Help! Help! Buying from owner post-auction

Foreclosures, Short Sales, Tax Foreclosures
1

I was the high bidder at the foreclosure auction, but the current owner is cooperating and would like to stay in his house. He is willing to deed the house over to me. If I pay his outstanding debt (mortgage and fees) will his mortgage remain in his name and be reinstated as if nothing happened?

How can I get some money out of the deal and allow him to stay in the house by renting back from me? I need help fast!!! Otherwise I’ll be paying a much higher price for the house once the sale is confirmed.

Thanks!!!

2

I hate to devils advocate here, but if you let him stay. Whats to stop him from not paying you. Thenyou need to foreclose on him. Many others I’ve read advocate that the homeowner should be moved from the property otherwise a lot of legal matters could entail from that. Just passing on what I learned so far about the process. If I’m wrong about anything, whoever is out ther correct me.
thanks
steve