My question involves real estate located in the State of: Texas
We(sellers) accepted a low offer on our home in the amount of $200,00 as homes of our size were not selling quickly in our area, and we are supposed to relocate for my job in about a month. We signed the contract about three weeks ago. Closing was scheduled for the 20th of October. The buyers are from out of state, but working with a real estate agent in our area. They quickly had an inspector out to check out the home upon our signing the contract, and he found no issues. Three days later, while we were out of town visiting family, tragedy struck. Our home and attached garage burned to the ground. The only thing left is a small storage shed that was built away from the home. Thank goodness nobody was home. Luckily, we have very good insurance, and after our deductible, the structure is insured for $220,000. Our plan that we offered to the buyer was to clear the property of the slab and debris, and sell them the land at a very cheap price. They responded that they did indeed want to buy the property, but they want to act on paragraph 14c of the contract, which states that they can buy the property as is, and all insurance proceeds minus the deductible will go to them. So basically, because we purchased extensive insurance, the buyer will pay us $200,000 and receive $220,000 upon closing. So they are being paid $20,000 to purchase our property. The property alone is valued at $75,000. The buyers have attained a lawyer and have now stated that if we do not release all insurance information within the next five days, they will take us to court and have us pay all court fees while forcing us to go forward with the contract as they have asked. We have tried talking to several real estate lawyers in our area, and they are all baffled somehow. I'm not trying to rip off our buyers, and would gladly clean up the property and sell it to them for well under the $75,000 value. I do not have the funds to take these people to court, and honestly don't even know if I have any grounds to stand on. Any constructive help would be very much appreciated. Again, we have contacted 6 different lawyers in our area and none could help us.
We(sellers) accepted a low offer on our home in the amount of $200,00 as homes of our size were not selling quickly in our area, and we are supposed to relocate for my job in about a month. We signed the contract about three weeks ago. Closing was scheduled for the 20th of October. The buyers are from out of state, but working with a real estate agent in our area. They quickly had an inspector out to check out the home upon our signing the contract, and he found no issues. Three days later, while we were out of town visiting family, tragedy struck. Our home and attached garage burned to the ground. The only thing left is a small storage shed that was built away from the home. Thank goodness nobody was home. Luckily, we have very good insurance, and after our deductible, the structure is insured for $220,000. Our plan that we offered to the buyer was to clear the property of the slab and debris, and sell them the land at a very cheap price. They responded that they did indeed want to buy the property, but they want to act on paragraph 14c of the contract, which states that they can buy the property as is, and all insurance proceeds minus the deductible will go to them. So basically, because we purchased extensive insurance, the buyer will pay us $200,000 and receive $220,000 upon closing. So they are being paid $20,000 to purchase our property. The property alone is valued at $75,000. The buyers have attained a lawyer and have now stated that if we do not release all insurance information within the next five days, they will take us to court and have us pay all court fees while forcing us to go forward with the contract as they have asked. We have tried talking to several real estate lawyers in our area, and they are all baffled somehow. I'm not trying to rip off our buyers, and would gladly clean up the property and sell it to them for well under the $75,000 value. I do not have the funds to take these people to court, and honestly don't even know if I have any grounds to stand on. Any constructive help would be very much appreciated. Again, we have contacted 6 different lawyers in our area and none could help us.
Purchase Contracts: Buyer Refuses to Re-Negotiate Contract After Home Burns Before Closing
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