Brentwood Business Center

You’re paying your bills on time, but your landlord isn’t. Now you are the one holding the eviction notice. So what next?

This scenario is becoming all-too-familiar for thousands of renters nationwide. Unintended victims of foreclosures are dealing with problems first hand due to the failing economy. Banks are booting good tenants into the streets with little to no notice. Some banks are even seizing property from a delinquent owners, ignoring tenant leases. In some cases, families are forced into shelters for temporary housing because they have little or no savings to cover moving costs such as a first month’s rent, and a security deposit. Some landlords are not even coughing up the security deposit left by the tenants. If you, or someone you know is faced with a similar situation, there is a solution.

Thankfully Fannie Mae has pledged to change that with its new renter policy starting this month. The plan will allow renters living in foreclosed properties to sign new leases with Fannie while the property is up for sale, or give the tenants money to move. Fannie has yet to establish the length of the leases, and the amount of move-out assistance will vary by state and property.

Freddie Mac has also jumped on board and said it would unveil a similar program in the next few weeks. But how does a renter know if his landlord has a mortgage held by Fannie Mae or Freddie Mac?

Fannie Mae plans to reach out to tenants, spokesman Brian Faith said.

Since most tenants don’t normally know the details of their landlord’s mortgage arrangements, Fannie Mae will be contacting the tenants in foreclosed properties they own to make them aware of the option to stay in their home through a lease with Fannie Mae.

Fannie estimates about 4,000 tenants live in the company’s foreclosed properties and would be eligible for the plan.

Unfortunately, that’s just a fraction of renters facing the consequences of a landlord’s foreclosure. About 40% of all renters, live in single-family homes, many of which are owned by mom-and-pop investor landlords. This is where the risk lies.

What should you do if you receive a foreclosure or eviction notice?

1. Call the sheriff’s department first. Find out how long the foreclosure process takes. Is it 60 days or 90 days? Knowing your timeline to work with will help you prepare for the worst-case scenario.

2. Find out the rental laws in your state. Some states, including California, have recently passed legislation giving renters a grace period, ranging from 30 days and up, to stay in a property after it has been sold in foreclosure. Other states are considering similar legislation.

3. The lender’s name or its lawyer will be on the eviction notice. Contact either one to let them know you are in the property. Find out what your options are. Will the lender let you sign a new lease? Or is the bank offering some cash assistance for moving out? Don’t let the lender bully you into moving out sooner than stated by law.

4. If you are nervous about negotiating with the lender on your own, contact a local nonprofit housing counseling agency for help. HUD’s website lists agencies by state, or you can call (800) 569-4287.

5. The U.S. Department of Housing and Urban Development outlines tenant rights by state on its website at www.hud.gov

At the Brentwood Business Center there is a true feeling of community spirit here. To help facilitate more business for our tenants we like to inform the community about local activities and events that are planned throughout the year with our community newsletter we call The Brentwood Insider. The Brentwood Insider keeps the tenants and the entire San Francisco East Bay involved in our community and the surrounding areas. The newsletter also provides coupons to local shops, and useful information about tenants and other opportunities are available at affiliate properties.

The Brentwood Insider was established in 2006 to provide a medium between the community and our tenants. Keeping the community informed on these events and matters directly impact charitable causes. Published at the beginning of every month, our newsletter is sent out via email in the form of an eBlast and also available online at www.thebrentwoodinsider.com. The eBlast has been very effective in directing traffic to the website and to the events. Thanks to your support the Brentwood Insider has been a success and will continue to set the city of Brentwood apart from the rest.

To be apart of our community newsletter and begin receiving monthly eBlasts with all the local events, email us at offer@brentwoodbusinesscenter.com.

Rates for a 30-year fixed mortgage remain low today, this morning they were at 5.37%, according to Zillow Mortgage Marketplace. After a couple weeks of steady declines, how much lower will it go? At one point last week, they hit a low of 5.10%!

After investigating the rates we noticed how much lower than they were even a month ago. Check out this chart:

Weekly average rates for 30-year fixed mortgages also fell last week from 5.53 percent the week before to 5.34% last week. The weekly average mortgage rates are even lower in some states. The good news is that the rates here in the San Francisco bay area have been lingering, and if you’re on the market for a new home, you may be in luck.

The Wall Street Journal is reporting that the Treasury Department is flirting with the idea of 4.5%, but our analysis behind the headline sheds doubt that for the 4.5% to happen, a lot of other things need to happen first. So, if you are in need of a mortgage, check with your lender to see what rates are in your area.

Based in the San Francisco east bay, the Brentwood Business Center’s growth has been quite impressive. Nate Lorenzini attributes the current success of the BBC to its tight structure, and the ability to control all aspects of its online presence. Nate also recognizes that commercial real estate is a long-term business, and to stay on top you must be able to change your marketing strategy as technology advances. Deploying a content management system to the Brentwood Business Center website was inevitable, and a sign of the changing times in the real estate market and web technology. Nate Lorenzini chose JVF Consulting to customize their website with our content management system.

Maintaining the website for largest auto & industrial community in Brentwood, CA was becoming an extremely tedious job for the crew at the Brentwood Business Center. With new tenants moving in, and current tenants moving to larger suites, keeping the website up to date with the latest addresses and contact information was at a snail’s pace. Coordinating between the manager, owner, broker, and webmaster to have the most basic changes made required lots of man hours.

To solve this problem JVF Consulting custom built the Amass Content Management System to power every aspect of the Brentwood Business Center website. From the copy ad images, to the list of available spaces, Amass ensures that Brentwood Business Center will provide the latest and greatest information to their customers and future tenants. To make the BBC website more interactive to prospective clients, JVF integrated the detailed information about the available spaces from the leader in online commercial real estate listings LoopNet. Now all of the LoopNet information about the available property is right at your fingertips. This integration keeps visitors on the BBC website, without the need to navigate away.

By implementing the Amass Content Management System to the Brentwood Business Center website, Nate Lorenzini and his crew can finally focus on their real jobs. The tenants of the Brentwood Business Center no longer hound them for website updates because most all the changes are made instantly with Amass CMS. And with the list of available spaces easily accessible on the web, there are less pointless calls about availability into the main office. With the power of Amass, and the success of the Brentwood Business Center, now is the time for your to implement the JVF Amass Content Management System to your website.

Most landlords who have not received their rent checks are finding that more renters and leasers are disappearing completely. Most have vacated their premises without notice.

When rent is due and unpaid for 14 consecutive days, and you believe the premises have been abandoned by all tenants, a landlord may serve a Notice of Belief of Abandonment. If the tenant fails to respond within the notice period, you may then change locks and take possession of the unit.

The notice period is 15 days if personally served, and 18 days if served by mail. In order to respond, a tenant would have to give a written statement indicating that the premises are not abandoned and provide an address where an unlawful detainer action may be served by certified mail. You would retain the right to bring a breach-of-contract action against your former tenants for unpaid rent for the time period until you find a new tenant, or the lease expires, whichever comes first.

According to the real estate report released Thursday November 20th, 2008. With banks unloading a record number of foreclosures, bay area home sales soared, while the median price plummeted. With the numbers in, our hypothesis is now a fact. I hate to say it, but this is exactly what we expected.

Despite an economic crisis and a stock market plunge, the fire-sale prices pulled more buyers into the market. A total of 5,624 resale homes changed hands in the nine-county Bay Area in October, up 66.2 percent from a year ago.

The Bay Area median price hasn’t been this low since October 2001, when it was $370,000. However, the median’s tumble reflects more the swing to lower-priced homes in lower-priced areas where foreclosures are commonplace, rather than an across-the-board depreciation. This doesn’t mean every Bay Area house has gone back to 2001 levels, but it does tell an interesting story about where people are buying, and where they are not.

Most of the action, and the big bargains, were in areas where bank repossessions have become a fact of life. Almost half of all existing homes sold were foreclosures. Their bargain-basement prices sent the median price tumbling 45 percent during the past year to $375,000. This is all according to research firm MDA DataQuick of San Diego.

During the boom years, prices in lower-cost areas appreciated as subprime buyers rushed in. With the bay area in a buying frenzy it’s time for you to secure a cost effective location that will outlast these economic hard times. The Brentwood Business Center specializes in finding you great deals in this crazy real estate market. Our knowledgeable staff is a phone call away.

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.