For honest and ethical appraisals, count on LHC Appraisals
We consider our what we do a profession. 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 definitely be dubbed 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 above everything we answer to our clients. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you require a copy of an appraisal report, you should get it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, attaining and keeping an appropriate 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 appraisals with the highest of ethics. Contact us today to learn more.
Appraisers may sometimes have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else LHC Appraisals takes very seriously.
We require the highest ethical standards possible from ourselves. We don't 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 don't do assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would invite fraudulent practices since raising the estimate of the home would inflate the fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies to which an 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," in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of 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.