broken purchase agreement

Simple question. I have been in negotiaton to purchase a small furniture manufacturing firm for five months. It has occupied a lot of my time and expense having my accountant evaulate the firm and it's books. The seller and I reached a purchase agreement and both signed a purchase agreement with the seller's business broker providing the paperwork. After ten days the seller called the escrow agent and stated he wanted to cancel the deal. He has refused calls from both his broker as well as myself. By then I had obtained my loan, a further expense.
What legal recourse is there in this type of situation? Is it worth obtaining a lawyer to seek damages? Thanks for any words of wisdom for this business newbie.