Hi All,
hoping maybe they'll be a real estate lawyer on the forum with an educated opinion.
Bought a home in rural Oregon, near Portland. Lots are zoned farmland. Lovely, peaceful, secluded yet no too far from development. We've been here 3 weeks and came to learn from the neighbor that the adjacent lot has been purchased by someone who intends to build a large public facility, 18000 sqft, parking lot, some parts of the building could be as high as 50ft. The dirt road we live on would be repaved and the entrance to the facility will be directly across from our entrance. As should be obvious, traffic would be significantly increased immediately in front of my property.
There's a legal fight going on between this developer and all the neighbors as obviously no one wants this and it's not allowed to begin with (but the developer is asking for a special permission based on grounds i wont get into here). That however is not the point of this post.
The Seller knew this and chose to not disclose it. He stayed out of the legal battle and mentioned to other neighbors he needed to sell this place before "this thing went through". The Seller's agent knew this and chose not to disclose it. We have written proof that the seller's agent knew (an email thread between his office and the neighbors with acknowledgement of receipt from the realtor). Our agent also worked for the same real estate company, same office.
I am having a hard time figuring how this does not fit into the definition of "Material Fact" and how it was ok not to disclose. It almost certainly has a huge bearing on property value, and certainly on the use and enjoyment of the property. I would have never bought at that price if i had known about this.
Thoughts? did we get screwed and tough luck, or should we pursue legal action?
we will of course speak to an attorney, but i am looking for multiple opinions.
-Jakub