After one of the contracts fell through, I decided to purchase the property.

I fell into a job out of college working as a loan officer for a hard money lender.

It fell off MASSIVELY this summer and with good reason.

And, if the original borrowers had not died, but fell on the deal, they could certainly bring up the unfairness and ask for similar protections generally afforded to home buyers.

You would have strength in numbers, and prospective vendors would have an opportunity to discuss options with you in one fell swoop.

They said the fell in love with area. 

Fell free to message me if I can assist with any PM needs as you move through the process.Melinda

We got lucky with this one because the first offer they accepted fell through, and we put in our offer as soon as it was relisted. 

Whatever bank took aver the assets and liabilities of the failed bank probably owns the asset.If you think this SFH fell through the cracks and didn't get transferred correctly after the failure and some kind of squatters rights for paying taxes applies it probably best to check with a local attorney about that.Good Luck!

The only deal I did in an escrow area (Cleveland Heights) fell apart, partially complicated by the insane escrow (which was like $15k - just for the escrow), but because my lender did not understand POS/Cleveland RE and was having all kinds of problems with it as well.I've since been sticking with areas that while they do have POS, there are no escrows.