We signed a contract for flip a house in a nice area close to a metro station. We signed the contract "as is" on 2/14/18. On 2/19/18 the selling agent informed us that she was not aware until that day (she said she received letter from city on 2/15) that construction will be done on highway 66 (the back yard of the house is next to 66). The date of the construction could be within a few months or in a few years and it could last a year or so. But when the construction starts there will be an easement placed and they will take part of the backyard while the construction last.
I am really concerned about this because I do not think we will be able to sell the property as quick as we need and of course, we have to disclose the upcoming construction to the new owner, which may force us to lower the price.
I really find it hard to believe that they did not know about the construction and for a flip property I think this will be a hard property to sell.
I talked to my lawyer and he stated that we should be able to get out of the contract and my instinct says this is the way to go. Please let me know your thoughts.
@Carlos Solares , I agree with your instinct (and it'll likely serve you well in future too)...
Department of Transportation has had a long list of I-66 projects for a couple years now on their website.
The seller might have received a specific notice in the mail on the 15th, but you should have been aware of road work when purchasing property in the area.
As a buyer, you have more outs than the seller. You should be able to get out of the contract.
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