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