For honest and ethical appraisals, trust Phipps Realty, Inc

We think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.

We have a lot of responsibilities as appraisers but above everything we answer to our clients. Generally, for a typical residential appraisal, 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 a copy of an appraisal report, you should obtain it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, acquiring and keeping a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is just normal course of business for us at Phipps Realty, Inc.

Appraisers may also have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - at Phipps Realty, Inc you can rest assured that we adhere to that rule.

Phipps Realty, Inc holds itself to the industry standards and rules set in place for professional behavior. We can't accept anything less from ourselves. Doing orders on contingency fees is not something we can consider 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 probably the appraisal industries biggest taboo, because it would invite appraisal fraud since raising the estimate of the home would up the their paycheck. We set ourselves to a higher standard. Other unprofessional 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 unethical behavior as accepting 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 at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.

With Phipps Realty, Inc, you won't have any doubts that you're getting 100 percent ethical, professional service.