Honesty and Integrity: Milford Appraisal Services LLCGenerally, appraising is a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can definitely be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
We have a great deal of responsibilities as appraisers, but our main duty is to our clients.
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.
Appraisers are privy to a lot of information, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you want a copy of an appraisal report, you normally have to get it via your lender and not the appraiser.
Appraisers can regularly have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - something else Milford Appraisal Services LLC diligently adheres to.
We only perform to the highest ethical standards possible. Working on orders based on contingency fees is never an option. That means we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. It should be obvious that inflating a value to achieve what amounts to a higher fee is unethical! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice also states unethical behavior 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", 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 confident we are working hard to get you an accurate home or property value.
With Milford Appraisal Services LLC, you can be assured of 100 percent ethical, honest service.