As the real estate market slowed over the past eight months in the mountains, some appraisers say they came under increasing pressure from banks to value properties for more than they were worth. One of them, Avon appraiser Tim Savage, claims he was blacklisted by Wells Fargo Bank for refusing to provide inflated appraisals on two homes in Vail’s Sandstone neighborhood in January. Savage and other appraisers have joined together to sue Wells Fargo Bank and subsidiary RELS Valuation appraisal-management company in U.S. District Court in San Francisco.

By Beth Potter,May 31, 2009, Denver Post

 

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