Honesty and Integrity: Bullseye Valuation Group

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we are bound by an ethical code.

As appraisers our main responsibility is to their client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to obtain a copy of the appraisal document, you normally have to obtain it from your lender. Other responsibilities also include, accurate sums appropriate to the parameters of the report, reaching and maintaining an adequate 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 Bullseye Valuation Group.

Appraisers can sometimes have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - at Bullseye Valuation Group you can rest assured that we adhere to that rule.

When creating reports, we follow the highest ethical standards possible. We don't do assignments on contingency fees. 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 no-no, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 diligently follow these rules to the letter which means you can be assured we are going above and beyond to provide an unbiased determination of the home or property value.

When you request an appraisal from Bullseye Valuation Group we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.