GA court’s confirmation of foreclosure sale on tract of land, initiated by FDIC, as receiver for creditor bank, after debtor defaulted on $5.3M loan, AFFIRMED.

Confirmation of foreclosure sale on tract of land, initiated by FDIC, as receiver for creditor bank, after debtor defaulted on $5.3M loan, AFFIRMED; FDIC purchased property at foreclosure sale for $2.94M and trial court later confirmed sale and found that land’s true market value was $2.63M; trial court did not err in finding that FDIC paid true market value for land, since debtor’s witness’s testimony about sewer line station, which serviced adjacent development, did not necessarily conflict with appraiser’s testimony that land in question did not have sewer service; trial court did not, as appellant argued, employ degree of deviation analysis to determine true market value of property, but reached its finding based on sufficient data in evidence; FDIC’s report of sale met statutory requirements of OCGA 44-14-161(a), because FDIC reported sale, within 30 days of foreclosure sale, to judge, who was authorized by designation to sit as superior court judge.

REL & Assocs. LLC V. Federal Deposits Ins. Corp., A10A0403 (05/11/2010), 10 FCDR 1657

From:  Fulton County Daily Report, May 28, 2010.

GA order confirming plaintiff’s sale of eight penthouse unites in Atlanta AFFIRMED, plaintiff sold property for its true market value.

Order confirming plaintiff’s sale under power of eight penthouse unites in Atlanta (property), AFFIRMED; Trial court did not err in finding that plaintiff provided legally sufficient notice under OCGA 44-14-1662.2 for purposes of confirming sale, because plaintiff supplied appropriate contact information to the defendants; evidence supported trial court’s finding that plaintiff sold property for its true market value, given plaintiff’s appraiser’s considered opinion; trial court did not err in acknowledging dispute over property’s true value and then ruling that highest and best use of property was not its proper value.

TKW Partners v. Archer Capital Fund LP, A09A2023 (02/23/10), 10 FCDR 578.

From:  Fulton County Daily Report,  March 12, 2010.

Order denying appellants’ motion for new trial after confirmation of foreclosure sale, AFFIRMED.

Order denying appellants’ motion for new trial after confirmation of foreclosure sale, AFFIRMED, as trial court did not err in finding that sale price of subject property reflected its true market value on date of foreclosure; appellants argued that opinion of appellee’s expert, which trial court relied upon, was defective in that he did not use most recent comparable sales and used speculative and inflated profits and they claimed that trial court should have relied on its own expert, who used 33 comparable sales, one occurring just one month before foreclosure at issue – as opposed to four sales used by appellee’s expert – to determine market value.  The court concluded the sale was properly advertised and brought fair market value and therefore does not allow Court to decide controversies between parties or adjudicate title of property sold.

The Hudson Trio LLC v. The Buckhad Comm. Bank, A10A0685 (06/07/2010), 10 FCDR 1922.

From:  Fulton County Daily Report (06/25/2010).

GA foreclosure confirmation in error because evidence did not show that sales were made for at least fair market value, since bank’s appraiser did not testify and record did not contain any appraisal reports.

Order confirming foreclosure sales of two properties, which bank held as security for commercial loans REVERSED; trial court did not err in concluding that serving loan guarantor by publication with notice of confirmation hearing was sufficient, given bank’s numerous attempts to effect personal service; however, trial court erred in confirming foreclosure sales, because evidence did not show that sales were made for at least fair market value, since bank’s appraiser did not testify and record did not contain any appraisal reports.

Belans v. Bank of America NA, A10A0080 (04/12/2010), 10 FCDR 1450