Honesty and Integrity: Big Hat Realty & Valuations

We consider our what we do 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 certainly be dubbed a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.

For an appraiser the primary responsibility is to his or her client. Generally, 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 to obtain a copy of the appraisal document, you should request it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, attaining and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Big Hat Realty & Valuations, we take these ethical responsibilities very seriously.

Appraisers can frequently have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters 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 Big Hat Realty & Valuations makes a part of their standard routine.

We require the highest ethical standards possible from ourselves. Working on assignments that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite fraudulent practices since increasing the value of the home would increase the their paycheck. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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 rest easy knowing we are working hard to provide an unbiased determination of the home or property value.

With Big Hat Realty & Valuations, you won't have any doubts that you're getting 100 percent ethical, professional service.