Insight Valuations maintains the utmost professional ethics

We think of our business as a profession. The rigors of becoming 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 rather than a trade. As with any profession we must follow strict ethical considerations.

As appraisers our chief obligation is to their client. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you require to review the appraisal document, you should request it through your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, attaining and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at Insight Valuations.

Appraisers will sometimes be obligated to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - at Insight Valuations you can rest assured that we adhere to that rule.

When creating reports, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we can'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 fraudulent practices since increasing the value of the home would raise the fee. We don't do that. Other unethical 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 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 diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.

When you engage Insight Valuations 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.