Deeds - 6/21/1999 - Appraisal for 1330 13th Street house - 06/21/1999LETTER OF TRANSMITTAL
Mr. J. D. Schindler
City of Huntsville
1212 Avenue M
Huntsville, Texas 77340
June 21,1999
Subject: 1330 13th Street, Huntsville, Texas, being Lot 1, Block 12, Huntsville
Township, P. Gray League A-24, Walker County, Texas.
Owner: Mrs. H. H. Greene
Dear Mr. Schindler,
At your request, I have inspected the above referenced property from the exterior
only. The purpose of this report is to estimate the "as is" market value of the subject
property in Fee Simple Estate. The function of this report is to estimate the
aforementioned value, in accordance with the guidelines contained herein (and
provided by the client), and is for asset evaluation purposes.
This is a "Summary" Appraisal Report which is intended to comply with the
reporting requirements set forth under Standards Rule 2-2(a) of the Uniform
Standards of Professional Appraisal Practice. As such, it presents a summary of the
data, reasoning, and analyses that were used in the appraisal process to develop the
appraiser's opinion of value. Supporting documentation concerning the data,
reasoning, and analyses is retained in the appraiser's file. The depth of discussion
contained in this report is specific to the needs of the client. The appraiser is not
responsible for unauthorized use of this report.
No obvious evidence of any environmentally hazardous condition was noted during
inspection; however, the appraiser is not an expert in this field and can only
recommend that a qualified person or company be consulted if any concern exists.
The "as is" final estimate of market for the subject property in fee simple estate, as of
June 21,1999, subject to the assumptions and limiting conditions contained herein,
and subject to a full inspection of the subject property, is;
FIFTY -THOUSAND DOLLARS
( $ 50,000.00 )
This is to certify that the undersigned appraiser, including employees and associates;
has no present or prospective interest in the property appraised and compensation is
not contingent upon the valuation.
Acceptance of and/or use of this report constitutes acceptance of all the assumptions
and limiting conditions contained in this report.
Respectfully Submitted,
.,7And Flack
Appraiser/Consultant
Real Estate Evaluation Report
This is an all purpose form designed to be used to make a Real Estate Evakintion Report as defined by the
Federal Reserve Board and other federal agencies for transactions which do not require a real estate appraisal.
Borrower
— n/a Census Tract n Type Of Property
Property,Mdress 1330 13th Street H.H. Greene - Omer) X Resiciaftl Condo/PUD
City Huntsville CountyWalker State TeXaS Zip Code 77340 Small Income IMDM
PreparerAr—idy Flack -Company Name jeS Commercial Industrial
Address 1600 Nonial R�Hu�ntsville, Texas 77340 Special purpose Retail
Telephone No. 409-295-2500 SS# or IDS 76-0390881 other
Lender/Client Ci- 7 Of BMt-L C
L I e,
Ea. 0 Mr. J.D. gqWX4;er
Area Description Rural city with 25, 000 +/- pcEmlation. State pldsm/State University.
Neighborhood Description Central area of city, older jis same use d2anges, maintained aju_
Property Values stable to increasing Demand/Supply stable, appear balanced with slit demand trend
Marketing Time 3-6 ninths Growth Rahn St 1
Neighborhood Land Uses PredCMirlarltly reiSdential With CanTerCial an fringe
Neighborhood Trend and Probable Changes Tmnd to maintain residential wj to Older
Price Range for Similar Type Pro pedy jPer Unit or Per Sq. Ft.) $ 35 000.00 to 8 70,000.00
Comments on the sig ificaril factors in the area and neighborhood that affect the value and marketability of the subject property.
Viol.: Race or racial oompoelaw Is not con*ww ID be a sWilficam evaluation factor.) TWical central area of me&un size City, city
agmtities glose
Site Dimensions and Area lullu-joyffi. see =Cbad Plat for illug&raticn,
Zoning Classification and Compliance residential
Highest and Best Use reSiClential
Utilities electricity, water, sew --r, te1qatime
She Improvements and Characteristics 1332 SE frarM hom, 2 car garage. ammxed wrdms
Easements, Encroachments, Special Assessments ncrie knom
FEMA Flood Zone C FEMA Map No. 480639 QQQ5 B FEMA Special Flood Hazard Area NCne
Known or apparent environmental hazards in area, neighborhood or on site Nme Kncm.
Assessments 2 730,00 Taxes 8 847.18 Association Fees n/a
Comments
General Description and Use Metal sidimig cuer wood frane, c=. roof, Pier/Bearn foundatim, residential
Size and Shape 1323 SF hcm, S76 SP ga2ag!-,, 94 SE covered pocimbas
Age and Condition aM urkiowri, estinated to be SO+/- yea=, effective -M = 20 )p_a3M
Exterior Walls and Roof Metal P-,& ' COqMait-ion shingIc- Ymf
Interior Description UrAalOwn- An inte-ric-3r visual jnEpe=j= mas riot perfo3MIed by the appraispr
Comments (favoraw or unfavoque, w"Kbv row*d mpah, deferred malr4enanoe, lowm or appererd ampaor~tal hanuft) Appears t -n be i n ayeL=
t--() cric,41 rrr-ki , , the L-xt=j
��i h i �ffikffi
History (sales, listings, offers) n/a
Cost Approach Summary (see attached shoot if applicable) $ nZa
Income Approach Summery (see attached sheet if applicable) $ rIva
ITEM I SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
1330 13th street (H. 826 10th Street 1720 18th Street 917 Avenue J
Address Hmtsyill�-, TX Huntmdlle, TX -MMLEnzille, TX
Proximityto Subject
A C; hiry-kgq With 7 Qa $
$n/.q $ A
Sales Price 4.q-nnn
Price perSq, fcnt-_ $ $ 35.71 $ 29-19 ..... .......
VALUE ADJUSTMENT S DESCRIPTION DESCRIPTION + (-) Adjustmamit DESCRIPTION + Acquatmem DESCRIPTION Aciustmard
Date of Salefrime 6/17/99 719/98 Ir, 198 5126/99
Location good aveam=- cn Od
!Me Aso./= A50 0 — - "E20 O/E30 61,416
Condition —ayu- All" aw-gmd aya
Size 1-1-42 RF SF -429 1280 qP 1,828 1 -41 n SE
lanage 2 c, -q r 2,500 1 car 2, E;00 1 car 2,500
Conditions of Sale
Special Fine
F7
Total Adjustments $ 2.0711
+
az„xsFtec0-$ 4, 128 Fx $ 8,916
Indic. Value of Subject
Sales Comparlsort Indicated Value $ $ 47,41-6,
ESTIMATED Market- VALUE $ rn, ()00 - no as of /17 1999
Reconciliation and General Comments (aliKhaddlitiOnilishwa —roscled) Several arid' imal couparah1p =al(ms unre
rP-qPaT-rhFYj and rpemciled with qimil;;-r rpsult--r— Ifie -4 presenteri arp- cm,-,j8(-rf-Yj t -hp jyqj7 fnr
=rnari-sm t -c) the si rlt 1, C. 17
I oerlify'lhat to the best of my bxmledp� 92J=Y-011A�, inSv,*b0'"P1u&W” Lo th.-reporlbd anafyaea.:W�- oix—wbswa are limited only by the
mporled asnumplioa, ew Imaxi conclitiore. and we my personal urbiew projesmonal analysis and cxcluslora. I haw w (or speoftd) Present or PFOSPOOM interest in lhe property that is the
subject of this enluallon, WO I how M (or Specified) persored blereat with rasped lo to parties InvoKed. My comperaartion is not oon*Kpm upon reportiry of a preftle"irad value or direction m
value that WWM the cause of the cervi, the amwffl of the value estimate, the StleirarNMOt of a Stipulated MWIL W the occurrimce of a subsequent ewffl. I how (ure@86 otWWiN W40810M made a
=I of the property that Is the w*Mf Oft evaluedw. No one provided AWNicant prolessiorail assistance to pentonpentonhe peslgrft this evaluation unless it is ac Iralimled-
`=n", opWore, and ooncktolore wens dewlopecl, and this owltiation has been prepared, In corticirmily with the Urdomn Stardarcle of Prof sSiorw Appraisal Practice.
Preparer Additional Prepararr-*-Signer n/a
Signatum�� Property Inspection: Ve,, Supervisor Property InsWtIon:
Date Rel5ort §!gnWjlm,. 21 1 Interior ( x I Exterior Date Report Signed ]Interior[ ] Exterior
-Altached: Sketch of Piopertf, Value DeftWor,&Aseumptiore; Pho4raphs; Location Map; God Approach; Iricome Approach; EmAwnterdel Adder4um 0 of Attached Shoots
FW 69 8193 Test Version TOTAL' Appraisal Software by a le ffmxb, fro. 14100-ALWOUE
Hmeland Properties (409) 295-2500
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
rat 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
appraisers 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 fumished by other parties.
B. 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.
Frerldfe Mac Fpm 439 8-93 Fartie Mee Form 1004a 6-93
"TOTAL" appraWl aoft l by a la mode. Inc. 1- x-ALAMODE
Page 1 of 2
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. 1 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, 'd 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. 1 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. 1 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. 1 have no present or prospective interest in the property that is the subject of 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. 1 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. 1 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. 1 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. 1 have personally inspected the interior and exterior areas of 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 she, 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. 1 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, 1 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: 1330 13th St. (H.H. Greene - Owner) Huntsville, TX
APPRAISER: SUPERVISORY APPRAISER (only If required):
Did [—] Did Not Inspect Property
Freddie MBC Fong 439 8.93 Fanrie Mae Form 1004B 6-93
TOTAL" epP "aoflwWe by e M mode, mG 1.800•ALAMODE
Page 2 o1 2
Signature:
Signature:
Name: Anciv Flack
Name: n/a
Date Signed: June
21, 1999
Date Signed:
State Certification t:
1323511 G
State Certification w:
or State License e:
0344465
or State License •:
State: Texas
State: Texas
Expiration Date of Certification or License: 10/31/00
Expiration Date of Certification or License:
Did [—] Did Not Inspect Property
Freddie MBC Fong 439 8.93 Fanrie Mae Form 1004B 6-93
TOTAL" epP "aoflwWe by e M mode, mG 1.800•ALAMODE
Page 2 o1 2
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CITY OF
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WALKER COUNTY
ONLY PANEL PRINTED
COMMUNITY -PANEL NUMBER
480639 0005 B
EFFECTIVE DATE:
FEBRUARY 4. 1981
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ADDENDA
TEXAS APPRAISER LICENSING AND CERTIFICATION BOARD
BE IT KNOWN THAT
ROBERT ANDREW FLACK
HAVING PROVIDED SATISFACTORY EVIDENCE OF THE QUALIFICATIONS REQUIRED BY
THE TEXAS APPRAISER LICENSING AND CERTIFICATION ACT,
ARTICLE 6573a.2, VERNON'S TEXAS CIVIL STATUTES,
IS A UTHORIZED TO USE THE TITLE
STATE CERTIFIED
GENERAL REAL ESTATE APPRAISER
Number: TX -1323511-G
Date of Issue: November 3, 1998
Date of Expiration: October 31, 2000
In Witness Thereof
Benjamin E. Barnett, Chair
Renil C. Lin6r, Commissioner
Benjamin E. Barnett, Chair Debra S. Runyan, Vice -Chair Jacqueline G. Humphrey, Secretary
Leonel Garza, Jr. David Gloier Eduardo A. Lopez
Robert A. Seale, Jr. James M. Synatzske Angie V. White
QUALIFICATIONS
Broker: Andy Flack
Age: 38 years
Residence: Huntsville, Texas 19 years
Educational
Background: Graduate of Bellaire High School
Graduate of S. H. S. U., 1984
Bachelors of Science degree in Agribusiness
Special Real Estate Studies:
Real Estate Principles
Real Estate Appraisal
Real Estate Law
Farm 8t Ranch Management
Real Estate Finance
Property Management
Rural Real Estate Appraisal
Graduate Study Topics:
Ad Valorem Tax Values -Rural Real Estate Uses
Effects of Land Management on Rural Real
Estate Values
Microcomputers - Real Estate Application
Land and Natural Resource Economics
Advanced Marketing
Real Estate Economics
Macro and Micro Economics
Advanced Real Estate Marketing
Production Theory Economics
Professional
Experience: Owner/Broker of HomeLand Properties
Active in: listing, marketing, sales, property management, investment,
development, financial advisement and appraising of all types of real
estate.
Professional
Organizations: State of Texas Real Estate Broker, License # 0344465
Huntsville Board of Realtors -member
Texas Association of Realtors -member
National Association of Realtors -member
State of Texas General Certified Appraiser, License # 1323511
REFERENCES
Mr. Sam Burris, President
Crockett National Bank, Crockett, Texas
First National Bank, Huntsville, Texas
P.O.Box 659
Huntsville, Texas 77342-0659
409-295-5701
Mr. Gerald McCoy, President
Lake Area National Bank
P.O. Box 1769
Trinity, Texas 75862
409-594-7575
Mr. Richard Ohendalski, C.P.A.
1423 Brazos Drive
Huntsville, Texas 77340
409-291-3603
Mr. Ronald J. Mitchell, President
American Bank Branch of The East Texas National Bank of Palestine
P.O. Box 1779
Huntsville, Texas 77342
(409) 295-6481
Mr. O.J. Moak, Attorney at Law
1215 University
Huntsville, Texas 77340
409/295-5497
Mr. Kelvin G. Steely, Landowner
Steely Lumber Company, Inc.
Rt. 8 Box 350
Huntsville, Texas 77340
PARTIAL LIST OF CLIENTS
American Bank, Huntsville, Texas
Ameritrust, Mtrust/Mrealty, Houston, Texas
Amoco Federal Credit Union, Houston, Texas
Bank of East Texas, Lufkin, Texas
Bluebonnet Savings, Dallas, Texas
Champion International Corporation, Huntsville, Texas
Citadel Bank, Houston, Texas
Citizens State Bank, Buffalo, Texas
Citizens Bank of Texas, Huntsville, Texas
City of Huntsville, Huntsville, Texas
Commerce National Bank, College Station, Texas
Community Service Credit Union, Huntsville, Texas
Countrywide Funding, Inc., Houston, Texas
Dayton State Bank, Dayton, Texas
East Texas Legal Services, Huntsville, Texas
The East Texas National Bank of Palestine, Palestine , Texas
Family Court, Houston, Texas
Farmers Home Administration, USDA, Bryan, Texas
Federal Deposit Insurance Corporation, Houston, Texas
First Bank and Trust, Cleveland, Texas
First City Bank, Houston, Texas
First National Bank, Cedar Hill, Texas
First National Bank, Huntsville, Texas
First National Bank of Trinity, Trinity, Texas
First State Bank of Bedias, Bedias, Texas
First State Bank - Dime Box, Texas
First State Bank - Kosse, Texas
Greater Denver Land Development Corporation, Denver, Colorado
IQein Bank, Conroe, Texas
Industry State Bank, Industry, Texas
Lake Area National Bank, Trinity, Texas
Lovelady State Bank, Lovelady, Texas
Mcorp/Realty Alliance of Texas, Dallas, Texas
Merchants Bank, Houston, Texas
Metropolitan Mortgage Corporation, Dallas, Texas
Mortgage Max Services, Inc., Katy, Texas
NationsBank, Huntsville, Texas and Bryan/College Station, Texas
The National Bank of Madisonville, Madisonville, Texas
Old Republic Title Insurance Company, Houston, Texas
Pasadena State Bank, Pasadena, Texas
Prudential Relocation Services, Shelton, Connecticut
Resolution Trust Corporation, Houston, Texas
Small Business Administration, Houston, Texas
Sterling Bank, Houston, Texas
Texas Commerce Bank, Houston, Texas
Texas National Bank, Cleveland, Texas
United States Bankruptcy Court, Houston, Texas
United States Department of Justice, Southern District, Houston, Texas
United States Marshals Service - Seized Assets Division, Houston, Texas
Wal-Mart Stores, Inc., Bentonville, Arkansas
Various attorneys', accountants, estates, and trusts.