Honesty and Integrity: Eastgate Appraisals, LLC - (860)796-6795

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.

We have a lot of obligations as appraisers but our primary duty is to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. 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 require to obtain a copy of the appraisal document, you should request it through your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the report, acquiring and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Eastgate Appraisals, LLC - (860)796-6795, we take these ethical responsibilities very to heart.

Appraisers can sometimes have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are listed 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 things in the framework of the assignment.

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must backup their work files for a minimum of five years - something else Eastgate Appraisals, LLC - (860)796-6795 makes a part of their standard routine.

When creating reports, we follow the highest ethical standards possible. We don't do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be defined 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 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 rest easy knowing we are going above and beyond to objectively determine the home or property value.

With Eastgate Appraisals, LLC - (860)796-6795, you can be assured of 100 percent ethical, honest service.