Contract sell or reassign!!!!????

[Paul Durham]

OK, I will make this as short as possible.  I have been pre-approved for a USDA loan for $50,000.  I have tried to buy 2 houses and lost due to people with more money and faster reactions.  I just need a house to live in with my kids! That is it, with a budget of $600 a month, I cannot rent in the getto for less then $800!!! Soo, a couple from church were selling their house worth $63,800 to a cash buyer. They are moving to an apartment. At the last minute, 7-23-15 he backed out. They had already put a deposit on an apartment and are set to move in 8-7-15. They freaked and posted on FB they need prayer about the house and that they would sell their 3 bed 1-1/2 bath house for $50000 but would take $48,000.  People immediately started notifying me be cause they know what I am looking for.  I called owner on 7-24-15, set a time to look at the house on 7-25-15. I looked at the house, felt I could make it work, it was move in ready once they were out.  I told them I could offer $47,000 get a loan for $50,000 and they would bring $3,000 to closing, they said ok. 

I called my lender and they said I had to call their real estate guy, local, to do all the paperwork. I called, we meet, and he said he had to get paid by someone $2,000. I said I have $50,000 to spend, figure it into that, and yes, otherwise, too bad.

He called the seller, found out payoff was $30,000 and told them he had to get paid and went over all the numbers with them and asked if they were ok only making $11,000.  They said yes , draw up contract. He did, I put down earnest money, and they would be in 7-27-15 at 9am to sign contract. I get a call at 1030am the realtor said they cannot sell the house for $50,000! it has to be $55,000!  I said yes $55,000 and they bring $3,300 to closing.  NOW!!!

I am at the LIMIT on debt/income ratio and have very little room. I am short on cash and have little room in my monthly budget. That being said.  I think the deal might fall through at $55,000! I CANNOT lose any money like the earnest money!! I should be able to do $50,000. I have a contract, they said they had 3 other people interested, that is why I rushed to the office to draw up contract. I am sure someone offered them cash, which I don't have!

If I do not get approved, I still have a contract for $55,000. Can I sell that contract for the amount of the earnest money or more??? So, I don't lose VALUABLE money I will need for the next house OR do I duck out before I lose the earnest money which is 10 days after I sign contract, which will be 4pm today 7-27-15

Please help ASAP!!!

Paul