For honest and ethical appraisals, rely on Markham & Fox, LLC

Appraising is, by and large, a long term career. 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 certainly be called a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.

For an appraiser the chief responsibility is to their client. Generally, in residential practice, the appraiser's client is the lender ordering the appraisal. 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 require to obtain a copy of an appraisal report, you generally have to get it from your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, attaining and keeping a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Markham & Fox, LLC, we take these ethical responsibilities very to heart.

Appraisers may also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - something else Markham & Fox, LLC takes very seriously.

We only perform to the highest ethical standards possible. We have a responsibility not to 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. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unprofessional 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 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 follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.

When you request an appraisal from Markham & Fox, LLC 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.