Wabash Valley Appraisal maintains the utmost professional ethics

Typically, appraising a long term career. Requirements to become 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 definitely be called a profession as opposed to a trade. As with any profession we have a strict ethical code.

For an appraiser the primary responsibility is to their client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require a copy of the appraisal document, you generally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, attaining and keeping an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Wabash Valley Appraisal, we take these ethical responsibilities very seriously.

Appraisers can regularly have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - at Wabash Valley Appraisal you can rest assured that we adhere to that rule.

We demand the highest professional integrity possible from ourselves. Working on assignments that contingency fees is not something we can consider That is, we don't 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 no-no, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies 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 rest easy knowing we are doing everything we can to provide an unbiased determination of the home or property value.

When you engage Wabash Valley Appraisal 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.