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At $630K I would lose a lot. The mortgage now is for $700K and seller pays up to 6%. I may consider selling between $715-735 to help keep my shirt firmly on my back or at least reduce my loss after fees.

As for the possible fraud: I pulled paperwork last night and the allotment was listed on the HUD, had a signed addendum, and an extra exhibit lisitng the allotment, all signed off by my lawyer. Now that I look at it, I pay this guy to make sure everything is on the up and up. So even if something should happen in the near future, I have the paperwork.

My brother-in-law and I purchased a rental property in a "hot" beach area this spring. We only made 20% of the rental income that the agent and the rental company told us we would make and now I want out. The developer, real estate agent, mortgage broker, RE lawyer, and appraiser all worked together. At first, I thought I had done the right thing by utilizing a team of local experts (at least that's what all the real estate books tell you). We negotiated the condo at $630K but they offered to sell it to me for the appraised value of $750K, giving me back the difference after closing. They assured me that it was perfectly legal and they do it all the time. They said has nothing to do w/ the mortgage company because the appraisal (which they obtained) and the mortgage was the same. A real estate agent I'm speaking with about selling the property said that what they did was illegal and that this whole thing "stinks" and told me to get a lawyer. I'm concerned for me and my family because I was told this was deal that we could handle based on the parameters the real estate "team" gave me and nothing has really been accurate. Not even the market they described! I'm also concerned that something was done illegally and these guys could be out duping others! I can take resposibility on market research, but I need advice on my possible legal problem!