For honest and ethical appraisals, count on Fairmount Appraisal Company

We think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we are bound by ethical considerations.

We have a great deal of obligations as appraisers but our chief duty is to our clients. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require a copy of the appraisal document, you normally have to obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Fairmount Appraisal Company, we take these ethical responsibilities very to heart.

Appraisers may sometimes have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. 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 rules outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - at Fairmount Appraisal Company you can rest assured that we stick to that rule.

When busy with an appraisal, we follow the highest ethical standards possible. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would invite appraisal fraud since raising the value of the home would inflate the fee. We don't do that. 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 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," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are doing everything we can to objectively determine the home or property value.

When you order an appraisal from Fairmount Appraisal Company 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.