For honest and ethical appraisals, count on Ingram AppraisalsWe think of our business as a profession. 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 dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.
We have quite a few responsibilities as appraisers, but our primary duty is to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence. Subsequently, 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 desire to obtain a copy of an appraisal report, you normally should obtain it via your lender instead of the appraiser.
Appraisers can also have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Generally the third parties are explicitly 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 written parameters of the order.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Ingram Appraisals you can rest assured that we abide by that rule.
We require the highest ethical standards possible from ourselves. Doing assignments based on contingency fees is never an option. In other words, we don't agree to do an appraisal report and get paid only if the loan closes. There's certainly a conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly states 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" in addition to 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 Ingram Appraisals, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.