For honest and ethical appraisals, rely on North Wing Appraisal
Appraising is a profession, and appraisers are professionals. Requirements to become 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 as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have many obligations as appraisers but above everything we answer to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you desire to obtain a copy of an appraisal report, you should request it from your lender. Other responsibilities also include, accurate sums appropriate to the nature of the report, attaining and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at North Wing Appraisal.
North Wing Appraisal has worked hard for its track record for producing appraisals with the highest of ethics. To learn more Contact us
Appraisers may frequently have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at North Wing Appraisal you can rest assured that we stick to that rule.
When working on an appraisal, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would invite fraudulent practices since increasing the estimate of the home would inflate the their paycheck. We don't do that. Other unethical practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can be assured we are working hard to objectively determine the home or property value.
As soon as you order an appraisal from North Wing Appraisal we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.