Honesty and Integrity: Wade Valuation Services

We consider our our job a profession. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a great deal of responsibilities as appraisers but first and foremost we answer to our clients. Most of the time, in residential practice, 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 would like a copy of an appraisal report, you should obtain it from your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the assignment, acquiring and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Wade Valuation Services, we take these ethical responsibilities very to heart.

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

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - at Wade Valuation Services you can rest assured that we adhere to that rule.

We meet or beat the industry standards and rules 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 payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would tend to make appraisers up the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be established by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can be assured we are doing everything we can to provide an unbiased determination of the home or property value.

When you engage Wade Valuation Services we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.