If the buyer fails to meet their obligations under the purchase contract within the specified time frame, that transaction will be canceled and other buyers will have the opportunity to purchase the home. However, now isn’t the time to jump at the chance to sign a contract and offer your earnest money deposit. You should do the legwork to find out why the previous contract didn’t work out. If the house failed an appraisal or the home inspection revealed a major issue that the potential buyer didn’t want to deal with, you should be aware of it. Even if you decide to move forward with an offer, you’ll be doing so with the most information possible. This is always a better position to be in.