Well, HUD (US Department of Housing and Urban Development) didn't waste any time getting back to work this week.  At the top of their agenda, it appeared, the demise of "seller funded" Down Payment Assistance programs.  I understand their ruling is to take effect October 31, 2007.  No tricks - No treats!  Sources in the Lending community say that two of the the major downpayment assistance providers, Nehemiah and Ameridream, have filed suits with HUD to block this final rule.  As my kid says, "LOL". 

From a Realtor perspective, this action further reduces the base of qualified buyers by eliminating those prospects that have no money to put down.  It will also have a profound effect on Days on Market, and ultimately, an increase in inventory.  On the other hand, this tactic just might have a long-term positive impact on the rising number of HUD foreclosured properties.  Too many home buyers are caught in the trap of purchasing beyond their means.  Buying to their lending and qualification limits without consideration of their overall budget. 

You will be convinced that you do when you receive that offer from the various Drilling companies or their designees for a signing bonus to lease YOUR rights.  The results of my investigation indicate that these companies are merely scratching the surface to determine the likely owner(s) of Mineral Rights before starting their campaign. 

News about the Barnett Shale is slowly spreading throughout the North Texas community, currently affecting approximately 18 counties.  Unfortunately, it is the signing bonus letters that raise awareness and have become the most talked about issue in many neighborhoods.  All too often, the recipients, having no intent to ever utilize their minerals, are signing away and collecting their bonus.  Mortgage companies have now become involved and looking for their piece of the action as the property lienholder. 

What is the Barnett Shale?  The Barnett Shale is a natural gas source bed rock that stretches over 16 to 21 North Texas counties and is still actively being discovered.  Its 6,000 + square-mile reservoir is already the second largest producing on-shore domestic natural gas field in the United States after the San Juan Basin in New Mexico and Colorado. 

If you are unsure of your Mineral Right ownership, you owe it to yourself to get the facts.  A likely and reliable source can be found on file in the County Cleks office.  Also available, usually for fee, are professionals such as "Landmen", Real Estate Attorney's, etc.

As a Residential Specialist in Real Estate in the north Texas area, Mineral Rights are certainly a "hot topic" these days.  The Barnett Shale and its potential for Natural Gas production in these parts has Gas companies and property owners alike in a quest for the opportunities which present themselves.  Local property owners are receiving letters from major corporations, or their designees, with offers to lease their mineral rights.  Many of these property owners are not even certain that the rights are theirs to lease.  What about you?