Bag Appraisals, LLC maintains the highest professional ethics

We think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be called a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.

We have a great deal of responsibilities as appraisers but first and foremost we answer to our clients. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you require to review an appraisal report, you should get it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the report, acquiring and keeping an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Bag Appraisals, LLC, we take these ethical responsibilities very seriously.

Appraisers can also have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - something else Bag Appraisals, LLC diligently adheres to.

While working on an appraisal, we follow the highest ethical standards possible. We don't 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 can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since increasing the estimate of the home would increase the fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies that the 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 follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.

As soon as you engage Bag Appraisals, 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.