My husband inherited his grandfather's home in NJ. He signed a sales contract on April 20,2009 and the home--according to the contract--is to close on or about June 15.

The buyer's attorney has been extremely slow... it took him nearly two weeks to get the necessary reports for repair to my husband. For certain repairs, the buyers are asking for credit upon closing and my husband agreed as long as he was provided with estimates of those repairs--and their attorney has yet to provide those estimates. Our attorney has made numerous attempts to contact the buyers attorney for 7 business days... and he refuses to return a call to our Realtor or our attorney.
The home is supposed to close next week... we have no idea if the title has been researched, whether the mortgage was approved, what the repair estimates are... or even if the house will close because this attorney will not return phone calls or offer any kind of information.
Is there anything we can do other than just walk away from this deal? Our realtor said the buyer's REALLY want this house and are cooperating, but their attorney is not.

Hello n:

While your house is under contract, there's nothing you can do until they either close or not. I'm not happy with the "on or about" closing date, because in their mind, "about" might mean a few months from now.

The payment for default, is that you get to keep the earnest money. I know - big deal. Next time, set a shorter, firmer closing date (and fire your realtor).

excon