For honest and ethical appraisals, count on Vestal Appraisal Solution
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can certainly be called a profession rather than a trade. As with any profession we are bound by ethical considerations.
We have many obligations as appraisers but our main duty is to our clients. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want a copy of the appraisal document, you normally have to get it from your lender. Other responsibilities also include, accurate figures appropriate to the nature of the assignment, reaching and sustaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is just normal course of business for us at Vestal Appraisal Solution.
Vestal Appraisal Solution has worked hard for its track record for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers will sometimes be required to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - at Vestal Appraisal Solution you can rest assured that we stick to that rule.
While busy with an order, we follow the highest ethical standards possible. Doing orders on contingency fees is not something we can consider That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite fraudulent practices since raising the estimate of the home would inflate the fee. We don't do that. Other improper 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 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," "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 doing everything we can to provide an unbiased determination of the home or property value.
As soon as you engage Vestal Appraisal Solution we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.