Legal Question in Real Estate Law in Illinois

You should first have an attorney review the real estate contract to ensure that it is valid and potentially binding. If the contract is, then you have a possible cause of action to sue for breach of contract. If you are successful, you may be awarded money damages. But, when real property is involved you can also sue for specific performance of the contract. This means the court may order that you can take posession of the property if you can meet the terms of the contract.

Also, as you are in the process of buying a property you will need an attorney to be present at the closing, among other things. It would be wise to consult an attorney to discuss the details as soon as possible. You can determine a course of action with regard to the "sold" property and the attorney will be able to work with you throughout the process of purchasing another property, if need be, to ensure this does not happen again.

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I agree with Andrew's answer to a great extent. One thing is sure, you may well have a cause of action. You need to consult with a lawyer sooner than later. This also may be a mortgage fraud situation. You may want to speak to the FBI as weil. Good Luck!

Perhaps the new owners would be willing to exchange properties, you never know. You should have an attorney review your contract to confirm whether you have a cause of action and to determine what your damages are.