Feinberg gives Realtors, brokers hope, but little info

By John Mullen
Staff writer
Posted 8/2/10

ORANGE BEACH, Ala., — Erick Haffner was more hopeful after a town meeting with BP claims czar Kenneth Feinberg on Friday, but he still didn’t come away with solid answers.

How to compensate Realtors and brokers in the wake of BP’s massive …

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Feinberg gives Realtors, brokers hope, but little info

Posted

ORANGE BEACH, Ala., — Erick Haffner was more hopeful after a town meeting with BP claims czar Kenneth Feinberg on Friday, but he still didn’t come away with solid answers.

How to compensate Realtors and brokers in the wake of BP’s massive oil spill in the Gulf of Mexico is one of the stickiest issues concerning the disaster.

Feinberg, a well-known lawyer who has helped administer funds for 9/11 victims, veterans affected by Agent Orange in Vietnam and victims of the Virginia Tech shootings, readily agrees those in real estate would not prevail in a lawsuit.

But, he insisted, he will look for a way for Realtors and brokers to be compensated.

Haffner is an associate broker with Realty Executives.

“At this point I only believe what I see,” Haffner said. “We needed the help yesterday. I only hope that if he does find a way to help Realtors that it is not too late. With every passing day another Realtor faces potential to lose everything.”

One champion of the real estate business has been Gov. Bob Riley. Feinberg acknowledged Friday that Riley has voiced his concerns about the realty business on many occasions.

“I am concerned that if the governor is not calling him every day, Realtors might be left out,” Haffner said.

What really hurts, Haffner said, is the market, like everything on the coast, was about to enjoy some good times. Before the oil started washing ashore.

“We had made it through the hard times,” he said. “We had done our turn. Real estate was on the up tick.”

Haffner found some hope, but not much useful information during Friday’s session with Feinberg.

“Not much,” he said, “but it was good to hear all that was said. It hits home more when you hear all in person versus hearing it on TV.”

The biggest enemy Haffner sees is time.

“If we as a business community don’t get financial help quick, the entire frame work could collapse,” he said. “The bills keep coming but the claims checks are not. From the timing of the spill at the first of tourist season to the speed of which claims have not been paid, time is the key.”

Feinberg says his Gulf Coast Claims Centers will be up and running sometime in August. As of today, BP has not made any funds available to Feinberg’s group.