For honest and ethical appraisals, trust Residential Appraisals

Generally, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a great deal of obligations as appraisers but our primary duty is to our clients. Most of the time, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire to review the appraisal document, you generally have to request it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Residential Appraisals, we take these ethical responsibilities very to heart.

Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must be able to produce their work files for at least five years - something else Residential Appraisals diligently adheres to.

We require the highest ethical standards possible from ourselves. Working on orders that contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other improper practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics as the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," in addition to other situations We follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.

With Residential Appraisals, you can be assured of 100 percent ethical, honest service.