 For honest and ethical appraisals, count on Wood AppraisalAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
An appraiser's main responsibility is to their client.
Typically, for a standard 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 brought in to maintain independence.
Subsequently, 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 a copy of an appraisal report, you normally should get it through your lender.
Appraisers will regularly be obligated to consider the interests of third parties, such as homeowners, both buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - at Wood Appraisal you can rest assured that we adhere 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 is, we can't agree to do an appraisal report and get paid only if the loan closes. There's a definite conflict of interest if an appraiser can report an unsubstantiated value with the reward of getting paid more money! Finally, the Uniform Standards of Professional Appraisal Practice explicitly states a violation in ethics 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", or "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 working hard to get you an accurate home or property value. As soon as you request an appraisal from Wood Appraisal, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for. |
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