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Long story short… Two buyers in escrow for the same property in south California. First buyer cannot get a loan, should have closed 4 weeks ago. Seller goes in escrow with another buyer. This buyer is able to remove the set of contingencies and close as per agreement.
The seller sent a Notice about a week and a half ago to cancel the first buyer, however first buyer did not signed the cancellation.

Are there any penalties, consequences for the first buyer (he lost his deposit already) for not closing or removing his loan contingency or not signing the cancellation docs? Are there any rules/penalties for a buyer that cannot perform?

Any of you experience or know of a similar situation?

Thank you in advance.

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