What are our rights if our buyer did not go through with the purchase?
Question Details: We signed an Offer to Purchase contract with a cash buyer on 09/19. This was as "As-is, where is" agreement with no warranty or representation. There was a 10 calendar day due diligence period and the closing was set for 09/30. That day came and went and we kept getting the runaround from the buyer. Last week they had another individual come out to inspect the property but we were assured the closing would happen this week. I inquired yesterday and was told this morning 10/29 that they wouldn't be able to do the deal. We did not retain an attorney or real estate agent because this seemed very straightforward. Do we have any recourse other than the $150 earnest money deposit? This has cost us time and 2 mortgage payments.
It would be impossible to sue for the mortgage payments or other "carrying costs" unless you can show that you rejected another firm offer with similar closing date to take this one, since otherwise, you can't prove that you only incurred this loss (only had these payments) due to the buyer's breach. If you did not have another fim, similar closing offer, then you would have had these mortgage payments any way and so did suffer a loss due to the breach.
There is no recovery for your lost time; the law does not provide compensation for it.
It may be that all you can do is retain the deposit. In the future, get a large enough deposit as to make that worthwhile.