Case Study: Multi-Family Litigation
Our client approached us with a complex situation involving 12 properties currently under litigation for the previous tax year, alongside the preparation for the upcoming tax year. We took on the case in December, after another agent had been working on the properties and lawsuits had already been filed.
The previous agent had accepted offers on six properties in a DFW county, resulting in valuations that exceeded our target values by more than 15%. Additionally, another agent’s involvement with the county added further complications to the situation.
In order to address the challenges at hand, our approach involved quick and decisive action. Recognizing the urgency, we worked diligently to include an actively marketed apartment property in our settlement conference, providing the buyer with valuable insight into the previous year’s litigation value. By doing so, we were able to negotiate a favorable outcome, achieving a value below our target and securing a win for the buyer.
Furthermore, we leveraged our extensive experience and longstanding relationship with the appraiser at the county, along with our substantial portfolio of properties valued at over $2 billion in multifamily assets within the same county. This enabled us to expedite the settlement conferences for our clients, moving them up by more than two months to ensure timely resolution.
Through our proactive approach, we successfully settled the litigation for our client’s properties in Ft. Worth and Arlington. Our efforts resulted in substantial reductions in property valuations, leading to a remarkable tax savings of $895,000 for our client.
By utilizing our deep understanding of the local market, strong relationships with county appraisers, and efficient negotiation strategies, we were able to navigate the complexities of the litigation process and achieve favorable outcomes for our client. The expedited resolution of the settlement conferences not only provided financial relief but also instilled confidence in our client, knowing that their properties were accurately valued and their tax liabilities were significantly reduced.