I found a home with an appraised value of $162,000. The owner has a reverse mortgage on it with a balance of $62,110
We came to an $80,000 cash agreement for the house. I would settle the reverse mortgage and give him remaining balance then let him live rent free for 6 months.
He signed purchase agreement. Title company started on their process. Then, he died 3 weeks into the process.
What happens next? Is my agreement valid? He has one heir.
This would have been my first deal. I’m learning.