For honest and ethical appraisals, rely on Thomas W. Steinhart
We think of our job as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be called 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 first and foremost we answer to our clients. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like a copy of the appraisal document, you generally have to obtain it through your lender. Other obligations also include, accurate figures appropriate to the parameters of the assignment, attaining and maintaining an adequate 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 worked hard for its track record for producing appraisals with the highest of ethics. To learn more Contact us
Appraisers may also have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in 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 written parameters of the job.
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 a minimum of five years - something else Thomas W. Steinhart diligently adheres to.
We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don't 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 probably the appraisal professions biggest no-no, because it would invite appraisal fraud since increasing the value of the home would up the their paycheck. We don't do that. Other improper practices may be defined by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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," "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 provide an unbiased determination of the home or property value.
When you engage 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.