For honest and ethical appraisals, count on Herrin Appraisal Company
We think of our job as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.
The appraiser's chief responsibility is to his or her client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you desire a copy of the appraisal document, you generally have to request it from your lender. Other obligations also include, accurate figures appropriate to the scope of the report, attaining and maintaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is is what we do everyday at Herrin Appraisal Company.
Herrin Appraisal Company has worked hard for its track record for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers will frequently need to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - at Herrin Appraisal Company you can rest assured that we abide by that rule.
We require the highest ethical standards possible from ourselves. We never do assignments on contingency fees. 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 perhaps the appraisal professions biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be defined 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," in addition to other situations We follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.
As soon as you order an appraisal from Herrin Appraisal Company we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.
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