Mundy Mill Development, LLC, REL Properties, Inc., and Robert E. Lanier collectively “Mundy Mill” appeal from the Hall County Superior Court’s order approving and confirming a foreclosure sale by ACR Property Services, LP “ACR”. Because the trial court’s confirmation order was supported by competent evidence, we affirm. Value on the date of sale is a factual question to be resolved by the trier of fact. In a proceeding for confirmation of a foreclosure sale of real property, the judge sits as a trier of fact, and his findings and conclusions have the effect of a jury verdict. Where the trial judge, sitting as the trier of the facts, hears the evidence, his finding based upon conflicting evidence is analogous to the verdict of a jury and should not be disturbed by a reviewing court if there is any evidence to support it.1 A trial court cannot confirm a foreclosure sale unless it is “satisfied that the property so sold brought its true market value. True market value is the price that the property will bring when it is offered for sale by one who is not obligated, but has the desire to sell it, and is bought by one who wishes to buy it, but is not under a necessity to do so.”2 The record shows that on August 29, 2007, Mundy Mill Development, LLC, executed a security deed in favor of Haven Trust Bank to secure repayment of a promissory note in the amount of $5,375,000. The deed granted Haven Trust a first priority security interest in a 40.1-acre parcel of unimproved property located in Hall County, Georgia.3 Thereafter, the Federal Deposit Insurance Company “the FDIC” was appointed receiver of Haven Trust Bank following the bank’s failure.
Following Mundy Mill’s failure to pay the obligation when it matured on January 5, 2009, the FDIC transferred the security deed to ACR on June 5, 2009. ACR foreclosed on the property on September 1, 2009, and sold it at auction to ACR and High Trust Bank as unequal tenants in common for $3,910,000.4 ACR then applied to the Hall County Superior Court for confirmation of the sale pursuant to OCGA § 44-14-161.
