Midwest Valuation, L.L.C. upholds the utmost professional ethicsWe consider 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 unquestionably be dubbed a profession rather than a trade. As with any profession we are bound by ethical considerations.
We have quite a few obligations as appraisers, but above everything we answer to our clients.
Typically, for a regular residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It's important to know that a lot of elements relating to an assignment are to be shared exclusively with the appraiser's client. So, as
a homeowner, if you desire a copy of the appraisal document, you normally have to request it via your lender instead of the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - at Midwest Valuation, L.L.C. you can rest assured that we stick to that rule.
We meet or exceed the industry standards and rules set in place for ethics. We refuse to accept anything less from ourselves. Accepting assignments based on contingency fees is never an option. That means we can't agree to do an appraisal report and collect the fee only if the loan closes. There's a definite conflict of interest if an appraiser can report an unsubstantiated value with the reward of getting paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly states a violation in ethics 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" in addition to other situations We follow these rules to the letter which means you can be confident we are doing everything we can to provide an unbiased determination of the home or property value.
As soon as you request an appraisal from Midwest Valuation, L.L.C., we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for.