Honesty and Integrity: B. Russell Valuation

We consider our what we do a profession. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can certainly be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a lot of obligations as appraisers but first and foremost we answer to our clients. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. 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 want a copy of an appraisal report, you generally have to get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, attaining and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at B. Russell Valuation, we take these ethical responsibilities very to heart.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must backup their work files for at least five years - at B. Russell Valuation you can rest assured that we abide by that rule.

We demand the highest professional integrity possible from ourselves. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers up the value of homes or properties to increase their fee. We don't do that. 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 defines 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 be assured we are doing everything we can to objectively determine the home or property value.

As soon as you request an appraisal from B. Russell Valuation 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.