For honest and ethical appraisals, count on Appraisals by Stephen M ScanlanBy and large, appraising is a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's primary obligation is to their client.
Typically, for a regular 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 contracted in order to maintain independence.
Consequently, appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you would like to review the appraisal document, you generally have to get it through your lender instead of the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, 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 knows, based on the scope of work or other things in the framework of the job.
There are also ethical duties 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 Appraisals by Stephen M Scanlan you can rest assured that we adhere to that rule.
We only perform to the highest ethical standards possible. Accepting orders based on contingency fees is never an option. That is, we don't agree to do an appraisal report and get paid only if the loan closes. Anyone should be able to see that fabricating a home's value to achieve a bigger paycheck is unethical! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes a violation in ethics 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 diligently follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
With Appraisals by Stephen M Scanlan, you can be assured of 100 percent ethical, professional service.