This is a type of shrub called Eleagnus, probably Eleagnus umbellata. Commonly called Autumn-olive, the silvery scaling on the leaf backs is notable, as is the sweet smell of the blooms.
It was originally introduced by the Soil Conservation Service (like multi-flora rose which you probably also have) but is now considered an invasive plant. Birds love the fruits and move it around, and you will notice it on roadsides growing with abandon, unfortunately taking habitat from native species.
Thank you very much for your response. That's very interesting. So, if we were to buy that lot would it be worthwhile to remove those shrubs from the lot entirely, or are they so well established in the area now that it wouldn't really make a difference? I guess every little but helps.
If you buy the lot, we would suggest getting rid of the autumn olive. In the fall cut them off at the ground and as soon as you make the cut, paint the cut surface with glyphosate (active ingredient in RoundUp and other herbicides). http://www.na.fs.fed.us/fhp/invasive_plants/weeds/autumn-olive.pdf vw