Thomas W. Steinhart maintains the highest professional ethics
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can certainly be dubbed a profession as opposed to a trade. As with any profession we have a strict ethical code.
An appraiser's main responsibility is to his or her client. More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you want a copy of an appraisal report, you generally have to get it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the report, attaining and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Thomas W. Steinhart, we take these ethical responsibilities very seriously.
Thomas W. Steinhart has an established reputation for performing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can also have fiduciary obligations to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary roll is only to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - at Thomas W. Steinhart you can rest assured that we adhere to that rule.
We meet or beat the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal industries most important rule, 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 improper practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are working hard to provide an unbiased determination of the home or property value.
When you request an appraisal from Thomas W. Steinhart we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.