Honesty and Integrity: Metro AppraisalsAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can certainly be called a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main obligation is to their client.
Typically, for a standard residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Consequently, appraisers have certain duties of privacy to their clients, plus many rules and regulations controlling with whom we share information. So, as
a homeowner, if you would like to review the appraisal document, you normally have to request it from your lender instead of the appraiser.
Appraisers may frequently have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility 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 be able to produce their work files for at least five years - at Metro Appraisals you can rest assured that we adhere to that rule.
When busy with an assignment, we follow the highest ethical standards possible. Working on assignments based on contingency fees is not something we can consider. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's a definite conflict of interest if an appraiser can report an unsubstantiated value with the reward of getting paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly defines 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" in addition to other situations We follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.
As soon as you engage Metro Appraisals, we'll make sure you're getting the professional service you deserve along with the high ethical standards we're known for.