How to renegotiate this bad deal??

[Tyrone Therease]

Hi everyone I have a situation and need some advice. I have this property under contract I have had multiple cashbuyers go see the property its a 3b 1b the seller said it’s on a double lot but the lot it’s not big enough to split, however it’s a single family home and it’s a potential tear down it’s gutted it’s in real bad shape the seller ran out of capital that’s why he wants outs. I have a buyer but he said it’s worth 40k and he can close immediately, however I have it under contract for 73k the buyer said he will give me 5k as a finders fee. I wanna know how to structure this deal moving forward, it’s been hard to sell due to the condition from day one!

Thanks