For honest and ethical appraisals, rely on Colorado Valuation Group, Inc. (303) 425-5556We consider our job 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 certainly be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
An appraiser's chief responsibility is to their client.
More often than not, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Thereon, appraisers are typically limited to only disclosing information to their clients, so as
a homeowner, if you want to review the appraisal document, you generally have to get it through your lender and not the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - something else Colorado Valuation Group, Inc. (303) 425-5556 takes very seriously.
We meet or exceed the industry standards and mandates set in place for ethics. We refuse to accept anything less from ourselves. Working on assignments based on contingency fees is never an option. That means we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's an obvious conflict of interest if an appraiser can report a greater value and then get paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes unethical behavior 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", or "the amount of a value opinion" in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are working hard to get you an accurate home or property value.
When you engage Colorado Valuation Group, Inc. (303) 425-5556, we'll make sure you're getting the professional service you expect along with the business principles we're known for.