For honest and ethical appraisals, rely on LHC Appraisals
We think of our business as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
As appraisers our 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 have certain duties of privacy to their clients, and as a homeowner, if you desire a copy of an appraisal report, you should get it from your lender. Other obligations also include, accurate sums appropriate to the parameters of the report, acquiring and keeping an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at LHC Appraisals, we take these ethical responsibilities very seriously.
LHC Appraisals has worked hard for its track record for providing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will frequently be required to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is limited to those 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 a minimum of five years - at LHC Appraisals you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. Doing orders on contingency fees is never an option. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite appraisal fraud since increasing the value of the home would raise the their paycheck. We don't do that. 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 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," "the amount of a value opinion," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.
With LHC Appraisals, you can be assured of 100 percent ethical, professional service.