Honesty and Integrity: Graham Appraisals

Typically, appraising a long term career. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession rather than a trade. As with any profession we have a strict ethical code.

We have quite a few obligations as appraisers but above everything we answer to our clients. More often than not, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like to obtain a copy of the appraisal document, you should request it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, attaining and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Graham Appraisals, we take these ethical responsibilities very to heart.

Appraisers may also have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - something else Graham Appraisals makes a part of their standard routine.

When creating reports, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would invite fraudulent practices since raising the estimate of the home would raise the their paycheck. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.

As soon as you engage Graham Appraisals we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.