This is a legal question. But, I'm a lawyer. So, here you go, bearing in mind no attorney-client relationship exists here, and this in not legal advice:
Basically, it depends on why it has failed to close, and that isn't clear from your question. If you came for the closing, and the buyer just didn't show up, and assuming no collateral agreements or understandings, and assuming no uncontrollable circumstances (e.g., the house burned down) then yes, technically you can sue for specific performance.
But, when a closing fails itâ€™s usually not because the buyer forgot or changed his mind. Itâ€™s usually a problem with the financing. If you used the standard Texas Real Estate Commission sales contract (which you probably did) and if the transaction failed to close because the buyer's bank failed to approve the property in time, then you can not sue for specific performance. That's because the TREC form says the buyer does not have to close if the property doesnâ€™t meet the lender's standards. And the buyer doesnâ€™t have to let you know that before closing. The deal is just dead, and you donâ€™t know it. (That's if the PROPERETY doesn't meet the lender standards. Which is different from the BUYERâ€™S CREDIT not meeting the lender's standards - that he does have to tell you about, and the contract specifies the deadline.)
But, you reeeeally don't want a lawsuit. And specific performance is a very tough one. Thatâ€™s why you hardly ever see one. And if you won, does this buyer have the money, even if the judge orders him to closing? If you threatened him with contempt of court and jail if he fails to close, could he write the check? Probably not.
Your best course is to ask the title company to hand over his earnest money. Not the deal you thought you had, but better than nothing. If the buyer refuses to release the money from the title company, then you probably should sue the title company. This is called an â€œinterpleaderâ€ law suit. It's a much easier lawsuit than specific performance. The title company writes the check to the court, and you and the buyer get to convince to the judge who he should give it to. The buyer canâ€™t get it with a sob story. He has to point out a specific contract reason for not closing. Depending on the amount, you might be able to handle this without a lawyer.