Jimmy Britt Builders Inc. v. Suntrust Bank

An expert witness is not required to explain the basis of his opinion or the methodology utilized to reach the opinion unless based on sheer speculation.

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Jimmy Britt Builder, Inc. and its principal, Jimmy O. Britt collectively, “Jimmy Britt”, appeal from the trial court’s order confirming a foreclosure sale by SunTrust Bank. Jimmy Britt contends that the trial court erred in entering the confirmation order because 1 SunTrust’s appraiser used an “unsubstantiated and irrational discount” in valuing the property and 2 the court based its finding of true market value on an erroneous theory of law. Discerning no error, we affirm. The record reflects that Jimmy Britt Builder, Inc. obtained a construction loan from SunTrust Bank for the development of two residential lots in the Stonewater Creek subdivision in Hoschton, Georgia the “Property”. The loan was memorialized in a promissory note and secured by a deed to secure debt granting SunTrust a first priority security interest in the Property.1 When the loan went into default, SunTrust foreclosed on the Property under the power of sale contained in its deed to secure debt. SunTrust was the only bidder at the foreclosure sale and purchased the Property for $294,485. At the time of the foreclosure sale, the Property was only partially developed: one lot remained vacant, while the other lot contained an uncompleted house. All construction on the house had ceased approximately one year prior to the sale.

SunTrust brought the instant action to confirm the foreclosure sale. A confirmation hearing was conducted in which the primary issue considered by the trial court was the true market value of the Property.2 No issue existed with regard to the value of the vacant lot, as the parties agreed that the true market value was $30,000, and expert testimony at the hearing supported that value. The parties, however, presented conflicting expert testimony regarding the value of the lot containing the uncompleted house.

Jimmy Britt Builders Inc. v. Suntrust Bank

An expert witness is not required to explain the basis of his opinion or the methodology utilized to reach the opinion unless based on sheer speculation.

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