My 300TE did exactly the same thing. The sensor wires run from the caliper into the firewall on either side of the car where they meet the wires from the abs unit in the form of a plug (next to the battery on passenger side, next to the fuse box on drivers side).
In the interm while waiting for your new sensors, simply unplugging them will cause the brakes to act normally (sans abs effect). Also, I have read it is not always the sensors themselves, but too little voltage running to them from the abs unit.
'07 R320 CDI " Manta Ray"
'62 300d Adenauer-350 Chevy
'12 VW Passat TDI 6/speed
'03 Dodge Ram 3500 - "Clifford, the big red Dodge" - Cummins w/6-speed
'68 Mustang fastback