Alabama Association of Realtors receiving $15M for lost income

By Kelli M. Dugan
Posted 9/8/10

SPANISH FORT, Ala. — Three months of negotiations ended favorably Friday for the Alabama Association of Realtors, which received $15 million from the Gulf Coast Claims Facility for emergency payments to real-estate licenses of oil spill-related …

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Alabama Association of Realtors receiving $15M for lost income

Posted

SPANISH FORT, Ala. — Three months of negotiations ended favorably Friday for the Alabama Association of Realtors, which received $15 million from the Gulf Coast Claims Facility for emergency payments to real-estate licenses of oil spill-related lost income.

“We want to thank Gov. (Bob) Riley for all of his hard work on behalf of all real estate licensees so they can file claims,” said Keith Kelley, president of the Montgomery-based association.

Kelley also thanked independent claims czar Kenneth Feinberg for “seeing the true hardships facing real estate licensees on the coast due to the oil spill.”

Feinberg arrived at the $15 million figure after comparing current and prior years’ real estate sales along Alabama’s Gulf Coast.

Although real-estate professionals were initially excluded from the claims process, Kelley said Riley has worked tirelessly to ensure all coastal residents who have suffered financial losses associated with the oil spill are entitled to file claims regardless of industry.

Agents and brokers who have already submitted claims via the revamped claims facility should expect to receive checks this week. Although affected licenses have until Nov. 23 to file claims, the trade association is encouraging those affected to file as soon as possible and has contracted with Indianapolis-based NCA, a national claims adjustment firm, to receive and process the claims.

Emergency payments can be sought for lost income recorded between May and July, while standard claims can be filed for any losses during the month of August.

Kelley said brokers and agents can file online at www.al.gulfreclaims.com; by phone at 1-888-498-6944; or by scheduling an appointment to file in person at the Baldwin or Mobile Association of Realtors’ office by calling 1-800-968-4456.

Walk-ins will not be processed.