For honest and ethical appraisals, rely on Precision Valuations and Consulting

We consider our what we do a profession. The rigors of becoming 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 unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a lot of responsibilities as appraisers but our main duty is to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you desire a copy of the appraisal document, you should get it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the assignment, attaining and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is just normal course of business for us at Precision Valuations and Consulting.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - something else Precision Valuations and Consulting takes very seriously.

We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite appraisal fraud since increasing the value of the home would inflate the their paycheck. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also 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," "the amount of a value opinion," as well as other situations. We follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.

As soon as you order an appraisal from Precision Valuations and Consulting we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.