Option to buy an option to buy from probate

General Real Estate Investing
1

Ran across a deal recently where a neighbor was provided in the will an option to buy
the deceased’s property at a very significantly reduced price. The neighbor has not chosen to purchase the property. His option runs out in 90 days.

I’m planning to approach the neighbor with an offer to purchase his right to buy the property.

I do not know if the neighbor realizes how much he may be missing out on and I would like to limit his involvement other than the purchase of his option.

Any thoughts on how to structure this deal?

jmd_forest

2

I’ve been doing a little research on my own as well as looking to this form for suggestions.

One possibility I may try is to buy his rights via a “Assignment oF Entire Interst In Estate”.

Another possibility might be to purchase a Limited Power of Attorney from the neighbor regarding rights to the property

JMD