Buyer wants release few days before closing

[Vadim Lichtik]

Hello everyone!

New to BP forum, heard only the podcasts and seen the webinars up until now. Great info!
I'm a flipper in Indianapolis, listed a property after a long rehab (first flip of mine) and got a buyer!
Buyer did an inspection and we agreed on the items to be corrected. 
Second inspection is dated to 7/14 (postponed from 7/13) and the original closing date is 7/16.

All items were corrected and report sent to the buyer. 
Yesterday I've received the following message from my realtor:

"I just heard from the realtor and she said the buyer is having major second thoughts about buying this house and is wanting to do a mutual release. I haven’t received that yet but I told her we wouldn’t return the earnest money deposit if they backed out now. She also told me the lender had not even ordered the appraisal yet. So I’m waiting to see what she sends right now. But it looks like we may be putting it back on the market."

What recourse do I have since the buyer is backing out due to cold feet?
I do want to keep the deal and get it over with, plus I invested additional sums to make the corrections as the buyer required.

Thanks in advance for you replies. 

[John Warren]

@Vadim Lichtik that really stinks! If the buyer hasn't ordered the appraisal, then you are definitely not closing next week though. You should reach out to the agent and the title company to find out if the buyer still has any contingencies left. If this were in Illinois I could tell you more specifically which contingencies there are, but your agent should be able to tell you if the buyers still have an out. If not, then keep their earnest money, cancel the deal and get the property re-listed as quickly as possible. 

This is one of the main things I watch out for when I am representing the seller. I want to make sure my seller doesn't lose market time unnecessarily due to an emotional buyer who wastes time in escrow.