House sold under misrepresentation?

10/3/07: My husband and I bought a golf course-view house in Indianapolis, Indiana. We closed 5 days ago; moved-in 4 days ago; and 2 days ago found out that the golf course is scheduled to close. It was announced by the golf course management 2 years ago at the home-owners' association meeting, and the seller... show more 10/3/07: My husband and I bought a golf course-view house in Indianapolis, Indiana. We closed 5 days ago; moved-in 4 days ago; and 2 days ago found out that the golf course is scheduled to close. It was announced by the golf course management 2 years ago at the home-owners' association meeting, and the seller and her realtor most likely knew. But they did not disclose it to us, even though they had ample opportunity to do so. They had advertised the house everywhere as golf course view. We definitely would not have bought the house if we had known that the view is there only for 2 more months. We paid for the view and know that homes without a view like that go for a lot less.
Now a school or more homes are scheduled to be constructed in its place. What are our legal rights? Can we "return" the sale of the house?
Please advise. Thanks.
Update: Thank you all for your input. 1. We did get an appraisal and the golf course view was considered in the home value. 2. I am not sure if we had the State Condition report, but I will look for it. 3. It is certain that the golf course is closing as we called the management. They had sent out flyers to the... show more Thank you all for your input.
1. We did get an appraisal and the golf course view was considered in the home value.
2. I am not sure if we had the State Condition report, but I will look for it.
3. It is certain that the golf course is closing as we called the management. They had sent out flyers to the neighborhood when it was decided that it will be sold, and I am sure the seller got it in her mail, too.
We are meeting with an attorney tomorrow regarding this matter.
Our realtor states that she will report against the seller's realtor to the Realtor's association, but I don't know if she really is with us or not (don't trust anyone anymore).
We do plan to lodge a complaint with the MIBOR.com, if nothing else.
Update 2: By the way, the seller contacted my realtor and wants to settle. She states that she did not know about it, but is sorry. We are now getting a new appraisal to find out what the house is worth without the golf course behind it.
10 answers 10