For honest and ethical appraisals, rely on Colony Appraisal

We consider our our business a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be called a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a lot of obligations as appraisers but first and foremost we answer to our clients. Generally, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you want to review the appraisal document, you generally have to obtain it through your lender. Other obligations also include, accurate sums appropriate to the parameters of the assignment, attaining and sustaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Colony Appraisal, we take these ethical responsibilities very seriously.

Appraisers will regularly be obligated 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 roll 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 job.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - something else Colony Appraisal makes a part of their standard routine.

We meet or beat the industry standards and guidelines set in place for professional behavior. We won't accept anything less from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase 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," as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.

When you engage Colony Appraisal 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.