Honesty and Integrity: V C Appraisals
We consider our our job a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.
An appraiser's primary obligation is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you desire a copy of an appraisal report, you normally have to get it from your lender. Other obligations also include, accurate figures appropriate to the nature of the report, reaching and keeping a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at V C Appraisals, we take these ethical responsibilities very seriously.
V C Appraisals has an established track record for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - at V C Appraisals you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers up the value of homes or properties to increase their paycheck. 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 defines 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 going above and beyond to provide an unbiased determination of the home or property value.
When you order an appraisal from V C Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.