So what does waiting for the home to fund and record mean? Basically it means that the lender has funded the loan the buyer’s need to purchase the seller’s home. After the paperwork is signed by the seller and the buyers funding and recording is the next step. This is exciting for both parties, the buyers get to move into their new home and the sellers get to move out and unto other dreams.
Guess what? There is this huge thing called wire fraud. I want to share some tips to protect your real estate transaction from wire fraud‼️ Sadly, this actually happens, and much more often than we think. Just recently we had a spoke’s person who works for a title company share with us stories in which thousands of dollars are being transferred to the wrong bank accounts, and 9 times out of 10 can’t be recovered.
Here are some tips... knowing ahead of time what to watch for can help all parties involved in a real estate transaction from wire fraud and or the possibility of wire fraud.
If you receive an email or text with wiring instructions, Do Not Reply.
If you receive a phone call with wiring instructions, tell the caller you’re going to hang up to verify the information. Then you call to verify only using trusted contact numbers like the escrow officer, your real estate agent, the lender, and in some cases the buyer or seller. Under NO No no circumstances use a number sent to you via email or text. These professional scam artists are waiting and watching for an opportunity to trick you into transferring funds into their fraud account. Follow up and Verify... After calling a trusted number, talk to the person that the email, text or call was said to have come from. Verify that there has been a change to wiring instructions.
Upon funding and recording the home is yours...Happy Sellers, Happy Buyers!!!
TITLE TIPS | Wire Fraud
WIRE FRAUD—Fraudsters have learned to take advantage of the fact that most communication involving a real estate transaction is done via email. They use software that searches through email servers for any mention of real estate transactions, then sit back and monitor until just before title is ready to wire. They then send an email or make a call requesting last-minute changes to wire instructions and/or seller’s proceeds. You may be thinking that it couldn’t happen to you, but it is very real, and millions of dollars have been lost because of this scheme. Here are some of the safeguards a Title company have in place to ensure client’s transactions end the way it’s supposed to:
Obtain all parties’ phone numbers up front.
Verify all emailed wire instructions by phone.
Double-check all emails that come from an unknown source.
Obtain and verify all instructions at the closing table.
We thank you for your confidence and the business you entrust with us. If you have any questions, please reach out to your Title company...
If there’s a question, call your Real Estate Agent, trust me that is part of our job, to inform you, to protect you. Meeting you needs one home at a time...