Mass Shooting Near Property I'm About to Buy – Should I Back Out?

[Garry Lawrence]

I need advice on a serious situation involving a property I’m about to buy. A mass shooting occurred tonight on the street next to the street where the property is located, leaving nine people shot and one dead. Police described the event as "shocking" and "unheard of." so far. I’ve already put down a $2,000 earnest deposit and paid for the inspection and appraisal.

This event is unprecedented in the area, as the area is typically low in violence and considered very safe. The neighborhood has been flourishing, making this incident highly unusual.

What initially drew me to the property was the potential for high rent and strong cash flow. This would be my first real estate investment, making the decision even more critical.

I understand that backing out would mean losing the $2,000 earnest deposit. Given the circumstances, I’m unsure whether to proceed or back out of the contract. What factors should I consider when making this decision? Are there other legal or financial consequences I should be aware of?

Any guidance from experienced investors, real estate professionals, or anyone who has faced a similar situation would be greatly appreciated.