Florida Realtors, formerly the Florida Association of Realtors, has negotiated a settlement for Realtors who have been affected by the oil spill in the Gulf of Mexico. Terms of how the Realtor group will handle the dispersement of funds has not been released yet, but I am sure agents will be looking for their share.
The BP oil spill in the Gulf has impacted many businesses, with real estate being just a small part of them. The tax credit expiration coinciding with the Gulf spill has mitigated the Realtor’s argument of lost funds as home sales showed an increase during this period of time. However, as we all know, the impact is being felt and psychologically it will be felt by home buyers long into the future.
Now the next stage to watch is how the Realtor board will determine the payout for agents. My guess, this will be the real fight.
Florida Realtors — the former Florida Association of Realtors — negotiated $16 million from the fund to compensate agents for lost sales and broken contracts stemming from the Gulf oil spill.
John Sebree, lobbyist for the Realtors, said that the money will be distributed to agents through a claims adjusting firm which also is handling the work for four other states.
“It may not go terribly far,” Sebree said. “But it’s a step in the right direction.
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The agents have negotiated with BP for their loss in the gulf region but this is not the permanent solution for the situation because the condition of the real estate industry is really worse these days so there should be a permanent solution for this problem.
This is a brilliant way for the association, John Sebree and his claims representatives buddies to make some great money. This doesn’t mean a thing for the real estate agents. I’ve consulted with claims companies and insurance attorneys and lobbyists and I can assure you that loads of them have been chomping at the bit to get after BP and create “group” settlements because it lumps in lots of people, makes BP look as if they’re setting appropriately, puts pennies in the loss sufferers pocket and puts millions in the group organizers’ pockets.
This is a real shame.
The initiative taken for the concern is very serious and need an
attention of every one. This is the concern which exists in the
society and needs to be eliminated from the society as soon as
possible.
john
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Liability Insurance
this incident must not happen in future