You need to consult with a real estate attorney - your contract requires performance from both parties not just the buyer. Per the FAR and the FARBAR you have the right to have your deposit refunded "without waiving the right to seek damages or seek specific performance." Hopefully your agent and the listing agent will be able to get you a satisfactory solution but be prepared to seek legal advice and quickly.
Check to see if the title company or your agent has an attorney in the office to help. I also may suggest an attorney - Matt Myers his email is matt@lmolawfirm.com or office phone is (813) 251-5533. - Mon Nov 23 2009, 20:05