For honest and ethical appraisals, trust Hovanec Appraisals

We think of our job as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

As appraisers our primary responsibility is to his or her client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire to obtain a copy of an appraisal report, you should get it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, attaining and maintaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is standard operating procedure for us at Hovanec Appraisals.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must backup their work files for a minimum of five years - something else Hovanec Appraisals makes a part of their standard routine.

When creating reports, we follow the highest ethical standards possible. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite fraudulent practices since raising the value of the home would up the fee. We don't do that. Other improper practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.

When you engage Hovanec 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.