For honest and ethical appraisals, count on Redfish Appraisals

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession rather than a trade. As with any profession we are bound by ethical considerations.

As appraisers our primary obligation is to their client. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want a copy of an appraisal report, you normally have to get it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, attaining and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Redfish Appraisals, we take these ethical responsibilities very to heart.

Appraisers will frequently need to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Redfish Appraisals diligently adheres to.

When creating reports, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite fraudulent practices since increasing the estimate of the home would raise the fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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 assured we are doing everything we can to objectively determine the home or property value.

When you engage Redfish Appraisals 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.