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Damages for a buyer? Reliance damages at best which are small money. The big amount is expectation damages which is only available to a seller (I expected to get $XX for my sale).

Well real estate contracts always favour vendors. A buyer can't charge penalty interest which is the big cost for being late.

It can if the vendor informed his bank very late in the piece.

As the OP's seller is finding out :)

Most likely but also the mortgagee must be underwater after the sale.