List Only

When there is news of low income housing already approved and being built do real estate agents know about it?

I just bought a house and they were in the progress of building apartments a couple blocks up the street, and now the are finished and it will be low income housing. The value of our house is more than liking going to fall, so is it possible that the real estate agent knew and did not tells us. What is the odds of them knowing?

Public Comments

1. slim if it is a private development. realtors aren't obligated to tell you what is being built in the area. you as the buyer have a responsblity to investigate the neighborhood, the schools, the local governemnt. you will be living there not the realtor.
2. If the sellers knew about it, they should have mentioned it to their agent who should have mentioned it to your agent. But, really the sellers may not have thought twice about it-- the catch is they are required to mention things that are decrimental, but if they don't consider a new housing project to be a negative, you can't really prove that they willfully withheld anything from you. However, all of that is a matter of public record, so you also could have done the research to see what it was zoned for and what was approved for that space. Low income housing is such a hot topic right now I bet it even made the newspapers.
3. It depends on how involved your agent is with finding out about the area they market. If you agent doesn't attend meetings for the Departments of Planning & Development in your area, research the area or network with other Real Estate Agents, they may not have had any idea of what was being built around you. Sometimes agents sell homes instead of neighborhoods. ____________________________________________________________ CAROLINE SIMMONS REALTOR® & Affordable Housing Specialist O. 866.894.3601 ~ C. 404.787.8685 ~ F. 404.745.8019 E. caroline@premyiergroup.com W. http://www.premyiergroup.com