Honesty and Integrity: Greg Stone Appraisal Company

Appraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.

For an appraiser the chief responsibility is to their client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire a copy of the appraisal document, you normally have to get it through your lender. Other obligations also include, accurate calculations appropriate to the parameters of the report, acquiring and sustaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Greg Stone Appraisal Company, we take these ethical responsibilities very seriously.

Appraisers will sometimes need to consider the interests of third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

There are also ethical standards 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 - at Greg Stone Appraisal Company you can rest assured that we adhere to that rule.

We only perform to the highest ethical standards possible. Doing orders on contingency fees is never an option. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since increasing the value of the home would up the fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies that the 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 confident we are working hard to objectively determine the home or property value.

When you order an appraisal from Greg Stone 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.