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Does appraisal contingency protect the number of bedrooms wrongly advertised by agent?

I went into contract to purchase a Single Family Home that was advertised in MLS as a 2 bed 1 bath house. The appraisal came back 10K higher than the asking price, but the appraiser noted the house as a 1 bed 1 bath house according to ANSI standards since one of the bedrooms did not have any closet. We tried negotiating with the seller, didn't work out and finally backed out of the deal since I was not sure about the resale value of the house if it gets appraised only as a 1bed 1bath house.

Now, the seller refuses to return the Earnest Money Deposit saying appraised value is higher than the purchase price. Who is in the right here and what are my options? My agent is suggesting me to pursue the case in court as his attorney also thinks we should win easily and claim the attorney fees and the earnest money from the sellers.

submitted by /u/vivekratnavel
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source https://www.reddit.com/r/RealEstate/comments/1ibvznm/does_appraisal_contingency_protect_the_number_of/
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