For honest and ethical appraisals, rely on Appraisal SpecialistsWe consider our job as a profession. 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 dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's primary responsibility is to their client.
Generally, for a typical residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you want to review the appraisal document, you generally should request it through your lender instead of the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is only to those 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 clients and others. For example, appraisers must store their work files for at least five years - at Appraisal Specialists you can rest assured that we stick to that rule.
When busy with an assignment, we follow the highest ethical standards possible. Working on orders where our fee is dependent on our value conclusion is not something we can consider. In other words, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's a definite conflict of interest if an appraiser can report a greater value and then get paid more money! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice also describes unethical behavior as accepting 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", or "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.
As soon as you engage Appraisal Specialists, we'll make sure you're getting the professional service you deserve along with the high ethical standards we're known for.