Honesty and Integrity: Hammer Appraisals, LLC

Appraising is, by and large, a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

We have quite a few obligations as appraisers but above everything we answer to our clients. Most of the time, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. 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 the appraisal document, you normally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Hammer Appraisals, LLC, we take these ethical responsibilities very to heart.

Appraisers will often be obligated to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must backup their work files for at least five years - something else Hammer Appraisals, LLC takes very seriously.

We only perform to the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also 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," "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 provide an unbiased determination of the home or property value.

As soon as you request an appraisal from Hammer Appraisals, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.