Elrick Appraisal Svc. upholds the highest professional ethics

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

We have a great deal of obligations as appraisers but our chief duty is to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you want to review the appraisal document, you normally have to get it from your lender. Other responsibilities also include, accurate sums appropriate to the nature of the assignment, reaching and keeping a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Elrick Appraisal Svc., we take these ethical responsibilities very to heart.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary roll is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - something else Elrick Appraisal Svc. takes very seriously.

We require the highest professional integrity possible from ourselves. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would tend to make appraisers up the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics 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," in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.

As soon as you request an appraisal from Elrick Appraisal Svc. 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.