For honest and ethical appraisals, count on Mike Marshall & Associates

We think of our job as 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 unquestionably be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.

As appraisers our chief obligation 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 information, and like an attorney can only discuss many matters with their client. As a homeowner, if you want a copy of the appraisal document, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and maintaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Mike Marshall & Associates, we take these ethical responsibilities very seriously.

Appraisers will often be obligated to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else Mike Marshall & Associates takes very seriously.

Mike Marshall & Associates holds itself to the industry standards and mandates set in place for professional behavior. We refuse to accept anything less from ourselves. Working on assignments that contingency fees is never an option. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers increase 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 states a violation in ethics 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 rest easy knowing we are working hard to objectively determine the home or property value.

When you engage Mike Marshall & Associates 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.