Novation situation. Need advice! New to wholesaling.

[Melissa Lindsey]

I have a first time novation contract that I've accepted an offer on and now realizing I'd be 7k in the hole after fees are paid. The seller has refused to come down on price. We finally have an offer that is 10K over what we have it under contract. Before realizing this, we accepted the offer made to us. Should we let the buyer know now or try one last attempt at getting the seller to renegotiate price down 20k? Please help.