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Real Estate News: Practitioners Seek Compensation from BP

By
Real Estate Agent with Blu House Properties

And so it begins... the economic impact from the BP oil spill will have a long lasting effect on Real Estate.According to a report published by CNNMoney, real estate practitioners have already started reporting claims against BP for income lost from rental properties and to settle for losses due to stalled real estate sales.

While Louisiana, Alabama, Florida and Mississippi all have claim centers to claim lost income, Florida is the only state to report so far that there are over 400 claims for income lost from rental properties and BP has already paid over $75,000 to start the settlements. Directly relating to Realtors and other real estate professionals, $5000 has been paid from BP to start settling loss due to stalled sales.

In a recent TV commercial, “We will honor all legitimate claims, and our clean-up efforts will not come at any cost to taxpayers.” said Tony Hayward, CEO of BP.

 

For more information, check out the article on CNN: http://money.cnn.com/2010/06/03/smallbusiness/bp_wage_claims/index.htm

 


Show All Comments
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Ryan,  Even though there is no imminent oil on our beaches we have advised our rental department to save all canceled rentals due to oil fears.

Jun 04, 2010 08:33 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Isn't that interesting. I can see where this is going to costs agents a lot of money. Who would close on a beach home withthis spill lingering out there?


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Jun 04, 2010 10:05 AM
Robert Foster
United Country-Michigan Outdoor Properties - Northern Office - Wolverine, MI

If the "news" would report accurately and not do their normal "hype" thing, businesses would not be hurt as much in unaffected areas like they are now.    As Bill stated, document everything, because BP has lots of lawyers.

Jun 06, 2010 02:05 PM
Deborah Orr
Unique Properties of Florida - Clearwater Beach, FL

They aren't even paying "cancelled" contracts let alone "stalled" sales.  We have had a claim for 4 cancelled contracts along with emails from buyers stating the reason they are cancelling is the BP spill.  That was before it even reached our beaches.  Now it's all over our beaches and proving lost sales is more difficult because nobody is going to contract but there is no reason for them not to be paying cancelled contracts directly related to the oil spill.  That's what we want.  What does that have to do with the last 2 years income that they are asking for?  It's black and white.

Jun 23, 2010 01:01 PM
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