Honesty and Integrity: V C Appraisals
We consider our our job a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
As appraisers our main obligation is to their client. Normally, for a regular residential appraisal, 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 to obtain a copy of the appraisal document, you generally have to get it through your lender. Other obligations also include, accurate figures appropriate to the nature of the report, attaining and keeping an adequate 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 worked hard for its reputation for completing appraisals with the highest of ethics. To learn more Contact us
Appraisers can regularly have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at V C Appraisals you can rest assured that we abide by that rule.
V C Appraisals holds itself to the industry standards and guidelines set in place for professional behavior. We can't accept anything less from ourselves. Doing orders on contingency fees is never an option. 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 probably the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would inflate the fee. We don't do that. Other unethical practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics 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," "the amount of a value opinion," in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.
When you engage 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.