Honesty and Integrity: Herrin Appraisal Company
Typically, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be called a profession as opposed to a trade. As with any profession we have a strict ethical code.
We have a lot of obligations as appraisers but first and foremost we answer to our clients. Typically, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you desire a copy of the appraisal document, you should obtain it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, acquiring and sustaining a certain 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.
Herrin Appraisal Company has worked hard for its reputation for providing competent and ethically superior appraisals. To learn more Contact us
Appraisers will sometimes need to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - at Herrin Appraisal Company you can rest assured that we abide by that rule.
We only perform to the highest ethical standards possible. Doing assignments on contingency fees is not something we can consider That is, we are not able to 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 probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would up the their paycheck. We don't do that. Other improper practices may be defined by state law or professional societies 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 diligently follow these rules to the letter which means you can rest easy knowing we are working hard 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.
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