What are the legal repercussions for breaching contract?

[Michelle Fukunaga]

Has anyone breached a contract a few days before closing? What are the legal repercussions for breaching the contract other than the lost of earnest money and loan commitment fees? We have been warned by the seller that they will pursue legal actions if we ask for termination. They are in desperate need of the fund to cover foreclosure costs. There were unexpected delay on the appraisal (came in a week prior to closing date and significantly short), and lender processing that has put us in a time-sensitive situation. Any help is appreciated! Thank you!