assignment of contract

[Rick Rozela]

I made an offer on my first investment property and it was accepted here are the details. 

Purchase Price 27500
20% down of 5500 to be paid by seller
22000 due at closing. 
Comps from redfin come in at 37,000. Could easily rent for 550 to 650 a montb.
Contengancy of financing and partners approval.
I am experiencing trouble getting financing.  
Is this enough to assign my position to another invested for $4400? Or do I need to go back to the seller and amend the agreement to state and or assigns? 
Thanks 

[Sekelle O.]

There is no such thing as an assignment fee that is too steep. The assignment fee is the spread between what the seller agrees to sell for and what an end buyer will pay, no min or max limits. If the be buyer is mad about how much money you are making, then they can find deals somewhere else.

Whether u can assign depends on the contract. If it gives you the right to assign, then you can. If it says with the seller's consent, then you have to go back to the seller. (I am not an attorney and that is not legal advice, just my opinion). If you have opened escrow with a title company, the lawyer there should be able to advise you.