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View Full Version : Selling home after fire


futbal2332
28th March 2011, 21:09
We were looking to buy a vacant home for sall a few houses down from my inlaws, we went to contract and were supposed to settle the 18th, well we had a clause saying that if it needed more then 2500$ in repairs after the home inspection we could back out, well the house needed 15k in repairs so we opted out, well on saturday night there was a kitchen fire in that house that ended up burning the entire house down(old wiring behind the fridge). now the people selling the house are the sons from the people that passed away. my question is if they were selling the home for the price before it caught fire and the insurance company rebuilds the house can the sellers turn around and sell it for more money then they were asking the first time?

decman
28th March 2011, 21:37
Yes they can sell it for whatever they like.

Unbalanced
28th March 2011, 21:38
Since you're no longer under contract there's nothing holding them to the price you previously agreed upon.

So....they can sell it for whatever someone will pay for it. Since most of it will be new, it will probably sell for more.