Generally, missing the appraisal deadline will prevent the buyers from getting their earnest money back if they do not perform because the property will not appraise for the value they need to obtain financing. It does not automatically cancel the contract. However, I echo Mr. Murillo's advice to review the entire contract with an attorney to determine your rights. You also need to speak to the buyers as soon as possible about your desire to cancel the contract. If all the parties agree then terminating the contract will be easy. If the buyers disagree, you may face significant liability if you terminate the contract in the wrong manner.
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Echoing my colleague, this is a critical issue and there is no way anyone can provide you advice on your rights and options under a written contract unless that contract is reviewed. Given this significance and the nature of brokers wanting to get this deal done, hire an attorney to review and advise you. The time involved would be minimal. Good luck.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.