Appraiser Hit With $830K Judgment In Suit Over Inflated Appraisal

In Garfield County, Colorado, The Aspen Times reports: -

• A district court judge has ruled that a Basalt real estate appraiser must pay a bank $830,000 for assessing a Glenwood Springs home at an Aspen price. The judgment, which was recently slapped on Gary Beaver, came in the wake of a foreclosure, bankruptcy and lawsuit, all apparently spawned by an oversized appraisal. In 2004, Beaver appraised the Glenwood Springs home of Rodney and Donna Poland at $2.75 million, but when the couple defaulted on the loan and went bankrupt in 2006, a later appraisal showed that Beaver’s estimate was more than $1 million over the mark. A later appraisal valued the home, [...] in Glenwood Springs, at $1.1 million. Compass Bank, which held the note on the property and acquired the home in a foreclosure sale, won the recent $830,000 judgment from Beaver to make up for its losses.

For more, see Super-sized GarCo appraisal sparks a six-figure judgment.