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Mt. Washington Short Sale Seller Getting Burned

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Earlier this week, the New York Times ran a story that suggested that Bank of America was making money of delaying the sale of a Mt. Washington home at 322 Crane Boulevard by refusing lower-priced offers (it's a short sale), while pimping out the assessment and loan work on the house to its own Bank of America subsidiaries. The home is not listed on Redfin, but can be found on a Prudential real estate web site. The list price is $474,000 and the status is listed as pending. According to the Times piece, the current owner, Alfred Crawford, owes more than $800,000 on the house, which is now worth less than $500,000. According to Property Shark records, Crawford bought the home in 2004 for $639,000. Bank of America is expected to “take the full losses" on the home, a BOA spokesperson tells the paper.
· Homeowners and Investors May Lose, but the Bank Wins [NY Times]
· 322 Crane Blvd [Prudential]