It appears that a substantial portion of the fund set aside as aid for the communities impacted by the BP oil spill will go toward helping out real estate brokers and agents in impacted areas, many of whom report not having made a single sale since news of the leak first broke. While claims on real estate and properties themselves are limited largely to damaged and destroyed property, brokers and agents fall under damages to business and livelihood.
Rumors indicate that the $60 million might be dispersed by the National Association of Realtors (NAR), but thus far the organization has denied these claims, with representatives insisting that neither NAR nor Kenneth Feinberg, oil spill “Claims Czar,” will be directly involved in the distribution. At this time, there is no official word on how the monies can be applied for and assigned.
Do you think that brokers and agents should be compensated for the loss of sales activity in the impacted areas, or is that part of the business?
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