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EA 84-III
Respondent's
Property Loan Value Loan � Value
3518 Tower Hill Ln. $60,550 $55,000 110.09
12347 Northcliff Manor 55,57545,000 123.50
13066 Clarewood Dr. 54,150 48,000 112.81
6351 S. Briar Bayou Dr. 58,42547,000 124.31
12103 Kingslake Forest 57,47546,000 124.95
12107 Kingslake Forest 47,97538,000 126.25
12111 Kingslake Forest 53,20040,000 133.00
12115 Kingslake Forest 60,80052,000 116.92
Petitioners' evidence regarding the above eight
properties includes contemporaneous appraisals of the
properties and testimony of the appraiser, Mr. Paul Lang,
regarding the general nature of his appraisals for EPIC.
Mr. Lang is a licensed real estate appraiser in the State
of Texas and a senior resident associate (SRA) of the
Appraisal Institute. He appraised each of the subject
eight properties at the time EA 84-III purchased it in
1983.
Mr. Lang's appraisals of the above single-family
properties were made on FHLMC/FNMA forms, as required by
EPIC's contract with the seller, U.S. Home. Those forms
state as follows: "This appraisal is based upon the * * *
market value definition * * * stated in FHLMC Form 439
(Rev. 10/78) and FNMA Form 1004B (Rev. 10/78)". That
definition of market value is as follows:
DEFINITION OF MARKET VALUE: The highest price in
terms of money which a property will bring, in a
competitive and open market under all conditions
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