Fracking has been all over the news lately because of energy and environmental issues. But our focus here is real estate and we just found a great read about how drilling (really any drilling) or mining can affect your property. In Pennsylvania they’re starting to deal with those issues now. For instance some sellers are finding it hard to sell because lenders won’t give them a mortgage. Why? Simply because their neighbors have a well! At first it seems crazy but remember that banks give mortgages for single family homes. They really don’t like anything out of the ordinary like having a business or farming on the property, etc. So once you or your neighbor start drilling the question of whether it’s a single family home or a business gets muddled. Not only that but if you’re on a well the well can become contaminated. The bank wants the value of your home to stay the same or increase to protect their investment. If your water is contaminated you’ll have a tough time selling your house. Lastly, your insurance company will not cover any problems you have caused by mining or drilling.
So if someone comes knocking on your door saying, ‘there’s gold in them that hills!’ or want to drill or mine on your property make sure you check your insurance and your mortgage to make sure you aren’t harming yourself in the long run. And if you’d like to read the original story from Atlantic Cities click here.
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