Midwest Appraisers & Consultants, Inc. maintains the utmost professional ethicsWe think of our job as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can certainly be called a profession rather than a trade. As with any profession we have a strict ethical code.
The appraiser's main responsibility is to their client. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence. Thereon, appraisers are typically restricted to only disclosing information to their clients, so as a homeowner, if you want to obtain a copy of the appraisal document, you normally should request it through your lender.
Appraisers may frequently have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. 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 store their work files for at least five years - something else Midwest Appraisers & Consultants, Inc. makes a part of their standard routine.
We require the highest ethical standards possible from ourselves. Doing orders where our fee is dependent on our value conclusion is not something we can consider. That is, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. It should be obvious that inflating a value to achieve a bigger fee is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice clearly defines 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" as well as other situations. We diligently follow these rules to the letter which means you can be assured we are working hard to objectively determine the home or property value.
As soon as you order an appraisal from Midwest Appraisers & Consultants, Inc., we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.