Selling Contract Before Closing

[Joseph Lalia]

Hi all,

Long story short, I went under contract more than a year ago on a condo (new construction) in Denver at just under 400k, and just finally got my appraisal today at 445k. 

Unfortunately, I was not able to lock any rates prior and was using a non-qm loan due to DTI issues. Terms were also unfavorable, going from 10% down to 15% down at 7.35% with 2 points at closing and a 5yr prepayment penalty of 6 months interest.

Rental estimate is app. 2250/month which would leave me covering and additional 600/month out of pocket.

Am I right to consider selling this contract, if even possible, and if so, can anyone point me in the right direction? Based in Florida, at present, so that doesn't make it easier.

Thanks in advance!