Hello Luis. Sorry to hear your buyer vanished. That's certainly unusual. What your recourse is, should be answered by a licensed attorney and it will depend on the facts of your case as there is no law without facts. Right now we don't know what happened to the buyer and therefore we don't know whether there are extenuating circumstances that would justify the failure to perform. He could be unconscious in a hospital and therefore unable to perform.
Many contracts contain liquidated damages clauses that limit the amount of money a seller can recover in the event of the buyer's failure to perform. Again, this is a question for an attorney. In CA, the liquidated damages cannot exceed 3% of the purchase price. Before you go out and sue the buyer for damages, I would also carefully evaluate the time and money that's involved in a lawsuit and the likelihood that you'll be able to enforce the judgment. You'll have to be prepared to prove your damages with a degree of certainty and many times the damages are too speculative or can only be assessed until after you have sold the house to someone else (i.e., you sold for less). Good luck and I hope you'll be able to find a good new buyer soon.... more