HomeMy WebLinkAbout05-25-06
REV-15llO EX + (6-Oll)
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
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RUEGG STEVEN C.
DATE OF DEATH (MM-DD-Year)
DATE OF BIRTH (MM-DD-Year)
02/01/2006 02/13/1958
(IF APPLICABLE) SURVNING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
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1XI1. Original Return
o 4. limited Estate
o 6. Decedent Died Testate (AttachcopyofWiNI
o 9. litigation Proceeds Received
o 2. Supplemental Return
o 4a. Future Interest Compromise (date of dealh after 12-12.82)
o 7. Decedent Maintained a Living Trust (Atlach copy of Trust)
o 10. Spousal Poverty Credit (dateofdealh between 12-31-91 and 1-1-95)
FILE NUMBER
~lYk- -~-/o- 1:1 0 kRS ~
SOCIAL SECURITY NUMBER
1 6 7 - 4 0 - 0 384
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
o 3. Remainder Retum (dateofdealhpriorIo12-13-82)
o 5. Federal Estate Tax Return Required
_ 8. Total Number of Safe Deposit Boxes
o 11. Election to tax under Sec. 9113(A) (Attach Soh O)
THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
NAME COMPLETE MAILING ADDRESS
WILLIAM A. DUNCAN 1 IRVINE ROW
FIRM NAME (If Applicable)
DUNCAN & HARTMAN P.C.
TELEPHONE NUMBER
717-249-7780 CARLISLE PA 17013
95,000.00 I
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1. Real Estate (Schedule A) (1)
2. Stocks and Bonds (Schedule B) (2)
3. Closely Held Corporation, Partnership or Sole-Proprietorship (3)
4. Mortgages & Notes Receivable (Schedule D) (4)
5. Cash, Bank Deposits & Miscellaneous Personal property (5)
(Schedule E)
6. Jointly Owned Property (Schedule F) (6)
o Separate Billing Requested
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7)
(Schedule G or L)
8. Total Gross Assets (total Lines 1-7)
9. Funeral Expenses & Administrative Costs (Schedule H) (9)
10. Debts of Decedent, Mortgage liabilities, & Liens (Schedule I) (10)
11. Total Deductions (total Lines 9 & 10)
12. Net Value of Estate (Line 8 minus Line 11)
13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been
made (Schedule J)
14. Net Value Subject to Tax (Line 12 minus Line 13)
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
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15. Amount of line 14 taxable at the spousal tax
rate, or transfers under Sec. 9116 (a)(1.2)
X _(15)
95,219.03 X .045 (16)
X .12 (17)
X .15 (18)
(19)
16. Amount of Line 14 taxable at lineal rate
17. Amount of Line 14 taxable at sibling rate
18. Amount of Line 14 taxable at collateral rate
19. Tax Due
20. 0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
> > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH < <
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17,171.82
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(8)
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W 112,171.82
12,889.31
4,057.19
(11)
(12)
(13)
16,946.50
95,225.32
(14)
95,225.32
4,284.86
4,284.86
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ece en s omple e ress:
STREET ADDRESS 3521 ENOLA ROAD
CITY I STATE I ZIP
NEWVILLE PA 17241
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
8. Prior Payments
C. Discount
(1)
4,284.86
Total Credits ( A + 8 + C) (2)
3. Interest/Penalty if applicable
D. Interest
E. Penalty
Total Interest/Penalty ( 0 + E) (3)
4. If Line 2 is greater than Une 1 + line 3, enter the difference. This is the OVERPAYMENT.
Check box on Page 1 line 20 to request a refund (4)
5. If line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5)
A. Enter the interest on the tax due. (5A)
8. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (58)
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN AX" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred; ........................................................................... 0 00
b. retain the right to designate who shall use the property transferred or its income; ........................................ 0 r&1
c. retain a reversionary interest; or ...................................................................................................... 0 l:&:l
d. receive the promise for life of either payments, benefits or care? ............................................................. 0 l:&:l
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .......................................... ................................. ................... 0 l:&:l
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? ................. 0 00
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ................................................... .......................................... .......... 0 l:&:l
0.00
4,284.86
4,284.86
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
ing accompanying schedules and statements, and to tile best of my knowledge and belief, ft is true, correct and complete.
all infolmation of which preparer has any knowledge.
URN
ADDRESS
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 3%
(72 P.S. 99116 (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 0% (72 P.S. 99116 (a) (1.1) (ii)l.
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 0% [72 P.S. 99116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5%, except as noted in 72 P.S. 99116(1.2) [72 P.S. ~9116(a)(11I.
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. 99116(a){1.3)J. A sibling is defined, under Section 9102, as an
individual who h::l!,; at le::l!,;! one o::lran! in common with the der.P.dent. whether hv blood or adootion.
REV-1502 EX + (6-98)
.,
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
RUEGG STEVEN C.
All real property owned solely or as a tenant in common must be reported at fair market value. Fair mamet value is defined as the price at which property 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 orooertv which is iointlv-owned with riaht of survivorshin must be disclosed OR Schedule F.
SCHEDULE A
REAL ESTATE
ITEM
NUMBER
1.
DESCRIPTION
VALUE AT DATE
OF DEATH
56,000.00
2.
3521 ENOLA ROAD
NEWVILLE, PA 17241-9723
(SEE APPRAISAL ATTACHED)
GREEN MEADOWS DRIVE
CARLISLE, PA 17013
(SEE APPRAISAL ATTACHED)
39,000.00
TOTAL (Also enter on line 1, Recapitulation) $
95 000.00
REV-1508 EX + (6-98)
.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
RUEGG STEVEN C.
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
FILE NUMBER
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointIy-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
DESCRIPTION
STATE FARM MUTUAL INSURANCE COMPANY CLAIM PAYMENT FOR DAMAGED
VEHICLE
VALUE AT DATE
OF DEATH
9,978.88
2.
SOVEREIGN BANK ACCOUNT # 1671011236
5,065.40
3.
FINAL COMMISSION CHECK JACK GAUGHAN REALTORS
2,121.25
4.
SPRINT NEXTEL REFUND CHECK # 0013652509
6.29
TOTAL (Also enter on line 5, Recapitulation) $
(If more space is needed. insert additional sheets of the same size\
17171.82
REV-1511 EX + (12-99)
.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
RUEGG STEVEN C.
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
Debts of decedent must be reported on Schedule I.
FILE NUMBER
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1. EWING BROTHERS FUNERAL HOME - FUNERAL BILL 10,093.30
2. GEORGE'S FLOWERS - FUNERAL SERVICE 132.50
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative (s)
Social Security Number(s)/EIN Number of Personal Representative(s)
Street Address
City State Zip
Year(s) Commission Paid:
2. Attorney Fees DUNCAN & HARTMAN, P.C. 2,000.00
3. Family Exemption: (If decedenfs address is not the same as ctaimanfs, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
4. Probate Fees CUMBERLAND COUNTY REGISTER OF WILLS FlUNG FEES 166.00
5. Accountanfs Fees
6. Tax Return Prepare~s Fees STOTT & STOTT - 2005 TAXES 150.00
7. CUMBERLAND COUNTY LAW JOURNAL - LEGAL AD 75.00
8. THE SENTINEL - LEGAL AD 122.51
9. IN RESERVE 150.00
TOTAL (Also enter on line 9, Recapitulation) $ 12,889.31
(If more space is needed. insert additional sheets of the same size)
REV-1512 EX + (6-98)
.
SCHEDULE.
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES & LIENS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
RUEGG STEVEN C.
FilE NUMBER
Include unreimbursed medical expenses.
VALUE AT DATE
OF DEATH
ITEM
NUMBER DESCRIPTION
1. ADAMS ELECTRIC COOPERATIVE BILL
2. ADAMS ELECTRIC COOPERATIVE BILL
3. SPRINT PHONE BILL
4. STEVEN W. BARRETT APPRAISAL FEE FOR LOT ON GREEN MEADOWS DRIVE,
CARLISLE, PA
5. STEVEN W. BARRETT APPRAISAL FEE FOR 3521 ENOLE DRIVE, NEWVILLE, PA
6. SPRINT PHONE BILL
7. EXECUTIVE PROTECTIVE SECURITY BILL
8. ADAMS ELECTRIC COOPERATIVE BILL
9. PA DEP. OF REVENUE - PA INCOME TAXES 2005
10. CAPITAL AREA TAX BUREAU LOCAL INCOME TAXES 2005
11. U.S. TREASURY -IRS - FEDERAL INCOME TAXES 2005
12. ADAMS ELECTRIC COOPERATIVE BILL
55.94
38.20
30.06
200.00
200.00
25.42
68.97
41.93
458.00
237.40
2,664.00
37.27
TOTAL (Also enter on line 10, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
4057.19
R",~""".t_
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
SCHEDULE J
BENEFICIARIES
FILE NUMBER
RI JFGr, STEVEN C.
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY 00 Not List Trustee(s) OF ESTATE
1. TAXABLE DISTRIBUTIONS pnclude outrtght spousal distributions, and transfers under
Sec. 9116 (a) (1.2))
1. PHILIP J. RUEGG FATHER 50%
14 GARDEN DRIVE
CARLISLE, PA 17013
2. EVELYN J. RUEGG MOTHER 50%
14 GARDEN DRIVE
CARLISLE, PA 17013
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
ll. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
1.
TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 GOVER SHEET $
(If more space is needed, insert additional sheets of the same size)
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S.'/II BARRETT REAL EST ATE AND APPRAISAL SERVICES
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File No. 06..()084
APPRA\SA\.. Of
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LOCATEO AT:
Green Meadow orNe
Carnsle, pp.11013
fOR:
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Ph" Ruegg
14 Garden orNe
carnsle, pp. 11013
BORROWER:
steven c. RUEGG Estate
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AS Of:
March 6, 2006
BY:
stan A. Skowronek.
certlt\eO Re5\dent\s\ APprs\ser
-- --=::;;;;::.---=
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT
F"e No 06-0084
Property Address Green Meadow Drive
City Carlisle Countv Cumberland State PA
Leaal DesaiDtion Deed Book 1-36. page 450 Tax 10 # 29-17-1581-042
Owner/Oocupant Steven C. Ruegg Ma Reference 17-1581
.. Sale Price $ N/A Date of Sale N/A Property Rights Appraised
Loan charges/concessions to be paid by seller $ N/A 00 Fee Simple
R.E. Taxes $ 356.00 TaxYear 06/07 HOA$/Mo. N/A 0 Leashold
Lender/Client Phil Ruega 0 Condominium (HUDNA)
14 Garden Drive Carlisle PA 17013 I l PUD Source
LOCATION U Urban ~ Suburban L Rural NEIGHBORHOOD ANALYSIS Good Avg Fa. Poor
BUILT UP 0 Over 75% 00 25-75% 0 Under 25% Employment Stabiity 0 00 0 0
GROWTH RATE 0 Rapid 00 Stable 0 Slow Convenience to Employment 0 00 0 0
PROPERTY VALUES 0 Increasing 00 Stable 0 Declining Convenience to Shopping 0 00 0 0
DEMAND/SUPPLY 0 Shortage 00 In Balance 0 OverSupply Convenience to Schools 0 00 0 0
MARKETING TIME n Under 3 Mos. [Xi 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation 0 0 0 0
: PRESENT LAND USE "10 LAND USE CHANGE PREDOMINANT stG.EFAMLYHOUSNG Recreation Facilities 0 00 0 0
· Single Family 75% Not Ukely 0 OCCUPANCY PRICE AGE Adequacy of Facilities 8 00 0 0
~ 2-4 Family 0% Likely 0 Owner 00 $(000) (yrs) Property Compali~ity 00 0 0
.. Multi-Famiy 0% In process 00 Tenant 0 120 Low New Protection from Detrimental Cond. 0 00 0 0
Commercial ~ To: Residential Vacant (0-5%) 00 180 High 70 Police & Fire Protection 0 00 0 0
Industrial 0% Vacant (over 5%) 0 Predominant General Appearance of Properties 0 00 0 0
Vacant 25% 140- 40 ADDealtoMarket n [Xi n n
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.The subiect is located within a well
established neighborhood and is within easy driving distance to ammenities such as shopPOng, schools and employment.
Census Tract 0119.00
Zip Code 17013
LENDER DISCRETIONARY USE
Sale Price $
Date
Mortgage Amount $
Mortgage Type
Discount Points and other Concessions
Paid by Seller $
Dimensions See leaal description Topography BasicallY Level
Site Area .52 Acre mil Comer Lot No Size Typical for area
Zoning Classification Suburban Residential Zoning Compliance Yes Shape RectangUlar
HIGHEST & BEST USE: Present Use Residential Other Use N/A Drainage Appears AdeQuate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Residential
Electricity 00 street Macadam 00 0 Landscaping N/A
Gas 8 QJrb/Gutter None 0 0 Driveway N/A
Water Well Sidewalk None 0 0 Apparent Easements None Apparent
Sanitary Sewer 00 Street Lights None 0 0 FEMA Rood Hazard Yes. No X
StormSewer [Xi Alley None n n FEMA*MaP/Zone 4203970010 B/ Zone C
Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There are no apparent adverse easements,
encroachments or other adverse conditions. Private water system is common to the area and has no adverse affect upon
marketabilitv.
The undersigned has recited three recent sales of properties most similiar and proximale to subject and has considered these in the market analysis. The descriptIon includes a dollar
adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a slgnificantllem in the compareble property Is superior
to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of SUbject; if a significant item in the comparable is inferior to,
or less favorable than, the subject properly, a plus (.) adjustment is made, thus increasing the indicated value of the subjec\.
ITEM
SUBJECT
Green Meadow
Carlisle
COMPARABLE NO.1
29-07-0471-049
Shatto Drive, Carlisle
1.1 MIW
COMPARABLE NO. 2
29-06-0019-096
Terrace View Carlisle
1.3 MI N
COMPARABLE NO.3
29-06-0019-094
West View Carlisle
1.3MIN
54 900 $
$ /tI
Courthouse
i-(-)$Adjustm<lrt DESCRIPTION
Unknown
54 900
Address
Proximity to Subiect
Sales Price
Price/
. Data Source
. VALUE ADJUSTMENTS
· Sales or Financing
. Concessions
.
. Date of Salemme
. Location
SiteNiew
Water
.. Sanitary
$ N/A $ 46,000 $
$ /tI$ /tI $ /tI
Inspection Courthouse Courthouse
DESCRlPll0N DESCRIPTION I t(-)$ Adjustment DESCRlPll0N I
Unknown , Unknown ,
, ,
, ,
, ,
N/A 06/07/2005 , 04/07/2005 ,
, ,
Suburban Superior (-2ookl , -9 200 Superior( -20%) ,
.52 Ac/Avg .92 AclAva , .53 AclAvg ,
, ,
Well Well , Public (-10%l ,
, ,
Public Septic , 3,000 Public ,
,
, ,
, ,
, ,
, ,
I t( -)$ Adjustment
05/10/2005 :
-10800 Superior(-20%) ,
.53 Ac/Ava :
-5490 Public (-100M :
Public '
-10,980
-5 490
Net Adi. (total) I 1+ Ixl-' $ 6.200 f1 + fxl-: $ 16.290 I ] + [X] - : $ 16,470
Indicated Value Gross: 26.5\ Gross: 29.7 Gross: 30.0 I
ofSubiecl Net: -13.51 $ 39800 Net: -29.7 $ 38,610 Net: -30.0 I $ 38,430
Comments of Sales Comparison: Opinion of value is $38 000 to $40 000. Location adiustments reflect the comparabtes beina located
in established. or newly developed areas of larger homes. These are the best land sales com parables known to be available.
Comments and Conditions of Appraisal: Procertv has been appraised in "as is" condition. No improvements were considered in the
value reported. Appraiser assumes all necessarv cermits for future buildina on site are available.
Final Reconciliation: The Sales Comparison approach is the best indicator of value.
.
I (WE) ESTIMATE THE MARKET VALUE,ASDEFlNED,OFTHESUBJECTPROPERTY AS OF March 6, 2006 tobe$ 39000
. I (We) certify: that to the best of my (our) knowledge and belief, the facts and data used herein are true and correct; that I (we) personally inspected the subject property
and inspected all comparable sales cited in this report; and that I (we) have no undisclosed intere~..l.Jllesent or prospectiv~J~
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Appraiser(s) <~"~;r,,~ (, i ,'~,..:.\,-.; .f,_ Iv':. "-. Review Appraiser C:J t-- L.( /) ~ 00 Did 0 Did Not
Stan 'A. Sko~ronek (if applicable) Steven W. Barrett SRA. SRPA Inspect Property
Proprieta-y Land Fam 04188 Certified Residential Appraiser -- using ACI""""'e, 800234.8721......._._ Certified General Appraiser
S.W. Barrett Real Estate & Appraisal Services
Borrower: Steven C. RUEGG Estate
Prooertv Address: Green Meadow Drive
City: Carlisle
Lender: Phil Rueaa
State: PA
Zip: 17013
FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date: March 6, 2006
Appraised Value: $
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I REAR VIEW OF
SUBJECT PROPERTY
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STREET SCENE
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LOCA T\ON MAP
File No.: 06-0084
Case No.:
Zi : 17013
State'. PA
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L prepared b',/, Steven \N. BarreU RE APpr. Svc Ii 17) 24~-6646
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File No. 06-0084
********* QUALIFICATIONS *********
The following checked items are SPECIFIC SPECIAL CONDITIONS that were identified by this appraiser during the
inspection of the subject property, the com parables sales, and their neighborhoods and locations. Unless otherwise
noted, the conditions that apply to the subject property or the comparable sales used DO NOT AFFECT THE MARKET
VALUE OR THE FUTURE MARKETABILITY OF THE SUBJECT PROPERTY BEING APPRAISED. This is not a home
inspection service. This is an appraisal to estimate market value.
_1. The subject is located in a rural area and is less than 25% built-up.
_ _2. Commercial/Industrial uses are located within the subject's neighborhood. These uses are typical of similar
neighborhoods.
_x_3. Vacant and undeveloped land uses are located within the subject's neighborhood. These uses are typical for
the area.
_ _4. The predominant value in the neighborhood is less than that of the market value of the subject property. This is
due to the very wide range of value of properties in the area and superior quality of the subject property.
_5. The subject property is located in a F.E.M.A. Identified Flood Zone. Flood insurance coverage is required and
suggested.
_6. Dampness is noted in the basement of the subject. Standing or running water was not present on basement
floor. This condition is considered typical in dwellings of this style.
_x_7. The subject property is serviced by private well and/or septic systems which is common for the area.
_ _8. The subject is older than five(5) years. All mechanical systems including the heating, electrical and plumbing
systems appear upon a visual exterior inspection to be in working order. No warranties are implied in this statement.
_9. Repair items were noted in the comments section of the report. These comments on repair items are for
descriptive purposes only and are not required repairs. The items listed are cosmetic in nature.
_10. The basement floor is a dirt floor. This condition is common and typical for the area. and does not pose a
health or safety hazard.
_11. The subject property does contain functional obsolescence as noted in the report. This condition is
considered typical and common for the area and this style dwelling.
_12. The land value exceeds 30% of total value due to the high demand for vacant land in this neighborhood. This
condition is considered common and typical for the neighborhood.
_13. The land value exceeds 30% of total value. This is due to the large size of the site. This condition is
considered to be typical and common.
_14. Individual adjustments were required that exceed 15%. These adjustments were required due to lack of more
similar com parables on that individual rating. All com parables used are the best available.
_ _15. Total adjustments exceed 25%. This is due to the lack of comparable sales that were more similar in the
subject's market area. All com parables used are the best available.
_x_16. One or more comparable sales are older than six(6) months. Although there are comparable properties in the
subject's area, none have sold recently; therefore, sales in excess of six(6) months have to be used. All com parables
used are the best available.
_x _17. One or more com parables used were in excess of one (1) mile from the subject property. Although there are
comparable properties in the immediate area, none have sold recently. Therefore, it was necessary to use comparable
sales outside of the immediate area. All com parables used are located in similar neighborhoods and within the same
marketing area. All com parables used are the best available.
_18. The electrical system was not connected during inspection.
_19. The water service was not connected during inspection.
_20. The heating system was shut down during inspection.
_21. Roofing_Plumbing_Electrical_Heating_certification(s) is/are suggested.
22. Inground swimming pool_, out buildings_are included_,not included_according to lender's
guidelines.
_23. According to lender's guidelines a maximum of_acres were considered for this valuation. Remaining
acreage was given no value.x
File No. 06-0084
********* QUALIFICATIONS *********
_24. The subject property is located on a private road.
_25. Wood infestation inspection is suggested.
_x_26. Last recorded deed transfer: Date_06/11/1993 _, Consideration: $_3,800_.
_27. Proposed construction/renovation in accordance to plans and specifications to be completed in a workman-like
manner.
_28. Seller is paying part or all of closing costs.
_x_29. All comparable sales are verified closed sales.
_x_30. There are no special conditions or other requirements that would affect market value or future marketability in
the Appraisal Report.
CHECKED ITEMS ARE SPECIFIC SPECIAL CONDITIONS THAT WERE IDENTIFIED BY THIS APPRAISER DURING
INSPECTION.
File No. 06-0084
DEFINITION OF MARKET VALUE: 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: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised,
and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment
is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) 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.
. Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for
those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property
by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any
adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any
adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the
following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The
appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised
on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is
included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data
sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the
appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific
arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their
contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and
are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous
wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal
research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden
or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic
substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no
guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the
appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment
of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she
considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such
items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional
Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion,
repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the
appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to
any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the
mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally
approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia;
except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s)
without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before
the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Vacant Land
Page 1 of2
APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that:
File No, 06-0084
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate
to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the
market reaction to those items of significant variation. If a significant item in a comparable property is superior to , or more favorable than,
the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a
comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted
sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the
appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my
knowledge, that all statements and information in the appraisal report are true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject
only to the contingent and Limiting Conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal
interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the
estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the
prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the
subject property.
5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my
compensation for performing this appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party,
th e amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my
compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a
specific valuation, or the need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal,
with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable
time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the
marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section.
8. I have personally inspected the subject property and the exterior of all properties listed as comparables
in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the
subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these
adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented
about the effect of the adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on
significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal
report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal
report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in
the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies
and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the
statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking
full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: Green Meadow Drive, Carlisle, PA, 17013
APPRAISER:
SUPERVISORY APPRAISER (only if required)
"'0., \
( .-.r- . <./
Signature: --) --t-, Ll /.i /)
Name: Steven W. Barrett, SRPA, SRA
Date Signed: 03/09/2006
State Certification #: GA-000298-L
or State License #: RB-026921-A
State: PA
Expiration Date of Certification or License: June 30, 2007
____-.r-"
------....
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Signature.. ,,' \ \..""\ " . \ .,. { v.., c \4'1.\-.,
Name: Stan A. Skowronek
Date Signed: 03/09/2006
State Certification #: RL-001572-L
or State License #:
State: PA
Expiration Date of Certification or license: June 30, 2007
IJ-
Certified Residential Appraiser
00 Did 0 Did Not Inspect Property
Certified General Appraiser
Vacant Land
Page 2 of 2
S.W BARRETT REAL ESTATE AND APPRAISAL SERVICES
File No. 06-0083
APPRAISAL OF
i
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LOCATED AT: I
3521 Enola Road
I
Newville, PA 17241-9723 r
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FOR: I
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Phil Ruegg !
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14 Garden Drive I
Carlisle, PA 17013 I
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BORROWER: I
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Steven RUEGG Estate I
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AS OF: I
f
, March 6, 2006
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! BY: I
,
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I Stan A. Skowronek
I Certified Residential Appraiser
I
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S.W BARRETT REAL ESTATE AND APPRAISAL SERVICES
File No. 06-0083
03/15/2006
Phil Ruegg
14 Garden Drive
Carlisle, PA 17013
File Number: 06-0083
In accordance with your request, I have personally inspected and appraised the real property at:
3521 Enola Road
Newville, PA 17241-9723
The purpose of this appraisal is to develop an opinion of the market value of the subject property, as vacant.
The property rights appraised are the fee simple interest in the site.
In my opinion, the estimated market value of the property as of March 6, 2006
is:
$56,000
Fifty-Six Thousand Dollars
The attached report contains the description, analysis and supportive data for the conclusions,
final estimate of value, descriptive photographs, limiting conditions and appropriate certifications.
Respectively submitted,
i
"i
: '\<'4--
Stan A. Skowronek
Certified Residential Appraiser
124-126 North Hanover Street, Carlisle, PA 17013
SUMMARY APPRAISAL REPORT
LAND APPRAISAL REPORT
FOe No. 06-0083
Property Address 35Z1 Enola Road Census Tract 0130.00 LENDER DISCRETIONARY USE
CiIv Newville County Cumberland State PA Zip Code 17241-9723 Sale Price $
Legal Description Deed Book Y-28. paae 963 Tax 10 # 14-05-0421-001 Date
OwnerfOccupant Steven RUEGG Estate Ma RefeRlnce Mortgage Amount $
.. Sale Price $ N/A Date of Sale N/A Property Rights Appraised Mortgage Type
Loan chargeskoncessions to be Daid bv seller $ N/ A 00 Fee Simple Discount Points and other Concessions
R.E. Taxes $ 468.00 Tax Year 06/07 HOA $IMo. N1 A 0 Leashold Paid by Seller $
Lender/Client Phil Rueaa R Condominium (HUDNA)
14 Garden Drive. Carlisle PA 17013 PUD Source
LOCATION U Urban ~ Suburban l Rural NEIGHBORHOOD ANA/.. YSIS Good Avg. Far -
BUILT UP DOver 75% 00 25-75% o Under 25% Employment Stabiity 00000
GROWTH RATE o Rapid 00 Stable o Slow Convenience to Employment 00000
PROPERTY VALUES o Increasing 00 Stable o Declining Convenience to Shopping 00000
DEMAND/SUPPLY o Shortage 00 In Balance o OverSupply Convenience to Schools 00000
MARKETING TIME n Under 3 Mos. fX1 3.6 Mos. ri Over 6 Mos. Adequacy of Public Transportation 0000
. PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SlG..EFAMLYHOlJSIIIG Recreation Facilities 00000
.
· Single Family 40~ Not Likely 0 OCCUPANCY PRICE AGE Adequacy of Facilities 00000
: 2-4 Family 0% likely 0 Owner 00 $(000) (yrs ) Property Compatibility 00000
If. Multi-Famiy 0% In process 00 T enani 0 80 Low New Proteaion from Detrimental Cond. 00000
Commercial 0% To: Residential Vacant (0.5%) 00 275 High 100 Police & Fire Protection 00000
Industrial 0% Vacani (over 5%) 0 PRldominani General Appearance of Properties R~RR
Vacant 60% 120- 35 AIllI&a1 to Marl<et
Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS.The subject is located In an area of
mixed residential and agricultural uses. It is within reasonable drivina distance to ammenities such as shopping, schools and
employment.
Dimensions See leaal descriDtion Topography Basically Level
Site Area .98 Acre m/I Comer Lot No Size Typical for area
Zoning Classification AR Agricultural Zoning Compliance Yes Shape Irregular
HIGHEST & BEST USE: Present Use Residential Other Use None Drainage Appears Adeauate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private View Ooen country
Electricity 00 Street Macadam 00 0 landscaping Averaae
Gas 0 CurblGutter None 0 0 Driveway Gravel
Water DWell Sidewalk None 0 0 Appareni Easements None Apparent
Sanitary Sewer o Septic street Lights None R R FEMA Rood Hazard Yes. No X
Storm Sewer n Allev None FEMA. MaD/Zone 4210190004 B/ Zone X
Comments (Apparent adverse easements, encroachments, special assessments, slide aRIas, etc.): Private water and sanitary systems are common to
the area and have no adverse affect upon marketability. There are no apparent adverse easements, encroachments or other
adverse conditions.
The undersigned has recited three recent sales of properties most simillar and proximate to subject and has considered the.e in the market analysis. The description Includes a doliar
adjustment, 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 .alue of subject; if a significant item in the comparable is inferior to,
or less favorable than, the subject property I a plus (+) adjustment is made, thus increasing the indicated value of the subject.
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO_ 3
3521 Enola Rd. 29-07-0471-049 29-18-1384-049 43-05-0419-032
Address Newville Shatto Drive Carlisle Club House Road. Carlisle Grahams Woods Rd Newville
Proximity to Subiect 5.7 MI ESE 4.7 MI ESE 0.92 MI W
Sales Price $ N/A $ 46,000 $ 55 000 $ 42,900
Price/ $ 1.Zl$ I.Zl $ \tl $ I.Zl
. Data Source Inspection Courthouse Courthouse Inspection
. VALUE ADJUSTMENTS DESCRlP1l0N DESCRIPTION I DESCRlP1l0N I -t{-)$Adjustmert DESCRIPTION I +(-)$ Adjustment
+(-)$ MjullmenI
· Sales or Financing Unknown , Unknown , Unknown ,
, , ,
Concessions , , ,
. , , ,
. , , ,
. Date of Salemme N/A 06/0712005 I 01/30/2006 , 07/08/2005 ,
. Location Suburban Suoerior -10%) , -4 600 Superior (-10%) , ...5.500 Suburban ,
, ,
SiteNiew .98 Ac/Ava .92 Ac/Ava , 1.07 Ac/Avg , .87 Ac/Avg ,
, , ,
Water Well Well , Well , Well ,
, , ,
. Sanitary Septic Septic , Public (-10%) ...5.500 SeDtic
, ,
, , ,
Mobile Home None , 3.000 None , 3.000 None , 3000
, , ,
Old School Hse None , 10.000 None , 10.000 None , 10000
, , ,
Net Adi. (total) fxl+ J- :$ 8,400 fxl+ I I- '$ 2.000 Ixl+ I 1- '$ 13000
Indicated Value Gross: 38.31 Gross: 43.6 Gross: 30.31
of Subiect Net: 18.3 $ 54 400 Net: 3.6 $ 57.000 Net: 30.3 $ 55.900
Comments of Sales Comparison: See Attached Addendum.
Comments and Conditions of Appraisal: Prooertv has been 8DPraised in "as is" condition. Appraiser assumes all necessary permits for
future buildina on site are available.
Final Reconciliation: The Sales Comparison approach is the best indicator of value.
.
.
I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF 03/06/.2006 tobe$ 56.000
. I (We) certify: that to the best of my (our) knowledge and belief, the facts and data used herein are true and correct; that J (we) personally inspected the subject property
. and inspected all :~~parable sale:.~~~d in this report; and that I (we) have no undisdosed int~~, present or pr~ ~herein_
. /~ (. (.... \( . ~ C --t- . -t ) ..tt-_w 00 Did o Did Not
Appralser(s) . '. ~... A> \,:,-".. ", . -". Review Appraise!~ . '--/
Stan A. Skowronek (if applicable) Steven W. Barrett. SRA SRPA Inspect Property
. .
Prop"et..-y Land Fam 04/88 CertIfied ResIdential Appraiser Prod...... using ACI sotlwln. BOO.234.6727www..tiweb.com Certified General Appraiser
S.W. Barrett Real Estate & Appraisal Services
ADDENDUM
Borrower: Steven RUEGG Estate
Property Address: 3521 Enola Road
City: Newville
Lender: Phil Ruegg
File No.: 06-0083
Case No.:
State: PA
Zip: 17241-9723
Comments on Sales Comparison
Opinion of value range is $54,000 to $57,000. location adjustments reflect comparable #'s 1 & 2 being located in
established residential areas. lack of vacant land sales within the subjects immediate vicinity required an expanded
search area. These are the best vacant land sales known to be available. The mobile home located on the subject
property still has its hitch attached and is considered personal property and is taxed as such by the Cumberland
County Tax Assessment office. It is a 1974 mobile home, per tax records; and is given minimal value due to age and
condition.
Addendum Page 1 of 1
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i, Property Address: 3521 Enola Road
f .9ity: Newville
l Lender: Phil Rue
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AREA CALCULATIONS SUMMARY
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Description
First Floor
Covered Deck
TOTAL LIVABLE
Size
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32.00
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Tolals
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32.00
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File No.: 06-0083
Case No.:
State: PA Zip: 17241-9723
Living
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LIVING AREA BREAKDOWN
Breakdown
Subtotals
First Floor
12.0 x 52.0
624.00
1 Area Total (rounded)
624
Borrower: Steven RUEGG Estate
Prooertv Address: 3521 Enola Road
City; Newville
Lender:
State: P A
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FRONT VIEW OF
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Appraised Date:
Appraised Value: $
REAR VIEW OF
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1 STREET SCENE
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. Borrower: Steven RUEGG Estate
Property Address: 3521 Enola Road
. City: Newville
i Lender:
File No.: 06-0083
Case No.:
State: PA Zip: 17241
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fitness f(f a pcrticlJlar purpose. Neittm TF"lC nor .M:;: nor 11e seIer ot this
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LOCATION MAP
Borrower: Steven RUEGG Estate
Property Address: 3521 Enola Road
City: Newville
Lender: Phil Rue
File No.: 06-0083
Case No.:
State: PA
Zip: 17241-9723
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File No. 06-0083
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********* QUALlFICA liONS *********
The following checked items are SPECIFIC SPECIAL CONDITIONS that were identified by this appraiser during the
inspection of the subject property, the com parables sales, and their neighborhoods and locations. Unless otherwise
noted, the conditions that apply to the subject property or the comparable sales used DO NOT AFFECT THE MARKET
VALUE OR THE FUTURE MARKETABILITY OF THE SUBJECT PROPERTY BEING APPRAISED. This is not a home
inspection service. This is an appraisal to estimate market value.
_1. The subject is located in a rural area and is less than 25% built-up.
_ _2. Commercial/Industrial uses are located within the subject's neighborhood. These uses are typical of similar
neighborhoods.
_x_3. Vacant and undeveloped land uses are located within the subject's neighborhood. These uses are typical for
the area.
_ _4. The predominant value in the neighborhood is less than that of the market value of the subject property. This is
due to the very wide range of value of properties in the area and superior quality of the subject property.
_5. The subject property is located in a F.E.M.A. Identified Flood Zone. Flood insurance coverage is required and
suggested.
_6. Dampness is noted in the basement of the subject. Standing or running water was not present on basement
floor. This condition is considered typical in dwellings of this style.
_x_7. The subject property is serviced by private well and/or septic systems which is common for the area.
_ _8. The subject is older than five(5) years. All mechanical systems including the heating, electrical and plumbing
systems appear upon a visual exterior inspection to be in working order. No warranties are implied in this statement.
_9. Repair items were noted in the comments section of the report. These comments on repair items are for
descriptive purposes only and are not required repairs. The items listed are cosmetic in nature.
_10. The basement floor is a dirt floor. This condition is common and typical for the area. and does not pose a
health or safety hazard.
_11. The subject property does contain functional obsolescence as noted in the report. This condition is
considered typical and common for the area and this style dwelling.
_12. The land value exceeds 30% of total value due to the high demand for vacant land in this neighborhood. This
condition is considered common and typical for the neighborhood.
_13. The land value exceeds 30% of total value. This is due to the large size of the site. This condition is
considered to be typical and common.
_14. Individual adjustments were required that exceed 15%. These adjustments were required due to lack of more
similar com parables on that individual rating. All com parables used are the best available.
_x_15. Total adjustments exceed 25%. This is due to the lack of comparable sales that were more similar in the
subject's market area. All com parables used are the best available.
x _16. One or more comparable sales are older than six(6) months. Although there are comparable properties in the
subject's area, none have sold recently; therefore, sales in excess of six(6) months have to be used. All com parables
used are the best available.
_x _17. One or more comparables used were in excess of one (1) mile from the subject property. Although there are
comparable properties in the immediate area, none have sold recently. Therefore, it was necessary to use comparable
sales outside of the immediate area. All com parables used are located in similar neighborhoods and within the same
marketing area. All com parables used are the best available.
_18. The electrical system was not connected during inspection.
_19. The water service was not connected during inspection.
_20. The heating system was shut down during inspection.
_21. Roofing_Plumbing_Electrical_Heating_certification(s) is/are suggested.
_22. Inground swimming pool_, out buildings_are included_,not included_according to lender's
guidelines.
_23. According to lender's guidelines a maximum of_acres were considered for this valuation. Remaining
acreage was given no value.
~
File No. 06-0083
********* QUALIFICATIONS *********
_mnl
!
_24. The subject property is located on a private road.
_25. Wood infestation inspection is suggested.
_x_26. Last recorded deed transfer: Date_05/29/1980 _' Consideration: $_16,500
_27. Proposed construction/renovation in accordance to plans and specifications to be completed in a workman-like
manner.
_28. Seller is paying part or all of closing costs.
_x_29. All comparable sales are verified closed sales.
_x_30. There are no special conditions or other requirements that would affect market value or future marketability in
the Appraisal Report.
CHECKED ITEMS ARE SPECIFIC SPECIAL CONDITIONS THAT WERE IDENTIFIED BY THIS APPRAISER DURING
INSPECTION.
I
l
File No. 06-0083
DEFINITION OF MARKET VALUE: 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: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised,
and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment
is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) 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.
. Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for
those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property
by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any
adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any
adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the
following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The
appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised
on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is
included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data
sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the
appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific
arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their
contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and
are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous
wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal
research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden
or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic
substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no
guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the
appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment
of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she
considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such
items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional
Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion,
repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the
appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to
any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the
mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally
approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia;
except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s)
without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before
the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Vacant Land
Page 1 of 2
File No. 06-0083
APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate
to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the
market reaction to those items of significant variation. If a significant item in a comparable property is superior to , or more favorable than,
the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a
comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted
sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the
appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my
knowledge, that all statements and information in the appraisal report are true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject
only to the contingent and Limiting Conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal
interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the
estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the
prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the
subject property.
5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my
compensation for performing this appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party,
the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my
compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a
specific valuation, or the need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal,
with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable
time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the
marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section.
8. I have personally inspected the subject property and the exterior of all properties listed as comparables
in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the
subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these
adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented
about the effect of the adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on
significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal
report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal
report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in
the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies
and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the
statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking
full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 3521 Enola Road, Newville, PA, 17241-9723
APPRAISER:
SUPERVISORY APPRAISE~Jonly if required)
8;9"'U,"' s:-t-; '^-.) 12 fj--
Name: Steven W. Barrett, SRPA, SRA
Date Signed: 03/09/2006
State Certification #: GA-000298-L
or State License #: RB-026921-A
State: PA
Expiration Date of Certification or License: June 30, 2007
~~- , "\. \ ,
Signature: . '~\'i\"\.C \. -:':;;(,(},,;"'-:;'.r--.f\'=...,
Name: Stan A. Skowronek
Date Signed: 03/09/2006
State Certification #: RL-001572-L
or State license #:
State: PA
Expiration Date of Certification or License: June 30, 2007
Certified Residential Appraiser
00 Did 0 Did Not Inspect Property
Certified General Appraiser
Vacant Land
Page 2 of 2
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