Honesty and Integrity: Midwest Appraisals

We think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we are bound by ethical considerations.

We have a great deal of obligations as appraisers but our main duty is to our clients. Normally, for a typical residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to obtain a copy of the appraisal document, you generally have to request it through your lender. Other obligations also include, accurate calculations appropriate to the parameters of the report, reaching and sustaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Midwest Appraisals, we take these ethical responsibilities very to heart.

Appraisers can sometimes have fiduciary obligations to third parties, including homeowners, sellers and buyers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is only to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at Midwest Appraisals you can rest assured that we stick to that rule.

We meet or beat the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. Working on orders that contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would invite fraudulent practices since increasing the value of the home would raise the their paycheck. We don't do that. Other improper practices may be defined by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 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.

With Midwest Appraisals, you won't have any doubts that you're receiving 100 percent ethical, professional service.