Honesty and Integrity: Pamela Reitenbach

Appraising is typically a long term career. The rigors of becoming 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 definitely be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.

The appraiser's main obligation is to their 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 desire a copy of an appraisal report, you generally have to get it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, attaining and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Pamela Reitenbach, we take these ethical responsibilities very seriously.

Appraisers will frequently need to consider the interests of third parties, including homeowners, sellers and buyers, or others. Typically the third parties are explicitly 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 written parameters of the order.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - something else Pamela Reitenbach makes a part of their standard routine.

We require the highest ethical standards possible from ourselves. Doing assignments on contingency fees is not something we can consider That is, we can't 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 perhaps the appraisal professions biggest taboo, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.

With Pamela Reitenbach, you won't have any doubts that you're receiving 100 percent ethical, professional service.