Mom gifts, I buy, sell to mom, I buy back

[John Taso]

Hello!

I have found myself in a bit of a situation...

I am currently in contract to buy a house.  Due to high volume, the appraisal is set to take place a full month from now - on the day our contract period expires. We have tried very hard to get this expedited and have found no success. 

The seller has hinted that they are regretful signing the contract in the first place and have mentioned they can get a much higher offer if it were put it back on the market. With that, they have already declared that they will not be extending the contract to accommodate the lengthy appraisal timeline.

To get the property, here is what I am considering:

Step 1) Mom (she's a realtor) sends me a large gift.

Step 2) I use this money to buy the home in cash.

Step 3) I sell the house to my Mom for $1.

Step 4) I buy back the house from my Mom, via mortgage, for the same amount as the large gift.

Is this a reasonable strategy to acquire this property?

Thank you in advance!