Honesty and Integrity: VINCENT SELIG APPRAISAL SERVICE, INC.

Appraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

The appraiser's main responsibility is to their client. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you want a copy of an appraisal report, you should request it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at VINCENT SELIG APPRAISAL SERVICE, INC., we take these ethical responsibilities very seriously.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - at VINCENT SELIG APPRAISAL SERVICE, INC. you can rest assured that we abide by that rule.

When busy with an order, 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 don't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite appraisal fraud since raising the value of the home would inflate the their paycheck. We don't do that. Other unprofessional practices may be established 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 diligently 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.

When you request an appraisal from VINCENT SELIG APPRAISAL SERVICE, INC. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.