For honest and ethical appraisals, count on KHB Appraisals

We consider our our business a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.

For an appraiser the main responsibility is to his or her client. More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you would like to review an appraisal report, you normally have to get it from your lender. Other obligations also include, accurate figures appropriate to the parameters of the assignment, reaching and sustaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is standard operating procedure for us at KHB Appraisals.

Appraisers can often have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - something else KHB Appraisals takes very seriously.

When creating reports, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. That is, we don't agree to do an appraisal report and get paid 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 up 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 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," in addition to other situations We follow these rules to the letter which means you can be assured we are doing everything we can to objectively determine the home or property value.

With KHB Appraisals, you can be assured of 100 percent ethical, honest service.