Honesty and Integrity: WD Appraisals, LLC

We consider our our business 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 unquestionably be considered 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 main duty is to our clients. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require to obtain a copy of the appraisal document, you normally have to get it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, acquiring and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at WD Appraisals, LLC, we take these ethical responsibilities very to heart.

Appraisers may regularly have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at WD Appraisals, LLC you can rest assured that we adhere to that rule.

When working on an assignment, we follow the highest ethical standards possible. We have a responsibility not to 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 can't do assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We don't do that. Other improper practices may be defined by state law or professional organizations 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," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.

With WD Appraisals, LLC, you won't have any doubts that you're getting 100 percent ethical, professional service.