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?

[Merv Plank]

You don't own the house. It's really up to the owner as to what to do. I'd push the decision back to them and tell them to let you know when they are ready for the new inspection. You don't have to do anything but wait. Sometimes real estate investing takes patients. I've waited for over a real for title issues to get untangled and family feuds to get settled. Patience usually pays off