 For honest and ethical appraisals, rely on Fritz Home Appraisals Inc.Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be considered a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
We have a lot of obligations as appraisers, but above everything we answer to our clients.
Typically, for a standard residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Subsequently, appraisers are privy to a lot of information, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you would like to review the appraisal document, you generally have to obtain it from your lender instead of the appraiser.
Appraisers can often have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary role is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - something else Fritz Home Appraisals Inc. makes a part of their standard routine. We meet or exceed the industry standards and mandates set in place for ethics. We won't accept anything less from ourselves. Doing orders where our fee is dependent on our value conclusion is not something we can consider. That is, we can't agree to do an appraisal report and get paid only if the loan closes. There's a definite conflict of interest if an appraiser can report a greater value with the reward of getting paid more money! Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly defines unethical behavior as accepting 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" as well as other situations. We diligently follow these rules to the letter which means you can be assured we are doing everything we can to provide an unbiased determination of the home or property value. When you engage Fritz Home Appraisals Inc., we'll make sure you're getting the professional service you deserve along with the principles we're known for. |
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