We put an offer in on a house that was accepted and a purchase agreement was signed. There was a contingency in the purchase agreement that ...

Question

We put an offer in on a house that was accepted and a purchase agreement was signed. There was a contingency in the purchase agreement that the previous buyers loan must cancel. We were told by our agent that the previous buyers had no showed two closings that had been scheduled and they were waiting to get the loan cancelation paperwork. The very next day my lender discovered there was an appraisal for the previous buyer out to a week later. When our lender contacted our realtor she contacted the listing agent who informed her there was a closing scheduled for that Friday with the previous buyer. We were never told we were a back up buyer. We are now scrambling to find friends to stay with until we can find a home. Do we have any recourse for this?

Answer

Maybe. It depends on the exact terms of the contingency in your purchase agreement. It sounds like the previous buyer still had an active purchase agreement and they were able to come through on getting a loan. I would suggest contacting me directly to discuss the details further, as a review of the purchase agreement is crucial.