For honest and ethical appraisals, trust KRR Appraisals

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be called a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.

We have a great deal of obligations as appraisers but above everything we answer to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to obtain a copy of an appraisal report, you generally have to get it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, acquiring and keeping a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at KRR Appraisals, we take these ethical responsibilities very seriously.

Appraisers will often be obligated to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary roll is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.

There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must store their work files for at least five years - something else KRR Appraisals makes a part of their standard routine.

While busy with an assignment, we follow the highest ethical standards possible. Working on orders that contingency fees is not something we can consider 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 biggest no-no, because it would invite appraisal fraud since increasing the value of the home would increase the their paycheck. We don't do that. Other unethical practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.

When you request an appraisal from KRR Appraisals 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.