For honest and ethical appraisals, count on Home Value Source, Inc.
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can certainly be considered a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
An appraiser's chief responsibility is to his or her client. Most of the time, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you want to review the appraisal document, you generally have to obtain it from your lender. Other obligations also include, accurate sums appropriate to the nature of the assignment, acquiring and keeping an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Home Value Source, Inc., we take these ethical responsibilities very seriously.
Home Value Source, Inc. has worked hard for its reputation for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers will regularly need to consider the interests of 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 duty 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 job.
Appraisers also have duties 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 Home Value Source, Inc. diligently adheres to.
When busy with an assignment, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would tend to make appraisers up the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are doing everything we can to provide an unbiased determination of the home or property value.
With Home Value Source, Inc., you can be assured of 100 percent ethical, honest service.