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CED-77-90 1 (1977-06-23)

handle is hein.gao/gaobaavug0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. 20548 5Lm o2522 B-114860 JUN 3 1977 The Honorable Patricia Schroeder House of Representatives Dear Mrs. Schroeder: This is in further reply to your December 22, 1976, request that we review Mr. and Mrs. Charles Henry's dispute with the Federal Housing Administration, Department of Housing and Urban Development. We talked to Department of Housing and Urban Development officials at the Central Office in Washington, D.C., the Denver Regional Office, and the Denver Insuring Office. We also reviewed pertinent regulations, handbooks, and policies and examined the information and correspondence available in the case files and the legislative history of section 226 of the National Housing Act (12 U.S.C. 1701). The Henrys submitted a $37,500 bid, pursuant to a Federal Housing Administration advertised solicitation for bids in that amount, on a house the Federal Housing Administration had acquired following foreclosure proceedings. The Department established the sales price and indicated it would accept bids only at that price; the Henrys were selected as the successful bidders. Purchase of the property was completed in September 1972, and it was insured by the Federal Housing Administration. The Henrys maintained that the Department failed to tell them the appraised value of the house they purchased. The Federal Housing Administration regulation pertaining to appraisal notice requirements is contained in 24 C.F.R. 203.15, dated 1972. This requirement states: An application with respect to insurance of mortgages on one- or two-family dwellings must be accompanied by an agreement satisfactory to the Commissioner, executed by the seller, builder or such other person as may be required by the Commissioner whereby such person agrees that prior to any sale of the dwelling the said person will deliver to the CED-77-90 Iy~L f C I, , -

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