![]() For honest and ethical appraisals, count on Sun ValuationsAppraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can certainly be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
We have many obligations as appraisers, but first and foremost we answer to our clients.
More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence.
It follows that appraisers are typically limited to only disclosing their findings to their clients, so as
a homeowner, if you desire to obtain a copy of the appraisal document, you generally have to request it from your lender.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is restricted 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 duties outside of boundaries of with whom we share information For example, appraisers must store their work files for a minimum of five years - at Sun Valuations you can rest assured that we stick to that rule. We demand the highest professional integrity possible from ourselves. Accepting assignments based on contingency fees is not something we can consider. In other words, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. It should be apparent to anyone that inflating a value to achieve a higher fee is unethical! We just don't do it. Finally, the Uniform Standards of Professional Appraisal Practice explicitly defines 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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can be assured we are going above and beyond to get you an accurate home or property value. When you request an appraisal from Sun Valuations, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for. |