GED Appraisal upholds the highest 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 in this day and age 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.
We have a great deal of obligations as appraisers, but above everything we answer to our clients.
Typically, for a normal residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Thereon, appraisers are typically restricted to only disclosing information to their clients, so as
a homeowner, if you desire to review the appraisal document, you generally have to obtain it through your lender and not the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - at GED Appraisal you can rest assured that we adhere to that rule.
When creating reports, we follow the highest ethical standards possible. Working on assignments based on contingency fees is not something we can consider. That means we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's certainly a conflict of interest if an appraiser can report a larger value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly 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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.
When you request an appraisal from GED Appraisal, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.