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

• Court: United States Court of Appeals (Georgia)
• Citation: 396 S.E.2d 546,196 Ga.App. 588
• Decision Date: 12 July 1990
• Docket Number: Nos. A90A0001,s. A90A0001
• Parties: WILSON et al. v. METROPOLITAN FEDERAL SAVINGS & LOAN ASSOCIATION. to A90A0003.

Page 546

396 S.E.2d 546

196 Ga.App. 588

WILSON et al. v. METROPOLITAN FEDERAL SAVINGS & LOAN ASSOCIATION.

Nos. A90A0001 to A90A0003.

Court of Appeals of Georgia.

July 12, 1990.

Rehearing Denied July 30, 1990.

Certiorari Denied Oct. 3, 1990.

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...