For honest and ethical appraisals, rely on Moring & AssociatesWe think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
An appraiser's main 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 contracted in order to maintain independence.
It's important to know that many matters relating to an assignment are to be shared with the appraiser's client. As
a homeowner, if you desire to review an appraisal report, you generally should request it through your lender.
Appraisers will frequently need to consider the interests of third parties, including homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - something else Moring & Associates diligently adheres to.
We require the highest ethical standards possible from ourselves. Accepting orders based on contingency fees is not something we can consider. That is, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's certainly a 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 also describes 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" as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to get you an accurate home or property value.
As soon as you order an appraisal from Moring & Associates, we'll make sure you're getting the professional service you expect along with the principles we're known for.