For honest and ethical appraisals, count on V C Appraisals
We consider our what we do a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
As appraisers our chief responsibility is to his or her client. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require a copy of the appraisal document, you generally have to request it from your lender. Other obligations also include, accurate figures appropriate to the parameters of the report, reaching and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at V C Appraisals.
V C Appraisals has worked hard for its reputation for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers will frequently need to consider the interests of third parties, including homeowners, sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep 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 ethics. We refuse to accept anything less from ourselves. Working on orders that contingency fees is not something we can consider That is, we don't 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 perhaps the appraisal professions most important rule, because it would invite appraisal fraud since increasing the value 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 to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," 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 objectively determine 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.