My husband and I have an accepted offer to buy a beautiful home – our first. We had our inspection yesterday and everything went well. The house is next to a set of abandoned/unused freight rail road tracks. The tracks are completely overgrown and end right near the house. When we asked the seller about them the seller assured us they have been "inactive" for decades. I could not find anything on the town's website/google to refute this. As we were leaving the inspection, we noticed a paper on the porch – thinking we had dropped it, we checked it out. It was a notice that the tracks are going to be cleared and activated a month after we close! We stood there flabbergasted, even the seller's agent was speechless. The notice said that this usage would be very limited for a special project – 2 hours 3 times a year for the next three years. This doesn't seem too terrible, but it brings up some questions:
Is this a terrible risk, potentially plummeting our property value when we go to sell in 5 years or so?
We need to get more information from the town, but I'm nervous that this limited project will turn into 'other projects.' As a first time homeowner, do I have any recourse/say in this kind of town activity?
Is it unreasonable to expect a negotiation in the purchase price (and if so, what amount). I am assuming there will be lots of noise/movement to clear the tracks. The roads to and from the property will also be shut down during these planned trips. My realtor said the seller is obligated to disclose this information to future buyers.
Should we just completely walk away from a house that we really love, as the risk is too great?
More real estate tips at Program Realty Wix site