For honest and ethical appraisals, count on Coastal Appraisals

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can certainly be dubbed a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.

We have quite a few obligations as appraisers but our primary duty is to our clients. Typically, in residential practice, 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 desire a copy of the appraisal document, you normally have to get it from your lender. Other obligations also include, accurate calculations appropriate to the nature of the report, acquiring and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Coastal Appraisals, we take these ethical responsibilities very to heart.

Appraisers can frequently have fiduciary obligations to third parties, such as homeowners, sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - something else Coastal Appraisals makes a part of their standard routine.

Coastal Appraisals holds itself to the industry standards and mandates set in place for ethics. We can't accept anything less from ourselves. Working on orders that contingency fees is never an option. 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 professions most important rule, because it would invite fraudulent practices since raising the value of the home would inflate the fee. We don't do that. Other improper practices may be defined by state law or professional organizations 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 diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.

With Coastal Appraisals, you can be assured of 100 percent ethical, honest service.