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Can I renegotiate my offer if I've discovered that future construction may affect the home's value?

We have put an offer in for a house and are in the process of buying it. Now, we have discovered that the view of the pond in the back yard will soon be another row of houses after they drain the pond. We have already put in an offer and are awaiting appraisal for the VA loan. The question: can I renegotiate the cost of the home if the list price is based in part on the current pond view and we've now discovered that in the near future, the value will likely drop significantly due to future construction?
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November 28 2012 - Minot
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Answers (4)

Not really.  Was the offer based on having that view of the pond?  Never assume that the land around you will stay the same unless you own the land.  If you walk away now, you will lose your deposit on the home.  Why do you think the value will go down?  Views are very nice, but depending on the location, it will not affect the value significantly.
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November 28 2012
If your initial offer was accepted and you now have a contract then you are bound by that contract. Your offer to purchase is only for the property your home sits on and the land you bought with it. The owners fo the pond have the right to do whatever they please with their own land. Your home just had a free benefit of the pond view, but that is always subject to change it the other land owner wants to build more homes or drain his pond. Hope this helps. 
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November 28 2012
You say you put in an offer, but was it accepted and do you have a contract?If no contract then you can walk or renegotiate all you want. Are you in the due diligence period of the contract? If you are still in the period to investigate (due diligence) then you can renegotiate. The seller has the right to say no in which case you either walk away or accept the amount agreed on already. Your agent should be advising you all this already.

Tim
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November 28 2012
I would discuss the situation with your buyer agent first, to ensure that this information you obtained, falls within the due dilligence period in the contract.  You can always give it a try, if bad comes to worse, you may want to discuss it with an attorney.  It will all depend to what degree the view the seller offered, in writing, will be compromised.
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November 28 2012
 
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Can I renegotiate my offer if I've discovered that future construction may affect the home's value?
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