Midwest Valuation, LLC upholds the highest professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
We have a great deal of responsibilities as appraisers but our chief duty is to our clients. Typically, for a normal residential appraisal, 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 would like to review an appraisal report, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is is what we do everyday at Midwest Valuation, LLC.
Midwest Valuation, LLC has worked hard for its track record for performing appraisals with the highest of ethics. To learn more Contact us
Appraisers will sometimes be required to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - something else Midwest Valuation, LLC diligently adheres to.
Midwest Valuation, LLC holds itself to the industry standards and guidelines set in place for professional behavior. We refuse to accept anything less from ourselves. Doing orders on contingency fees is never an option. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior as the acceptance 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 assured we are going above and beyond to objectively determine the home or property value.
With Midwest Valuation, LLC, you can be assured of 100 percent ethical, honest service.