Honesty and Integrity: Michael Hodges Appraisals, Inc.We think of our job as a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
We have many responsibilities as appraisers, but first and foremost we answer to our clients.
More often than not, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Appraisers are typically limited to only disclosing their findings to their clients, so as
a homeowner, if you want to review an appraisal report, you generally have to request it from your lender.
Appraisers may sometimes have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in scope of 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 things in the framework of the order.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - at Michael Hodges Appraisals, Inc. you can rest assured that we adhere to that rule.
When creating reports, we follow the highest ethical standards possible. Accepting orders where our fee is dependent on our value conclusion is not something we can consider. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. It should be apparent to anyone that fabricating a home's value to achieve a bigger fee is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also describes unethical behavior 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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.
With Michael Hodges Appraisals, Inc., you won't have any doubts that you're getting 100 percent ethical, honest service.