For honest and ethical appraisals, count on Linda Torrey

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 definitely be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.

We have quite a few responsibilities as appraisers but first and foremost we answer to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want a copy of the appraisal document, you normally have to obtain it from your lender. Other obligations also include, accurate figures appropriate to the parameters of the assignment, reaching and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Linda Torrey, we take these ethical responsibilities very seriously.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.

Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - something else Linda Torrey 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 payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, 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 unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.

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

As soon as you request an appraisal from Linda Torrey 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.