Honesty and Integrity: Associated Appraisers of Central Indiana LLCAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main obligation is to their client.
Generally, 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 contracted in order to maintain independence.
Appraisers have certain duties of privacy to their clients, plus many rules and regulations that must be followed. As
a homeowner, if you want a copy of an appraisal report, you normally have to obtain it via your lender and not the appraiser.
Appraisers will frequently need to consider the interests of third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Associated Appraisers of Central Indiana LLC diligently adheres to.
We only perform to the highest ethical standards possible. Accepting assignments where our fee is dependent on our value conclusion is not something we can consider. That means we can't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's certainly a conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") explicitly defines 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 at ease knowing we are working hard to get you an accurate home or property value.
As soon as you request an appraisal from Associated Appraisers of Central Indiana LLC, we'll make sure you're getting the professional service you deserve along with the business principles we're known for.