For honest and ethical appraisals, trust South Coast Appraisal

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can certainly be called a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

We have a lot of obligations as appraisers but our primary duty is to our clients. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you require a copy of the appraisal document, you normally have to request it through your lender. Other obligations also include, accurate figures appropriate to the scope of the assignment, reaching and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at South Coast Appraisal, we take these ethical responsibilities very seriously.

Appraisers may also have fiduciary obligations to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary roll is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the order.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - at South Coast Appraisal you can rest assured that we abide by that rule.

We require the highest ethical standards possible from ourselves. Working on assignments that contingency fees is never an option. That is, we don't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would invite fraudulent practices since increasing the value of the home would up the their paycheck. We don't do that. Other improper practices may be established by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," "the amount of a value opinion," in addition to other situations We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.

As soon as you engage South Coast Appraisal we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.