Brentwood Business Center

The housing rescue legislation that was signed into law recently is called the Hope for Homeowners Act of 2008. Sound hopeful? Maybe! Oversimplified, the act offers government guarantees to lenders who are willing to work with you to keep you out of foreclosure. But, you have to be “qualified” for the program.

The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA). The program begins October 1, 2008 and ends September 30, 2011.

Here are some key points about the program and its qualifications:
* The program goes into effect October 1, 2008. Until then, look for other options.
* Your lender has to be willing to write down your loan to 90% of your home’s value. In other words, your existing mortgage lender has to be willing to reduce the balance of the mortgage so that there’s a 10% equity cushion in the property.
* Your existing mortgage must have originated before January 1, 2008.
* The program is available for your primary residence only.
* You must be devoting more than 31% of your income to your mortgage payments.
* Income must be verified to qualify for the new loan, and you have to be able to afford the payments on the new loan.
* If you sell your home in the five years following this refinancing, you have to share the profit with the government.  The government’s share is calculated on a sliding scale for the first five years; after that, you’ll split the profit 50/50.

Every report I’ve read about this legislation says that the bill will save 400,000 homes from foreclosure. It is estimated that the funding limits for those federal loan guarantees will make it possible to help that many families. Lenders take the write down, but avoid the expense and risk of foreclosure, and benefit from rebounding property values if foreclosures slow and excess housing inventory is eliminated. And, if they don’t take advantage of this program, there is a good chance that an irate Congress will increase regulation of the mortgage industry.

It remains to be seen whether the Hope for Homeowners Act of 2008 offers real hope, or becomes another infamous bail out that helps only the wealthy. It appears to me that the program will offer the most benefit to those who are struggling, but are current enough on their payments to look like a good risk. If you’re looking for more articles about HOPE act you can read the press release here.

http://www.hud.gov/news/release.cfm?content=pr08-150.cfm

If you haven’t been following the news, Fannie Mae just made a huge announcement regarding its’ policies and regulations regarding bankruptcies, foreclosures, conversion of principle residences to investment property or second homes, and representation and warranty requirements.

The most significant policy change is the incorporation of a “short sale” policy. Fannie Mae calls this a “pre-foreclosure sale”. The difference between this and a normal sale, is the fact that the entire amount of the loan is not satisfied in the “short sale” process. In the past, Fannie Mae had not differentiated between short sales and foreclosures for consideration for future loans. The rule for both situations was that no loans would be accepted for people that had a foreclosure or short sale in the previous five years.

The new Fannie Mae policy states that foreclosures must be seasoned for five years. In addition, short sales must be seasoned for two years. FM is making a significant statement by acknowledging the short sale. In essence, they are encouraging home-owners to work with banks, and to entice them not to “walk away” from their mortgage troubles.

Fannie Mae also released updated underwriting guidelines for new mortgage loans that directly address individuals with various types of foreclosure history. Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new funding, and are subject to additional credit and down payment requirements for 5 to 7 years. Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years. Finally, short sales require only a two year wait with no additional requirements. These new guidelines make short sales a more attractive option for homeowners as well as provide realtors with a tremendous opportunity to assist distressed homeowners with a short sale and future home ownership. This information can be very valuable when meeting with short sale prospects.

Download the latest Fannie Mae guidelines here.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

At the Brentwood Business Center we take pride in the business architecture that defines our structure inside and out. When your customers visit your business location first impressions are a necessity.

Our business architecture is directly based on our business strategy. With our tenants being the foundation for various aspects into the design, we are proud to hand you the key to your new office location, knowing it fits all of your needs. We understand that our tenant’s real estate needs are ongoing and evolving that is why we’re pleased to tell you about some of our property details & amenities such as the highly traveled Sand Creek Road at a signalized high visibility corner. Occupancy is always immediate, we offer sizes from 1,200 to 16,500 SF.  Small offices, large warehouse and 10′ truck door are in each unit, and there is another 140,000 square feet of planned additional office south of Brentwood Self Storage. In addition, our clients can join our marketing efforts through our electronic newsletter ” The Brentwood Insider”.

At the Brentwood Business Center our tenants objectives are at the forefront of everything we do, resulting in a rewarding long term relationship. We look forward to your visit at the Brentwood Business Center. We are sure you will be impressed with our professional business architecture design and environment, a place where your business will thrive.

While sales of new homes recorded an unexpected increase in October as median home prices dropped to the lowest level in four years, the sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from the September level. But what exactly does this mean for you? Well, if you’re a small business paying high rent or lease, and your landlord is not willing to negotiate, then it’s time to move on! At the BBC we have heard all kinds of horror stories due to the recent foreclosures. It’s time to break the chain and secure a location that will stand the test of time. The Brentwood Business Center is centrally located in the city of Brentwood, CA and is here to work with you to better fit your budget.

Analysts are not convinced that the sales increases are signaling a bottom for the housing market. They note that the September gains came before the latest upheavals in financial markets which have raised new worries about the overall state of the economy. Many analysts believe the country has already entered a recession. The forecast is significant increases in job losses, which will make it even harder to secure locations. Builders have been sharply cutting back on production, trying to get inventories more in line with sales. The inventory of unsold existing homes is also remaining near historic highs as that market is being increased by a record wave of home foreclosures.

I always like to look at the Los Angeles housing market to see how the other half of California is surviving… According to the LA Times, homes sales are booming, but prices are down 33 percent from a year ago. From what I read it sounds like people are buying, which is a good indication money is changing hands. Agents I’ve spoken to here in the Bay Area tell me the only thing really selling these days is foreclosures, short sales and all cash deals. The rest of us will benefit from cheap rental or leases popping up across the board.

While foreclosures are on the rise many business owners renting their location have found themselves in bad situation. The building owner has not paid the note, and the bank is foreclosing, leaving them scattering for a new location. With moving costs and down time, so businesses are closing their doors completely. If you know of someone who is underwater and struggling to keep up with their higher payments, or is being forced out of their building, tell them you know a business park who can help.

It’s important in this economy for agents to educate consumers about both of our roles in a real estate transaction.  The Internet has more than enough information to help buyers identify neighborhoods they’re interested in exploring further, so I explain to clients that they don’t need an agent to begin the first part of their property search.  From that point on, however, an experienced, professional agent is must have. An agent without knowledge of the property he is showing can be seen right off the bat. At the Bentwood Business Center we pride ourselves with keeping our tenants knowledgeable and aware of the property details & amenities that we offer. For those of you who are looking for a new facility to relocate your business be sure to read over what BBC offers.

*  Full Commission!
* 3 Months Free Rent!
* Brentwood’s Auto and Industrial Hub
* Light industrial, warehouse and automotive
* Sizes from 1,200 to 16,500 SF
* Located on Valdry Court, one block south of Balfour Road and Highway 4 Intersection
* Spaces prepared for immediate occupancy
* Small offices, large warehouse and 10′ truck door in each unit
* On busiest commute artery in and out of Brentwood
* Parking : Available for each unit
* Adjacent to nearby restaurants, Holiday Inn Express, Ace Hardware and other retail services

At the Brentwood Business Center our tenants objectives are at the forefront of everything we do, resulting in a rewarding long term relationship. We understand that our tenant’s real estate needs are ongoing and evolving that is why we’re pleased to announce an amazing new service for our clients here at the Brentwood Business Center. Each of our clients is eligible for a FREE web site consultation from JVF Consulting. The website comes with a custom three page online marketing presence. In addition, our clients can join our marketing efforts through our electronic newsletter ” The Brentwood Insider“. All of this is thanks to the Brentwood Business Center.

Helping our tenants while providing quality service is what we’re known for, and we will continue to offer the same great services to all new tenants at the Brentwood Business Center. We are the leaders in giving you customized services at competitive rates. To see what spaces are currently available visit our available spaces page! http://www.brentwoodbusinesscenter.com/availablespaces.php

Brentwood Business Center: The Premier Industrial Business Center!

Since this is this first official blog post for the Brentwood Business Center we would kick it off by thanking you for visiting. To introduce ourselves we would like to tell you a bit about us and the services we offer.

The BBC is Brentwood’s finest offering of a comprehensively planned and architecturally thematic business park. We provide distinctive warehouse and retail office properties in a landscaped environment. We have a variety of spaces available for immediate occupancy. From small offices and light industrial to warehouse, flex & automobile repair spaces, we are prepared for your immediate move in!

Located at 580 Valdry Court in Brentwood, CA our spaces available for rent or lease are the best in town at unbeatable prices.  Please contact Nate Lorenzini anytime for more information (925) 918-2861 We look forward to hearing from you.