For honest and ethical appraisals, trust Miller Valuations

We consider our our business a profession. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.

The appraiser's chief responsibility is to their client. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you want a copy of an appraisal report, you normally have to obtain it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, acquiring and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is standard operating procedure for us at Miller Valuations.

Appraisers will often need to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must backup their work files for at least five years - something else Miller Valuations makes a part of their standard routine.

We meet or beat the industry standards and mandates set in place for ethics. We refuse to accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite appraisal fraud since increasing the value of the home would increase the fee. 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 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.

When you engage Miller 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.