The Secretary is authorized and directed to require that in connection with any property upon which there is located a dwelling designed principally for a single-family residence or a two-family residence and which is approved for mortgage insurance under section 1709 or 1715e of this title with respect to any property or project of a corporation or trust of the character described in paragraph (2) of subsection (a) of section 1715e of this title, or sections 1715k, 1715l, 1715m,11 See References in Text note below. 1715x, 1715y, 1715z(i), 1715z–2,1 or 1750b of this title, the seller or builder or such other person as may be designated by the Secretary shall agree to deliver, prior to the sale of the property, to the person purchasing such dwelling for his own occupancy, a written statement setting forth the amount of the appraised value of the property as determined by the Secretary. This section shall not apply in any case where the mortgage involved was insured or the commitment for such insurance was issued prior to August 2, 1954. Notwithstanding the first sentence of this section, the Secretary is authorized to require, in connection with any mortgage where the mortgage amount is computed on the basis of the Secretary’s estimate of the replacement cost of the property, or on the basis of any other estimates of the Secretary, that a written statement setting forth such estimate or estimates, as the case may be, be furnished under this section in lieu of a written statement setting forth the amount of the appraised value of the property.
Notes of Decisions
United States v. Neustadt, 366 U.S. 696 (1961).
“607 , 12 U. S. C. § 1715q) and provides in pertinent part as follows: “The Commissioner is hereby authorized and directed to require that, in connection with any property .”
Onilea Neal v. Robert Bergland, 646 F.2d 1178 (6th Cir. 1981).
“Pursuant to § 226 of the National Housing Act of 1934, 12 U.S.C. § 1715q, the seller provided plaintiffs with a copy of the appraisal report.”
United States v. Stanley S. Neustadt & Rose-Barbara Y. Neustadt, 281 F.2d 596 (4th Cir. 1960).
· cites it 2× “The judge called attention to the amendment to the statute by the act of Congress of August 2, 1954, codified in 12 U.S.C.A. § 1715q, whereby the seller of a dwelling approved for mortgage insurance under the statute is required to agree to deliver to the purchaser prior to the…”
Jackson v. Romney, 355 F. Supp. 737 (D.D.C. 1973).
“Neustadt concerned § 203 and § 226 (12 U.S.C. § 1715q), which requires sellers to inform prospective purchasers of the FHA-appraised value.”
Sara Summers v. United States of Am., 510 F.2d 123 (8th Cir. 1975).
“§ 1346 (b), to an individual purchaser of a house who had relied upon an inaccurate FHA inspection and appraisal for federal mortgage insurance under section 226 of the National Housing Act, 12 U.S.C. § 1715q. The Court, in reviewing the legislative history of the National…”
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