Honesty and Integrity: LHC Appraisals
Appraising is typically a long term career. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession rather than a trade. As with any profession we have a strict ethical code.
An appraiser's chief responsibility is to their client. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to obtain a copy of the appraisal document, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and maintaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at LHC Appraisals, we take these ethical responsibilities very to heart.
LHC Appraisals has worked hard for its reputation for performing competent and ethically superior appraisals. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser is aware of, 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 backup their work files for at least five years - something else LHC Appraisals diligently adheres to.
We only perform to the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can'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 professions most important rule, because it would tend to make appraisers up the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional organizations to which an 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 going above and beyond to provide an unbiased determination of the home or property value.
With LHC Appraisals, you won't have any doubts that you're receiving 100 percent ethical, professional service.