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Mid-Roc LLC v. First S. Nat'l Bank

The bank's expert testimony supported the trial court's finding that the property in question sold for its true market value.

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Following the confirmation hearing in this non-judicial foreclosure action, appellants Mid-Roc, LLC; Mission Investment Holdings, L.P.; Mission Investment & Development, Inc.; ROC Enterprises, Inc.; Randy O. Crosby and Nina Crosby collectively, “Mid-Roc” appeal from the trial court’s order confirming the sale of real property the “Property” by First Southern National Bank the “Bank”. Mid-Roc challenges the trial court’s factual finding as to the valuation of the Property, contending that the Property was sold for less than its true market value. For the following reasons, we affirm. The record shows that, following Mid-Roc’s default on a promissory note pursuant to which the Bank held a security deed, the Bank instituted foreclosure proceedings on the Property consistent with the terms of the loan documents. After notifying Mid-Roc of the default and of its intent to foreclose on the Property, the Bank properly advertised the pending sale. Pursuant to the power contained in the security deed, the Bank conducted a foreclosure sale at which the Bank itself purchased the Property for a sum of $70,500. The Bank then sought confirmation of the sale pursuant to OCGA § 44-14-161.

Following a hearing, the trial court confirmed the sale. On appeal, Mid-Roc does not challenge the foreclosure procedure, but argues only that the Bank did not establish that the Property sold for its true market value. We disagree.

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