To provide a bit more context:- the first floor is a parking garage with concrete block walls and stucco siding- the second floor - the first habitable floor) is having significant water seep into the back wall (stick framing, stucco siding).

It's like living in the Soviet Block in 1970.I advise against investing in HOAs because there are too many problems.

Its an ok neighborhood - lots of people who have lived on the block for a long time.

One block can be a no go and 2 blocks over can be ok to invest in.

As @Benjamin Weinhart mentioned, there are some potential stumbling blocks with trying to drag out the sale until parents pass away. 

It's in a desirable low vacancy, high demand location that happens to be in a mixed commercial / residential semi-neglected but very safe area 2 blocks off a major shopping street. 

What is the concrete floor like in the garage?

Once recorded, the owner/seller of the property will not be able to close on the property without addressing this issue, thereby blocking them from cutting you out and selling to another party.Other than that, keep in mind it is VERY difficult to win in court for specific performance to force the seller to sell.Good luck, and keep moving forward!

Someone in foreclosure rather destroy the cabinets, pour concrete down the drain, rather destroy their OWN loved house than sell to you AT MARKET VALUE, let alone at a discount.Again, the standard average out there is that you need to send 3000 mailers, calls or texts to get 2 contracts signed IF LUCKY.

Apparently, because this was auctioning taxes not paid in the first years prior to the financial crisis, there were more properties on the block than ever before in Franklin County - over 40.