How to sell a home acquired on Warranty Deed before Foreclosure

[Oscar Macal]

Hi everyone,

I'm looking to get in contact with a homeowner right now who is currently in foreclosure for May 5th auction and looking to get them to sign the Warranty Deed, subject to, to me and then file it at the County Clerks to show I own it. My two questions are, first, assuming I get this deal done, I am essentially "taking over their loan" which will still be in the owners name, correct? And second, if that is correct, how would the process be different to sell the home? Since the loan is still in the original owners name, but I am the owner because of the deed, will my buyer simply get a new loan and payoff the old loan with Warranty Deed being my proof that I own it and I am to be paid for the equity in the home?

I hope that makes sense. 

Thanks in advance.

Oscar