For honest and ethical appraisals, count on Eddy Dade & Associates
We think of our business 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 unquestionably be dubbed a profession rather than a trade. As with any profession we are bound by ethical considerations.
For an appraiser the primary obligation is to his or her client. More often than not, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like to review the appraisal document, you normally have to get it from your lender. Other obligations also include, accurate figures appropriate to the nature of the assignment, attaining and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is is what we do everyday at Eddy Dade & Associates.
Eddy Dade & Associates has an established track record for producing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Eddy Dade & Associates you can rest assured that we adhere to that rule.
We demand the highest professional integrity possible from ourselves. We don't do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the estimate of the home would raise the fee. We don't do that. Other unethical 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 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 diligently follow these rules to the letter which means you can be assured we are going above and beyond to provide an unbiased determination of the home or property value.
With Eddy Dade & Associates, you won't have any doubts that you're getting 100 percent ethical, professional service.