![]() For honest and ethical appraisals, trust Stephanie SosciaAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. 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 must follow strict ethical considerations.
We have many responsibilities as appraisers, but above everything we answer to our clients.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has brought in to maintain independence.
Consequently, appraisers are typically required to only disclose their findings to their clients, so as
a homeowner, if you want to obtain a copy of an appraisal report, you generally have to obtain it via your lender.
Appraisers will often need to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary roll 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 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 Stephanie Soscia you can rest assured that we abide by that rule. We demand the highest professional integrity possible from ourselves. Working on orders where our fee is dependent on our value conclusion is not something we can consider. In other words, we can't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's a definite conflict of interest if an appraiser can report a larger value and then get paid more money! This isn't how we operate. Finally, the Uniform Standards of Professional Appraisal Practice also describes a violation in ethics 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", 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 doing everything we can to get you an accurate home or property value. When you request an appraisal from Stephanie Soscia, we'll make sure you're getting the professional service you deserve along with the high ethical standards we're known for. |