buyer backing out

we accepted a bid on our home december 20th every thing was all set to close with all inspections and the loan being approved. on january 25th the buyer was laid off work we were susposed to close on the 30th of january and the buyer wants to back out stateing he can't get a loan now and he should get his deposit back.
He has to pay for the cost of the loan processing and fees for inspections .
we think he should also pay us for the time we wasted on this sale (45 days) for house payments, insurance, taxes per day. we don't mind giveing back the deposit and putting our home back on the market but we are looseing a lot of money with out keeping the deposit or getting paid for the time he had our house tied up.
the realtors say we should give the deposit back this was his only clause in the contract stateing if he can't get a loan the deal is off.
because this happened just before the closeing we have a lot of time and money spent for nothing shouldn't our cost for the home payments be paid for by the buyer? Thanks

[HomeGuru]

If Buyer submitted a loan denial letter as evidence, due to the financing contingency, you are obligated to return the deposit.

we don't have a problem with sending back the deposit if he can prove he is layed off what about our cost for the 6 weeks lost on our payments should the buyer that backed out pay us for the time he held us up?

[HomeGuru]

Originally posted by home seller2
we don't have a problem with sending back the deposit if he can prove he is layed off what about our cost for the 6 weeks lost on our payments should the buyer that backed out pay us for the time he held us up?

My response: he does not need to prove that he was layed off. He only needs to prove that the mortgage company turned him down for a loan. You are not entitled to any damages as in selling or buying real estate, there are no guarantees and there are always risks.

I'm not sure I agree with the advice above - If the contract enables you to obtain a mortgage on behalf of the buyer - then you do not need to 'automatically' terminate the contract. You may have the right to obtain a mortage or self finance your property.

[HomeGuru]

Originally posted by Elvis
I'm not sure I agree with the advice above - If the contract enables you to obtain a mortgage on behalf of the buyer - then you do not need to 'automatically' terminate the contract. You may have the right to obtain a mortage or self finance your property.

My response: Elvis, please go back to singing.

Homeguru - here's some advise for you, why don't you get off your high horse and provide some real answers instead of your saracastic non-responses.

[HomeGuru]

Originally posted by Elvis
Homeguru - here's some advise for you, why don't you get off your high horse and provide some real answers instead of your saracastic non-responses.

My response: you ain't nothing but a hound dog.