Wheeler v. Coastal Bank
| Decision Date | 11 March 1987 |
| Docket Number | No. 73454,73454 |
| Citation | 354 S.E.2d 694,182 Ga.App. 112 |
| Parties | WHEELER v. COASTAL BANK. |
| Court | Georgia Court of Appeals |
James W. Smith, for appellant.
A.G. Wells, Jr., Pembroke, for appellee.
After proper notice and advertisement, appellee--the Coastal Bank (Bank), as the holder of a deed to secure debt containing the power of sale, conducted a non-judicial foreclosure sale of real property. The Bank purchased the realty at the sale for the sum of $127,000. As of the date of the sale, the amount of the underlying debt secured by the real property was $135,873.38. After the sale, the Bank initiated the instant confirmation proceeding. Appellant-debtor was given notice of the hearing and appeared to contest the confirmation of the sale.
After the hearing, the trial court entered its order, which contains the following relevant language: (Emphasis supplied.) Appellant appeals from this judgment confirming the Bank's sale of the realty.
1. Appellant enumerates the confirmation judgment as erroneous on the asserted basis that it is not supported by the evidence. "The court shall require evidence to show the true market value of the property sold under the powers and shall not confirm the sale unless it is satisfied that the property so sold brought its true market value on such foreclosure sale." OCGA § 44-14-161(b). Thompson v. Maslia, 127 Ga.App. 758, 764-765, 195 S.E.2d 238 (1972). The statute provides Fleming v. Fed. Land Bank, 144 Ga.App. 371, 373(2), 241 S.E.2d 271 (1977). Accordingly, the issue for resolution is whether, other than the foreclosure sale price, the Bank introduced sufficient evidence to authorize the trial court's finding that $127,000 was the true market value of the property on the date of the sale.
In apparent reliance upon the "right for any reason" rule, the Bank asserts on appeal a position that was specifically rejected by the trial court. The Bank's position is, in essence, that the judgment confirming the sale for $127,000 should be affirmed because that figure may be derived by subtracting from $140,000 (that being the lowest expert opinion as to "the value of the property or the probable selling price") the sum of $13,000 (that being the amount of estimated expenses and closing costs). According to the Bank, first estimating the expenses and closing costs, then attributing full responsibility for their payment to the seller, and finally deducting them from the amount that the buyer has agreed to pay for the property is an accurate reflection of the property's "true market value."
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