Property Services / Otter Tail Appraisals upholds the utmost professional ethicsAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
We have a lot of responsibilities as appraisers, but our chief duty is to our clients. Generally, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has hired in order to maintain independence. Subsequently, appraisers are typically limited to only disclosing their findings to their clients, so as a homeowner, if you want to review an appraisal report, you normally have to obtain it through your lender instead of the appraiser.
Appraisers may sometimes have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, 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 be able to produce their work files for a minimum of five years - at Property Services - Otter Tail Appraisals you can rest assured that we abide by that rule.
We meet or exceed the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. Accepting orders based on contingency fees is not something we can consider. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. It should be apparent to anyone that fabricating a home's value to achieve a higher paycheck is unethical! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice clearly states 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", or "the amount of a value opinion" in addition to other situations We follow these rules to the letter which means you can be assured we are doing everything we can to get you an accurate home or property value.
When you request an appraisal from Property Services - Otter Tail Appraisals, we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for.
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