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Faith Marshall
 Julie Weaver
Debbie Holscher
John Niernberger

12772 Lodge Drive
Garfield, AR 72732
Phone: 479-359-2000
Fax: 479-359-2025
Faith: faith@beaverlakecountryrealty.com
Julie: julie@beaverlakecountryrealty.com
Debbie: debbie@beaverlakecountryrealty.com
John: john@beaverlakecountryrealty.com 

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What is a Short Sale Anyway?

An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?

A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.

However, don’t think that a short sale is an easy thing to accomplish. In order to get permission for a short sale, you must provide documentation showing a genuine financial hardship. And don’t think that the decision for accepting a short sale is solely in the hands of the lender. Sure the lender must first agree, but this is not the final word. If there is mortgage insurance involved, this company also gets input on the decision. If there is an investor backing the mortgage, they also get input as to whether to accept a short sale.

The transaction process for a short sale can be rather cumbersome as well, whether you’re on the buying or selling side. Many short sales fail due to additional demands by the lender, such as requiring the broker to reduce his or her commission and/or that the seller signs a document requiring him or her to pay back the shortfall.

If you’re on the selling side of a short sale, consider having your agent or other experienced professional negotiate with your lender for a better deal. And remember, if the lender does accept a short sale and forgives part of your debt, that is considered taxable income and you must declare it as such to the IRS.

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Faith Marshall, Julie Weaver, Debbie Holscher and John Niernberger
12772 Lodge Drive

Garfield, AR 72732
Phone: 479-359-2000
Fax: 479-359-2025
Email Faith: faith@beaverlakecountryrealty.com
Email Julie: julie@beaverlakecountryrealty.com
Email Debbie: debbie@beaverlakecountryrealty.com
Email John:  john@beaverlakecountryrealty.com

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Halloween at Garfield Elementary School

Dear Faith, Julie and John,
    Thanks so much for the treat bags for the kids. They will love them! We are so blessed to have such wonderful support from our community here in Garfield. 
You help us be successful in our jobs in so many ways.
A wonderful piece of info we received yesterday----------
Garfield Elementary School ranked in the top 5% of Elementary schools in the state of Arkansas!
Thanks for all you do!
             
Garfield Staff and Students
Ms. Marshall, I just wanted to say thank you for your support of Garfield Elementary! Your contribution has allowed me to fund the beginnings of a "markerspace" program in our library media center! You made my day!  Sheri Rafferty, Library Specialist
Dear Faith, On behalf of the Garfield Staff, we'd like to thank you for the donation to each of our staff members. You are right, they all spend right out of their pockets for their students. We are so blessed to have people like you in our community to help support our staff and students. Thank you and God Bless You Garfield Staff
Julie, Thank you so much for all your help with our BIG MOVE! I am hoping we love it in Arkansas as much as you do! Blessings! Dylan, Amy, Blake, Owen, and Mia Stroud
Dear Julie, Thank you so much for all your work trying to find us a home! I loved our conversations and hope to see you soon. We closed on the house a couple of weeks ago and love it here! I have saved your real estate cards to hand out! Looking forward to seeing you soon! Robyn and Mark Lorentz
Dear Linda, Thank you so much for helping me sell my Bella Vista property. I can't believe how fast it Happened! I really feel you went the extra mile! Sincerely, Rae Jean Roller
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