Honesty and Integrity: Michael ShankAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
An appraiser's chief responsibility is to their client.
Most of the time, 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.
It follows that appraisers are typically limited to only disclosing information to their clients, so as
a homeowner, if you desire to review an appraisal report, you normally have to obtain it from your lender.
Appraisers will sometimes 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 duty is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical rules 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 Michael Shank diligently adheres to.
When creating reports, we follow the highest ethical standards possible. Accepting assignments based on contingency fees is never an option. That means we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's a definite conflict of interest if an appraiser can report a greater value and then get paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice clearly 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", or "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 going above and beyond to provide an unbiased determination of the home or property value.
With Michael Shank, you won't have any doubts that you're getting 100 percent ethical, honest service.