Real Estate Agents, Mortgage Brokers File Your BP Claim Now

In a new twist in the never ending saga of the GCCF, Mr. Feinberg has now given real estate agents and related industries with losses from the BP oil spill the opportunity to claim their real losses with the GCCF fund of 16 billion dollars.

real estate agents bp claim

Real Estate Fund For BP Claim Has Moved to The GCCF Fund

In August of last year GCCF setup a separate fund of 60 million dollars just for real estate agents. This fund had a limit to the losses people could claim. That limit was $16,000 in some states, and $18,000 in Florida.

So its a good sign that the GCCF  opens up for all claims from real estate agents and related industries, including title companies, mortgage brokers and really anybody in the real estate industry. You have to document a loss from 2009 to 2010 to be able to file a claim with the GCCF.  I am sure that there are still losses that GCCF will not cover unless you retain an attorney to help you in the process, but for now that is good news.

An Example Of A BP Claim From A Real Estate Agent

Now lets take an example of a claim filed by a real estate agent, we will use Mss. Summer.

In 2oo9 Real estate agent ” Mss. Summer” sold 20 houses and received a commission of $400,000 or $20,000 per house. In 2010 because of the oil spill ” Mss. Summer”  only sold 5 houses with a commission of $60,000.

Now Mss. Summer has a legitimate loss of $340,000 for 2010. If Mr. Feinberg’s methodlogy holds true Mss. Summers should be able to get $340,00 for 2010 (less any money she got from the real estate fund) and $340,00 for 2011 for future losses. The same example should hold true for mortgage brokers or anybody that would have lost their job in real estate because of the slow down following the oil spill.

Related Industries Real Estate Also Eligible For BP Claim

A list of related industries that can now also file for a BP claim after Mr. Feinberg ‘s reversal on his already stated policy.

-Escrow Services

-Home Builders

-Mortgage Brokers

-Property Management

-Real Estate Appraisal

Real Estate Inspection

-Real Estate Title Companies

-Relocation Services

As GCCF has a proven track record of being very slow in approving or denying claims, it will take a very patient person to go though the GCCF process on your own. Also the use of special forensic accountants to lay out your claim in the best possible light will help in the amount of money you would hope to get from the GCCF. If you need any help with your claim please follow the guide below.





The Lost of Property Value Argument

Hundreds of court cases has already been filed for lost of property value due to the BP oil spill and it could be joining one of these cases would be a better bet than filing for a BP claim for lost property value. I have personally talked to attorney’s that take these cases and I will setup a form submit page for people interested in joining a class action or BP lawsuit to get their lost property value back from BP.

One of the strongest arguments would be can your realize a loss without selling your property ? The argument from BP would be, if your invest in stocks and they fall in value but your do not sell the stocks you do not realize the loss, also from a tax standpoint this would be the case. So is it really possible to file a BP claim without first having sold the house and gotten a price lower than the expected price before the oil spill ?

The counter argument would be the lost we have today which is keeping us from selling our house as we are up side down on the mortgage basically imprison us at our current house because we can’t afford to sell it as we would owe more than the house value after the oil spill. Realizing the lost of  your house value because of the oil spill would put positive equity back into you house and give you the compensation you should get for the mess BP has made in our paradise.

But what if you had leased that same house out with a beach and all of a sudden the beach is full of oil ? The person that leases that house has suffered damage and would be entitled to filing a BP claim as the value of the lease before the oil spill where greater as they had use of the beach and the ocean, but after the oil spill this was not available to the lessee anymore. There would be a damage as an result from the oil spill. This would be considered a clear case as we know the value of the lease before the oil spill but how do we put a value of the lost of the beach and the ocean to find the right loss in value ?

So back to the property value aspect, a BP claim can be filed up to 3 years after the oil spill, which would make it August 2013. If you live 30 miles from the coast that was affected by the oil spill and your have your house for sale in the next 3 years there is a claim to be filed if your receive less now for your house compared to before the oil spill.

The argument of selling your house before you can make a BP claim for the lost property value would be a hard pressed issued for a land developer that has 1,000 of acers along the gulf of Mexico, lets say this land developer was on the stock market and his stock has taken a beating since the oil spill because the market believes his land is now less valuable. There are many ways to convince a judge or a jury that land and house value is now lower on the coast that it was before the oil spill.

I think that one case has to go though the court systems before the flood gates of the lost of property value BP claim opens up for everybody to get compensation for their lost in the oil spill.

As of this writing many BP lawsuits and  class action suits are popping up from all over the cost of Florida to get a court decision  for the damage the BP oil spill has done to the house values along the gulf cost. These lawsuits and possible class action suits will make the way for compensation for the home owners but it will take some time maybe 1 to 2 years.