Homeowner Walking Away, Wants 5k to Deed the Property To Me?hort Sale

[D.C. Sparrow]

Hey Experts,

I signed a contract to do a short sale with a homeowner. However, now they won't sign authorization to release nor continue with the short sale. They want to walk away and will sign a warranty deed for 5k. The property is in a great area. The mortgage is 239k, Rehab cost 35k to 45k, property once rehabbed could sell for 350k. What legal and bank issues will I face? What's the best strategy for this property? The property is in Florida.