Honesty and Integrity: Fox Briar Appraisal ServicesBy and large, appraising is a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.
An appraiser's primary obligation is to their client.
Most of the time, 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.
Certain matters relating to an assignment are to be shared exclusively with the appraiser's client. As
a homeowner, if you desire to obtain a copy of the appraisal document, you normally have to obtain it via your lender and not the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else Fox Briar Appraisal Services diligently adheres to.
We demand the highest professional integrity possible from ourselves. Accepting 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 the fee only if the loan closes. Anyone should be able to see that inflating a value to achieve a bigger paycheck is unethical! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly states 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 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.
With Fox Briar Appraisal Services, you won't have any doubts that you're receiving 100 percent ethical, professional service.