Although Deborah's first comment was excellent and I agree with Paul, you might not know what Deborah meant by "Specific Performance". It is NOT just your earnest money that is at stake here. Again, I'm not a lawyer atty, please consult one.
If you used a standard IL Realtor approved contract, than you probably have the atty review contingency, the inspection contingency and the mortgage contingency. My understanding is that the atty review can change just about anything under the sun except the price. You don't need to explain why and you should be able to simply have your atty write a letter stating, "It is not in my clients best interest to pursue this contract. Please void and nullify the contract and refund the earnest money." That is the good news.
The bad news is, the inspection clause is only if there are serious, major mechanical flaws with the home. The home inspection will say, "You should do this and you should do that" and it might say it will cost you x amount to fix all of these problems. But unless the electrical, plumbing, HVAC, foundation or something major and serious such as mold is an issue, you can't just back out because all the little stuff adds up to $100,000. And even if it does have something serious, the seller has the option to fix it and make you buy the house.
So then the next contingency, mortgage. You pre-qualified but really want to get out of this contract. You go out and buy a brand new car and destroy your debt ratio so the bank won't loan you money anymore. Your contract says 10% down and the remainder to be financed for no more than 8% interest. The seller can say, well if the bank won't finance you I will at 8%. And boom! No more contingencies. If you don't buy the house then, the seller can sue you for the entire purchase price and make you buy the house. It is NOT just your earnest money that is at risk!!!
Again, that is just my understanding and your attorney would have to see the contract that you signed to determine your situation.