Finding a buyer to save your home...

In my last post I was talking about how you can save your home by having someone buy it, then turn around and have you as a tenant. The most difficult part of this process is finding someone willing to first, buy an investment property and then take the risk of having the owner who is losing the house stay on as the tenant. The obvious concern for the investor is that if the owner was unable to pay his mortgage he will be unable or unwilling to pay a monthly rent. However, the new buyer needs to be aware that the new monthly cost of ownership will be significantly lower than it was prior to the market collapse. Your best prospect is going to be a buyer who knows you well enough to help you. If the buyer already owns a property within a 50 mile radius, he will have to put down a deposit to secure the mortgage. If the buyer doesn't own any property, then there are a number of loan programs that require very little down. You should start this process before the bank sets a final auction date. You will be trying to finalize a short sale price with the foreclosing mortgage company. Add up the monthly costs. Mortgage,taxes, insurance and HOA fees are all part of that nut. The buyer will want to make a return on his investment, too. If you can come to an agreement on a monthly rent that is affordable for you and profitable for the new owner...you have just found a way to stay in the home.