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HomeMy WebLinkAbout11-09-10 ~ ~: } IN THE COURT OF COMMOI~I PLEAS OF CUMBERLAND COUNTY, ! N } PENNSYLVANIA ° ESTATE OF ) NELSON L. MINICH, ) ORPHANS COURT DIVISION ~ •c Deceased ) ~ ~ N0.21-10-0309 } ~ Q = PETITION TO APPROVE PURCHASE OF REAL ESTA')~E ~ f`? BY PERSONAL REPRESENTATIVE '~ .o AND NOW comes the Executrix, Kimberly L. Rhoades, in her capacity',as~Bxecutrix for the Estate of Nelson L. Minich and files this Petition based upon the following:.. 1. The Decedent, Nelson L. Minich, died on March 13, 2010 and Letter$ were issued to Kimberly L. Rhoades on March 26, 2010 2. The Executrix, Kimberly L. Rhoades, who is the granddaughter of the residuary beneficiary of the Decedent's estate along with five other grandchildren, Feuchtenberger; Teresa K. Barrick; Charlene L. Feuchtenberger; Chazles N. Michelle M. Bottoms. Both of the Decedent's children, his sons, predeceased him. la A. is a Jr., and 3. The Decedent, at the time of his death, was the owner of several pazce~s ~f real estate which are in various stages of being liquidated by the Executrix as part of the administration. 4. One of the parcels of real estate is the property known as 221 North M~dc~leton Road ("Premises") upon which a mobile home is situate. 5. The Executrix, Kimberly L. Rhoades, along with her husband, Scott A R~oades, is desirous of purchasing that parcel of real estate from the Estate. 6. Initially, the Executrix obtained an appraisal on the Premises by Larry ~. ~'bote, who provided a valuation of $59,000.00. Attached hereto and marked as Exhibit A is ~ tru$ and correct copy of the conclusion pages of the report. 1 .~# r~i ~`"~ ~^ ~"~ tr+ s~-=; e._. .~ C~ -;, C~ 7. The Executrix then engaged Wolfe & Company Realtors to mazket ~he~ various ~I properties owned by the Decedent on behalf of the Estate, including the subject Premises. 8. By letter dated May 17, 2010, the broker, Ray L. ("Buz") Wolfe, Jr.~ se Attorney Michael L. Bangs indicating that it was his opinion that the Premises iwc extremely difficult if not impossible to sell given the various issues as outlined ~n that he viewed the value of the Premises to be in the range of $40,000.00 to $4~,C Attached hereto and marked as Exhibit B is a true and correct copy of that letter c 2010. 9. The Executrix and her husband Scott A. Rhoades then offered to Premises for $40,000.00, that offer being sent to all of the residuary heirs. 10. Four of the heirs, Chazlene Feuchtenberger, Charles N. Minich, Jr., and Carla A. Feuchtenberger, initially objected to the sale of the Premises to Ki Rhoades and Scott A. Rhoades for $40,000.00. Attached hereto and marked as true and correct copy of that letter. a letter to Id be kat letter and x.00. May 17, ~e the ~e~a K. Barrick IFrly L. hi~bit C is a 11. The Executrix never heard back from Michelle M. Bottoms. I 12. The Executrix then instructed the realtor to mazket the property at wNµc time Mr. Wolfe sent a letter dated July 14, 2010 wherein he further clarified his position on the valuation of the Premises and specifically identified what he viewed to be the sh~rt~amings of the appraisal provided previously. Attached hereto and marked as Exhibit D is a I e and correct copy of the letter. ~I 13. Subsequently, by letter dated July 27, 2010, the four heirs who objec~e do the previous sale now agreed to the sale of the Premises to Kimberly L. Rhoades and I S ott A. 2 Rhoades for $40,000.00. Attached hereto and marked as Exhibit E is a true and ~o~rect copy of the letter. 14. By letter dated August 13, 2010, Michael L. Bangs, Esquire, sent a fdllow up letter to Michelle M. Bottoms advising her that the other heirs had agreed to the purchase and asking her to provide any objections within 30 days of the date of that letter. Attached he~et~ rand mazked as Exhibit F is a true and correct copy of the document. 15. As of this date there has been no res onse from Michelle M. Botto ~ b'ectin t p #n~ o I g o the sale of the Premises to the Executrix, Kimberly L. Rhoades and her husban~ Scott A. Rhoades. ~~ 16. The Executrix and her husband aze still desirous of purchasing the 1#re~nlises for $40,000.00, and believes that it would be beneficial to the Estate to allow that piur~)Yase to occur. 17. There have been no other offers on the Premises. WHEREFORE, the Petitioner requests that this Court decree as follow: ', A. The Court, in accordance with Pa. C.S. Section 3356, approves purchase of 221 North Middleton Road by the Executrix and her husband ~catt A. Rhoades for the amount of $40,000.00. Respectfully submitted, MICHAEL L. BANGS/J Attorney for Petition 429 South 18th Street Camp Hill, PA 17011 (717) 730-7310 Supreme Court ID #41263 VERIFICATION I hereby verify that the statements made in the foregoing document are true and correct. I understand that false statements herein are made subject to the penalties of 18 lea. C.S. Section 4944, relating to unsworn falsification to ai ' ' Date: ~ ~` ~ ' 4 5 ~. AppRAI5AL ItE~RT 221 N• ~DLETON ROAD CARLISLE PENN~'VANIA' D FOR ' PREP A,~ OF NEI,SO13 L. MACH T~ EST BY LARRY E' gpO'I'E ~D APPRAISAL., SER~CES DTVERS STR~ET~ SUITE 101 35 EAST HIGH CARLISLE, PENNS~'V ANIA 17013-3052 (717) 249 2758 Ray "B Since 1986 g (Formerly Wolfe & Shearer) ® ~, REALTOR RESIDENTI CONSUL, iNIG' • INVESTMENTS roker/Owner I ~/ 1 !'1 Michael L. Bangs, Esq, 429 South 1$~' Street Camp Hill, PA 17011 ~~ LFE ~ Q uz" Wolfer CRS ~ O A A ~ h ~;"; C~EALTGI~S 33 South Pitt Street • Carlisle, PA 17013 717.243.1551 • www.wolfecompanyrealtors.com AL COMMERCIAL • APPRAISALS, {NDUSTRIAL • May 17, 2010 Re: The Estate of N. L. Minich Dear Attorney. Bangs, Pursuant to your request, I have personally inspected the properties within kh~ l~ielson Minnich Estate which Kim Rhoades has directed me to sell. In particular, I was a~ke~ to inspect the property at 221 North Middleton Road and to render an opinion as to both its vah~e and marketability. Quite frankly, this property will be extremely difficult, if not impossible, to sell on the open market. The subject property is a 1978 (?) 14 x 70 mobile home situated on a .~2' acre lot that. appears to be encumbered by easements and a shared well. The shared well will likely preclude the property from most mortgage unde Ting guidelines and approvals. The well apparently serves a property at 151 North Middle an Road - - aproperty which does not adjoin the subject but is located several hundred feet dow$~ the road. There also appears to be right of ways or easements through the subject property to' other lands of N. L. Minnich. Unless the rights of way or easements are properly set forth and ire~o~ded, they, too, would present financing difficulties. The biggest issue, however, is the presence of the 14x70 mobile home.. Thep $ent financing climate makes these. types of properties, particularly those similar in age tb a subject, virtually impossible to finance.. No secondary mortgage mazket products are available. There may be, in some cases, a very limited amount of portfolio loans available for such a~~,pr{~~erty, but they would require down payments and interest rates which would, as a practical m~ r, simply be "out of reach" for the type of Buyer interested in acquiring this type of property. In conclusion, I believe that the only real value to the subject property is izl the .92 acre lot with a septic and shazed well. I believe that the value of this particular property,'given all of these factors, is likely in a range of $40,000-$45,000. One final observation. I further note that the property at 201 f JniOn ~ialY Toad, while larger and in better condition, is fundamentally a 1977 mobile home with additions. ~! We are further researching this property, but believe it could be subject to some of the vety $a~ne issues surrounding the property at 221 North Middleton Road as set forth above. Please let me know how I can be of additional assistance to you and the Estate. I look forward to hearing from you and getting further direction in these matters. Sincerely, Ray L. Wolfe, Jr. SRS Broker/Owner'. RLW/tls Cc: Kim Rhoades June 25, 2010 Michael L. Bangs, Esquire 429 South 18~' Street Camp Hill, PA 17011 ItE: NELSON L. MINICH ESTATE Dear Attorney Bangs: .. . ._. We aze writing in reference to your letter dated June 4, 2010 concerning the ~raperty located at 221 North Middleton Road. Due to the fact that we were verbally notified that the certified appraisal conducted by Larry Foote valued the property at $59,Ob0~ we do not feel that an offer of $40,000 is acceptable to the estate. Your letter states ~h~ by accepting this offer the estate would save the cost of drilling a new well. Duje t~ the fact that the existing well is located at 221 North Middleton Road, we feel that the a*pense of drilling a new well should be passed along in accordance with the specific reap dstate property bequest, that property being 151 North Middleton Road. Ethically spea~Cing, any offer being proposed by Kixn as Executor at well below the appraised value easily be perceived. as a conflict for bier and for the Estate. As I stated in a previous eml~ actions such as these could lead others to pursue outside counsel, which would in turn cost the estate additional expense and create litigation issues. on Kim's behalf as Executor. In addition, we as beneficiaries formally request an inventory of all estate ass~ts,~, both probate and non-probate, as well as date of death values andlor appraisals of tt~e 'same. es ectfully sub 'tted, ~~ Charlene L. Feuchtenberger Chazles N. Minich, Jr. i Teresa K. Barrick azla A. F Berger ~ ', EX~gIT D 8 wo~FE ~ Buy" woe, CRS C C)M PA N Y Since 1986 9rol~dUvmer (Formerly Wolfe & Shearer) C~EALTOC~S 33 South Pitt Street • Carlisle, PA 17013 /M ~~,5. 717.243.1551 • www.wolfecompanyrealtors.com ', ~%LL ,~r,,,,,M, ~,...~ 4L • COMMERCIAL,.. ,~ ,APPRAISALS • INDUSTR{AL • CONSULTII~IG INVESTMENTS July 14, 2010 Michael L. Bangs Attorney at Law 429 South 18`'' Street Camp Hill, PA 17011 r Re: Nelson L. Minich Estate 221 North Middleton Road , Cazlisle PA pear Attorney Bangs, Pursuant to your request, I have'further reviewed Larry Foote's appraisallofthe above referenced property in an attempt to better understand the value difference betw~err his opinion and that which I provided to you in my previous letter pertaining to this subject. In my opinion, Mr. Foote did not use the best ava}lable comparable sales ~~n !his anal}~sis. I particularly note that Comparable Sale #1 and Comparable Sale #~ sold for weld i~ excess of the value of the subject property. The result was a conclusion of value which is ~irrply not appropriate for the subject property in light of current market conditions. After extensive review, I have provided two additional comparable sales `pvh~ch I think are more similar to the subject property and more appropriate for use in the Sales'!,C~mpazison Approach. In my opinion, they suggest a value range more in the $40,000-$45,Ob0 range. I stress again that the age of the mobile home, coupled with the presence cif fir shared well and numerous easements across the subject property, may make it almost im Visible to ~, finance in the current mortgage climate. Therefore, I believe that the Estate shou~d i've cardful consideration to any cash "as is" offer made in the value range I have suggested a~o~r~. . x. Please let me know if I can be of additional assistance in this matter. ~~ continue #o market the other Estate properties which have been listed with our company d twill kee~ you apprised of our progress. Sincerely,', Ray L. Wo~feb Jr., CRS Broker/Ow6ne~ RLW/tls Cc: Kim Rhoades 9 July 27, 2010 Michael L. Bangs, Esquire 429 South 18~' Street Camp Hill, PA 17011 RE: NELSON L. MINICH ESTATE Dear Attorney Bangs: We are writing in reference to the property located at 221 North Middleton Rloa{d. We ar in receipt of the letter from Buz Wolfe dated July 14, 2010 which provided cb parable sales analysis for the property. Based on this additional information and clai}ifi~ation, are m agreement for Kim and Scott to purchase the property at their previous',of~eir of $40,000. /~~ -`~ R tfully s tted, ,;~ ,~ ,` ~. lene L. Feuchtenberger Charles N. Mini , Jr. ~ l Wes' ~ J~"l`-1' V Teresa K. Barrick la A. F enbet'ger cc: Kim Rhoades, Executrix ~, 10