For honest and ethical appraisals, trust Metro AppraisalsTypically, appraising is a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
An appraiser's primary obligation is to their client.
Normally, 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 brought in to maintain independence.
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 want to obtain a copy of the appraisal document, you generally have to obtain it through your lender and not the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary role is only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - at Metro Appraisals you can rest assured that we abide by that rule.
Metro Appraisals holds itself to the industry standards and mandates set in place for ethics. We won't accept anything less from ourselves. Accepting orders based on contingency fees is not something we can consider. That means we are not able to agree to do an appraisal report and get paid only if the loan closes. There's an obvious conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also states 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", or "the amount of a value opinion" as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are doing everything we can to provide an unbiased determination of the home or property value.
As soon as you order an appraisal from Metro Appraisals, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.