Earnest Money Dilemma

[Brandon Fitz]

Recently, I have been faced with a situation where I listed my home for sale and the buyer asked for an extension because they changed lenders. We accepted and gave them a two week extension totaling about 45 days under contract. Now, and two days before closing, I am being told by my realtor that the buyer is now asking for a 30 day extension. With this being said, the home will be under contract for about 70 days with the same buyer if I agreed to this (which I did not and will not) . I believe that it is in my best interest to deny the extension and attempt to recover the earnest money deposit. With this being said, is it possible to recover the earnest money?