APPRAISAL ASSOCIATES

Ms. Rose Pozza of Appraisal Associates of Lancaster was contracted to perform an appraisal on a property we were purchasing in Lancaster city. Our lender, Diamond Credit Union, selected her firm to do this work. Citing several comps, she delivered her report and rendered her opinion that the appraised value of the home was significantly less (almost 10%) than the agreed up on purchase price. Of course, the bank declined to provide financing at the higher purchasing price. The listing agent on the home called Ms. Pozza and asked her to change the amount of the appraisal. The next day, she simply sent the bank a new appraisal in the amount of the purchase price. She did not change any comps or provide any new ones, she simply noted she'd "made a mistake". The bank called her several times to request additional information and an explanation of the new appraisal amount and she never returned their calls. The bank could not accept the modified appraisal without additional information and thus declined to finance the property. I would consider any appraisal performed by this company as highly suspicious, since they are willing to modify appraised amounts based on the requests of real estate agents.