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Do we need an attorney?

We purchased a home late last year. Two weeks after moving in there was a story in the local paper about a landowner directly behind our property that wants to build a race track to seat 65,000+ people! We will be less than 1/2 mile away! Of course there was no disclosure to us. There is talk of "buy outs" but based on "market value" which is of course lower now. This $150 million dollar dream of one guy is going to destroy our peaceful, block. I don't expect any big pay out, but at least we deserve the cost we paid less than one year ago, moving expense to another  home in the area, closing costs etc. Do we need a real estate attorney to represent us to get fair value? Or, are we screwed? 
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June 07 2011 - US
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Ive been contacted by attorneys of homeowners who were in a similar situation as you, to appraise the properties due to a 'diminution of value' based on similar situations. It tough to calculate any potential loss in value on an event that may never happen. It sounds like its at a very preliminary stage, and may not be approved at all.

But, yes, contact an attorney, and at least get some advice.
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June 07 2011
It wouldn't hurt to consult an attorney. Often they will give you a no or low cost first consultation.

Have you been led to believe that your home would be taken in an eminent domain action to build the development or are you simply unwilling to live so close to the new development.

This would be crucial in determining whether or not you have an actionable cause against the old owners or whether you would be offered money for your home, or whether being six blocks from the development would put you too far from the development and negate any need for the previous owner to disclose.
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June 07 2011
Why not contact the local "landowner" and see what his plans are and if he plans or has contemplated purchasing your property. If you aren't satisified with his answers, then you can always consult with an attorney and/or the local municipality for an injunction to stop the development.

Chances are, the local "landowner' will appreciate that you came to him directly instead of through your attorney.
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June 07 2011
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The track has not passed planning and zoning yet, but they have been "moving dirt" We were at a meeting tonight with "representatives of the community" due to my spouses job not as "neighbors" A real estate guy there said they will be meeting with neighbors soon. They have the architects renderings and the MO dept of transportation on board to improve the roads going in, (right by our house) I am afraid the county commissioners will cave and vote it in as a way to help the community. We have only been here 7 months so would walk away as long as we aren't losing money.
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June 07 2011
Go to the planning and development department in your city and to get alot of your answers.  Once you get all the answers, then proceed with an attorney if necessary.  That way, you won't be wasting money for the attorneys initial searches into the matter as you will have alot of the answers for him/her.






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June 07 2011
A attorney would be a good option. It would also help to have your real estate agent run a comparative market analysis so you know your target price mark in the case of a buyout. As far as the disclosure goes, you would need to prove that the seller had knowledge of this development. This could be very difficult. 
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June 08 2011
Buyers can expect disclosure of known issues - if the race track plan was not public record there would be little chance of the homeowner or the agents to be in a position to know.   Having said all of that, there are zoning issues here that should offer some protection to homeowners and you would be given an opportunity to attend a public hearing in most jurisdictions.   Speak to a local real estate attorney to discuss your options.  Good luck.
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June 09 2011
Zoning issues can always be a biggie. Contact an attorney to just make sure. Good luck! 
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June 09 2011
 
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