Seller backing out

[Craig P.]

All,

I have a deal under contract with a private seller and am scheduled to close in 2 weeks.
Contact price is 80k
After repair value is 175k

I have earnest money in escrow and have a title commitment from my title company.

My seller just notified me he has a higher offer and no longer wishes to sell his property to us as the new offer is 7k higher.

Curious what everyone thinks the best recourse is here when we have a signed purchase agreement, and earnest money in escrow.