If his Contingency expired, or he lost his Loan after he released the Contingency;
then he is on the hook.
You can give him an extension to find another Lender; if you've a mind to.
Good luck and may God bless
A party who wrongly refuses to release earnest money is liable for three times the amount as damages.
Best of luck to you. While they may in fact lose their earnest money I know this is also a very tough situation for you as well.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
My best advice is not to overreact. Your goal is to sell your home, perhaps this isn't the proper lender for this buyer. The deal may still stay together.
So there are many other contract provisions to consider.
Check with your realtor or attorney who is handling the sale.
It's not uncommon for the seller to return the earnest money and move on. Your job is to sell the home, not fight or fret over $1000 earnest money.
To see real estate market updates in Coppell..check out the link below.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors