For honest and ethical appraisals, count on Seth Shore

Appraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be called a profession as opposed to a trade. As with any profession we are bound by an ethical code.

An appraiser's chief responsibility is to their client. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. 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 desire to review the appraisal document, you normally have to get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, attaining and maintaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Seth Shore, we take these ethical responsibilities very to heart.

Appraisers may also have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the order.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - at Seth Shore you can rest assured that we adhere to that rule.

Seth Shore holds itself to the industry standards and rules set in place for professional behavior. We can't accept anything less from ourselves. We don't do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would invite appraisal fraud since increasing the estimate of the home would inflate the their paycheck. We don't do that. 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 defines 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," as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.

When you request an appraisal from Seth Shore 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.