Valuation and Disposition of Trust and Estate Portfolio of Properties
65 properties in Maine, New Hampshire, Vermont, Connecticut, Florida, Texas, and Canada
The properties were assembled by a real estate speculator and were predominantly low value lots in remote locations, including some landlocked parcels. When the owner died, he held 43 properties in an irrevocable trust and another 22 properties in his estate. The trustee and personal representative of the estate intended to sell them and distribute proceeds to the beneficiaries. However, first they had to determine the exact location and nature of all the properties. LandVest was hired to do this.
LandVest reviewed deeds, tax bills, and other available property information to identify the location and nature of each property and developed a disposition plan by identifying potential local brokers and appraisers and obtaining estimates of market value. LandVest then managed a team of professionals who appraised, surveyed, managed demolition and maintenance projects, and facilitated the sale of all properties.
Many hurdles were overcome, including an extremely small buyer pool due to the remote locations and limited utility of many of the properties, a severe market downturn (2007-2012), title issues, squatters, and liabilities associated with improvements in poor condition. As many properties as possible were sold bulk to single buyers at an appropriate discount, and the team of brokers was able to obtain a good price for all properties over a 5 ½ year sell-out period.
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