Honesty and Integrity: Absolute Value AppraisersAppraising is generally a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
An appraiser's main responsibility is to their client.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has brought in to maintain independence.
Appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you desire to review the appraisal document, you generally have to get it from your lender.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - at Absolute Value Appraisers you can rest assured that we stick to that rule.
While working on an appraisal, we follow the highest ethical standards possible. Working on orders based on contingency fees is not something we can consider. In other words, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's an obvious conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes 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", or "the amount of a value opinion" in addition to other situations We follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.
As soon as you engage Absolute Value Appraisers, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.