When you start a Short Sales program, it is always hard to figure out the average bank loss percentage. There are several more matters to be considered as we try to discuss whether banks accrue any loss, and if yes, what is the percentage of loss?
If a personal property can be purchased at a lower cost than it’s worth, the bank invariably loses a lot of money. But it is not all that terrible. Considering the foreclosure statistics of the last 10 years, it is said that 4% of the foreclosures will be unable to affect the banks financial stability in any way.
While they do lose money from the short sales from single individuals, they will be making plenty of profits from other mortgages. This could be more than sufficient to cover the losses faced. So it is unusual to claim that a bank will close down due to Short Sales and loss of mortgages.
However the possibility at a loss is what makes some banks reject the application for some folks selling their home at a lower price. Banks will consider their financial steadiness and try to make sure the candidates are making the correct decision. Your credit record is critical for the bank, and will help in arranging for an easy sale of your property.
To be successful while selling your personal property, there are certain things to make certain of and certain conditions to be met. If you have a pro by your side, the events will be a lot easier. He/she would be in a position to make the right decision on the numerous steps of the transaction events. If you don’t know the right man for the process, you may as well look for a realtor who is an expert in Short Sales.