Honesty and Integrity: Thomas W. Steinhart
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can certainly be considered a profession rather than a trade. As with any profession we have a strict ethical code.
As appraisers our main obligation is to their client. Normally, 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 confidentiality for their clients a homeowner, if you would like to obtain a copy of an appraisal report, you normally have to get it from your lender. Other obligations also include, accurate calculations appropriate to the scope of the assignment, attaining and sustaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Thomas W. Steinhart, we take these ethical responsibilities very to heart.
Thomas W. Steinhart has an established reputation for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can often have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Thomas W. Steinhart you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Doing assignments on contingency fees is never an option. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We don't do that. Other improper practices may be established by state law or professional societies to which an 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 diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
With Thomas W. Steinhart, you won't have any doubts that you're receiving 100 percent ethical, professional service.