HomeMy WebLinkAbout11-12-08~~~ ~
1505607121
REV-150 0 EX (06-05)
PA Department of Revenue
Bureau of Individual Taxes INHERITANCE TAX RETURN County Code Year File Number
PO BOX 280601
Harrisbur PA 17128-OSOt RESIDENT DECEDENT 2 1 0 8 0 1 8 1
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth
0 2 1 2 2 0 0 8 0 9 2 7 1 9 7 1
Decedent's Last Name Suffix Decedent's First Name
MI
L A U G H M A N L A R R Y L
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name
MI
L A U G H M A N K A T H Y
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
0 1. Original Retum ~ 2. Supplemental Return ~ 3. Remainder Return (date of death
prior to 12-13-82)
4. Limited Estate ~ 4a. Future Interest Compromise (date of ~ 5. Federal Estate Tax Return Required
death after 12-12-82)
OX 6. Decedent Died Testate ~ 7. Decedent Maintained a Living Trust ~ 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will) (Attach Copy of Trust)
9. Litigation Proceeds Received ~ 10. Spousal Poverty Credit (date of death ~ 11. Election to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. O)
CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name
Daytime Telephone Number
C H R I S T O P H E R E: R I C E 7 1 7 2 4 3 3 3 4 1
Firm Name (If Applicable)
M A R T S O N
L A W O F F I C E S REGIST ILLS USd~NLY -~: ''~'
°' Ala ~ ""'`
First line of address -~,
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1 0 E a s t H i g h S t r e e t
Second line of address t
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City or Post Office State ZIP Code SATE FILED
C a r l i s l e PA 170 13
Correspondent's a-mail address: C r 1 C e a~ m a r t S O n• Z a W• C O m
Unde penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge aril belief,
it i e, correct and complete. Declaration of preparer other than the ative is based on all information of which preparer has any knowledge.
SI U F PERSO RESPONSIB FOR FILING RETURN
ADDRESS ~ !T ~` ~ lQ
66 EAST MAIN STREET WALNUT BOTTOM PA 17266
SIG T~~pAR~R.OTHE THAN REPRESENTATIVE
SS DATE
10 EAST HIGH STREET CARLISLE PA 17013
PLEASE USE ORIGINAL FORM ONLY
Side 1
1505607121 1505607121
J 1505607221
REV-1500 EX
Decedent's Social Security Number
~ecedent~s Name: LARRY L• L A U G H M A N
RECAPITULATION
1. Real estate (Schedule A) .................................... .... 1. 1 0 3 0 0 0. 0 0
2. Stocks and Bonds (Schedule B) .............................. .... 2.
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) . .... 3. .
4. Mortgages & Notes Receivable (Schedule D) ,, , , , , , , , ,, , , , , , , ,,, 4
5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ... .... 5. 1 1 5 2 0. 0 0
6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested ... .... 6.
7. Inter-Vivos Transfers & Miscellaneous Nan-Probate Property
(Schedule G)
U Separate Billing Requested ... .... 7.
8. Total Gross Assets (total Lines 1-7) .... . .... .... 8 1 1 4 5 2 0. 0 0
9. Funeral Expenses & Administrative Costs (Schedule H) ............. ... 9. 1 3 3 1 2 . 4 2
10. Debts of Decedent, Mortgage Liabilities, 8~ Liens (Schedule I) ......... ... 10. 1 2 0 8 9 4 . 3 1
11. Total Deductions (total Lines 9& 10) ........................ ... 11. 1 3 4 2 0 6. 7 3
12. Net Value of Estate (Line 8 minus Line 11) ...................... ... 12. ~ 1 9 6 8 6. 7 3
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election•to tax has not been made (Schedule J) ............... ... 13.
14. Net Value Subject to Tax (Line 12 minus Line 13) ............... ... 14. - 1 9 6 8 6. 7 3
TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) X0.00 0. 0 Q 15. 0. 0 0
16. Amount of Line 14 taxable
at lineal rate X .0 _ 0. 0 0 16, 0. 0 0
17. Amount of Line 14 taxable
at sibling rate X .12 Q 0 0 17. Q, 0 0
18. Amount of Line 14 taxable
at collateral rate X .15 Q 0 0 18. 0. O Q
19. Tax Due ................................................ 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
Side 2
1505607221
0. 0 0
1505607221 J
REV-1500 EX Page 3
Decedent's Complete Address:
DECEDENT'S NAME
LARRY L- LAUGHMAN
STREET ADDRESS
66 East Main Street
CITY
Walnut Bottom
Tax Payments and Credits:
~ • Tax Due (Page 2 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit ._
B. Prior Payments
File Number
21 08 0181
STATE ZIP
PA 17266
(1) 0.00
C. Discount
3. Interest/Penalty if applicable
D. Interest
E. Penalty
Total Credits (A + B + C) (2) 0 • 0 0
Total Interest/Penalty (D + E) (3) 0 - 0 D
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Fill in oval on Page 2, Line 20 to request a refund. (4) 0 • 0 0
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 0 • 0 0
A. Enter the interest on the tax due. (5A)
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B) 0 - 0 0
Make Check Payable to: REGISTER OF W1LLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BL
OCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred : ........................................................... ^ o
.......
....
b. retain the right to designate who shall use the property transferred or its income; ...............................
^
Q
c. retain a reversionary interest; or ...............................................................................................
d. receive the promise for life of either payments, benefits or care? ...................
. ............................. ^ X^
......
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? ...................................................................... ^ 0
.................
3. Did decedent own an 'in trust for' or payable upon death bank account or security at his or her death? ......... ^ X^
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? .................................................................................................. ^ X^
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is three (3) percent [72 P.S. §9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (O) percent
[72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an
adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. §9116(a)(12)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in
72 P.S. §9116(1.2) [72 P.S. §9116(a)(1)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. §9116(a)(1.3)]. Asibling is defined, under
Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
REV-1502 EX + (6-98)
SCHEDULE A
COMMONWEALTH OF PENNSYLVANIA REAL ESTATE
INHERITANCE TAX RETURN
RESIDENT DECEDENT
is I w I t ~r ~ FILE NUMBER
LARRY L• LAUGHMAN 21 08 0181
All real property owned solely or as a tenant In common must be reported at fair market value. Fair market value is defined as the price at which properly would be
exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts.
Real roe which is aintl -owned with ri ht of survivorshi must be disclosed on Schedule F.
ITEM
NUMBER DESCRIPTION
1. Resf. ence ocate at 6 East Main St., Wa nut Bottom, So. Newton Twp.,
Cumberland County, PA, known as Tax Parcel No. 41-31-2230-051, being
being described in Deed dated 12/19/1997 and recorded in Cumberland County
Deed Bk 169, Page 705, being conveyed to Larry L. Laughman. See attached
appraisal.
VALUE AT DATE
OF DEATH
103,00 .00
TOTAL (Also enter on line 1 Recapitulation) ~$ 10 3, 0 0 0 0 0
(If more space is needed, insert additional sheets of the same size)
REV-1508 EX + (6-9a)
SCHEDULE E
COMMONWEALTH OF PENNSYLVANIA CASH, BANK DEPOSITS, 8t MSC.
IN REST DENTEDECEDENTRN PERSONAL PROPERTY
ESTATE OF
FILE NUMBER
LARRY L- LAUGHMAN 21 08 0181
Include the proceeds of litigation and the date the proceeds were received by the estate.
Ali property jointty-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER DESCRIPTION VALUE AT DATE
OF DEATH
~. 2002 Do ge Ram 1500 pic up truc , Ke y B ue Boo va ue. See attac e , , can nn
TOTAL (Also enter on line 5 Recapitulation) I$ 11 5 2 0 0 0
(If more space is needed, insert additional sheets of the same size)
REV-1511 EX + (10-06)
SCHEDULE H
COMMONWEALTH OF PENNSYLVANIA FUNERAL EXPENSES &
IN REST DENT DECEDENTRN ADMINISTRATIVE COSTS
ESTATE OF FILE NUMBER
LARRY L• LAUGHMAN 21 08 0181
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION
A• FUNERAL EXPENSES:
1. Hoffman-Roth Funeral Home, Carlisle, PA
2 • Waggoners United Methodist Church, cemetary lot, grave marker and inscription
B.
1
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name of Personal Representative (s)
Street Address
City
Year(s) Commission Paid:
State Zip
Q, Attorney Fees
3. ~ Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
Ciiy State Zip
Relationship of Claimant to Decedent
4, Probate Fees
AMOUNT
7,423.92
490.00
5 Accountant's Fees '
6. Tax Return Preparer's Fees
7. Cumberland County Register of Wills, Short Certificates
8•
Cumberland County Register of Wills, Petition to Purchase Real Estate 8.00
9• Cumberland County Recorder of Deeds, recording fee and Statement of Value 15.00
10. Cumberland County Register of Wills, filing fee, Inheritance Tax Retum 39.50
11. Cumberland County Register of Wills
additional probate fee 15.00
12. ,
Diversified Appraisal Services, real estate appraisal fee ~
~ 15.00
13. Filing fee, Renunciation 325.00
5.00
TOTAL (Also enter on line 9, Recapitulation) ~ $
(If more space is needed, insert additional sheets of the same size)
13,312.4
REV-15'F2 EX + (12-03)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULEI
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
ESTATE OF
FILE NUMBER
LARRY L• LAUGHMAN 21 08 0181
Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses.
ITEM
NUMBER DESCRIPTION VAOF DEADHTE
i. CitiMortgage, balance due on date of death. Lien on real property identified 85,414.06
on Sch. A,,, line 1. (See attached)
2 • Capital One Auto Finance, balance due of date of death, Sch. E Line 1 asset
(See attached)
3 . Capital One Services, Inc„ credit card #5171802595444031, balance due on date
of death. (See attached)
4 . PNC Bank, acct #40-03-048014827011. Lien on real property identified
on Sch. ~„ Line 1. (See attached)
5 • Boore's Towing, account payable
TOTAL (Also enter on fine 10 Recapitulation) I $
(If more space is needed, insert additional sheets of the same size)
18,103.53
4,967.95
12,083.77
325.00
120,894-
APPRAISAL REPORT
66 EAST MAIN STREET
WALNUT BOTTOM, PENNA.
PREPARED FOR
THE ESTATE OF LARRY L. LAUGHMAN
BY
LARRY E. FOOTS
DIVERSIFIED APPRAISAL, SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
CO°Y
SUMMARY OF IlViPORTANT FACTS AND CONCLUSIONS
LOCATION:
TAX PARCEL NUMBER:
66 East Main Street
Walnut Bottom, Pennsylvania
41-31-2230-051
IMPROVEMENTS: Two-story detached single-family dwelling.
PROPERTY RIGHTS: Fee simple interest.
OWNERSHIP HISTORY: The subject property is owned b L
The ro y an'y L• Laughman.
P perty 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 ro
unencumbered. ~ P ~~ ~
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.
F~~- 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%
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 %i
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 %i
degrees West, 111 feet by lands now or formerly of Michael Seavers to a post; thence South
463/4 degrees West, 57%z 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 %i degrees East, 111 feet to a
point on the said Walnut Bottom Road; thence along said road, North 463/4 degrees East, 57%
feet to the place of beginning.
To the best of my knowledge and belief the statements contained in this report aze 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 Mazket 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.
G%~~~
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.
Mazket 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 are 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 ternis 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. Fride of ownership is evident throughout the neighborhood.
DESCRIPTION OF IlVIPROVEMENTS
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.
Bement: 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: Carp
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 reaz of the site is a
wooden storage building.
G~~. CONDITION:- All improvements are considered to be in average to good
condition on the interior and on the exterior, with mechanical systems appeazmg to be adequate
and functioning properly,
6
Tx~ 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 compazed 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 square foot of building area.
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 similaz to the subject aze 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 azea 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
March 27, 2008.
$116,500
1,268 square feet.
$91.88 per square 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 square foot.
SALE NO. 3:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
29 Parsonage Street, Newville
June 27, 200?.
$95,000
1,690 squaze feet.
$56.21 per square foot.
The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this
page are dollaz adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus
increasing the indicated value of the subject.
A$er malting 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
FINAL INDICATED VALUE OF SUBJECT PROPERTY: $103,000
9
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 are 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 aze figured
accurately, because no prudent person will pay more for a property than the cost to produce a
substitute properly 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 similar
to that of the subject, all of which are located in the same general area. The adjusted sales
prices are 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 particular property than the net operating income
will support. Since the majority of properties similaz to the subject aze 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 HiJNDRED THREE THOUSAND DOLLARS
$103,000
10
UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS 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 mazketable. The property is appraised as though under
responsible ownership.
2. The legal description used herein is correct.
3. I have made no survey of the property, and the boundaries aze taken from records
believed to be reliable.
4. I assume that there are no hidden or unapparent conditions of the ro
p party, 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 fum with which he is connected) shall be
reproduced, published, or disseminated to the public through advertisin medi
relations media, news media, sales media, or any other public means of ommunicatioln,
without the prior written consent and approval of the appraiser.
8. This appraisal was prepazed for the exclusive use of the client identified in this
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.
11
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 aze limited only by the reported
assumptions and limiting conditions, and are my personal, unpartial, 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 assi
development or reporting of a predetermined value or directiont in value that fao rs 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
aze based, aze 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.
12
10. No one other than the undersigned prepared the analyses, conclusions, and
opinions concerning real estate that are set forth in this appraisal report.
G%~~~
Larry E. Foote
Certified General Appraiser
GA-000014-L
13
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 regard 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 regazd 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 are 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 safeguards that comply with our professional standazds to
insure the security and integrity of your information.
14
LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
1979-Present: Chief Appraiser, Diversified Appraisal Services, Cazlisle, Pa.
Principal Broker, LaRue Development Company, Cazlisle, Pa.
1976-1979: Associate Broker, Colonial Realty, Carlisle, 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, daycare 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, awarded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist, awarded by the Realtors National Market-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awazded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGAI~IIZATION 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 ~` Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company, CPA
Smith's Transfer Corporation
Carlisle Department of Parks and Recreation
Executive Relocation Services
Carlisle 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, Ina
Prudential Relocation Services
Lender's Choice
Market 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 Appraise( 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
Harrow Mortgage
Various law firms and individuals
16
17
PHOTOGRAPHS OF THE SIIBJECT ~ROVEMENTS
18
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19
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10/2008
r'.ri!, i, 208 1 ?~~?vI KETc"'JOE I.Ean~ uEFT I~G. 212i p
1.
Below is the requested information regarding the loan balances as of the date of death 02/12/08,
for Larry L. Laughman.
Principal Balance $85,414.06
Due to confidentiality requirennents set forth in our Privacy Promise with our mortgages, eve are
unable to release information to the attorney.
You may fortivard this information to the requesting party if you deem necessary.
Enclosed is a return envelope for your convenience in returning the required documentation.
If you need further assistance regarding the mortgage account, please contact us at 1-800-283-
7918*. Customer Service Associates are available at this number Monday through Friday 8:00
a.m. to 12:00 Midnight ET and Saturday 9:00 a.ixt. 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 random/) monitored and rewrdcd to crsurc qu liiy service,
t'.rl~. n. C'~va i i rt~y 1:CiCi'~1VT~ L~!IltL ~/~~~ F~^ r
~ ~Y l,, C 121 F.
Below is the requested information regarding the loan balances as of the date of death 02/12/08,
for Larry L. Laughman.
Principal Balance $85,414.06
Due to confidentiality requirennents set forth in our privacy Promise with our mortgages, eve are
unable to release information to the attorney.
Xou may forward this information to the requesting party if you deem necessary.
Enclosed is a return envelope for your eonvenie~nce in returning the required documentation.
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 th=ough Friday 8:00
a.m. to 12:00 Midnight ET and Saturday 9:00 a.m. 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 randomly monitored and recorded to ensure quality service.
t
~ PNC BANK
March 10, 2008
Martson Law Offices
10 East High Street
Carlisle, PA 17013
RE: Estate of Larry L Laughman:
Account# 40-03-048014827011
Dear Ms. 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,
~'~ ,
Monica Youn~er
Senior Credit Counselor
(412)768-5544
CLC Consumer Services Co is a loan servicing company
:'~temLer of Tha PNC rin:~ncial ~=ervices Group
r
CASE NUMBER: 2120080181
IN THE PROBATE/SURROGATE COURT
IN THE MATTER OF LARRY LAUGHMAN STATE OF PENNSYLVANIA
COUNTY OF CUMBERLAND
STATEMENT OF CREDITOR'S CLAIM
Decedent's Date of Death: 02/12/2008
Decedent's Last Mailing Address: 66 E MAIN ST WALNUT BOTTOM, PA 17266
Acct No. 6418002
Creditor: Capital One Auto Finance, Inc. f/k/a Summit Acceptance Corporation
Address: 3901 N. Dallas Parkway
Plano TX 75093
Telephone: (800) 227-3863 (ext. 3633)
Fax: (888)722-4993
Basis of Claim: Breach of Retail Installment Contract and Security Agreement
Amount of Claim: $18,103.53 Per Diem: $2.815 l0
Date claim will become due (if not akeady due): Already Due
Description of any security as to claim: 2002 DODGE RAM 1500 VIN: 3D7HU 18Z42G21 1688
~~~ ~~
egritald Rouse
Title: Legal Recourse Specialist
Date: April 25, 2008
Capital One Auto Finance, Inc. f/k,~a
Summit Acceptance Corporation
3901 Dallas Parkway
Plano TX 75093
Telephone: (800) 227-3863 (ext. 3633)
Fax: (888) 722-4993
Sworn to and subscribed before me on this 25 day of April , 2008. j~
-, -,
,,,~w,,,.,,,~ SHERRY ~ // ` r. 'l~ _
,~•~,,evr~~ lOUISE HOWARD T==
=~~~ f"= Notary Public, State of Texas Notary Pub iC
v ti5 N?y Commission Expires State of Texas
~,~,,.
„ „iw'' September 21, 2011