Advice needed: pending deal - inspection & contingency problems

[Stephanie Simmons]

I’m a licensed agent in Florida. I’m an investor and I really only do my own deals. This is the first one of my properties that I have sold as an agent.

Here’s the issue - got a contract from a buyer that is a commercial agent representing himself. There was a 7 day contingency on him having an offer on this existing home & if he couldn’t produce a purchase contract on him home that he would either remove the contingency or the property would go back on the market. It was worded as an addendum to the purchase contract.

Here’s the wrinkle - as-is contract but there were some items that came back on inspection. The buyer stated that he wanted some items repairs and a reduction in the selling price. That was this morning (7 days after the contract is signed).

I responded as to what I would agree to and that he needed to produce a purchase contract on his contingency property or remove the contingency. That was was 10 hours ago and he hasn’t responded.

What would you do? Do we actually still have a contract?

[Justin Abdilla]

@Stephanie Simmons as others have told you, send the required notices and then inform the buyer that he is in breach of the contract. If you accept the EMD, that's a settlement of the claims, otherwise you lien the EMD as part of your litigation to enforce the sale (even though his contingencies failed to occur). You've had a lot of great advice in this thread, so I won't belabor the point. Good luck.