For honest and ethical appraisals, rely on Compass Appraisals
We consider our our job a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we have a strict ethical code.
As appraisers our main obligation is to their client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you want to obtain a copy of the appraisal document, you should obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Compass Appraisals, we take these ethical responsibilities very seriously.
Compass Appraisals has worked hard for its reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers will often need to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are listed in scope of 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 - at Compass Appraisals you can rest assured that we stick to that rule.
We require the highest ethical standards possible from ourselves. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other improper practices may be established by state law or professional organizations 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 going above and beyond to objectively determine the home or property value.
When you engage Compass 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.