For honest and ethical appraisals, count on Medford Appraisal Service, LLC

Typically, appraising a long term career. Requirements to become 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 dubbed a profession as opposed to a trade. As with any profession we have a strict ethical code.

For an appraiser the main obligation is to their client. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require a copy of an appraisal report, you generally have to request it through your lender. Other obligations also include, accurate figures appropriate to the nature of the assignment, acquiring and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Medford Appraisal Service, LLC, we take these ethical responsibilities very seriously.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those parties who the appraiser knows, 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 store their work files for at least five years - something else Medford Appraisal Service, LLC makes a part of their standard routine.

Medford Appraisal Service, LLC holds itself to the industry standards and guidelines set in place for ethics. We can't accept anything less from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we are not able to 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 industries most important rule, because it would invite appraisal fraud since raising the value of the home would raise the their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics 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 at ease knowing we are doing everything we can to objectively determine the home or property value.

When you engage Medford Appraisal Service, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.