Personally I'd buy the house. It's best to buy the smallest house in the best neighborhood. This is also a good example of why it's important for the buyer to do their own due diligence. Don't take anyone's word for it, even if the realtor said it was a 28million dollar planned development, check it out.

I am a mortgage loan officer, however I recently completed the course to become a licensed real estate broker. The wording in the course book on this refers to misrepresentation to a third party, who is you. Quoting from the book, it says that liability may be imposed on the agent if "the person making false representation Knew or should have known". As well, it says a positive misrepresentation occurs by omission of facts about the property even if the buyer does not ask.
As everyone has said, you need to find a good realtor to help you find a house that is right for you. It is a good thing that you discovered this before you bought the home. If you paid for the inspection, I would say that the realtor should pay you back for it.

Robin Silverberg
Senior Loan Officer
Preferred Empire Mortgage

Public information is not considered an obligation of the listing agent, broker's agent or seller to discuss. If your Realtor was representing you, the info should have been shared, if they were aware of it.

On the other hand, aside from the building going on around you, have you considered the possible appreciation of your property if surrounded by McMansions? That's where I would want to live!

If your agent was acting as a Buyers Agent and you had an "Exclusive Right To Represent" contract signed with them then they hav e a fiduciary duty to disclose everything that would affect you decision to make an offer. Buyers agents are supposed to advise and guide.

Sincerely,

Christopher PAgli
Associate Broker
Legends Realty Group
914.406.9023

Not like the trade however it depends on how big the city is how many developments, I live in Dallas we maintain an entire library of developments future trends and etc. probably one in 10 years may have slipped our minds. I am sure it was an oversight. However SOME CLIENTS dont mind redevelopment for property values increase.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

In our area the Seller would be required to disclose this in writing, and could be liable to suit for not disclosing it.

It is possible that your agent did not know about this--in my county, new ground is being broken so fast it makes me dizzy! Just yesterday I saw a couple of acres near my neighborhood plowed up and ready for a new development--bam!

BUT it is your agent's job to find out about stuff like this.

Have you told your agent that you object to this? In our MLS, you would be able to rescind your offer on the basis of this discovery.

Best wishes, Linda

It doesn't matter whether the agent who showed you the property represents the seller or represents you as the buyer, they still had a duty to inform you about this, so that you can decide for yourself whether or not it's important. I recommend you do not work with this agent again, instead find yourself someone who will deal with you honestly and fairly, whoever they represent in the transaction, and preferably someone who is willing to give you 100% loyalty.

This is totally not the norm. I hope you are working with a Buyer's Agent and licensed Realtor. You need someone looking out for your best interest - PERIOD! I hate to hear stories like this and yes, you are correct... your agent should have alerted you, especially if your agent is from that area. It is their job to stay abreast as to what is going on. Your real estate lawyer may assume that you are already aware because that is the job of your agent. Good luck with your search!

That's why it's so important to work with a local expert in the towns you considering and to have your agent represent you as a buyer's agent. If they are a full time agent and doing their homework, they would most likely know something like that and should advise you so you can make an informed decision. I only work in the areas that I know and refer my buyers to professional agents in other towns they may want to research as well. In a challenging market like this, where agents are selling less houses than they may have in past years...they may be more willing to sell a buyer in an area that they are not as familiar with. This is a practice I would be concerned about as a buyer.