Contract reads buyer must obtain loan by june 21 ...

Yes.  Send the title company a termination of contract and request for Earnest Money.  Since they have defaulted on the Third Party financing addendum, you are entitled to the Option & Earnest money.

Also, depending on your situation, They are technically “Cash Buyers” you can sue for Treble damages.  (3x the Earnest Money & Court Cost.)  Call me at 214.682.3655 if you have any questions.  http://www.RussellThomae.com

Yes.  Send the title company a termination of contract and request for Earnest Money.  Since they have defaulted on the Third Party financing addendum, you are entitled to the Option & Earnest money.

Also, depending on your situation, They are technically “Cash Buyers” you can sue for Treble damages.  (3x the Earnest Money & Court Cost.)  Call me at 214.682.3655 if you have any questions.  http://www.RussellThomae.com

Are you working with a Realtor?  If so, on the one to four residential resale contract at the bottom of pg 1, it will say earnest money in the amount of... will be deposited at... title company.  The Earnest money is to be sent to the title company in a reasonable amount of time... norm 48 hours after execution.

On PG 7 paragraph 23, the Termination option fee will be the $ amount... to terminate the contract for any reason within... days. (This allows the buyer time to get inspections) This protects the buyers Earnest money from time of execution to however many days listed in the paragraph.  This check should be submitted to the Seller and receipted along with the Earnest Money on PG 8.

If they defaulted on the third party financing addendum... which is an addendum to the one to four resale contract... and you close and fund, you are still entitled to keep the option and earnest money. Hope this helps.  http://www.RussellThomae.com

Sir, this is the time to consult, 1, your real estate agent, and 2, an attorney.  A default on closing means that the buyer has put you out a great deal and you DO have the right to recover.  Any more than that is best kept under the umbrella of client privilege.  Be sure to read all the fine print.  If you sue for Treble Damages and get a judgment, and the defaulting party has nothing to lien, you could be up against a legal nightmare.  That is where "discovery" comes in.  Either way, this is time to retain "privileged counsel" regardless of expertise.