Honesty and Integrity: Saknit & Associates

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.

The appraiser's main obligation is to his or her client. More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you would like to obtain a copy of an appraisal report, you should request it through your lender. Other obligations also include, accurate figures appropriate to the nature of the assignment, attaining and maintaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Saknit & Associates, we take these ethical responsibilities very to heart.

Appraisers will often need to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - something else Saknit & Associates takes very seriously.

We require the highest professional integrity possible from ourselves. Working on assignments that contingency fees is never an option. 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 industries biggest taboo, because it would invite fraudulent practices since raising the value of the home would up the their paycheck. We don't do that. Other unethical practices may be defined 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 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.

With Saknit & Associates, you won't have any doubts that you're getting 100 percent ethical, honest service.