Honesty and Integrity: Stern & Dragoset Appraisal GroupWe consider our business as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can definitely be considered a profession rather than a trade. As with any profession we have a strict ethical code.
The appraiser's primary responsibility is to their client.
Most of the time, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence.
Appraisers have certain duties of confidentiality to their clients, plus many rules and regulations controlling with whom we share information. So, as
a homeowner, if you want to obtain a copy of the appraisal document, you generally have to request it through your lender and not the appraiser.
Appraisers will regularly need to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for a minimum of five years - something else Stern & Dragoset Appraisal Group makes a part of their standard routine.
Stern & Dragoset Appraisal Group holds itself to the industry standards and rules set in place for ethics. We won't accept anything less from ourselves. Working on assignments based on contingency fees is never an option. In other words, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. There's certainly a conflict of interest if an appraiser can report a greater value and then get paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are going above and beyond to get you an accurate home or property value.
As soon as you engage Stern & Dragoset Appraisal Group, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.