RSI

1305 Iron Forge Road
March 15, 2010 to March 29, 2010
Initial contact with attorney Frank B. was made on Monday, March 15, 2010. Frank’s office was outside of Baltimore and the subject property was in District Heights Maryland. Needless to say Frank did not visit the subject property often. In fact, I doubt if he had visited the house at all. I would be his “eyes” on the property so to speak. Frank was OK with that too.
There were several things that had to be done to evaluate the profit potential of the property. All Frank had was the “assessment value” of the property. He understood that that was not a good indicator of the houses current market value. I emphasized that fact as well. Frank was OK with the value of the house, no matter what it was, as long as I had facts to prove my point.
He asked me if I wouldn’t mind going to court with him to show the judge on the case my paperwork. I told him of course not. So, I started to get all my paperwork together. I would need the following:
1. Current Comparable Market Analysis (CMA) showing recent settled sales and properties on the market now.
2. A tax record CMA, to show what properties with similar state tax assessments had sold for in the current market. (This was not something I normally did, but I thought it might be helpful)
3. Contractor’s estimate of cost of the repair work needed to make the property attractive to a “homeowner” buyer.
4. I needed a company to catalogue, remove, and auction the furniture and personal effects still in the house. These things were not real property and had to be sold to complete the estate.
5. Present a contract to the court based on our findings with enough profit to make all our work worthwhile.
With these five things done, I would feel comfortable with my advice on a reasonable sales price. Frank was in agreement with me and recommended in court papers that the property should sale for $98,000.
Once those things were done, we would wait for the judge to “sign-off” on the contract we presented.