Go back and look at your listing agreement. If your Realtor used a Illinois Association of Realtors listing agreement, there is a section that specifically addresses the disbursement of earnest money in the case of default (copied below for you).
Verbatim, from Illinois Association of Realtors Listing Agreement:
(a) due to fault of the Seller, the earnest money shall be returned to the buyer.
[AS TO (b) THROUGH (d) BELOW, THE PARTIES SHOULD CHECK THE ONE PARAGRAPH WHICH APPLIES].
___ (b) DUE TO FAULT OF THE BUYER, THE EARNEST MONEY SHALL FIRST GO TOWARD PAYING THE COMMISSION BROKER
WOULD HAVE EARNED IN THE SALE, AND THE BALANCE, IF ANY, SHALL GO TO SELLER.
___ (c) DUE TO FAULT OF THE BUYER, THE EARNEST MONEY SHALL BE DISTRIBUTED TO THE SELLER, LESS ANY
COSTS OF ADVERTISING OR REASONABLE EXPENSES INCURRED BY BROKER.
___ (d) due to fault of the buyer, the earnest money shall be distributed to the Seller.
As you can see, per this listing agreement, this is a negotiable method of disbursement, and should have been discussed between you and your Realtor prior to your signing the listing agreement.
Now, there are other types of listing agreements, and I don't know which one your Realtor used. For example, the North Shore-Barrington Association of Realtors (for north suburban brokers) listing agreement DOES state that in the event of default by the buyer, the broker is due commission first with any remaining funds due to the seller, AND that, should the earnest money funds in escrow not be sufficient to cover said fees, that the remaining commission due is the responsibility of the seller!
You will really have to refer to your agreement to know what will happen in your case.
And it should also be a lesson to all consumers (not lecturing you, Russ, I swear!) to actually read the listing agreement carefully, and to not be afraid to ask your Realtor to negotiate certain terms.
Finally, regardless of which option was selected on your listing agreement, the standard Multi-Board Residential Real Esate Contract in Illinois specifies that prior to any disbursement of earnest money funds due to buyer OR seller default, both parties must sign a release agreement directing that the funds be released from escrow.
Good luck to you on your house sale; wishing you smooooth sailin'!