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Superior Home Design LLC v. State Bank & Trust Co.

Testimony from the bank's appraiser that the subject property was worth $280K, with a five percent margin of error, supported the trial court's finding that the sale of the property for $270K reflected its true market value.

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This case arises from an application for confirmation of a foreclosure sale filed by State Bank and Trust Company, as assignee of the Federal Deposit Insurance Corporation “the Bank”, against Superior Home Design, LLC, and Shawn Shakib collectively “Superior Home”. Superior Home appeals the trial court’s order confirming the sale of the subject property for $270,000, arguing that 1 no competent evidence existed in the record that the Bank paid property taxes on the property or of the amount of those taxes; and 2 the trial court erred by deducting those taxes when it determined that the Bank presented evidence that it paid true market value for the property. For the reasons that follow, we affirm. The record shows that in exchange for a security deed on property located in Gwinnett County, the Bank loaned Superior Home $429,199.65.1 Superior Home defaulted on the loan, and the Bank executed foreclosure proceedings. On May 4, 2010, the property was sold at public auction to the Bank, the only bidder, for $270,000.

Thereafter, the Bank filed a report of sale and application for confirmation of the sale, asking the trial court to find that the foreclosure proceeding was regular and that the property sold for true market value. The parties stipulated to the legality of notice, advertisement, and regularity of the sale, but Superior Home contested that the Bank had paid true market value for the property with its bid of $270,000.

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