Q: Realtor did not disclose the construction next door of over 200 homes shortly after we moved in, do we have recourse?
Construction started shortly after we moved in. Neighbor stated that they have known about the construction for two years. The HOA had sent a letter to everyone notifying them of the construction. I feel as though we should have been told. We are afraid that this will reduce our property value. If we had known about the construction we would not have bought the property.
A:
You may have a claim, but you will need to contact a real estate attorney directly. As a general best practice, the seller should disclose things that may impact the value or desirability of a home. Colorado might require the disclosure of the construction if the circumstances are right, but nearby building is not per se always required to be disclosed. Be aware the disclosure is not tied to the buyer's subjective like or dislikes. However, a clear reduction in home value (provable, not just a concern) is something that arguably should be disclosed. Finally, with some limitations the seller is required to disclose and the realtor/listing agent is not the party who should be disclosing (via a disclosure form or in person). However, if directly asked an agent cannot knowingly mislead or misstate facts (this is an independent professional violation).
In cases like this, there are a lot of fact-specific considerations that can significantly increase or decrease the chance of winning a case. This is why you will need to contact (and likely pay) for an attorney to review your specific circumstance.
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