Help!

[Robert Capel]

Just getting started with an REO property, and here's what I've done so far, just wanted to make sure this is ok.
I found a REO that was just appraised at 140k for 53k. I placed it under contract and sent it to my list. I got a call from another wholesaler in another state that says he's found a buyer. He sends me back a signed assigment of contract for $60k. Since bank contracts arn't assignable, I assume I will have to close on the deal with transactional funding. My question is, will I need to draw up another contract and assign it, or how does this work with the title company? Does anyone see any pitfalls here? He says he should be ready to close next week and so will the bank. Can anyone give me any pointers here? I really want to make this one happen. Any advise or insights would be greatly appreaciated.

Thanks!