For honest and ethical appraisals, trust Red LLC
We consider our our job a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.
We have many responsibilities as appraisers but our main duty is to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you desire to obtain a copy of an appraisal report, you generally have to obtain it through your lender. Other obligations also include, accurate calculations appropriate to the nature of the assignment, reaching and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Red LLC, we take these ethical responsibilities very seriously.
Red LLC has worked hard for its reputation for completing appraisals with the highest of ethics. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Normally the third parties are specifically 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 assignment.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - at Red LLC you can rest assured that we abide by that rule.
We meet or beat the industry standards and rules set in place for ethics. We refuse to accept anything less from ourselves. We never do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing 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 organizations to which an 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 confident we are going above and beyond to objectively determine the home or property value.
As soon as you request an appraisal from Red LLC 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.