Is it Possible to Revise a Wholesale Contract?

[Joseph Hernandez]

Hello. I'm a newbie wholesaler. Let's assume I have a fully executed Purchase and Sale Agreement with a seller for $350,000. Let's further assume I need to assign the contract to an investor for $400,000. If an investor is only willing to pay $380,000, can I go back to the seller and renegotiate for $330,000? If so, if all other terms remain the same, should I create an amendment to the Purchase and Sale Agreement or create a new contract (Novation?). Please don't be rude and tell me I should've done a better job of underwriting the deal. My question is hypothetical. I'm about to negotiate purchase price with the seller on my first wholesale deal and I don't want to short change myself. Thank you!