Legends Realty Group
Unfortunately, this can happen, as you know, but it is not commonplace. Until everything is signed at the closing table the buyer is still a buyer and the owner is the owner. Your Realtor should advise you that once contracts are signed chances are good that it will close. There are no guarantees though.
Do not be discouraged. Hire a great Realtor who will have a list of attorneys and home inspectors that they reccomend and start your home search again. Ask your Realtor if they have a free home buyers guide for you. This is a new process for you and while it is very exciting it can be stressful as well.
I wish you the best of luck- You will find a home you love just as much- or probably even more then the first.
Barbara Carter Exit Realty Services New Paltz NY
I've sold real estate in Ventura, California for 19 uears and have rarely seen a seller bail on a buyer. The seller could be liable for liquidated damages in most cases. You can probably find a real estate legal hotline on the internet for your state to give you some guidance. Good luck and don't give up!
I apologize that no one thought to prepare you for the possibility; I don't like consumers getting blindsided.