West Central Indiana Appraisals maintains the utmost professional ethics

Typically, appraising a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. So 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 must follow strict ethical considerations.

We have many obligations as appraisers but above everything we answer to our clients. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you want a copy of an appraisal report, you should get it through your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the assignment, attaining and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at West Central Indiana Appraisals, we take these ethical responsibilities very seriously.

Appraisers may sometimes have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - at West Central Indiana Appraisals you can rest assured that we stick to that rule.

We only perform to the highest ethical standards possible. Working on assignments that contingency fees is never an option. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would invite fraudulent practices since increasing the value of the home would up the their paycheck. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional organizations to which an 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 follow these rules to the letter which means you can be assured we are working hard to provide an unbiased determination of the home or property value.

When you engage West Central Indiana Appraisals 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.