Can I purchase a duplex AFTER the owner passes away?

[Allison Bultman]

My neighbor owns a 2-unit duplex and wants to sell it to me and my husband. She started dialysis months ago and had a close call last week. She has no kids; her siblings are older and want nothing to do with a rental property. We cannot purchase the property at 20% down and are currently house-hacking our first investment property. We cannot move into her property until the end of this year if we want to go the 3.5 - 5% down route.

We are looking for any advice as we see an opportunity to help our neighbor, her great tenants, and ourselves by adding to our portfolio.

Is there a way we can add ourselves to her Will to be the first to purchase the property upon her death? What can we do NOW to make a future transaction and deed transfers a smooth process? Do we look into assuming the loan if assumable? Any advice is much appreciated. I can provide more details if needed. Thank you.

[Jeff Nash]

I am not sure if her health condition is purely physical or if it's adversely affecting her mental faculties, but if you have a strong relationship and rapport you can have a candid and open conversation about your intentions and demonstrate any way you can help (through deeds, financial support, etc).  I don't know the severity of the situation and if you are talking about final stage renal failure and how much time she technically has left.  If you want to do anything that can be enforceable and not be contested later I would definitely seek legal counsel if you start the conversation and process.  Do you know if she has an estate plan in place?  I think the options are plenty and it's just a matter of open communication during a difficult time that might be awkward and unpleasant and should include her beneficiaries and executor of her estate. 

I assume even though the siblings don't want the rental they would want to receive their equitable share of the fair market value after an eventual sale and would not be so generous as to accept a purely bargain purchase.