My question involves real estate located in the State of: Illinois
I'm selling a house and today was closing. I live out of state and house is vacant. Buyer's agent went for last walk thru and discovered the house had water everywhere, running from broken pipe. Ceiling had collapsed from upstairs and 2 inches standing water, icicles on blinds.
I live on west coast, house is in midwest and our real estate agent said last she knew the termite inspection was one week ago. So it happened in last week sometime, most likely furnace went out and pipe broke in the blizzard but not sure.
anyway, I assumed buyer would back out which was fine with us since we weren't happy with deal anyway but our agent says buyer wants to see what kind of deal out insurance gives us and still wants the house. Do we have any options? are they saying we have to give them our insurance money, will we need more money? can we back out on our own? I had to borrow money for the closing, took a great loss on house but wanted to honor the debt so I borrowed 10k. I cannot come up with any more cash, I am unemployed and broke. My preference is to let insurance pay for the damage and get out of the deal and try to sell house later.
Also knowing how bad the weather was and being a very old house shouldn't the realtor have been checking on it since I live out of state?