Editing/Rewrite of My First Novel

I'm a little at a loss and I hope someone can give me a little perspective.
I'm a first time novelist. My agent has told me he has an editor at St Martin's who has read three chapters of my novel and wants to see the entire manuscript. According to the agent, the editor liked the plot but has told the agent the manuscript needs work. The agent says the editing issues are: "sentences need rephrasing, paragraph restructuring and adding more 'show' (you know; that emotion/feeling) throughout."
The agent has requested I have the manuscript edited/rewritten. My impression is he does not simply want me to have the grammar corrected, he wants a rewrite. He said it was necessary to increase the word count. The agent refuses to do the rewrite/edit himself.
I'm really not in a position to spend the several thousand dollars it would take to have the manuscript rewritten.
I don't want to let this opportunity slip. Should I do whatever I have to for the rewrite? We're talking cash advance on a nearly maxed out credit card. My writing has cleaned up a bit since I wrote the manuscript several years ago, one of my short stories was recently a finalist in a Glimmer Train contest. Should I suggest I do the rewrite myself? Any perspectives anyone might have would be much appreciated.

rewrite

dear whoever-you-are... you've quite a dilemma, but one many aspiring writers would love to find themselves in, since you say you already have an agent and a publisher, both of which are harder than hen's teeth for new writers to obtain...

from what you quote of the editing issues, it's clear that a complete rewrite is needed and not just touching up... this is never an agent's job, so of course he 'refuses to do' it... agents aren't writers, you know... they only represent them... and since he won't make any money on your work till a publishing contract is signed, why should he put out his money to fix your work to satisfy your publisher?...

you're right in that ghostwriters charge thousands of dollars [cd be up to $10,000!] to do rewrites... they'll do it for much less if you give them co-author credit and an accompanying percentage of contract price and future royalties... but none good enough to do the work well will do it for nothing...

i mentor aspiring writers of all kinds all over the world by email, for free... if you'd like some help doing the rewrite yourself, i'd be glad to give your work a critical read and let you know what it needs and help you to 'fix' it... you can contact me at: [email protected]

i must add, however, that i won't help with any work that is violence-based... let me know if i can be of any help... love and hugs, maia

Nickel's worth of free advice:

Most of writing is rewriting. The creating is the fun part. The editing and rewriting is the "work". Nasty job, but if you want to publish you are gonna have to tackle it.

Now, quick tip on sentence structure. Read your work aloud. To yourself, or a tape recorder. If you can't say it without getting tongue-tied, restructure the sentence.
OR
Try to write the same sentence (meaning-wise) in ten words or less. A lot of times that will clear up any convoluted sentence structure. You can always "dress it up" later if you like.

But like Maia says, you've already cleared some major hurdles. Finished the manuscript, got the agent, got the publisher. If it were me, I'd do the work. If you are afraid to commit because you think the publisher will eventually pass, offer to rewrite the first three chapters and let them take another look. Then if they like what you are doing you can continue (And maybe get an advance to cover mounting debt.) What's the worst that can happen?

Best of luck,
Barb

I agree with Barb.

When I started reading your post, I began to cringe, (mentally), expecting that your agent was going to steer you to a specific "Mr./Ms Fixit" for umpteen too-many dollars. (And then of course, take his/her cut for the referral.)

Offer to do the re-write yourself. The 3 chapters idea is a good one, and enough to give them the sense that you can go the distance. Obviously there is much about the mss they already like. Some unglamorous, rewriting grunt work just might do the trick.

I can relate to the horror of that looming, elephantine credit card bill and wish you well.