Honesty and Integrity: LHC Appraisals
Appraising is typically a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be called a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
We have a lot of obligations as appraisers but our primary duty is to our clients. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you desire to review an appraisal report, you normally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is is what we do everyday at LHC Appraisals.
LHC Appraisals has worked hard for its reputation for performing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will often need to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll 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 duties outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - something else LHC Appraisals diligently adheres to.
LHC Appraisals holds itself to the industry standards and mandates set in place for ethics. We can't accept anything less from ourselves. Working on assignments that contingency fees is never an option. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. 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 states 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 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.
As soon as you order an appraisal from LHC Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.