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.