Some great responses by my real estate associates. I love the fact you are seeking advise early in the adventure of looking for a home. You should check with several lenders because you may be able to buy NOW. You may need very little money to buy, depending on your income level and types of loans you would qualify for. If you have 20% of the cost of the home price you expect to purchase you are already in fantastic shape to buy (i.e: $100,000 x 20% = $20,000 Down payment) , but you may need next to nothing. A qualified lender who handles ALL loan types would be best to help you determine what you need to begin the home buying process. Of course, I would suggest you check with several realtors before you select one to work with you. Make sure your realtor has your best interests at heart and is not looking to just get you to buy a home unless you are sure it is the right home for you. One of my favorite pearls of wisdom is: "While it is a great time to buy a home, it is never the right time to buy the wrong home."
If you have any other questions, don't hesitate to contact me.... more
It is a serious matter for a seller to default on a real estate contract. If you read your contract, it will address your legal options. You should contact a real estate attorney to advise you on what actions may be the legal recourse for your specific situation. As a real estate agent, I would be glad to help with some names and numbers.... more