Houses for shale
New mortgages unavailable for properties with gas drilling leases, By Linda Fields
In a memo, a top executive at the bank writes it would be “very difficult to obtain financing due to the potential hazard.” The memo continues, “Also if the Gas Leasing is new to the area there are too many unknowns.” One of the unknowns, according to the executive, is what the lease would do to “the marketability of a property.”
The article also addresses the Realtor’s ethical dilemma, water and property value.
Pike County Commissioner Karl Wagner Jr. says, “If a property owner cannot get a mortgage or sell their house because of gas lease, they could petition the Board of Appeals to have the fair market value of the property lowered.”