Bloom Appraisers, Inc. upholds the highest professional ethicsBy and large, appraising is a long term career. Requirements to become 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 as opposed to a trade. As with any profession we have a strict ethical code.
The appraiser's primary obligation is to their client.
Generally, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence.
Subsequently, appraisers are privy to a lot of information, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you would like to review the appraisal document, you generally should get it through your lender.
Appraisers will often 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 limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else Bloom Appraisers, Inc. makes a part of their standard routine.
We require the highest ethical standards possible from ourselves. Working on orders where our fee is dependent on our value conclusion is not something we can consider. In other words, we don't agree to do an appraisal report and get paid only if the loan closes. There's a definite conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also describes 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", or "the amount of a value opinion" as well as other situations. We 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.
As soon as you engage Bloom Appraisers, Inc., we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.