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Is nearby development grounds to void purchase agreement?

We are currently under contract on a home and just learned that an apartment building is being constructed approximately 500 feet from the property we're purchasing.

Is this grounds enough to void the purchase agreement? Does our research on the nearby properties fall under the "inspection" clause? The seller and his realtor are trying to tell us it is not.

We're concerned both about the aesthetics of a 3-4 story apartment building in view, as well as its impact on our property value and ability to re-sell in the future.

Any help and advice would be appreciated.
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January 19 2013 - Hastings
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Answers (6)

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IF you are within the inspection period of your contract, you can likely get out by simply exercising that contingency. 

If not, you might be losing your earnest money, or possibly more. 

no attorney necessary, read your contract. 

so sad that a few agent son here don't have a damn clue. 
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January 19 2013
If you really want out of the contract, and as I understand you will be terminating your present buyer agency, I would have a word with a real estate attorney who can look at your contract and if necessary write a letter to terminate your contract.  So sorry to hear!
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January 19 2013
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Thanks for the advice, everyone. It looks as though we'll be consulting with an attorney; our agent in Hastings hasn't been very -- how do I put this? -- assertive. She's been very hesitant to help us address our concerns. Not sure if it's because she doesn't want to lose a commission or because the seller's agent is from her same firm. Either way, we'll be finding a new agent once this mess is solved. We've gotten some great advice from our listing agent in Grand Island (where we're selling/moving from). She has told us it shouldn't be an issue and that the nearby development, as it was recently discovered by us, should fall under the inspection clause. Our contract is pretty loose in terms of what qualifies as an inspection -- wording such as "any inspections of the property [...] including, but not limited to the following [list of possible inspections]." I think we'll be okay, but we'll speak with a lawyer just to be certain. Thanks again!
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January 19 2013
Hi Hastings,
You have been given some great advice now the key is to move on it. If you are not within the inspection time make sure to  check with your Attorney.  Every State is different. Your agent is there to help yoiu also,  Good luck with your home buying..
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January 19 2013
Hello Hastings!
Former Grand Islander here.

As the agent earlier stated, if it is within the inspection period per your contact there might be room there to wiggle however you need to talk to YOUR agent (hoping you have one) or consult a real estate attorney as soon as possible.

Best wishes
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January 19 2013
Your contract should spell out the contingency period for buyer investigations. You have to read the contract carefully but it covers more than inspections. Provided you are within that period, you should hopefully be able to cancel within the terms of the contract.

What does YOUR agent say. Who cares what the sellers agent says?
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January 19 2013
 
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Is nearby development grounds to void purchase agreement?
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January 19 2013 | 6 answers
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