newly
constructed building would have advantages over the existing building, therefore an evaluation
focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to
anew facility. Due to the age of the subject improvements, the cost approach is considered to
be inappropriate and has, therefore, not been included in the development of this appraisal
report.
The sales comparison approach to value assumes that under normal conditions, a given
number of parties acting intelligently and voluntarily, tend to set a pattern from which value
can be estimated. Application of this approach relies on a comparison of the subject with a
sufficient number of recent transactions of comparable properties in the market, based on a
common unit, such as price per squaze foot of building azea.
The income approach concerns itself with present worth of the future potential benefits
of a property. The initial estimate .involves the net income, which a fully informed person is
justified in assuming the property will produce during its remaining useful life. This estimated
net income is then capitalized into a value estimate, based upon the level of risk as compared
with that of a similaz type and class. Since homes similar to the subject are not typically
utilized as income-producing investment properties, the income approach to value is considered
to be inappropriate and has, therefore, not been included in the development of this appraisal
report.
7
SALES COMPARISON APPROACH
In arriving at this conclusion of the value of the subject property, the appraiser made a
survey of properties that have sold in the area of the subject property.
Consideration was given and adjustments were made on each comparable sale as to
time of sale, size, location, as well as all other factors that might affect value. A resume of
some of the sales considered by the appraiser is as follows:
SALE NO. 1:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
113 Fairfield Street, Newville.
Mazch 27, 2008.
$116,500
1,268 squaze feet.
$91.88 per squaze foot.
SALE NO. 2:
Location: 722 Bloserville Road, Newville.
Date of Sale: October 3, 2007.
Sale Price: $98,000
Size: 1,638 squaze feet.
Unit Price: $59.83 per squaze foot.
SALE NO. 3:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
29 Parsonage Street, Newville
June 27, 2007.
$95,000
1,690 squaze feet.
$56.21 per squaze foot.
The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this
page aze dollar adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus
increasing the indicated value of the subject.
After making all of the necessary adjustments, it is the appraiser's considered opinion
that the indicated value of the subject property by the Sales Comparison Approach is $103,000
8
SALES COMPARISON ANALYSIS
ITEM SUBJECT COMPARABLE # 1 COMPARABLE #2 COMPARABLE #3
Address 66 East Main Street
Walnut Bottom 113 Fairfield Street
Newville 722 Bloserville Road
Newville 29 Parsonage Street
Newville
Proximity to Subject
Sale Price N.A. $116,500 ,: ~ $98,000 ' , ~ $95,000
Price / Sq. Ft. GLA N.A. $91.88 ~' $59.83 $56.21
Data Source Inspection Courthouse & Central Penn MLS Courthouse & Central Penn MLS Courthouse & Central Penn MLS
ADJUSTMENTS DESCRIPTION DESCRIPTION S Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust.
Sales or Financing
Concessions
None $5,880 closing costs
paid by the seller.
-5,000
None
Date of Sale /Time As of 2-12-08 3-27-08 ] 0-3-07 6-27-07
Location Average Similaz Inferior +9,800 Similar
Site /View .34 acre .28 acre .23 acre .17 acre +5,000
Design and Appeal Two-story detached Similar Similar Similar
Construction Vinyl siding Vinyl siding Aluminum siding Asbestos shingles +5,000
Age 118 years 108 years 108 years 98 years
Condition Average to good Superior -5,000 Inferior +9,800 Inferior +9,500
Above Grade
Room Count Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath
6 3 2 5 3 1 +6,000 7 3 1 +2,000 6 3 2'/: -7,000
Gross Living Area 1,695 square feet 1,268 square feet +12,800 1,638 square feet 1,690 squaze feet
Basement &Finished
Rooms Below Grade
Full basement
Similar
Similar
Similar
Functional Utili Av a Similar Similaz Similar
Heatin / Coolin Oil-fired hot water Oil-fired hot air Oil-fired hot water Oil-fired hot water
G e / C rt
Porches, Patios
Pools, etc.
Special Energy
Efficient Items None
Cov. porch, lg. wood
deck, slot. bld .
Typical for the
re 'on. None
Two cov, porches,
balcon , stor. bld .
Similar I-car a wlloft
Two covered rches
Similar -5,000 2-caz ara a
Porch, encl. porch,
balcon ,slot. bld .
Similar -10,000
Fire lac s None None None None
Other (e.g. kitchen
equip., remodeling)
NetAd'. total
I
di
Built-ins.
Similaz
+13,800
Similar
,, - ~ t ~-- r
+11,600
Similar
- s4'
+7,500
n
cated Value
of Subject
130,300 ~ ;_~-
4 ~r - ~ ~~'
109,600
5~.
102,500
FINAL INDICATED VALUE OF SUBJECT PROPERTY: $103,000
CORRELATION
Correlation may be defined as "the bringing together of parts in a proper relationship."
The parts of this appraisal report are the following approaches to value your appraiser used:
Value Indicated by Cost Approach N.A.
Value Indicated by Sales Comparison Approach $103,000
Value Indicated by Income Approach N.A.
These approaches aze representative of the market value of the subject property. I have
cazefully reexamined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchasers of this type property in this neighborhood. It is my belief that
this reexamination has confirmed the original conclusions.
The Cost Approach will result in an excellent estimate if all elements are figured
accurately, because no prudent person will pay more for a property than the cost to produce a
substitute property with equal desirability and utility. Purchasers of the type of dwelling
typical of the subject property are more concerned with amenities than with hypothetical
replacement of the property. Due to the age of the subject improvements, the Cost Approach is
considered to be inappropriate and has not been included in this appraisal report.
The Sales Comparison Approach was based on several recent sales of properties similaz
to that of the subject, all of which are located in the same general area. The adjusted sales
prices aze most consistent under comparison. This approach is the most reliable because it
reflects the reactions of typical buyers and sellers in the mazket.
The Income Approach is most applicable to income producing properties or properties
that are primarily utilized for income producing purposes. Purchasers of income producing
properties are willing to pay no more for a pazticulaz property than the net operating income
will support. Since the majority of properties similar to the subject are not utilized for income
producing purposes, this approach to value has not been included in this appraisal report.
Therefore, as a result of this appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value of the subject property, as of February 12, 2008,
is:
ONE HUNDRED THREE THOUSAND DOLLARS
$103,000
10
UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO TATS APPRAISAL
1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to
the title, which is assumed to be marketable. T'he property is appraised as though under
responsible ownership.
2. The legal description used herein is correct.
3. I have made no survey of the properly, and the boundaries are taken from records
believed to be reliable.
4. I assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. I assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
5. The information, estimates, and opinions furnished to me and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy can be assumed by me.
6. This report is to be used in its entirety and only for the purpose for which it was
rendered.
7. Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser or the firm with which he is connected) shall be
reproduced, published, or disseminated to the public through advertising media, public
relations media, news media, sales media, or any other public means of communication,
without the prior written consent and approval of the appraiser.
8. This appraisal was prepared for the exclusive use of the client identified in this appraisal
report. The information and opinions contained in this appraisal set forth the
appraiser's best judgment in light of the information available at the time of the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions taken
based on this report.
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CERTIFICATE OF APPRAISAL
Your appraiser hereby certifies that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present of prospective interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the attainment of a stipulated result,
or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
7. To the best of my knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed herein
are based, are true and correct.
8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of
my assignment or by the undersigned) affecting the analyses, opinions, and conclusions
contained in this report.
9. This appraisal report has been made in conformity with the Uniform Standards of
Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation, and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the National Association of Realtors
Appraisal Section.
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10. No one other than the undersigned prepazed the analyses, conclusions, and
opinions concerning real estate that are set forth in this appraisal report.
Larry E. Foote
Certified General Appraiser
GA-000014-L
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PRIVACY NOTICE
Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers,
along with all providers of personal financial services are now required by federal law to
inform their clients of the policies of the firm with regazd to the privacy of client nonpublic
personal information. As professionals, we understand that your privacy is very important to
you and are pleased to provide you with this information.
In the course of performing appraisals, we may collect what is known as "nonpublic
personal information" about you. This information is used to facilitate the services that we
provide to you and may include the information provided to us by you directly or received by
us from others with your authorization.
We do not disclose any nonpublic personal information obtained in the course of our
engagement with our clients to nonaffiliated third parties, except as necessary or as required by
law. By way of example, a necessary disclosure would be to our independent contractors, and
in certain situations, to unrelated third party consultants who need to know that information to
assist us in providing appraisal services to you. All of our independent contractors and any
third party consultants we engage are informed that any information they see as part of an
appraisal assignment is to be maintained in strict confidence within the firm. A disclosure
required by law would be a disclosure by us that is ordered by a court of competent jurisdiction
with regard to a legal action to which you are a party.
We will retain records relating to professional services that we have provided to you for
a reasonable time so that we aze better able to assist you with your needs. In order to protect
your nonpublic personal information from unauthorized access by third parties, we maintain
physical, electronic and procedural safeguazds that comply with our professional standazds to
insure the security and integrity of your information.
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LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa.
Principal Broker, LaRue Development Company, Cazlisle, Pa.
1976-1979: Associate Broker, Colonial Realty, Cazlisle, Pa.
1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa.
Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile
home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office
buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycaze centers,
warehouses, and manufacturing facilities.
EDUCATION:
Bachelor of Business Administration, Pennsylvania State University, 1976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma, Carlisle Senior High School, 1965.
Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III.
Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104,
CI 105.
Standards of Professional Practice, American Institute of Real Estate Appraisers.
Real Estate Appraisal Principles, American Institute of Real Estate Appraisers.
Residential Valuation, American Institute of Real Estate Appraisers.
Appraisal Procedures, Appraisal Institute.
Principles of Income Property Appraising, Appraisal Institute.
Case Studies in Real Estate Valuation, Appraisal Institute.
Report Writing and Valuation Analysis, Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser #GA-000014-L, Commonwealth of Pennsylvania.
Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania.
PROFESSIONAL DESIGNATIONS:
GRI: Graduate of the Pennsylvania Realtors Institute, awazded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist, awazded by the Realtors National Mazket-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awarded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
National Association of Realtors Appraisal Section.
Greater Harrisburg Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
15
PAST CLIENTS:
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Commerce Bank
Cumberland-Perry Association for Retazded Citizens
Carlisle Suburban Authority
Members 1 S` Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company, CPA
Smith's Transfer Corporation
Cazlisle Department of Parks and Recreation
Executive Relocation Services
Cazlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust Company
National City Mortgage Corporation
Washington Mutual Home Loans, Inc.
Prudential Relocation Services
Lender's Choice
Mazket Intelligence, Incorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries, Incorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services, Incorporated
First United Federal Savings Association
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Drovers Bank
American Home Bank
Trans Union
M&T Mortgage Corporation
Cody Financial Mortgage Services
Waypoint Bank
Northwest Savings Bank
Blue Ball National Bank
Adams County National Bank
Countrywide Home Loans
Aarrow Mortgage
Various law firms and individuals
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PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS
18
t;un'u'ARABLE SALE NO. 1
~vivu'AxA~3LE SALE NO. 2
(:UMPARABLE SALE NO. 3
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IN RE: ESTATE OF LARRY L.
LAUGHMAN, DECEASED, LATE OF SOUTH
NEWTON TOWNSHIP, CUMBERLAND
COUNTY, PENNSYLVANIA
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNA.
ORPHANS' COURT DIVISION
NO. 21-08-0181
CONSENT AND JOINDER OF PARTIES
I, the undersigned, being an interested party and beneficiary of the Estate of Larry Laughman,
hereby consent to the purchase of the real estate located at 66 East Main Street, Walnut Bottom,
Pennsylvania, by Kathy Laughman, for the sum of $103,000.00.
IN WITNESS WHEREOF, the undersigned has hereunto set her hand and seal this
~;~ day of ~;,,,,~ , 2008.
Signed, Sealed and Delivered
in the Presence of:
(SEAL)
isty Englert, ardian of a minor,
Shalyn Laughman
F\F1LES\ClientsU 2942 Laughman\12942.1.petition.re