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tv   Bob Massi Is the Property Man  FOX News  September 20, 2015 12:00pm-12:31pm PDT

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sunday, we'll have an exclusive interview with candidate jeb bush. that's it for us today. have a great week and we'll see you next week on "fox news sunday." >> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i'm bob massi. for 32 years i've been practicing law and living in las vegas. i help people with all sorts of real estate problems, from trying to close on their homes to closing major deals. 6,000 people moved here looking for employment and affordable homes. little did anyone know we would become ground zero for the american real estate crisis. now it's a different story. the american dream is back. but even today, i still get over 300 e-mails a week from people that just want to know how to navigate the new landscape so they can live the american dream. we're going to meet new people who face the same problems as
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millions across america and we'll dive deep into a city on the rebound, because las vegas was a microcosm of america, and now vegas is back. five and a half million people bought a home last year in america, and more than 2 million of them had one critical thing in common: they had never done it before. so how do you take on something so huge if you've never done it before? well, we decided to tag along as a first-time homebuyer went shopping. this is geno. he's a pilot looking for a three-bedroom starter home near a major airport. katherine is his realt k kathryn is his real estate agent. next up is jeff. she's already shown geno a 3-bedroom, 1900-square-foot home
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in reno, nevada. >> the home we're going to look at now was built right around 2000. it's a three-bedroom, two-story home. i think you'll really like the backyard as well. should we take a look inside? >> all right, sure. >> great. >> come on in. >> thank you. >> the nice thing about this home which is somewhat unusual is we have a downstairs master. it gives you the functionality of one story for ease of live ability, but you have the use and safety of a two-story. >> hold on. back up a minute. before you even step foot in the house, there are some critical things you've got to know. number one, always really understand your client. outside of getting married or buying a home, it's the biggest commitment you're ever going to make. most first-time home buyers calculate what their mortgage is going to be, but there's more to this story. >> there are taxes, homeowner's
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association, energy bills. they need to be really comfortable with that amount. so a good agent will sit down with them and make sure they fully understand all of the costs. >> that brings us to step number 2. you have to get a real estate agent, someone who really understands the area, exactly what your needs are. >> you need to make sure the agent is in it for the buyer and not for the deal. >> the realtor is going to take you through this entire process from beginning to end. >> how long have they been in business? that would be one of the questions i would ask. how many homes have they actually sold? >> the third thing to do before stepping inside any type of home is find a mortgage lender that you're going to be able to work with, you want to make sure your lender has their act together and really has you preapproved, not prequalified. they've looked at your bank statements, tax returns, all your income and assets, otherwise, what happens, you find yourself that dream home, it comes time for closing, the
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lender doesn't approve of it, and it derails the entire idea. the important thing now is to know exactly what are your priorities. >> as a pilot, i'm going to be gone a lot so i'm looking for a safe area, an efficient area, someplace close to the airport. >> this is a home you're going to live in for a long time. make sure you find out certain things. what's the crime rate in the area? have there been a lot of foreclosures? what's the history in the area where you intend to buy? >> what are the hoa monthly dues on this? >> the monthly dues on this are 25 a month. so really affordable. it's mostly a landscape association, so they're not going to be super hard on you. >> this is critical. if there's a homeowner's association, you need to find out exactly what the monthly dues are, any assessments, the rules and regulations and how they enforce them. because they are basically your government in the area where you live. >> upstairs we've got your loft
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that we talked about earlier, a tub/shower combo. this bedroom is great because it's got a huge closet. let's go to the backyard. >> excellent. >> what do you think so far, geno? >> so far, so good. it's got everything i'm looking for. size, functionality. the only thing i guess i would worry about is stuff like the roof, when was the last time it was done, what to pay on the water and appliances. >> when we find the right house for you, we're going to have the home inspected by a licensed and bonded company. >> the home inspection is critical to understanding what you're buying. every home is as is, the good and the bad. >> i'll let you take it back to the office. >> you know, i was wondering, what's maybe the four or five
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top things you want to discuss with a first time buyer of a home? >> buying a home for the first time can sometimes be a bumpy ride. we want to make sure that the financing is in order, that they're comfortable with the financial commitment that they're making, also that the home suits their needs. >> how important is it for the homeowner to understand what we call the cc and r, the makeup of the homeowner's association if there is a management company? >> one of the advantages of what we call cc&rs is it's going to help you maintain a property value. your next door neighbor isn't going to paint their house purple with pink spots. >> one of the things i've seen happen over the years that becomes very controversial is the ernest money deposit, which is sort of the good faith money you put down saying, i believe i want to buy this home subject.
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it's a problem sometime where the ernest money goes hard and they can't get it back. >> it's probably the most disputed item i've seen in my career. also ufryou have a due diligenc period which is typically 10 to 15 days. >> all the more reason to have that home inspection. >> we'll receive a seller's real. unfortunately, you don't get to pick your seller. so the truth and veracity. geno, thank you for your time. >> as always, a pleasure, bob. up next, i'll introduce you to dennis and judi. like many americans, they got into trouble when the economy
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took a nose dive. >> the values turned completely upside down. then my son was unable to make the payments. >> he's very good at managing the money and everything, and i could just see his pain. it was not good. >> it even forced me to get a second job. >> in order to help make the payments. >> but this is a story about perseverance and it just might be a lesson for all of us.
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>> welcome back. i'm bob massi, the property man. i'm gonna introduce you to dennis and judy. in 2006, they moved to las vegas welcome back. i'm bob massi the property man. >> we owned this together and then it was kind of crowded. i said it judi, are there condos that are for sale right now, one bedrooms? we figured we would put my son
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in that condo. >> you're paying a premium, no question about it. >> so around 2008-2009, things start getting bad. the values turned completely upside down. then my son was unable to make the payments. >> at that point you're making a payment for what you're living in and what your son is living in? >> right. >> would you start contacting lenders yourself to see if they would mhelp you out? >> they just didn't cooperate. >> i assume you had to turn over a lot of your financial information? >> definitely. >> what type of things did they want? >> pay stubs, banking account information, checking stub information. >> when push came to shove, the banks weren't interested in doing much about modification. >> one of the things about a homeowner's experience in trying to work with the banks is a never-ending process. often the banks would ask for
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financials or your last two pay stubs or your most recent tax return. >> you are going through these call centers and getting a different representative every time you call in and you're not getting anyone that has any knowledge about that particular file or about that client or borrower. >> and then if nothing happened internally within their department in 30 days' time, they were again asking for the same information, and you had to provide it again. >> how does that make you feel turning all that very proprietary personal information over? >> violated. i felt violated. >> you were keeping current on payments? >> absolutely. >> how good was your credit? >> we had it for so long good, we didn't want it to go bad. you work so hard and so long for that, especially him. he's very good about managing the money and everything, and i just could see his steam. it was not good. >> it even forced me to get a
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second job. >> in order to make the payments. >> i worked seven days a week for years. >> these are people that had always made every single payment on time, had never missed a bill, had worked their whole lives who really do the right thing to maintain that. and the banks basically said, well, if you're still making your payments, we're really not going to look at you. >> you're good citizens, you've always paid your bills, you had good credit. how did it make you feel as it relates to these lenders, particularly hearing on the news they were getting millions in tax dollars? >> that's what made me feel violated because they were getting all this money and they weren't giving it out. they weren't helping anybody. >> weren't helping the american people? >> right. >> they turned to their mortgage lender for help. >> dan was a mortgage broker and he worked with a group. >> all they wanted was a piece of the american pie. they wanted to own their home, the american dream.
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they wanted to own their home, spe the sign they signed up for a mortgage. they paid whatever they had to pay because the homes were so overinflated at the time. it got to where they couldn't do it anymore. >> short sale basically meant you owedx amount of dollars, the value of the home was much less and you're going to the sellers saying, i want to bring value in. >> what happened was the institutions, they were waiting for appraisals to come in, and they didn't like the appraisals they were getting and they were sitting on it and not selling it. they wanted more, more, more. >> as they struggled to stay current on the two underwater condos, the drop in home prices
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allowed them to move into a different home. >> so you get into this home. you're making all the payments, and at some point you realized it was too difficult for you. >> we moved into this home and it forced me to move even more. now i had to pay for this home and work to pay the other two condos. i was getting older and i told judi, i can't do this. i'm not 30 anymore. i'm pushing 60. i can't do this. >> so they told the sellers that they could just have the underwater condos back. >> what you were in a few years ago was a strategic foreclosure. how did that make you feel? >> terrible. >> terrible, because i know i incurred debt. i'm not a person to say, okay, i incurred the debt. screw it, i'm not going to pay it. i really did feel responsible.
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>> eventually the bank agreed to short sales. >> we were so far under that we had to file a chapter 13 bankruptcy. >> which is basically what they call a wager for reorganization. >> right. we're paying the creditors back less the interest. >> over a five-year period. >> there were no other options left. bankruptcy was considered a hail mary as a last resort. chapter 13, on the other hand, is a method of paying your debts back over time. >> they let you forego the interest because they freeze everything at that point and it's a full payback. it made you feel better because you're a responsible citizen. >> so why was the bankruptcy
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needed? >> because short sales needed money in the zone. the irs will treat it as taxable income if it is not a primary residence. >> we're responsible for the difference in the short sales. >> you mean the deficiency of what was owed. >> we couldn't pay that. the irs would make us pay the deficiency. >> if you owed $100 on the condo and it was worth 50 and you sold it for 50, the guy at the irs would say you have to pay income on that income tax. so that's what you threw into the chapter 13 bankruptcy. so now at this point in time, tell us about your present situation. >> the two condos are sold, we're in a home that we like. it still requires me to work two jobs to keep it up. i have to keep it up. judi is working a lot of hos. but we're happy where we are. >> well, we see the light at the end of the tunnel.
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>> the short sales and bankruptcies allowed dennis and judi to get back on their feet. now they're rebuilding their lives and paying off all their debts. dennis and judi really set out their strategy and used some great representatives. they did everything right. bankruptcies and short sales are great options and can be very valuable. i have some great tips on how to do it right, up next, we'll review what we learned today in a nasty memo. ♪cinnamon is my soul ma. ♪no debate 'cause it tastes so great.♪ ♪that's why i got milk face. ♪la-la-la-la-la. did you know that meeting your daily protein needs actually helps to support your muscle health? boost® high protein nutritional drink can help you get the protein you need. each serving has 15 grams of protein to help maintain muscle, plus 26 vitamins and minerals including calcium
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♪ >> welcome back. i'm bob massi, the property man. and it's time now for the massi memo. remember first-time homebuyer gino? well, he didn't end up buying that home, but he did decide to it's time now for the massi memo. remember first time homeowner
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geno? he didn't buy that home, but he did end up buying another home that kathryn showed him. you have to protect yourself and do your homework. today we met a couple who really struggled to pay their bills when things went bad. they did their homework and did a tricky bankruptcy and short sales. remember, bankruptcy should only be used as your last resort and i call it hitting the restart button. the most common is chapter 7. the ability to recharge may rebuild your life. it might not be the best way to go, but get a competent bankruptcy attorney and they will help you decide what's best for you. next, the property man is heading down south to florida. we have some fas cinating property tours.
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integrated community. >> they have schools, recreation, neighborhoods. an entire city built from the ground up with the goal of improving how we live, and it's working. i'll take you behind the gates of some of florida's most exclusive luxury homes. >> welcome to one of the most pristine and private lakes in the chain. ordinarily we don't allow cameras in here to film these magnificent homes, but you're in for a special treat. >> florida is one of the many states that just seems to constantly take a beating from mother nature. but i've got the way to keep your family safe. >> these rooms are engineered with 250-mile-per-hour winds. if the whole house collapses around them, it is integrated among themselves. >> they're lucky to be alive after their home burned to the
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ground. >> this is a very common occurrence. >> where do you even begin after such a devastating event? i'll tell you. america's changing where people live and how they get around. >> the new generation of workers, millennial generation, all want to be close to where they work, close to where they want to play, close to where they want to shop. >> transit-oriented development could reshape how you live, work and play, and sooner than you might think. all of that plus how to sell your timeshare, how to shop for a home, landscaping tips and much more. i'm going to sit down with regular americans and help them through the same problems faced by millions. foreclosures, hoa battles and on and on. there is lots to cover when season 2 of "the property man"
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starts. be sure to send your questions to and send your questions. i'm bob massi, the property man. i'll see you next week. this week on the journal editorial report, the white house will square off in a presidential debate with fire aimed at donald trump. did his rivals put a dent in his frontrunner status? which candidates established their commander in chief credentials? all that, plus the panel's take on missed opportunities and where the campaign goes from here. but first, these headlines. live from america's news headquarte headquarters, i'm arthel neville. they're meeng


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