For honest and ethical appraisals, count on ResEval

By and large, appraising a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we are bound by ethical considerations.

As appraisers our chief responsibility is to their client. Most of the time, in residential practice, 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 require a copy of the appraisal document, you should obtain it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, attaining and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at ResEval, we take these ethical responsibilities very seriously.

Appraisers will sometimes need to consider the interests of third parties, including homeowners, buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary roll is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for a minimum of five years - at ResEval you can rest assured that we abide by that rule.

When busy with an appraisal, we follow the highest ethical standards possible. Doing orders on contingency fees is never an option. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would invite fraudulent practices since raising the estimate of the home would up the fee. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.

With ResEval, you won't have any doubts that you're getting 100 percent ethical, honest service.