Honesty and Integrity: Appraisal Services, Inc.Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.
An appraiser's chief responsibility is to their client.
More often than not, for a typical residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Thereon, appraisers are typically limited to only disclosing information to their clients, so as
a homeowner, if you desire to review the appraisal document, you normally have to get it via your lender.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - something else Appraisal Services, Inc. takes very seriously.
Appraisal Services, Inc. holds itself to the industry standards and rules set in place for professional behavior. We can't accept anything less from ourselves. Working on orders where our fee is dependent on our value conclusion is not something we can consider. That means we don't agree to do an appraisal report and get paid only if the loan closes. It should be apparent to anyone that inflating a value to achieve what amounts to a bigger fee is unethical!
Finally, the Uniform Standards of Professional Appraisal Practice also defines 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 assured we are going above and beyond to get you an accurate home or property value.
When you engage Appraisal Services, Inc., we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.