Wilson v. Metropolitan Federal Sav. & Loan Ass'n

CourtUnited States Court of Appeals (Georgia)
Citation396 S.E.2d 546,196 Ga.App. 588
Decision Date12 July 1990
Docket NumberNos. A90A0001,s. A90A0001

Land, McKnight, Newlin & Cohen, Robert H. McKnight, Atlanta, for appellants.

Hyatt & Rhoads, Debra L. Mixon, David A. Herrigel, Atlanta, for appellee.

POPE, Judge.

Appellants L. Don and Sadricia A. Wilson (the Wilsons) purchased three condominium units in 1984. When the Wilsons defaulted on their notes, appellee Metropolitan Federal Savings & Loan Association (Metropolitan) foreclosed on the properties. The only issue in these appeals is whether the prices paid for the properties were the true market values of the properties on the date of the foreclosure sale. OCGA § 44-14-161(b).

Metropolitan purchased the three condominium units at the foreclosure sale for $52,000, $52,250, and $46,250, respectively. At the confirmation hearing, Metropolitan relied upon appraisals of the properties made four days before the foreclosure sale, indicating market values of each property as $250 less than what Metropolitan actually paid. The Wilsons relied upon appraisals, made over four months after the foreclosure sale and after considerable improvements had been made, that indicated true market value of $60,000, $60,000 and $52,000, respectively. In confirming the foreclosure sales, the trial court found the appraisals presented by Metropolitan to be "reasonable and credible and supported by comparable market sales...." We agree and affirm. The record shows that Metropolitan's expert appraiser presented evidence of three comparable sales regarding each unit. In each instance, two of the comparables involved special financing and the value was adjusted downward by the appraiser to account for that fact. In Wheeler v. Coastal Bank, 182 Ga.App. 112, 354 S.E.2d 694 (1987), this court held that in determining market value of property, considerations of "such collateral issues as the financial responsibility for or the nature and amount of expenses and closing costs to be paid to others in connection with buying or selling it" are irrelevant. Id. at 114, 354 S.E.2d 694. See also First Nat. Bank v. Childress-Ross Properties, 189 Ga.App. 765, 377 S.E.2d 533 (1989). Thus, if these comparables were the only evidence supporting the trial court's confirmation, reversal would be necessary. However, there is additional evidence. On...

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3 cases
  • Georgia Power Co. v. Georgia Public Service Com'n, s. A90A0494
    • United States
    • United States Court of Appeals (Georgia)
    • 16 Julio 1990
    ......Wilson, 143 Ga.App. 656 (239 SE2d 546)." Hall County ... Federal Power Comm. v. Hope Nat. Gas, 320 U.S. 591, ......
  • Cartersville Developers v. Bank & Trust
    • United States
    • United States Court of Appeals (Georgia)
    • 1 Julio 2008
    ...by this court if there is any evidence to support them." (Citations and punctuation omitted.) Wilson v. Metro. Fed. S & L Assn., 196 Ga.App. 588, 589, 396 S.E.2d 546 (1990). The facts in this case are not disputed. Georgia Bank & Trust purchased 17 town homes built by Cartersville Developer......
  • Government Nat. Mortg. Ass'n v. Belue, A91A1347
    • United States
    • United States Court of Appeals (Georgia)
    • 29 Octubre 1991
    ...American Century Mtg. Investors v. Strickland, 138 Ga.App. 657, 661, 227 S.E.2d 460 (1976). Accord Wilson v. Metro. Fed., etc., Assn., 196 Ga.App. 588, 396 S.E.2d 546 (1990). Under the circumstances, we conclude that the first enumeration of error establishes no ground for 2. The trial cour......

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