Ref Dev. Inc. v. First Citizens Bank and Trust Co. Inc.

The trial court properly weighed the testimony of one expert witness over another in finding that a foreclosed property sold for at least its fair market value.

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This is an appeal from a judicial confirmation of a foreclosure sale. Because there is evidence supporting the trial court’s decision, we affirm.

On March 2, 2010, First Citizens Bank and Trust Company, Inc., foreclosed on property securing a loan that had been made to REF Development, Inc., and that had been guaranteed by Larry Thompson and Philip Adelsheimer. First Citizens was the only bidder at the foreclosure sale, purchasing the property for $1,402,750. On March 31, 2010, First Citizens filed its report of sale and petition for confirmation of the foreclosure sale in the superior court. On April 1, 2011, the trial court held a confirmation hearing, at which the parties stipulated to the regularity of the sale and agreed that the only remaining issue was the true market value of the property at the time of the foreclosure sale. The parties then presented competing expert testimony as to value, with the bank’s appraiser opining that the property’s true market value was $1,335,000, and the expert for REF, Thompson and Adelsheimer concluding that the property’s value was $1,695,000. At the conclusion of the hearing, the trial court announced that after considering all the evidence, including the experts’ testimony, it would confirm the foreclosure sale. The court subsequently entered its confirmation order, finding that the true market value of the property was $1,335,000 and that the bank’s bid of $1,402,750 was thus at least equal to the fair market value of the property. REF, Thompson and Adelsheimer appeal.

Ref Dev. Inc. v. First Citizens Bank and Trust Co. Inc.

The trial court properly weighed the testimony of one expert witness over another in finding that a foreclosed property sold for at least its fair market value.

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