House in contract just got tornado-ed!

[Kush Khandelwal]

I'm currently in contract to buy a place in Alabama that I found via Roofstock. We were about to close when very sadly the property got hit by the tornado last week :( While nobody got hurt, damages to the property. Trying to get an assessment about the extent of loss. So now I'm wondering:

- Should I still pursue the property, extend the loan, get an assessment of damage and see if it can be repaired by the seller in reasonable time? 

- Or should I cut my losses (about 1K worth of appraisal plus property inspection) and move on from the deal?

What would you do?