Honesty and Integrity: Hancock Hollow GroupAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we have a strict ethical code.
The appraiser's primary responsibility is to their client.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has brought in to maintain independence.
Subsequently, appraisers have certain duties of confidentiality to their clients, plus many rules and regulations to which we must adhere. So, as
a homeowner, if you desire to obtain a copy of an appraisal report, you generally have to obtain it via your lender and not the appraiser.
Appraisers will regularly be obligated to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - something else Hancock Hollow Group diligently adheres to.
We demand the highest professional integrity possible from ourselves. Doing assignments based on contingency fees is not something we can consider. That means we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's a definite conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice also states unethical behavior 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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can be confident we are working hard to get you an accurate home or property value.
As soon as you engage Hancock Hollow Group, we'll make sure you're getting the professional service you deserve along with the business principles we're known for.