Honesty and Integrity: Herzog Appraisals, LLC

We consider our our job a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. As with any profession we are bound by ethical considerations.

We have a great deal of obligations as appraisers but first and foremost we answer to our clients. Typically, in residential practice, 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 to review the appraisal document, you should request it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the assignment, attaining and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Herzog Appraisals, LLC, we take these ethical responsibilities very seriously.

Appraisers may also have fiduciary obligations to third parties, such as homeowners, sellers and buyers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary roll is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - at Herzog Appraisals, LLC you can rest assured that we stick to that rule.

We demand the highest professional integrity possible from ourselves. 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 perhaps the appraisal professions most important rule, because it would invite appraisal fraud since raising the estimate of the home would raise the fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional organizations that the 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 follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.

With Herzog Appraisals, LLC, you can be assured of 100 percent ethical, honest service.