Buy Homes Without Borrowing Money From the Bank

foreclosures oc buyers no bank
Don Nay has purchased more than 3,300 residential properties during the past 30 years and has never borrowed money from a bank to purchase a home. Now he wants to teach other people in Southern California how to buy homes the same way he did.

“Banks are financial institutions, not people,” explains Nay. “They have a cookie-cutter approach to making and servicing home loans in Southern California that is without concern for the person responsible for repaying that loan. I figured it was time to share what I’ve learned about the home buying process so that it might just help a few folks to buy a home or avoid foreclosure. It might help wake the banks up, too.”

Just from April 2012 to April 2013, lenders seized 3,297 homes in Orange County, Calif., through foreclosure. The numbers are even greater in Los Angeles County and San Bernardino-Riverside County. During the first half of 2013 there was a 34 percent jump in judicial scheduled foreclosure actions nationwide.

“If people knew how to buy a home without a bank loan, there wouldn’t be so many loan modifications, foreclosures and repossessions,” said Nay. “In fact, the entire economy would be in much better shape.”

Click to read more

House flipping in OC on the rise

foreclosuresOC house flipping in OC on the riseNow at levels not seen since the housing boom of the mid-2000s, the practice of “house flipping,” is once again seeing steady increases all over California, including Orange County.

According to a report from DataQuick, a real estate research firm, there were 1,377 houses flipped in the Southland in May of 2013. In June of 2005, at the height of the residential real estate boom, buyers looking to make a profit bought 1,394 homes, according to an article in the Los Angeles Times.

Click to read more