For honest and ethical appraisals, count on Hampton Roads Valuations.We consider our job as a profession. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days 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.
An appraiser's main obligation is to their client.
Most of the time, for a normal residential appraisal, 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.
Certain details pertaining to an assignment are to be discussed with the appraiser's client. So, as
a homeowner, if you would like a copy of the appraisal document, you generally should get it from your lender.
Appraisers can also have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined 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 things in the framework of the order.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Hampton Roads Valuations makes a part of their standard routine.
We meet or exceed the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. Doing assignments based on contingency fees is not something we can consider. In other words, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. It should be obvious that inflating a value to achieve what amounts to a bigger paycheck is unethical! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also 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 assured we are working hard to provide an unbiased determination of the home or property value.
As soon as you engage Hampton Roads Valuations, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.