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.”
HUD May Not Loan on Homes Near Drilling and Pipelines
About Sharon Wilson
Sharon Wilson is considered a leading citizen expert on the impacts of shale oil and gas extraction. She is the go-to person whether it’s top EPA officials from D.C., national and international news networks, or residents facing the shock of eminent domain and the devastating environmental effects of natural gas development in their backyards.
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“I do believe a lot of people signed leases without knowing it could hurt future selling or financing of the property.” – maybe I could sell these same people my ocean front property in Arizona.
Mike H. says
A pipeline can always force it's way onto your property by eminent domain. Too bad that pipelines are not required to disclose that they will mess up your using HUD in the future. You can't force them to go around your property.
I don't think leases should be binding if all the facts were not known and safety was misrepresented. People should be able to break these leases and demand restitution. The sales pitch was fraudulent.
Good point Anonomous 9:35. However, you want to use up your life savings dealing with the crooked oil soaked Texas Courts? YOu ain't a gonna win!! In Texas O&G rules, always has.