Honesty and Integrity: Redmile Appraisals, Inc.We consider our business as a profession. Requirements to become a licensed appraiser have become more difficult 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 are bound by an ethical code.
We have a great deal of responsibilities as appraisers, but our primary duty is to our clients.
More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has brought in to maintain independence.
Appraisers have certain duties of confidentiality to their clients, plus many rules and regulations controlling with whom we share information. So, as
a homeowner, if you desire to review the appraisal document, you normally should get it from your lender and not the appraiser.
Appraisers will frequently be required to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
There are also ethical rules 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 Redmile Appraisals, Inc. you can rest assured that we abide by that rule.
Redmile Appraisals, Inc. holds itself to the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. Doing assignments based on contingency fees is never an option. In other words, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. It should be obvious that fabricating a home's value to achieve what amounts to a bigger fee is unethical! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice clearly describes a violation in ethics 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", or "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 working hard to provide an unbiased determination of the home or property value.
With Redmile Appraisals, Inc., you can be assured of 100 percent ethical, professional service.