For honest and ethical appraisals, rely on Good Look Appraisals
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.
We have many responsibilities as appraisers but above everything we answer to our clients. Most of the time, for a typical residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire to review the appraisal document, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, attaining and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Good Look Appraisals, we take these ethical responsibilities very to heart.
Good Look Appraisals has an established reputation for completing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may frequently have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must backup their work files for a minimum of five years - something else Good Look Appraisals makes a part of their standard routine.
We meet or beat the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite appraisal fraud since increasing the estimate of the home would inflate the their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
As soon as you engage Good Look Appraisals 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.