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Florida Realtors get $16 million for oil spill losses

by Dara Kam | August 23rd, 2010

Florida Realtors will divvy up $16 million to cover lost sales in the aftermath of the April 20th Deepwater Horizon rig blast and ensuing massive oil disaster in the Gulf of Mexico.

Florida’s sharing in about $60 million claims czar Ken Feinberg set aside for real estate agents and brokers although they would not be eligible for claims under state or federal law.

He’s already given property owners the bad news that they’ll likely get nada from the $20 billion fund set up by BP to cover losses caused by the spill.

Each of the Gulf Coast states’ real estate associations will dole out the funds to realtors.

Florida Realtors, the state association representing realtors, hired Indiana-based claims adjustment firm NCA to handle the claims and administer the funds, according to press release issued by the association.

Feinberg, who took over BP’s botched claims system at 12:01 a.m this morning, has said that realtors were the loudest group making a pitch for how the oil disaster made an already sluggish real estate market even worse.

Feinberg’s in charge of administering the $20 billion fund BP set up to pay for losses and injuries caused by the disaster. BP will put the money into the Gulf Coast Claims Facility account over four years.

Feinberg said the first checks to individuals filing claims will go out by Wednesday and within a week for businesses.

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18 Responses to “Florida Realtors get $16 million for oil spill losses”

  1. Paul Says:

    So, if the realtors are getting $16M, that means that propertly owners lost about $270M in sales. When are they going to get their money?

    Or didn’t they contribute enough to the election campaign in 2008 to be eligible?

  2. nemo Says:

    Why should the realors get anything?

  3. Crapplola! Says:

    Why should realtors get a PENNY?

    Wow….this whole economy is screwed up……its a give away for nothing economy!

  4. Carol Says:

    This country has gone stark raving mad!

  5. Realtors??? Says:

    Why do they get anything? What about the homeowners who’s homes didn’t sell? The realtors should get 6% of the $16 mil and the homeowners 94%. Maybe I can get a few quid from Golonka seeing as she’s turning Jupiter into an undesirable illegal alien sanctuary town.

  6. acasualobserver Says:

    How can realtors or property owners in Ft. Lauderdale claim damages from the oil spill. How much oil or tar has shown up there? The bad odor of this claim is not from oil.

  7. stu bum Says:


  8. el nino Says:


  9. Fakers Says:

    Realtors, really? That’s not even a real job. They are like one giant pyramid scheme, conning homeowners and selling something they don’t even own, only so they can get a commission, the other realtor can get a cut, the broker in charge at each office gets a cut, and the owners of the brokerage get a cut. We all know realtors, and most would agree that very few even come close to being professionals. Now they’re getting free money when they prove they can’t sell houses – talk about getting it backwards. God help us.

  10. Shari Says:

    BP pay out to cover the real estate agents
    in FL.

    Excuse, me but very little damage to Panhandle! But, what about the home owners whose property trying to sell their property then and into the future of where the actual damage was done on the beaches and communities in the Gulf.

  11. Laura Vucich Says:

    This is utterly INSANEand smacks of political involvement that has nothing to do with the people that were truly affected by this spill … the worst housing market in over 20 years in one of the states that have the worst resale atmosphere in the country and the realtors are going to get paid for not being able to sell a home that they wouldnt’ have been able to sell anyway? And the oild spill have very little impact on the beaches of Florida.

    I sell cruises for a living and this has been the worst 3 months I have ever had, no one wants to book the Caribbean because they are still afraid they will see it, smell it or taste it while there.

    So, where can I file a claim against BP?

  12. LO Says:

    I do think this is one of the most ridiculous things I have ever heard. I think this guy has completely lost his mind.

  13. George Fuller Says:

    Realtors are an association and only a pecentage of real estate agents and brokers belong.

    It is another boneheaded move by someone who should have done their homework.

  14. alright Says:

    I wish I cound get paid for NOT selling anything!!My condo in Tennessee is not selling, since I’m selling it myself can I get paid like everybody else that is claiming BP this,BP that,BP BP??

  15. RealAngst Says:

    Hey stu…you are as dumb as Sarah Palin. What does Obama have to do with this? Oh yeah, NOTHING! This is a REPUBLICAN RUN STATE and the REPUBLICANS are giving them the money and as a REPUBLICAN I am pissed off as well. But at the very least, get some FACTS will ya!!!!!!!!?

  16. Ken B Says:

    It is total nonsense, but one almost has to admire the magnitude of the pure chutspah.

  17. ATV Says:

    Real Estate Appraisers have not requested a single dime! So who do you trust now?

  18. Realtors Isa Just Another Term For Union Says:

    The Florida Realtors Assn is a UNION in a right to work state! The the Real Estate office belongs to the Board of Realtors every license their MUST join the union or they will shut the entire office down! I am a commercial Real Estate Broker of many years! I do not belong to the UNION! So therefore I don’t get a “CUT” of this latest fraud! Well Good! I just happen to be one of those professional Brokers who would never take a dime of money generated from the ongoing corruption for the purpose of keeping the masses quite! They can not buy my opinion!

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