Hood to Coast Appraisals upholds the utmost professional ethicsWe consider our job as a profession. Requirements to become 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 unquestionably be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main obligation is to their client.
Typically, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence.
Thereon, appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you desire to obtain a copy of an appraisal report, you normally have to request it through your lender instead of the appraiser.
Appraisers will regularly be obligated to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - at Hood to Coast Appraisals you can rest assured that we stick to that rule.
We only perform to the highest ethical standards possible. Doing orders where our fee is dependent on our value conclusion is never an option. That means we don't agree to do an appraisal report and get paid only if the loan closes. There's certainly a conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes unethical behavior 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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are working hard to get you an accurate home or property value.
When you request an appraisal from Hood to Coast Appraisals, we'll make sure you're getting the professional service you deserve along with the high ethical standards we're known for.