For honest and ethical appraisals, count on Herrin Appraisal Company

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.

The appraiser's primary obligation is to his or her client. Most of the time, in residential practice, 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 require to obtain a copy of the appraisal document, you normally have to get it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, reaching and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Herrin Appraisal Company, we take these ethical responsibilities very seriously.

Appraisers can also have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is only to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.

Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - at Herrin Appraisal Company you can rest assured that we stick to that rule.

While working on an appraisal, we follow the highest ethical standards possible. We don't 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 probably the appraisal professions biggest taboo, because it would invite fraudulent practices since raising the value of the home would increase the their paycheck. We don't do that. Other improper practices may be defined 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," in addition to other situations We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.

When you engage Herrin Appraisal Company 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.