Honesty and Integrity: FARWIG APPRAISAL SERVICES

By and large, appraising a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

An appraiser's chief responsibility is to his or her client. Most of the time, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you desire to review an appraisal report, you should obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at FARWIG APPRAISAL SERVICES.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. 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 job.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - something else FARWIG APPRAISAL SERVICES diligently adheres to.

We demand the highest professional integrity possible from ourselves. Doing assignments on contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, 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 established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (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," "the amount of a value opinion," as well as other situations. We follow these rules to the letter which means you can be confident we are going above and beyond to provide an unbiased determination of the home or property value.

As soon as you request an appraisal from FARWIG APPRAISAL SERVICES we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.